Newspaper Page Text
Was, by Comparison, the Pre
siding Genius of Wall.
The Resumption of the Metro
politan Bank Restores.
Failure of Fisk & Hatch Mars the
Harmony of the Occasion.
Clearing up Matters From the "Wreck of
Cheering Keports From the Country at
Large 3lixeil With a Few Failures.
A Globe Reporter Interviews H. I*. Hor
tun on the Situation.
THE DAY IK WALL STREET.
New York, May 15.—When Wall street came
down town this morning it was with a feeling
that there would not be a repetition of yester
day's pandemonium. So many of the country
lambs and city shrewd ones wc£ shaken out of
their margins by the panic yesterday that there
was net so much room for excitement as on the
previous day. Then it was a wild rush to unload,
no matter who was hurt.the desire of the brokers
b i:ig to sacrifice the stocks of their
customers while there was margin genough
left to pay-the broker for his liabilities. The
way the country operators suffered by the tum
ble will never be fully known, but the tumble
which will follow as the refrain -of yesterday's
work will be heard all along the line for months
The brokers and their clerks worked late last
night and began early this morning to find out
where they stood, and by the time the opening
hour for the exchange had arrived they were
ready for the coming fray though less excited
than yeste*day. The announcement that the
Metropolitan bank would resume at noon in
spired confidence which the events of the day
showed had good foundation.
The floor of the exchange had more than the
usual complement of buyers, and by 9:30 opera
tors had gathered in knots waiting for the signal
to commence business, Just as the clock marked
10 Chairman Mitchell gave three raps of his gavel
and in an instant the pent up excitement of the
brokers gave vent in howls, and 500 hands were
lifted in the air and various pools were formed
in which the different stocks were dealt in. Ere
five minutes had elapsed the gavel again was
heard amid lie din and the announcement was
made that Dimick&Co.,of the' United States bank
had suspended. Dimick is president of the
Bankers' & Merchants' Telegraph company.
Prices rapidly rose from }.i to 4 per cent., the
failure of Dimick having no perceptible effect on
At 9:30 Mr. Scriba, bank examiner, stepped
outside of the Metropolitan bank building and
directed the many notices from correspondents
informing holders of their paper where to have
it cashed, should be taken down. "I'll take the
responsibility," he said. "I don't want this
crowd around here. The bank is all right now,
and will resume at 12 o'clock. The pool of
clearing house banks sets the Metropolitan firmly
on its feet."
"Will reserves of all the national banks be in
quired into:' 1
••It is unnecessary at present. Everything is
sound enough now."
Cashier J. McGourkey said: "We shall begin
paying but at 12 o'clock, and shall continue until
the last dollar has been paid out to depositors if
they demand it."
Geo. I. Seney tendered his resignation as pres
ident of the Metropolitan bank this morning and
it was accepted and Henry S. Jaques elected to
£11 the vacancy. A notice .was posted that the
Metropolitan would resume at noon and a few
minutes before 12 o'clock the teller opened his
window and the first man in line got his money.
The number in line was not over twenty-five,
principally boys and clerks. One lady was among
■the list. She was attired in widow's weeds. Her
gratification on receiving her money was plain.
The small number drawing out funds is regard
ed as promising for the future of the bank.
% TUE SECOND NATIONAL.
There was no excitement at the Second Na
tional this morning. The clearing house has ar
ranged to pay the Second National debts, and up
to noon there were 148 depositors. No more
alarm is felt concerning this institution. •
THE DIMICK FAILUItE.
Dimick & Co. were short of the general mar
ket, and their stocks have been bought in under
the rule. Dimick is president of the Bankers'
& Merchants telegraph, and the stock of the
company, which was 119 yesterday, sold at 05 to
day. .One report says that Dimick' failure
will prevent the extension of the lines which
were contemplated but G. S. Watt, the general
manager of the company says the failure does
not involve the company at all. Mr. Dimick
Fays the trouble was due to his inability to
realize on his securities, as all his customers
have had profitable accounts. Geo. Putnam
Smith was appointed assignee with preferences
for customers having accounts less than '81,000.
Ilawly & Co., of Boston, bankers and.brokers,
suspended owing to a run on their banking de
partment. They were not heavy dealers but
stood well. *,'.-•;.'.
Hill, Stanwood & Co., brokers of Boston, cor
respondents of Golf, Randall & Co., New York,
have suspended. Liabilities, $100,T)00. The
failure has no significance.
