The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-17
UP AND DOWN.
Wall Street Alternately Hopeful
and Timid.
The Settling Hour Passes without Fur.
Their Failures.
Suspension of a. G. Hardy q Sons
Announced.
Bank Failures at Newark, n g., and
Atlanta, Ga.
Ferdinand Ward Staggered at the
Investigation.
The Loose Way In Which He Did Busi-
ness for Grant & Ward.

various claims against The mouse ana the uAihs Va
basis of settlement of its contracts Mr.. Fisk was
interviewed by the representative OF the Associated
Press and said that beyond the statement contained
in the circular TO their creditors issued last night
he could at this moment say but little.
Many of the depositors and other creditors of the
firm had expressed their entire confidence in them,
and had notified them that their claims would not
be pressed to the dstriment of the house.
GOA. NJ
The gong has sounded and the days business has
begun at the Stock Exchange. There is no tp-
pearance OF furry on the floor, and although the
various pools appear to be larger than usual the
number of offers appear to be equal to the bids A
talk with few members of the board brought out
the fact that they believe in higher prices to-day,
unless some new failures are announced, and no
one has SO far expressed tbs opinion that this is
very probable but at this writing it is impossible to
predict what the day may bring forth.
(l0.15 A. NJ
The Clearing House Committee have the loan cor
tfcates in readiness for instant delivery and ex-
press determination to use them literally with
the view of relieving without delay any strn gency
in the money market. The wild talk about closing
the Stock Exchange is treated @ith well deserved
ridcule as necessity exists for such action, the
speculation being in no sense panicky. An old
member of the board says that the dealings are
much less Hurried than on many occasions when no
particular reason existed for excitement.
has been informed by Russell Sage that he will
meet every putt sent in, but must proceed slowly.
90 80 A.. NJ
The.street has settled down to work There is an
absence of idle gazers, and the vicinity OF the Ex
change is no longer numbered with the masses of
curiosity seekers who only served to breed excite
ment and hinder the progress of those who had
business on the street. The visitors galleries are
still we'll filled, and the doormen Obliged to dis
criminate as to those admitted. majority of
those looking down on the brokers are elegantly
dressed ladies'
lO.45 a. m. Fisk g. Hatch have posted notice
saying that coupons of the Central Pacific Railroad
bonds will be paid at the Office of the railroad COM
pany in the Mills Building.
Brown Brothers have reduced their sterling rates
to SO for long and 81 for short sight. There
are no commercial bills in the market, and the
weakness is attributed to the desire of bankers to
market their exchange in order to obtain money for
1oaning purposes at the high rate now current.
HOO a. m. II. G. Hardy g. Sons have just an
nounced their suspension to the Stock Exchange.
All their contracts at the Exchange are provided
for
11.30 a. m. The Vanderbilt bankers say their
chief will reach London before Monday, and they
expect to receive heavy orders from him to buy He
will find when he reaches land that mis- stocks can
be purchased at much lower figures than when he
left them to the tender mercies of there ughly
scared public
NOOK. The first two hours of business, which are
usually the most dangerous in season Of furry,
have passed with only one small failure which has
had no great significance. Sub treasurer Atom says
there was a brisk demand for legal tenders at his
office yesterday causing the Withdrawal of $780,
900. Up to this hour today million legal tenders
have been paid out and nearly another millson in
silver certificates the latter being for payment to
the savings banks
banks to make loans. A large amount of money
has come from Canada and heavy transfers have
been made from the other side.
The Bank Clearing House Loan Committee have
decided to loan all money required upon Govern
ment bonds at par.
Sage is not taking any stocks on privileges this
settlements
checks for the differences that is instead of paying
for the stock in full he gives holders Of his puts
the profits accrung on the transactions. Of course
this saves him from paying out large amount OF
money, but his action will compel brokers to sell
the stock which they have bought. expecting that
the great privilege dealer would, as has been his
custom, receive them on his puts"
The comptroller of the currency at Washington
to-day, received telegram from Bank Examiner
Serbia at New York, saying that the Second Ma
tional Bank paid out $2,4l2 900 during the run on
the 14th and 10Th, and is considered to be in good
going on smoothly at The Metropolitan National
Bank and says he considers the trouble over far
as the associated banks are concerned.
