The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-17

weather q BROOKE OIL Sprague, w. l.. the Bank OF
McMinnville, Oregon, and the First National Bank
of Union, Oregon. These banks have placed suff-
Gent funds with the Importers g. Traders Nation
al Bank of New York to honor all drafts on the
suspended bank now in transit. The total amount
Y not large, and the suspension will not embarrass
the banks
NEWARK, N. j.. May 16.-The Newark Savings
Institution, which failed six years ago and has
since been conducted undor the direction of the
Chancellor, by the old managers, again closed its
doors today on account of the Fisk Hatch failure
Fisk Hatch, the bank officers say, owe the insti
tuition 81 100000
The Newark Savings Bank makes the following
statement of its present trouble 1.-The purchase of
government bonds was entrusted to Fisk & Hatch
who agreed to pay interest pending the investment
OF what money was in their hands. The wealth and
reputation of this firm naturally led to oyercon-
dence and carelessness about obtaining the
ry investments, and SO the thing has gone on, until
now it seems the firm owes the bank nearly ST.
100000. Besides this, the box of securities of the
bank, kept by the firm, which ought to hold gov;
eminent bonds only has in their stead personal
It is said that the firm had the right, far as the
bank officers could give it to them, to borrow and
use these securities substituting for them different
bonds of equal value, and now at the end comes
considerable less; yet it is believed that in little
while the securities now in possession of the bank
to saving depositors from any loss The Chancellor
says the closing of the bank was ordered by him to
protect the depositors. He has appointed George
Wilkinson OF this city as receiver and Wilkinson
took possession this afternoon.
BRADFORD, Pa, May 16.-The Exchange Bank
CLOSED It's doors today. IL IS small concern, and
the suspension caused very little excitement The
two national banks were moderately raided by
country depostors, but every check presented was
post freely.
LONDON, May 16.--The opening prices on the
Stock Exchange this morning were somewhat low
or tnan last nights closing prices: The slight re-
lapse was caused by the advices of yesterday from
New York in regard to the financial situation, and
especially by the news of Fisk g. Hatch's saspen-
sion, but shortly after the opening general firm
ness began to appear, and has prevailed up to the
time of this despatch (2.3O p. ny. This was
brought about by the bears seeking to cover their
short sales and by the purchasing of small invest
ors. Erie is quoted at 1875; Erie second consols,
So; Illinois Central 1875; Pennsylvania STA; and
Since halfpast four a strong downward tendency
in American stocks, especially in Lake Shore, has
prevailed. The street is crowded and there much
excitement.
(5.30P. NJ
At this hour the prices in American securities
on the street were 1uctuating The closing prices,
mittances of government coupons to pay for stocks
sold here, and large shipments of gold to New York
are being arranged,
Resumption of f. A. Hawley Il Co, of
Roston Impossible.
BOSTON, May 16.-The office of F. A. Hawley g.
Co., whose failure was announced yesterday was
thronged this forenoon with anxious creditors and
customers many of them ladies. An assignee was
in charge, the curtains all drawn and the clerks
busily engaged in going through the accounts and
getting matters in shape, that an exact state
mentao1 the nrm6 cOn01L10n cOul0 De made up.
j. F. Hawley was on the stock board all the
morning arranging, as best he could various stock
transactions under which the firm is liable. The
fact that the transfer books of the Atchson Topeka
and Santa Fe road were reopened to-day makes his
task an onerous one, as the firm has of late been
dealing very heavily in Atchinson securities and
therefore has many transfers to make. 1t viii. be
several days before an exact status of the firms
affairs be learned but its resumption of bust
ness is known to be impossible.
The Grant 81 Ward Failure.
n W.. W.
& Grant said today 81 don't think the unsecured
debts will amount to more than $4,000, 900 or $4-
100000.
& Ward, was continued today before Referee Ham
ilton Cole. Ferdinand Ward was again placed on
s2sd a. tSa nu a4o
him. His memory in regard to the transactions
was even more defective than in the previous hear
ing. Among those interested in his transactions he
said were E. spicer, Col. Fred B. Grant, U. S.
Grant. DR.. E: H. Tobey, E. G. Tobey, W. E. Grace,
J, Nelson Togpan. ": ". Smith. Jesse R. Grant
the firm of Grant & Ward he simply told the cash
Ter to give it to him and charge it to his individual
account. The system upon which he worked was
based upon imaginary profits the oper atoms being
carried on, witness testified, without confederate
After considerable fencing with the interrogation,
Ward admitted that the first person who was asso-
ciated with him in this business President Fish
eff the Marine Bank. He induced Mr.. Fish to en-
he haS araa n daa o bnsineSss th n1
ment. 1.-The Others" he added, FINALLY got in
some way or other, don't remember exactly how
Before Referee Cole today, Mr.. Bangs asked Fer
dinand Ward, when you desired money how did
you go to work to get it?''
1 drew check upon the Marine Bank, where Sc
curities were deposited to the credit of the firm.
Then the real nature of your business consisted
in discounting fanciful prospect of imaginary
profits to be derived from fictitious contracts found
ed on this manufacture of loans and artificial con-
tributions of altogether imaginary money?
Ward appeared staggered for moment, as the
laugh went round, but after asking to have the
question repeated, reluctantly admitted that il
might be true, although he would prefer not ans
wer
Did you conduct this sort of business alone?
Yes; had no confederates.
How much did you put into it, and how long did
it remain there before it was lost?
One hundred thousand. 1t was not lost until the
crash that know of
To Relieve the Pressure.
WASHINGTON, May 16.-A conference was held
at the treasury department this afternoon to
the best method of relieving the financial pressure
in New York. In view of the decline in 4 per cent
bonds it proposed that the secretary authorize
the purchase of these bonds in open market at the
lowest figure obtainable and it will virtually be de-
cded to pursue this course in case the decline con-