A prominent Wall street man connected with
Seney in most of his speculations, states that one
of the immediate causes of his embarrassment
was he loaded up with iarge blocks of Atlantic
& Pacific income bonds and St. Louis & San Fran
cisco securities, on which he was unable to real
ize. Seney was also stuck with a lot of Ohio
Central, forced on him at high figures on repre
sentations that proved to be false. His resigna
tion from the presidency of the Mertopoiitan
bank is regarded as wise, as it leaves him freer
to act for the best interests of his personal af
fairs. . /.;.♦,:, «
The Commercial says: "The general subject
of discussion was the remarkable position as
sumed by President Seney and the directors of
the Metropolitan bank, who announced early in
the morning that the bank had suspended not
because it had to, but because it chose to."
George Scott, banker, said: "There is no ex
cuse fur Scney's pinch. lie had ample notice of
the coming crash and could have tided ever just
as well as not. 1 can't see any excuse for his
bank to close its doors. Ido not think its capi
tal is impaired. The increase in value of its real
estate holdings will cover its losses."
"Do you know anything about the reported
difference between Gould andSeuey on the ques
tion of Seney's action in the pool of East Ten
nessee bonds of 1883."
"Yes, I know all about it. I know Gould was
not in it. Gould and Seney were always at
sword points." t'-\/J.
It is said on the street by several prominent
operators that the real members of the pool were
Washington E. Connor, General Thomas and Mr.
Brice. . Connor imagined Brice and Thomas' ac
tions were otherwise than in good faith and he
. .-;;" WHAT FIELD SATS.
■ Cyrus W. Field said: "The worst is over, and
it is a good thing this crash came just as it did
It will prove a great benefit to the entire country.
There is not a man in the United States but feels
better at the unmasking and exposure of the
men who have been l"oked upon as examples of
financial honesty and shrewdness. Think of it
presidents of banks speculating in railroad secu
rities with money belonging to depositors. Mr.
George I. Seeney speculated and caused the great
distrust of the past few days. Now we shall
have better times. Young Eno will not have a
chance to sueculate again. The time has arrived
'■•'"'• ■•■■•'■ ' "■ '■ /' '" ' ' '" ..' "• ' ; ' ■• '
when Wall street methods must be reformed, and
this was what it needed to do it." •
WHAT GOULD BAYS.
Jay Gould being interviewed, says: "This
disturbance is a senseless thing. It comes from
a fear of each other by both banks and brokers,
I think, rather than anything else. The general
calling of loans is wholly unnecessary and fool
ish. I suppose the banks are a little more cau
tious than usual on account of the loss accident
ally suffered by the First National bank last
week. But I think the worst is over. The peo
ple will regain their senses and there will be orders
here from all over the county from persons eager
to pick up bargains. The actions of the hanks
is excellent. Everyone will see there can be no
panic while the banks stand together. lam sure
all this excitement is at an end." Gould con
tinued: "I never expected to see Western
Union sell below 50, however. The company is
certainly earning its dividends, and this tumble
only adds to its business, I should suppose some
brokers might have realized that. fact.
AMENDING CLEARING HOUSE KULES.
The following are the proposed amendments to
the constitution of the Bank Clearing House as
In case of refusal on inability of any bank to
promptly refund to the bank presenting such
checks, drafts or other items retumied as not
good, the bank holding such checks, drafts or
other items, may report to the manager or agent
of the same and it shall be his duty with the ap
proval of the clearing house committee to take
from the settling sheets of both banks the
amount so reported and adjust the clearing house
'statement accordingly. Provided such notice is
given to the manager before 1 o'clock of tho
The clearing house committee are empowered,
whenever it shall consider it for the interest of
the association, to examine any bank a member
of the association, and require from any member
securities of such amount and character as said
committee deem sufficient for the protection of
the balance resulting from exchanges at the clear
A meeting will be held shortly to act upon the
Russell Sage is paying all demands for privi
leges. The report that he had laid down on con
tracts was started by somebody ignorant of the
ways of the street. The only contracts -he re
fused yesterday were those on which the usual
day's notice had not been given. Yesterday he
received more than 240,000 shares of mixed
stocks and paid out several millions in cash. To
day he paid out checks up to 3p. m. without
wincing and will continue to-morrow.
OUR FOBKIGN COUSINS.
