The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-16

midnight, and general overhauling of accounts
was made, so that on the opening of the Exchange,
this morning affairs would be in better condi-
ton than for many months past New margins
had been called for to prevent rash sacrifice OF
good securities.
AZ representative of the Associated Press has
just talked with financier of thirty-five years
experience. He says the action of the banks in
deciding to pool issues has decided the situation
favorably, and he does not anticipate further
failures either of banks or banking firms.
although he admits it is possible some weak
stock houses may suspend temporarily The
failure of the latter he does not regard as a mis-
fortune, as the wedding out of small dealers
helps to give heathful tone TO the general sit
uation.
Jay Gould stated to a Tribune reporter: "This
disturbance is a senseless thing. 1t comes from
fear of each other by both banks and brokers' |
think, rather than anything else. This general
calling of loans is wholly unnecessary and fool
ish | suppose the banks are a little more eau
tious than usual on account of the losses acci-
dentally suffered by the First National last week,
but think the worst is over, and people will re-
gain their senses, and there will be orders here
from all over the country from persons eager to
pick up bargains The action of the banks is
excellent Every one will see there can be no
panic while the banks stand together, and am
sure all this excitement is at an end" Mr..
Gould continued Il never expected to see West
ern Union sell below 80; however, the company is
certainly earning its dividends and this trouble
only adds to its business. | should suppose
some brokers might have realized that fact"
George Scott, banker sad: There is no
excuse for Seney's pinch. He had ample notice
of the coming crash and could have tided over
| just well as not l can't see any excuse he
has for his bank closing its doors. | do not think
| its capital is impaired The increase in value of
! its real estate holdings will cover its lossesn
do you know anything about the reported
difference between Gould and Seney on the ques
ton of Seney's action in the pool in East Tennes-
see bonds of 1881"
Sir I al /
was not in it. Gould and Senev were always at
swords points. 1t is said in the street by several
prominent operators that the real members of
the pool were Washington E. Conners, General
Thomas and Mr.. Brice. Corners imagined Brice
and Thomas were acting otherwise than in good
faith, and he 'whirled' them"
| Cyrus W. Field said the worst was over, and
| that it was good thing that this crash came
just as it did. 1T will prove Of great benefit to
the entire country. There is not man in the
| United States but feels better at the unmasking
and exposure of men who are looked upon as ex
amples of financial honesty and shrewdness.
| Think of it-presidents of banks specializing in
| railroad securities with money belonging to de-
| positorsl George l. Seney speculated and caused
| great distrust during the past two days Now
we shall have better times Young Emo will not
| have chance to speculate again. The time has
| arrived when Wall street methods must be re
| formed and that was what was needed to do it.
From the New York Tribune: 'Nelson Rob
inson, of Nelson Robinson & Co, the Seney
brokers' stated that the condition of the frmI was
the same as on Wednesday. Ultimate arrange
ments with creditors would depend largely
on the future course of financial
the relations of the firm with the Metropolitan
| Bank. Affairs at the Phoenix Bank have drop
| ped back to old time Quietness The amount
withdrawn by depositors, on Wednesday, was a
! trife over SIG, 900; about the same amount was
| deposited. The deposits amount to about ST.
| 700 600