The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-16
EXCITEMENT SUBSIDIZED.
QUlE7ER DAY IN WALL STREET.
lac Metropolitan Bank Recommendations
OF Flax Hatch-TroubIes in Brooklyn
and Other Places,

by telegraph to the Dispatch.I
NEW YORK, May 15.--Dimick Il Co. have
suspended.
The Metropolitan Bank has posted no.
lice on lis doors saying that the bank ex-
amners having made IN Investigation of
us allairs the bank will resume business at
IL O'Clock to-day.
kiernan's agency reports that J. III. Davis
az 20. have received orders from London
10 buy both stock and bonds. Their cor
respondents report that the market for
American. securities is advancing, with
strong feeling and no failures
Bankers and Merchants Telegraph stock,
In which A. W. Dmirk & Co. were heavily
interested, Is offered at 10 against 119 at the
sales yesterday. A sale at 65, seller 80, has
just been recorded.
1870 a. MA dispatch from Boston
reports the suspension OF +. a. Hawlcy 81
Co., firm which, although not heavy deal
ers, were regarded rs OF good standing.
Messrs. HotchkIss q Durham are engaged
in the work OF balancing their accounts
tomorrow morning.
1915 L. W.-The Metropolitan Bank has
resumed and is paying out to all depOs-
itors presenting checks. Even before the
hour named for resumption the paying
teller opened his window, and the first
man in the line received his money. This
individual was an old weather-beaten man.
who evidently Grew out all his holdings,
as the pile OF greeubacks handed to him
made goodly show, and were carefully
slowed away in his inner pockets, after
many glnnccs at his neighbOrs, OF whose
probity he was evidently by no means
certain. At noon the number il, line was
not over twenty-five, and was composed
principally OF boys and clerks, some OF
whom only required ccrtiicatiOn OF checks.
Only one lady was among the list. she be-
ing attired in widows weeds. Her grail
fication on receiving her money was plainly
written on her cOuntenance. The small
number OF those drawing out their funds
is regarded as very promising for the fu-
ture Of the bank.
Henry Jackques has been elected presi-
dent OF the Metropolitan Bank in place OF
&. |. SeneY, resigned.
sEMI-PANIC IN OIL.
NEW YORK, May 1j.-There has been a
semi-panic in oil in this city. The failure
OF Fisk d Hatch and the suspension Of the
Bradford Bank has created distrustiul
feeling. 1t is rumored that several heavy
capitalists interested in oil are in trouble.
At 3:15 p. VI. to-day oil was selling at &c.,
but before the close il broke TO 73c., and
was offered on the street at re. No fail.
ures have been announced, and if any
body has gone under it will be given out
tomorrow when clearings are made.
Fisk q Hatch Gone Up.
NEW YORK, May 1j.-FiSk d Hatch have
suspended. The firm is composed Of A. s.
Hatch and Harvey Fisk. Hatch was re-
Gently elected president of the Stock EX-
change by unanimous vote. The firm have
been the heaviest dealerslin Government
bonds on the street and have generally been
considered a Staunch, conservative, and
reliable firm. They have been
recognized as the fiscal agents here OF the
Chesapeake and OHIO railroad and the
Elizabethtown, Big Sandy and Lexington
road, and have carried heavy amounts Of
the stock OF these roads while the market
has been declining. They have sons and
sons-in-law in the stock business.
The firm Of Fisk Il Hatch for over twen-
tv wears has been promnant in financial
circles. They began business in 1862. and
soon directed their attention TO dealing in
Government bonds, and in all loans put
out by the Government during the rebel
lion. They took an active part in marketing
bonds. In the funding operations which
followed the close OF the war they took a
leading part. Fisk & Hatch placed the Cen
trail Pacific bonds. also the bonds Of branch
lines in California. They subsequently
placed the Chesapeake and Ohio road
bonds. The firm and company were both
carried down by the panic Of 1875. Fisk
~ Hatch finally paid 100 cents on the dol
lar, with interest, and begun again. They
were carried down to-day by the heavy
calling in Of loans, large Withdrawals OF
deposits, great shrinkage in values, and
the difficulty OF obtaining money even on
the best of securities.
Fisk & Hatch handed the following to
the Associated Press representative this
evening:
"7o oar DepoSitorS and other Creditors:
1t is with great sorrow that we are obliged
to announce to you our suspension. which
has been brought about by a combination
OF circumstances. The lonG-continued de-
cline in the market price OF securities
even the very best-accompanied bya gen.
eral weakening OF confidence in financial
matters, together with a heavy drainage
of deposits, are the principal causes OF our
unfortunate position. We can only re-
quest those having claims against us TO eX-
tend to us such consideration and mdul-
gence as we NAV need and 1t may be in
their power to grant.
Every truly, FISK d HATcH.'
Uneasy Bank DepOsitors.
NEW YORK, May 1j.-The closing Of the
-. -. l. -, A,l
Ign has embarrassed its depOsitOrs. and
caused feeling OF uneasness among bust
ness-mep. Some OF these have been helped
through their difficulties by frier,is. Pre-
sident Puffer stated last night that the
bank would resume business to-day in
all probability. as their securities were all
good, and the suspension was caused by the
efforts to help the Metropolitan Bank. There
was a gathering Of deposltOrs this morn
ing at the bank. They were unable to get
their money, and were very indignant in
President Puifer assured
them it would be all right. and they would
lose nothing. He promised to have state
ment for publication this afternoon. The
panic seems to have extended to the de-
positors OF other banks in Brooklyn as well,
and large quantities OF money were drawn
out OF the savings banks. They were pre-
pared for a run, however, and many OF
them were by no means disturbed by the
Of some OF their surplus de-
posts, thus saving thousands Of dollars in
terest which would be due to depOstors
on June 1st. Among other banks, the
Brooklyn Savings Bank, Dime Savings
Bank, and South Brooklyn Savings
Institution paid out large amounts
OF money to depositors. The MI
tonal banks OF Brooklyn are consid-
cred sound, and the Withdrawals Of
deposits to-day were inconsiderable. There
was q run this morning on the Irish-Emi-
grant Savings Bank, in Chambers street,
New York, about two hundred OF the