Dispatches were received this morning from
London houses by leading foreign bankers, giv
ing orders to buy both stocks and bonds at mar
ket prices. As it was feared foreign orders to
sell would be a chief factor in the downward
movenment to-day, the news nwas greeted with
great satisfaction, and is regarded as another
break in the clouds that threaten the financial
DID GOULD AND SAGE QUARREL.
The best opinions say Grant & Ward and the
Maine bank are not responsible for the panic,aud
that the actual csuse was a quarrel between
Gould and Sage. On Monday and Tuesday a
huge block of Western Union was mysteriously
thrown on the market, supposedly by Sage, and
it dropped irom 150 to 54 in a twinkling. Gould
never for a moment disappointed those brokers
who have been declaring that he had seen best
to liquidate his holdings.
The representative of the Associated Press
visited during the day most of the leading com
mission houses of the street. They invariably
answer the query as to whether the crisis is over
that there are now no dangerous elements in the
financial situation. Many expressed themselves
that the experience of the past few days would
prove beneficial to the speculative community.
The street is beginning to realize the danger of
the rash speculations of some of the most daring
of the fraternity and it is thought it will- prove
a wholesome lesson to their brethren. ■'-
SAVINGS BANK RUN.
There was a slight run this morning on the
Irish Emigrant Savings bank, Chambers street.
About 200 of the depositors have withdrawn their
accounts. There are 53,505 depositors. The
president says, the bank would gain about $10
--000 by the withdrawlas.
AN ANNUAL. SUSPENSION.
Late this afternoon Wm. H. Sweeney, banker,
Nassau street, made an assignment. The
amount involved is not large, but may embarrass
the small munufactnrers in the neighborhood of
Nassau and Ann streets. The same house sus
pended about a year ago.
Kotos of the Street.
Bramm Bros., of London, reduced exchange to
Foreign purchases of stocks and bonds are
heavy. Orders began to arrive yesterday' after
noon, and have steadily kept up.
Hotchkiss & Burnhara are balancing their ac
counts, and expect to resume to-morrow. ' \y
Among the bankers who received orders from
London and the continent to buy American secu
rities in the market are , Belmont, Seligman,
Drexel Morgan, Morton Bliss, L. Yon Hoffman,
Kuhn, Loeb, Ludwig, Thalman, and J. U. Da
, The clearing house has already issued §4,000,
--000 of the new loan certificates authorized to be
given to the members of the bankers' association
It is stated that the Bank of Commerce was
this morning a debtor to the clearing house
"The worst is now over," "banks are all right,"
"Jay Gould won't let the market break," was
the morning talk on the street.
At the produce exchange there wag no excite
ment. The market was firmer and business com
At the petroleum exchange there was little
doing. It opened higher, but lost the advance,
and now is steady at yesterday's prices. It does
not look like trouble at the produce or petroleum
There was a slight run on the Bleeker street
savings bank to-day but it subsided at noon.
Manitoba and St. Paul stocks bounded up 5
points as soon as the exchange opened.
Senator C'haff'ec JiauTiiiiptcd.
New York, May 15.—A Washington special
says: Afriend of Senator Chaffee, who is in Wash
ington, said Chaffee was one of the greatest suf
ferers by the failure of Grant & Ward. He lost
every cent of his available resources. Last year
he considered himself worth nearly $3,000,000, of
which 2,000,000 were in Colorado properties,
which since has greatly depreciated and is not
now marketable. At the time of the marriage of
his daughter with Buck Grant he had $1,000,000
in cash . securities. When his daughter
married he gave her $400,000 in bonds. These
were all put into the firm of Grant & Wsrd and
every dolier of them are lost. Chaffee himself
in street speculation during tho past year lost
$100,000. A month or six weeks ago he had
one-half a million dollars in cash securities.
Just before he made his last visit west he took
his money and gave it to his son-in-law te keep
foj him during his absence. It was not for the
purpose of securing any investments, it was
simply deposited with young Grant as a trust.
During the brief absence by the senator.
This money in'some way reached the hands of
Ward and was lost. Chaffee is pratically penniless
and in a most wretched state of mind. This
friend of Chaffee's says it is by no means believed
that Ward could have lost the large sums charged
up to his failure. He believes $2,000,000 would
cover the legitimate losses of the firm, and hints
directly at very scandalous developments which
will result in rigid investigation of what Ward
has done with the money.
i • •■ '
One of the Grant <t Ward Suits.
