The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-01-16
BUSINESS BUDGET.
ANOTHER DAY OF BAD BREAKS.
John j. Cisco ~ Sons Go Down in New
York, and Oliver Brothers s. Phil
lips AstOnish all Pittsburg-
Stocks Tumble, Etc.
vone of the stocl, Marlet.

NEW York, Jan. 15.-Governments
stronger.
Railways irregular.
State securities quiet.
The stock market was dull and feature
less the first hour of business. The ten
dency, however, was toward lower fig
ures, and before the first call decline
OF Is to e per cent. was
recorded, Lackawanna leading with
sales down to S6H. subsequently, there
was rally of Is to rs, bat still later
this improvement was lost. Between |
and 2 O'clock the market was firm to
strong. IN the afternoon Louisville d
Nashville broke q to 24H and Jersey
Central to 359s@3534. This unsettled the
entire list, although the decline was less
important, except in Canadian Pacific,
which broke to "A. Northwestern
fell off to 909l; st. Paul to 74A; Lacka-
wanna to IS; New York Central to S7II:
Union Pacific to 49%, and Western
Union to 56A. The market closed weak.
The weakness late in the day was due
to the report that prominent house
was in trouble. This was confirmed
after the close Of business by The an
nouncement of the assignment of John
j. Cisco ~ Son to Louis May. The firm
has no outstanding contracts at the
Stock Exchange. Compared with last
nights closing, prices are a to per
cent.lower, except tor Denver, which is
e per cent. higher. Among the mac
tive shares Chicago d Alton rose 3% per
cent. to 1875, Colorado u Greenville
preferred, a to 10, and Colorado coal, a
to 81.
G. p. Huntington has bought seat in
the Stock Exchange.
Transactions, 2l5,000 shares.
OFFICIALLY ANNOUNCED.
| NEW YORK, Jan. 15.-It was officially
announced shortly after the close of
business that the old banking firm of
John j. Cisco IL Son, 50 Wall Street, haa
made an assignment to Louis May,
formerly Of the banking and brokers
firm Of May 81 King, who
Is also assignee Of Halstead, Haines q
Co., which concern suspended some
months ago. The firm was intimately
connected financially for many years
with the Louisville d Nashville and
the Houston 81 Texas Cen
trail railroad companies and it's
supposed failure is the result of the late
decline in the securities of these corpor-
atoms, as well as the general shrink age
Of value. The senior partner died
next the affairs of the old firm
were 20 be closed, and everything would
have gone on as usual up to that time,
but Tor the reports that they were en-
barrassed, which were started about
ten days ago and telegraphed
throughout this country and Europe.
These reports grew out of the fact that
the firm was understood to be largely
Interested in Houston Il Texas
Lad ok,
ly deprecated since tho present
management of tho road caused the
coupons of the first mortgage bonds to
be bought by the Southern Development
company, instead of paying them
Greet, as heretofore. Although re-
ports affecting the credit Of the
firm were denied at the time, they led
to steady increasing run by depositors
and it was thought best for the benefit
OF all the creditors to make an
assignment without preferences
Tor the purpose of gradual
liquidation. As was generally believed
this afternoon, the matter is rather in
the nature of liquidation than failure,
as 1t Is stated that all depositors will be
paid in full IA soon as securities can
he realized upon. This
view of the case is
strengthened by the knowledge that the
firm has always been rich, and also by
the fact that no preferences are given
not even the large estate of the late
senior partner. The firm has no con,
tracts on the stock exchange
its liabilities being chiefly
to its depositors. The assignee
took charge at p. M, and no statement
has been made up. The present part
nors are John A. Cisco, son of John j
Cisco, and Il. A. Foote. An money de
posted with the firm to-day is to be re
turned tomorrow.