The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-22

to the banks as fast rs instructions to
that effect are received.
AT wAsHINGToN.
WASHINGTON, May 16.-Some as
tonishmentd was manifested at tina
treasury department over the dcciiue
In government securities, and
1t is only accounted for on ire
theory that bonds were being
rapidly converted INTO mon.-y, t. be
used in more profitable. INV, siuueuts.
Secretary Folger said this afternoon
he had received no information from
New York on the subject, and was
consequently una IL to eXpllin the
decline. The fact that only Si09tOO
of the called bonds wee offered
Tor redemption in New York
yesterday is regarded as an indication
that the people who hold the bonds
are not in any great need of money at
p esent. A conference was held at
the treasury department this after
noon as to the best method of reliev-
ing the financial pressure in New
York. In view of the decline in four
per cent. bonds, it was proposed the
secretary authorize the purchase of
these bonds in open market. 1t was
virtually decided to press this course
In case the decline continues.
AT GALVESTON.
GALVESTON, May 16.-The decline
OF the New York cotton futures at
the opening OF the cotton exchange
this morning created quite an excite
ment on the Galveston board for a
Short time. AT 1880 the bulletin
board at the cotton exchange showed
a decline of IL points on May options.
and . points on June and July, as
compared with yesterdays highest
quotations. The average decline on
all options, from May to December,
was about points at New
York, but the Galveston market
showed decline of only
five points. Towards the close. the
New York market improved on its
becoming known that the banks were
loaning money more freely. The Liv-
erpool cotton market has so far shown
no indications of having been affected
by the financial furry in New York.
Grain, cotton and money markets
were all stronger and better at the
close of to-day's dealings.
NEWARK, May i16.-The Newark
savings bank makes statement that
the purchase of government bonds
was entrusted to Fisk 81 Hatch. who
agreed to pay interest on the pending
investment. The reputation of the
firm led to oyer-confidence and care
lessness In obtaining the necessary in
vestments. The box securities OF the
bank are kept by the firm, which
ought to hold government bonds. In
stead It only holds personal property,
not of equal value nor nearly as
salable. {
LONDON, May 16-5:40 p. m.-The
prices of American securities are
tluctuating. Closing prices are better.
There have been large remittances for
government coupons to pay for stocks
sold here. Large shipments of gold to
New York are being made.
NEW YORK, May 16.-The World
tomorrow will say: Precisely where
the $5,OO0,00O went, which John 9.
Emo lost in Wall street, is mystery
that puzzles great many. No in
formation can be obtained from Dyett
q Co., the firm through which he
operated, and the prevailing opinion
is, most of the money was swamped
in the vain hope that the market
would take an upward turn, and
allow him to escape at least
nearly whole. He commenced
buying stocks such as Western Union,
Union Pacific, and Ontario and West
ern, from the top notch of the market.
Contrary to his expectation decline
set in, and the Erie shrinkage, which
has since overwhelmed so many firms,
engulfed him. With each days de-
cline 1T became a question whether
ne should sacrifice the heavy
margins he had already lost,
or keep investi ng the banks funds
until rise came. The market went
down and down, and each day saw
Emo haplessly involved, until it be-
come question of detection and dis
grace. No longer could it be kept
secret, and fearful that his exhaus-
tioH of the Second National banks
funds might leak out, young Emo
made known bis terrible losses to
his father. The old gentleman
thought that the only way to save
his son was by making good his en-
bezZlement, and handed over to the
bank $4,000 900 of his private means,
leaving brokers and others on Wall
street to whistle for the lost margins,
which, in the aggregate, reached $780,
900.
SCRIBA's OPINION.
WASHINGTON, May 16.-Bank Ex-
aminer Serbia telegraphs from New
York that he considers the trouble
over 80 far as the associated banks
are concerned.