The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-22
WORDS OF CHEER
Official Address on the
Crisis From the Stock
Exchange Rostrum.
PANIC MONGERS DENOUNCED
Milwaukee National Bank Closes
lis Doors-Garlisle on
Silver Purchases.

NEW YORK, July %, 1893. in accord
ance with resolution passed by thu
Governing Committee yesterday evening
President E. x. Sturgis, of the New Yort
StockExchange. delivered the following
address from the rostrum Of the Ex-
change this morning:-
The Board of Governors of the Stock
Exch ange held prolonged session yes
terday afternoon aud / am instructed by
them TO give you the result of their delib,
GRAFTON. The times through which we
are passing are phenomenal in their ma
ture, and have never been equalled by
any which have transpired during this
generation. 1t behooves every member
OF the Exchange not only 60 be loyal to
his own sense of honor, but TO stand
firmly and devotedly to the institution
of which he is a member.
"The community have always looked
to the Stock Exchange for q hign stand
ard offinanclal and commercial Integrity,
and they have not been disappointed.
Moreover. it is trus that during the re-
cent phenomenal shrinkags and distress
ing complications, The public have
looked with amazement and deep respect
on the manner in which the members of
the Stock Exchange have lived up to
their contracts.
UNSCRUPULoUs MEN.
But in all large bodies or men there
VIII be found individuals who for private
gain or public notoriety will take stand
at variance with the associates.
Would that ws had the power Co pun
fsh, as IL deserves, such disloyaity. But
IL is our intention, in so far as our power
goes, to put stamp of absolute disap-
proval upon all the IRREGULARITIES and all
methods of doing business subversive
OF welfare and injurious to public credit.
"Furthermore, the puplic are apt to
confuse rumors which have their origin
in Wall street with the Stock Exchange.
and to give to the Exchange the credit of
any malicious or false statements which
may come from the seething mass who
throng in Wall street Itself"
CORDIAL APPLAUSE.
The remarks of President Sturgis were
applauded among BANKERS and broker s
generally, aud the hope was expressed d
that they would put an end TO the rumor
mongering and the attacks on credit
which have been particularly viru
lent of late. The stability of
some of the best known institutions
in Wall street has been questioned with
out reason, for the sole apparent purpos 9
OF depressing stocks and with the resu lt
of intensifying the feeling of uncertainty v
as to the financial situation. II is ande +
stood thot it is the determination of the
Governing COMMITTEES of The Stock Ex-
change TO mete out severe punish menu to
any of its members VINO it caa be proved
have unwarrautlY assailed credit in Wall
street.
A. U. We'll, who had controversy
with the Manhattan Bank, said he did
not consider President Sturges' remarks
aimed at him. He had nor questioned
auybody's standing. He heartily ap-
proved the r0marks.sR
CLEVELAND AT WORK ON HIS MESSAGE
BUzzARD's BAY. Mass, July %, 1885,
President Cleveland and Secretary La
mont are hard at work upon the message
to be delivered to Congress at the open :
ing of the special session.
Tney denied themselves to visitors this
morning SO that nothing could be learned
from them concerning the reports in New
York as to the Federal appointments
there.
The impression has been given that the
appointments will not be announced till
Congress meets.
After luncheon the President went
fishing with Secretary Lamont aud DIR.
Bryant.
1t is believed here that Secretary Her
bert will arrive at Gray Gables later in
the day from Boston.
ONE MORE MILWAUKEE SMASH.
A National Bank and n Savings Bank
Close Together
MILWAUKEE, July %, 1898. The Mil
Q
Swings Bank failed to open their doors
is morning, Runs are now In progress
on all the leading panks ia the city.
The reDort of the condition of the bank
at the close of business on July IL was as
follows:-
Resources-Loans and discounts sl464. .3H7S;
over drafts secured and unsecured, s2sj7i United
agents ans due r0G 9fo osSsa
banfs ana bankers ale IRON banKins ssnss
bboussds bous. Il ss9 preisms a on United
2l0 IS; bills of other BANGS ST. ri ffsctiona paper
@ s no & S
VIII UnlIed sd states reasurar per cent OF circu
otber than per ceo sss q @
Total, sLse5,Ss5.76 ~''''''
pas fanas ps sGsh SnavRssd Rs,a in Blo ss0 s
National bank notes outstanding, Ss9. 25J; lndivia
demand eeracatef ffs'' of deposi sfsA ssss ss s.
1921; due to STATE backs and bankers
S9092 ST. notes and bills redisconn ted, $3.50 Y l.;
liabilities other than above stated. Sl25900 Total
$I.s65,ss5 6 George H. Noye was president of the
bank, J. McClule. cashier and George H. Noyes
and J. H. and J. D. lnDusch. directors.
BAD FAILURE In LOUISVILLE
LOUISVILLE, KY. July %. 1s93-The
Kentucky National Bank Of this city
closed its doors this morning. The capi-
tai STOCK is 81 ,000, 900 paid up. This bank
Is also government depository, and its
last statement showed $4,000 to the
credit of the Government The loans
and discounts outstanding amounted to
81, ,719, $780, 80, aud the surplus was Sl0S, 500.
CRASH IN KNOXVILLE.
KNOXVILLE. Tenn.-The State National
Bang closed this morning after opening
four minutes. The notice posted on the
door says:-'sThis bank has closed for
liquidation. DeposlLors Will DO paid in
tulI. Liabilities aud assets not known