Business matters at the Produce Exchange had q
rather gloomy look, although failures or rumors
of failures were current Trade was not disposed
to operate to any material extent. Shippers oper-
ficuty in selling sterling exchange. Prices were
all lower and tending downward. The leading
members are quite hopeful that there will be no
panic in the Produce Exchange, but some members
are discouraged at the outlook of financial affairs
in Wall street,
At the Petroleum Exchange prices broke s1s or
from 1914 to So. There was some excitement, but
prices afterwards recovered about cents, standing
at 1915, at So No failures were reported
Russell Sage to-day stated to Jay Gould that he
has settled more than three-duarters of his sputs
and that he will continue settling up as fast as his
clerical force can figure accounts up. At one
o'clock to-day the glass door of Sage's office was
broken by one of the privilege" hol iers, who is
threatened with arrest. The holder said that was
what he wanted.
After midday stocks were strong and higher
again. Buying for European accoune was large al
the Erie office. The transfers of stock for this &C
count is very heavy. Lake Shore was the special
feature of the market and rallied Tag per cent tc
8812. The action of the Clearing House banks
this morning has caused an Improvement. The
market for governments is much improved; 11as
have advanced to ITO. and the As to 1l9. Some
small lots of As have been sold for cagheat IL
Money is now "a per cent. per diem, and stocks
are steady.
The feeling at the Exchange is quiet. Oil stocks
which sold at 66 at uptown resorts last night
opened at II this morning and sold down to 651a
Later there was rally to T3, and is now 70.
(2.o0P.M.)
Washington advices state that the sub-treasurel
at New York reports only $l09 900 of bonds offered
The Clearing House banks have agreed to advance
10000 900 on government bonds if necessary Il
protect the market. Up to this hour 1t 10 sale
50, 100000 have been loaned on this collateral.
Money is loaning at 12 q "A per cent. premium
per diem.
The hour of selling has been passed safely and nc
additional failures have been reported.
e P. NJ
1t seems to be the general impression in Wal
street circles that all danger of continuance Of
the disturbance of the past few days is over Many
of the leading financial minds have come to TIN
were in no way similar to those which culminatet
in @ Black Friday and the furry of 1873.
Messrs. Donnell, Lawson Simpson to-day issued
an address to creditors, announcing their suspen
sion and requesting all possible consideration. The
notice states that the firm and individual members
confidential clerk, R. H. weems, and they hope t.
pay all liabilities unless forced to sacrifice assets.
The suspended Arms are all busily engaged il
Strengthening out their affairs Golf & Randle d.
not expect to have sta; ement ready before next
week. Dimock & Co, state that it will require
some time to adjust their accounts. Hatch Foote
Bogart g. Co., Hotchkiss Burnham and j. G. vii
liams cannot give anything definite as to the stat
of their affairs as yet Nelson Robinson & Co. have
full force of clerks at work, and they say the.
expect to resume in a short time. Donnel, Lawson
& Simpson are not disposed to say anything;
The assignment of Donnell, Lawson simpson
gives preferences to the assignee for So OBS ant
to the State Savings Bank of st. Joseph, Mo-, 10
the full amount which may be found due, which
as near can be now estimated is about $500 600
for moneys and securities loaned by the bank to tn
firm. The assignment also directs the payment o
the debts of individual members of the copartner
ship
NEW YORK. May 16th.-H. G. Hardy s. Sons es
innate their liabilities $3.50, 900 and hope thei
assets are equally large.
The run on the Emigrant Industrial Saving
Bank has abated today, and business was done a
usual. About $l60,0O0 we've paid out yesterday
but 1t said that depostors were returning thei
money today. 1t was thought that there would no
be another rush there unless the Wall street PAM
broke out sfresh. There was no run today on tn
Manhattan Savings Institution. The Greenwich
| Savings Bank run ended today. A large crowd
| composed mostly of women, stood around it. Tn
teller paid out nothing but gold to them.
Jay Gould Interviewed.
In an interview to-day Jay Gould said: 81 hav
had no connection whatever with any OF the broke
firms and reports that have lost any money by tn
| crash is absolutely untrue" If you haven't los
anything through the crisis have YOU added to you
modest savings, asked the reporter, and Goul
smiled one of his well known significant smiles an
| said: al don't know as yet" His confidential
man, MIR. Morrisini, was present and also smiled.
The General Situation.
Atlanta, Ga, May 16.-John H. James, banker
| announced last night that he would not open hi
doors today. He has real estate to the amount of
half million dollars, which he will offer for sale
once, which Will more than pay his liabilities. Tn
| Associated Banks and Bankers of Atlanta met las
| night and rendered Mr.. James assistance, but b
declined, stating that he preferred to rely on hi
| real estate which would fully protect him, Their