The supreme court granted an order, giving
the Chicago & Atlantic Railroad | company leave
to prosecute : . an action against the receiver,
Julien Davis, jointly with other parties, as the
company may be advised, for the purpose of ob
taining the relief to which it was entitled, relat
ing to notes or other j securities heretofore be
longing to the railroad company, and held, nego
tiated or otherwise disposed of, by - the firm of
Grant & Ward. The complaint makes the Grant
& Ward estate, John Hoy & Co., J. W. Seligman
& Co., Drexel, Morgan & Co., P. W. Foullard , •&
Co., Reid & Smith, the: Equitable Life Assur
ance society of the United States, the ■ Oriental
bank, the Columbia bank, the New York,' Lake
Erie & Western. Railroad company and other cor
ST. PAUL, MINN, FRIDAY MORNING, MAY 16, 1884.
porations and banks defendants. The company
alleges, that in September, 1883, it delivered to
the Fanners' Loan and Trust company of this
city and George J. Bippns, Huntington.lnd., as
trustees, a mortgage on its road to secure the is
sue of coupon bonds of the corporation to the
amount of $5,000,000, known as second mortgage
bonds. | In the autumn of last year negotiations
took place between the company and Grant &
Ward for the negotiation of these bonds. It is
charged on information and belief, that Grant &
Ward, in violation of the agreement, have sep
arated and divided the notes and bonds into par
cels, mixing them with other securities and used
miscellaneous lots in raising money for their own
liouncll, iMtcttoH «£• Simpson.
New York, May 15.— Tribune of to-mor
row morning will say: The statements by a mem
ber of the firm of Donnell. Lawson & Simpson on
Wednesday that their suspension was wholly duo
to the suspension of the Metropolitan National
bank, were not confirmed yesterday, the Met
ropolitan having resumed, and similar action on
the part of the banking firm was anxiously
awaited. Toward the close of banking hours it
began to be whispered that their failure would he
total. The bonds of the Cleveland, Youngstown
& Pittsburg railway were mentioned
as ' the matter in which they
had been most crippled. This was the
security over which the Bank of the Republic
directors had a . difference about a month ago,
which resulted in President Ford's resignation.
The Bank of theßepublic was one of the two
banks with which Donnell, I.awson and Simpson
did business, Simpson being a director in it. It
was also .--aid that Seney had unloaded a lot of
these bonds of the firm, and that their depend
ence on the Metropolitan was such that they
could not refuse to be thus used. At the firm's
office there was a long list of notices from their
correspondents, stating where drafts would be
hereafter paid, which indicated how widely the
firm's business was distributed.
Over 100 bulletins were posted onfthe door.
Inside Donnell and Simpson were busy all day
trying to see Where they stand. Lawson is in
To a Tribune reporter late yesterday, Simpson
said: "We are still figuring up and trying to get
to the point where we can resume. We can't tell
you anything until about to-morrow afternoon.
There is a prospect we will resume. That is the
point toward which our arrangements are tend
"lias an assignee or receiver been' decided
--"No, sir. Nothing of that kind has been or
will be done now. We shall not make an assign
ment unless satisfied we cannot go on or settle
our business satisfactory without it."
"What are your liabilities?" ; 1. ■
"We can't tell exactly—in the neighborhood of
"How much are the assets?"
"They will be more" than that; we shall pay
every dollar, I now think." .
"Is there any truth in the rumor that Seney
unloaded \ Cleveland, Youngstown & Pittsburg
bonds on you'/"
"Not a word of truth in it. President Seney
has unloaded nothing on us, at any time."
"What has been the character of your securi
"They have been such as would commend
themselves to conservative judgment. The
greatest shrinkage in their value has been in
some railroad bonds upon which we made an ad
vance, the Cleveland, Youngstown & Pittsburg.
Those and some others."
"How much was your deposit in the Metropol
itan?" •;.-. :-■:;;'<'■■
•It was a good deal larger ; than we could have
"Can you not resume now that the Metropoli
tan has done so?"
"That is what we are trying to find out, we
shall know to-morrow." ' .
"It is understood you have been offered $200,
--000 to help you out." ~ : ■__ j -
"Yes. S. B. Elkins offered that, but that would
only have been a drop in the bucket. We were
offered several hundred thousand dollars by cable,
but we must see where we stand first."
