Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-23
OH Trfe prfss,
THE GAMBLERS PANIC,
Failure of Fish & Hatch-Other
Suspensions.
Thirty Failures, With Liabilities of
Thirty-Seven Millions.
Details of The Crash-GcneraI Notes.

New YORK, May 15.-The feeling in
financial circles to-day was much better than
yesterday. In the morning A. w. Dlmock
3 Co. suspended but the suspension had
little effect in the street. Dimock is prcsi.
dent Of the Bankers and Merchants telegraph
company and the stock of that company fell
from 11s to As. The suspension of Hawley
j Co. OF Boston was also announced.
Liabilities about half million. The Met
tropoitan bank resumed payment at noon.
A few minutes before that time the doors
were thrown open and a number OF deposit
tors hurried eagerly in to draw their
money. Everything passed off quietly and
ir an orderly manner. The officers
had provided against a run but the expert
cnces Of the first hour showed that there was
no need OF being apprehensive. From ~
till . there was steady demand at the tel
ler's window but the depositors who were
waiting for their money never reached half
a hundred.
OILY few depostors drew out: their ac-
counts. At 2:45 p. m. the street was thrown
into state of great excitement by the sus-
pension Of Fisk & Hatch. The firm of Fisk
4 Hatch is composed of A. s. Hatch, presi-
dent Of the Stock Exchange, and Harvey
Fisk. They have been the heaviest dealers
in government bonds on the street and have
been considered saunch, conservative and
q thoroughly reliable firm.
The suspension of Fisk & Hatch came like
a hunderbOlt on the Exchange. Members
of the firm have sons and sons-in-law in the
stock business and 1t is surmised efforts to
aid them may have embarrassed the firm.
The immediate result of the failure was a
nj 4 n X pt in ,ripn Th.,
weakness in the government bond market is
explained by the suspension. The suspen-
sion was not announced until few minutes
before the closing hour of the Exchange but
the effect was instantaneous and pressing.
The day closed at the Stock Exchange
amid intense excitement. Fisk refused 10
say anything regarding his aft rs. The sus-
pension was 50 unexpected tnat its effect is
more than doubled. The street is again in
excitement. Brokers are rushing arouni
wildly and the situation has assumed "A
troubled aspect.
Tn liabilities of the firms which failed
yesterday exclusive of the two banks aggre
& ate over S60O0,000. Donnell, Lawson &
simpson place their Obligations AT about
SO, 900, Goo and Nelson, Robinson & Co.
million and half TO two million. The l!abi
ties OF Hatch d FOOte are supposed to be in
the nelghbDrhood of two million. The firms
manager says they are perfectly solvent ami
do not need any money. Toe scare in the
street simply created a situation in which it
was deemed best TO close up. FROM
what could be learned regarding the
failure of Bogart & Co., it will prove q
serious one. Members of the firm were re-
ticent. Some of their customers created uu.
pleasant scenes in their Office. The firm has
made some very unfortunate ventures the
past few years, aud lost great deal oil
money. GOtfr Il Randall suspended owina
to their IT lations With John c. Emo. 1t is
und rsrood Their liabilities are not large TIL
amount involved in the failure of Juseph &.
Williams is not large
The resignation If Mr. George Sen V as
acceptna Wee. President ia, uues has been
elected reid M. The mannger Of the clear
ing house reports all clcatances have been
cuec'eu'
Expressions OF sympathy for Fisk Il
Hatch.
NEW YORK, May 10 Fisk h Hatch be-
gan business in 1862 AMI took an active part
in placing government bonds during the civil
war. They afIerward engaged in placing
the bonds Of some of the heaviest railroad
corporations. Tuey were carried down in
the panic of 1873 but paid hundred cents
on dollar with interest and again assumed
a nlSh po7l.ion III 'nc "nauciiI "ollu ne ,
sympaT nv and offers Of assistance II is believ.
ed they will work out o. their difficulties as
they did in 1873. They have issued letter
to their depositors and other creditors ex-
pressing their sorrow for the situation, at
tibutiug it to long continued decline in the
market price of securities, weakening conf
dence in financial matters and heavy drain
age on their deposits, and requesting those
having claims against them to extend to then
such consideration and indulgence as may be
10 their power TO grant
Great Excitement Over The Action OF
Russell >age.-susuen.ion of n saw
ings Bank
,.,e M, AL,
I'VE" lohA' may ~ he sto'" hihrhe
opened weak and feverish this morning ex
cept for Western Union and Union Pacific
I'm, fore;gn banter roro b,v;,a ovtono;r,,,
nv ll'oo L. H. IL. v. patu'ns @ GODS an
nounced their suspension at the Stock Ex
change. All the contracts OF The finn ar,
,rovi1.,fo, A, 40, ,ho -
W. " ii'@o a. H. 'no maj NC
sn""tu 'aly vi - W per cent LOT s'h'
shares. New York Central and Lake Shor,
were esneci ,llv weak The monoger of III,
,.,.I -,
o"a''"s house EAU 'pe "ahhs "ere a'alii'i
Themselves more freely of the new certif
Gates. He would not be SURPRISED If fer
million were taken to day, There was n,
appearance of furry on the floor of the FIX
chan .e this morning. The number of offer
appeared to be equal to the bids. The clear
ing house committee had loan ccrtlf ME
ready far instant delivery and EXPRESSED IN,
determination to use them literally with
view Of relieving any siringercy in th
money market. Government bonds var
weak and lower owing 10 the fear that III
b Hatch's holdings wonld be ma,k ted
In n short time It was annmncrd that tb.