The Portland daily press., 1885-01-16
FINANCIAL.
Another Great Banking House on
Wall Street Succumbs.
John J. Cisco & Son File An Assignment.

New YoRK, Jan. 15.-John j. Cisco & Son,
bankers, 80 Wall street, filed an assignment
this afternoon without preferences to Lewis
May. Mr.. May when asked for a state
msnt in regard to the suspension said: The
rImors started ten days since about the house.
and which were telegraphed all over this
country and Europe have caused a very severe
run upon them by the depositors. Iu addition
to this they were largely interested in the
bonds of the Houston and Texas Central rail-
road which have been very greatly deprecated
by the severe blow against the credit of that
company caused by the action Of O. P. Hunt
ington in purchasing the coupons Of the first
mortgage bonds All the depositors will un-
doobtedly be paid in full as soon as the securi-
ties can be realized upon The firm has no
outstanding contracts Of the Stock Ex-
change"
Mr., May said that the firm owed 81, 500 900
to depositors He could not say who were the
largest depositors nor estimate their number
As is generally believed the matter is rather
in the nature of liquidation than failure and
this view is strengthened BY the knowledge
that the firm always has been rich and also BY
the fact that no preferences are given.
The firms liabilities are chiefly to depositors
The present partners are John A. Cisco, son
of John j. Cisco, and +. A. Foote, the former
being member of the Stock Exchange, but
never participating actively in the operations
of the Exchange. The late John j. Cisco was
formerly assistant treasurer of the United
ObatSS at NEW 1Ofk anu Gnrllg the early
stages of the rebellion rendered valuable as
sistsnce TO Salmon r. Chase, then Secretary of
the Treasury, in securing loans from the city
banks.
Fred w. Foote, partner in the banking
house OF John J. Cisco & Son, was seen to-
night at his residence. "Thers Is nothing dis
creditable in the action OF the firm, )" said Mr.
Foote. "The sumors of the last ten days
which have been spread broadcast throughout
this country and Europe in relation to our
firm have used me up. No house could stand
under the same circumstances. II Mr. Hunt
ington had not defaulted on Houston & Texas
Central coupons on Jan. 1st we might have
been all right"
@. P. Huntington was seen at his residence
90 Park avenue. 81 don't see why they
should connect me with the failure" said he
In regard to the coupon business the whole
thing is this in nutshell The coupons of the
Houston and Texas Central due JAN 1st, were
bought by the Southern Development Com
panv, OF which am general agent To go
back a little; when we bought the Morgan
Compang's steamboats, and railroads we ac-
quired $4,000 worth OF Houston & Texas
Central stock and in this way my name was
connected with that road. The bonds OF that
road have not been paid and in consequence of
the depreciation and sbrinksge 1 suppose Cisco
& Son who are reported to have held consider.
able stock have been bampered. | think the
road will be all right in time. We purchased
about S275,000 worth of coupons at their face
value which We had a perfect right to do That
is all l have to say about it.
Other EaiIeres.
Joseph r, Wsilack, silk importer, has as.
signed. Liabilities $4,000 to $40, O00
BOSTON, Jan. 15.-Bsal & Mariner, tea and
coffee dealers, 16 aud Is Broad street, have
failed.
Schedules in assignment were fled TO-DAY
by Henry W. Stehr and Clemens A. KrogeT
They show liabilities of $139 600; assets S73.-
600.