The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-22

/ pent-up excitement of the brokers wa
given vent in howl, and Eve hun
!; dred hands were lifted i'll the air an
The various pools were formed i
: which the different stocks were deal
lns& Ere FIVE minutes had elapsed tn
gavel was again heard amidst the din
and the announcement was made tina
Dlmmlck 81 Co, of the United bank
had suspended. Dimmick is presiden
OF the Bankers 81 Merchants telegraph
company.
The street is gradually filling I'D will
a gaping crowd. On each street or
which the exchange faces, the multi
tude OF sight-seerS has gathered. who
look at the building as if they coulG
gain an insight into the busy scene
being transacted within its walls. or
nearly every corner within four blocks
OF the center of operations knots OF
men were in earnest consultation, and
passers by can hear various comments
on the state of affairs. Majority of
opinions expressed take favorable
view of the situation, and such
| phrases, worst is now over" "banks
are all right" "Jay Gould won't let the
market break" were heard amid the
crowds.
A dispatch from Boston reports the
suspension of T. A. Hawley Is Co. a
firm which, though not heavy dealers.
was regarded as in good Standing
Messrs. Hotchkiss 81 Burnham are
balancing accounts, and they antici-
pate the firm will resume tomorrow.
has resumed, paying all depositors
presenting checks, even before the
hour named for resumption. The
paying teller opened the window, and
the first man in line received his
money, and at o'clock the number in
line was not over twenty-five, princi-
pally boys and clerks, only one lady
being among the list.
NEW YORK, May IA Washing
ton special says that a friend of Sena-
tar Chaffee, who is in Washington.
says Chaffee is one OF the greatest
sufferers by the failure of Grant s.
Ward. He lost every cent of his avail
able resources. Last year he consid-
cred himself worth nearly 100000.
of which 100000 was in Colorado
property, which is since greatly de-
pressed and not now marketable. at
the time of the marriage of his daugh-
ter with Buck Grant, he had $1,000
GOO in cash securities. When his
daughter was married he gave her
100000 in bonds. These were all
put into the firm of Grant & Ward,
and every dollar is lost. Chaffee him
self, in street speculations during the
past year, lost 100000 per month.
Six weeks ago he had a half million
in cash securities. Just before he
made his last visit west he took his
money and gave it 70 his son-in-law
to keep during his absence. 1t was
not an investment, nor was it for pur-
poses requiring any investment, and
was simply deposited with young
Grant as trust. During a brief alb
sence by the eX- Senator this money in
some way reached the hands of Ward
and was lost.
Chatfee is practically penniless and
in a most Wretched state of mind.
This friend of Chaffee's says it is by
no means believed that Ward could
have lost the large sums charged up
to his failure. He believes that 49,
100000 would cover all legitimate
losses of the firm, and hints directly
at very scandalous developments
which will result in rigid inYeStiga-
ton of what Ward has done with ths
money.
THE SITUATION IN CHICAGO.
CHICAGO, May 15.-While the mar
kets are more or less unsettled to-day,
yet a steadier feeling and better tone
is manifested, and late prices were
higher than at the closing yesterday.
NEW YORK OPINIONS.
WALL STREET, May 15.-2P. NJ
A representative of the Associated
Press visited during the day most Of
the leading commission houses. The
answer to the question as
to whether the crisis is over was that
there is no dangerous elements in the
financial situation. Many expressed
themselves that the experience of the
past few days proved benefit to the
speculative community, as the street
is beginning to realize the danger over
speculation, and the rash ventures of
some of the most daring of the frater-
nifty will, it is thought, prove whole
some lesson to their brethren.
3P. M.-Russell Sage, who has been
paying out checks for stocks put to
him on privileges, stopped paying for
the day at 2:15. Since 8 o'clock this
line of clerks were waiting
their turn to give notification and
put stocks under contracts, but they
have been cut off for the day.
AS SEEN IN ENGLAND.
LIVERPOOL, May 15.-The effects
of the New York panic is scarcely
noticeable. The cotton exchange
somewhat more than usual offered
for sale, but on American accounts.
In the grain trade, merchants are
awaiting events. So far, the impress
sion of a panic is slight. In provisions
selling goes on more freely, princi-
pally Chicago accounts. Merchants
are awaiting developments. At Man
chester, SteadinesS prevails, though
operators are cautious. The opinion
of both Liverpool and Manchester is
that the worst is over.
NEW YORK. May 10. 3P. M.-Fisk u
Hatch, the suspended frm,i composed
A. S. Hatch and Harvey Fisk. Hatch
was recently elected president OF the
stock exchange bya unanimous vote.
The firm has been the heaviest dealers
in government bonds on the street,
and considered staunch, conservative
and reliable. The firm has been rec
ognized as the fiscal agents here of the
Chesapeake & Ohio railway and of the
ElizabethtoWn, Big Sandy & Licking
ton railway. They have carried
heavy amounts of stock for these
roads while the market was declining.
They have sons and sons-in-law in the
stock business, and the announcement
their suspension came like thunder
bolt on the exchange. VIM. Lummins
is now acting as president OF the ex-
change, owing to llatch's disability.
1t is surmised efforts will be made by
the sons of the embarrassed firm.
Hatch has been prominent in religious
matters and philanthropical measures,
and frequently lectured on religious
subjects. Fisk has just returned from
a tour of Europe. The immediate
result of the failure on the stock eX-
change was the decline of 1 to 3
points in the weakness of govern
ment bonds. This firm went to the
wall during the panic of '73, but re-
sumed shortly. The suspension was
not announced until a few minutes
before 3, the closing hour of the ex-
change, but the effect was lnstanta-
neous depression. On the announce
ment of the failure rush of opera
tors was made to the office of the firm,
and anxious inquiries were made by
brokers as to how the firm stood.
Fisk was seen by an associated press
rep 1rter. but refused to say anything.
Tba doors closed. and the crowd out