An attache of the firm told the reporter that
matters had gone so far that resumption would
be.impossible. The $200,000 offer of S. B. Elk
ins was made in good faith, and may lead to the
reestablishment of the concern under a new
All members of the firm are Missourians. Rob
ert W. Donnell, head of the concern, was former
ly a merchant of St. Joseph, Mo., where he
owns large real estate interests, and he is a large
stockholder in the State Savings bank. Also,
senior partner of the banking firm of Donnell,
Clark & Larabee, of Deer Lodge, Montana, the
second member of which is a millionaire. Law
son and £Donnell married sisters. The former
was a lawyer at Booneville, Mo. He is a mem
ber of the Union league and Manhattan.club,
Sampson lives in Orange, N. J. He formerly re
sided in Kansas City. The loans of the house
were all passed upon by him. The office of the
bank was besieged all day long, with messen
gers, brokers, clerks, copying notices, and per
sons calling to have signatures identified.
Fisk <& Hatch's Suspension.
New York, May 15, 3 p. m.The firm of Fisk
& Hatch, composed of A. S. Hatch and Harvey
Fisk, has suspended. Hatch was recently elect*
ed president of the stock exchange. The firm
have been the heaviest of dealers in government
bonds and in the street was considered a staunch,
conservative, reliable, firm. They have been rec
ognized as fiscal agents here of the Chesapeake &
Ohio railroad and of the Elizabethtown, Big
Sandy & Lexington railroad. They have carried
heavy amounts of stocks of these roads while
the market was declining, and they have sons
and sons-in-law in the stock business. The an
nouncement of the suspension came like a thun
derbolt on the exchange.
- Wm. Lummis, now acting president of the ex
change, owing to Hatch's disability, surmised
the efforts to aid the sons had embarrassed
Hatch has been prominent in religious matters,
philanthropical measures and was frequently
heard as a lecturer on religious subjects, at the
McCanley-Cremora mission. Fisk has ju#t re
turned from a tour in Europe.
The immediate result of their failure at the
stock exchange was a decline of one to five
points, and the weakness oS the government
bond market is explained by the suspension of
this firm, although a reporter for the Associat
ed Press who called there two hours ago for an
explanation of the decline was informed there is
no rational cause for it.
QThis firm went to the wall during the panic of
873, but resumed shortly after. The suspension
to-day was not announced until a few minutes
before 3, the closing hour of the exchange, but
the effect was instantaneous and depressing. On
announcement of the failure there was a rush of
operators to the office of the failed firm, and
anxious inquiries were made by brokers as to
how the firm stood. Mr. Fisk was seen by an
Associated Press representative, but refnsed to
say anything. Their doors were closed and the
crowd outside increased. The suspension was
so unexpected that its effect was more than
doubled and the street was again excited,brokers
rushing around wildly and the situation again
assuming a troubled aspect.' •
Grant and Ward Liabilities.
New Yoke, May 15.—Receiver Dairies, reports
liabilities of. Grant & Ward, as far as he is
able to ascertain, $14,501,531; collaterals held by
creditors are between ten and twelve millions;
leaving unsecured indebtedness from two to
three millions. •
Pittsburg,. May —The failure to-day of
Fisk & Hatch and Dimick had the effect of
slightly disturbing business circles, but there is
no undue excitement. Solicitude was shown on
ly by the eagerness witii which the
news from New York was watched
and discussed. Representatives of all classes
express themselves as feeling amply able to
meet any : possible 'contingency that may arise,
but at the same time frankly admitted that pre
cautionary measures are being generally adopt
ed. Money is held much closer than yesterday.
; ; .'- -v'-V'. BT. LOOTS. •
St. Louis, May 15.—The situation here is
practically unchanged. Much satisfaction
is expressed 'at . the resumption of : the
Metropolitan bank, and while a little uneasness
is produced by the ; Btispen/lon of Fish & Hatch,
and a very sligh flurry created by the temporary
trouble in Kansas City, still the general opinion
is nothing nerious will result outside of New
York. Considerable attention is attracted to
Donnell, Lawson & Simpson, and there is con
siderable desire to know the condition of that
firm, and what its future action will be. It has
intimate relations with, and is a correspondent of
nearly one hundred banks In Missouri, some
sixty in Kunsae, thirty or forty in Texas, and
has numerous connections in all extreme west
ern states and territories.
L. V. Stephens, of Boonevllle, one of the most
prominent bankers in this state, estimates, in
case of a the complete failure of the firm, the
loss to Missouri will be hslf a million. It is
feared also the loss to the Texas bankers will be
heavy. A dispatch from St. Joseph says: At
tachments have been laid on Daniels' property in
that city to the^amouut of $60,000. James L.
