The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-23
THE BUSINESS SITUATION.
An Ugly RuRor fn Wall Street.-The
Penn hank.

NEW YORK, May 2}-There is no i'm
lfoHement in tie tone of speculation, and
thaie Is growing apathy in ira hug OF any
KIND. All aJteaIp to market stock caused
deciIn'', dai IA f'rl!ng of great uncertainty
prev -iisi. atcn OF uu;ayorabe reports was
circulated, am IN; th.m one to the effect that
til. Metro; '"iitai Mt onai tank would be
compile to C 1,e il dolrS in consequence of
'he ivy 'Irah ,ni sin . resumption. The
b Nh, Officials, however, deny tie report aud
aes't I t'.ai the Institution was fully able to
meet al demand,
1he failure of the finn of E. H. Shaw has
been announced on the stock exchange.
Of the affidavits against Ferdinand Ward
three we're made iy J. Nelson Tappan, j.
Seweli Tappan tMr. Tappan's SOM, and
William Bingham Tne arrest of Ward was
made upon an order issued by Judge Donahue
on Monilay last IN the action brought
E j. Nelson Tappan to recover
SS2,09N. The suit is brought against Ulysses
3. Grant, Ferdinand Ward, James d. Fish,
William q. Smith, and u. s. Grant, Jr Ru
mors are floating around Wall street that u
s. Grant, Jr., has suddenly left for Canada.
Everything is quiet at Russell Sage's Office
A clerk is reported to have said that
Mr. Sage had paid out 5000, 900 within
the past few days, on his put" privileges
New YORK. May 2S.-Jay Gould says he
has proof that outside investors have been
heavy buyers of Western Union during the
past two weeks. and that the stock has been
taken from the street and transferred.
Concerning the stock market Mr..
Gould had very little to say.
He believed that parties with capital were
anxious to get securities at the present figures
and there was every reason to suppose that
we had passed through the troubles He had
been talking to prominent bank official, who
declared that We had nothing to fear from
our associated banks, AMI that each day
brings brighter outlook.
PTTTsBURG, Pa, May 23 "A more com
plete understanding of the exact condition
Of the Penn hank and the feeling that they
will be able to pay ali their liabilities, to
gether with the concerted action of the
bankers, has had a reassuring ef-
feet, and confidence to large degree is re
stored. 1t was feared that there would be
runs on several banks that were reported ou
the street as in a weak condition, but visit
to alleged shaky banks at noon found all
boA Gnu WIN OuL not mucn
greater thau usual. Bankers expressed
themselves as perfectly able to meet the de.
mands made on them.
The officials Of the bank are busy getting
affairs ready for resumption. Their clear.
ances have been made good, and they will
open their doors with $500, 900 in cash on theiI
counters. Many of the largest depositor>
have signitied their intention of allowing
their money to lay in bank, and long
before the hour of opening a number
Of the heaviest depositors force,
their way tn ii sids entrance and insisted on
making then deposits. The bank, however,
refused to accept them until they resumed
ST. LOUIS, May Establishment suits ag.
gregating over $40, ,00O have been filed against
the firm of Kaufman, Cohn & Co, wholesale
milliners. They will make an assignment.
Their liabilities are about SIS, 900. The cred
itors are principally in New York. The as
sets ATE between $50, 900 and SAC, 600