Wilson, assignee of the St. Joseph Savings bank,
which closed yesterday, has taken charge .and
will investigate the condition of affairs at once.
Dallas, Texas, May 15.—The Fort Worth
Water Works company to-day began suit in the
United States court against the suspended firm
of Donnell, Lawson & Simpson, of New York,for
$13,000, alleged to be due on the sale of bonds,
the proceeds being on deposit with the firm at
New York at the time of its suspension. The
marshal levied on a two story brick business
house and lot on Main street to satisfy the claim.
ST. JOSEPH, MO.
' St. Joseph, Mo., May 15.—A better feeling
has prevailed here to-day, and it is generally be
lieved that the worst of the panic is over. The
banks opened their doors v little earlier than
usual this morning, and have mat the demands of
depositois, besides doing the usual discount
business. There was no perceDtiule run on any
bank. The bankers and business men are unani
mous in the opinion that the State Savings bank
was in good condition and would not have failed,
had it not been dragged down by its intimate
New York connections. It is confidently believed
it will pay dollar for dollar.
* PATERTON, K. 3.
Patebson, N. J., May 15.—A slight run on the
Paterson savings institution to-day, was promptly
MISSOURI STATE BANK.
Jefferson City, Mo., May 15.—Secretary of
State McGrath, is ia receipt of reports from the
banks of the state, up to the first of the month,
and says: The statement shows the banks to be
in a flourishing condition, and show a better
financial standing than at any previous time.
THE OIL EXCHANUE.
Pittsburg, May 15.—A feverish feeling pre
vailed in the petroleum exchange during the early
hours of this morning, owing to the fear that the
broker's sheets would not pass the clearing
house dealers refused to buy or sell, and the
market was almost at a stand still. Exaggerated
reports of failures were circulated, and the gen
eral trade is awaiting with anxiety the clearing
house report, fortunately the fears proved almost
groundless. One dealer, Geo. Bingham, was nn
able to fulfill his contracts. He
bought 25,000 yesterday at 92c
which he was unable to take take to-day, and
Vice President Fisher sold that amount under
the rule to his account at 85? AC The loss will
not exceed $2,000, and will be arranged it is
thought to-morrow. The market which opened
at 82c,- declined to 80c recovered to 83 % settled
down, and closed steady at 83}4c with a better
fueling. Bradford dispatches report the closing
of the doors of the Tuna Valley bank to prevent
a run. The affairs are reported in excellent shape
Cincinnati, O, May 15.—Aside from a little
more caution on the part of baukers, there has
been no effect here from the disturbances in New
York. The business skows no less volume. The
news of the failure of Fish & Hatch was received
too late to aife^ the day's business, but is re
garded as a proof that tue causes of this trouble
are to be found outside legitimate and actual
BitiDaKPORT, May 15. 'i'nc raid on the bank
ing house of Watson & Co., resumed business
this afternoon, but excitement subsided by 10
Effect on Chicago Trade.
Chicago, May 15.—At the opening on 'change
this morning, there was a violent rebound from
the low prices of yesterday, and for the first
half hour it appeared as though the depression of
yesterday had been completely shaken off.
Wheat advanced 3 J4c over the closing prices of
yesterday in a short time. The heat and excite
niant in the trading pit naturally was very great,
and for the first ten minutes, there was a strug
gling and swaying mdk of panic stricken traders,
who were buying aiKTselling large lots of wheat
and corn at prices verying fully one to two cents
a bushel. After the lapse of half
an hour came rumors of bank trouble at Kansas
City and Quincy, and similar disquieting
rumors from other points, which caused
prices to break, and but for which it was con
tended the prices would have been carried well
beyond the best prices of the day. July wheat
roseto9l^c, declined to 89' ac, advanced to
903ic, receded to 90c and closed on 'change at
90;a@90!!ic, or I?»@lVjc over the latest figures
on'change yesterday. June closed at 88;^c. In
the afternoon board a further decline occurred,
owing to the announcement of the Fisk & Hatch
failure at New York, June closing at 87?i<S>89%c.
Corn followed wheat very closely, July opening
at 59c, but fell off to 58^c, rallied to 58 %c and
closed at SS^c. On the afternoon board it de
clined and closed at 58c. In provisions trade was
light, and and prices closed nominally nnchang
ed. The interest in the New York situation
subsided iv a large measure, though the rooms of
stock brokers were crowded during the day by
people watching quotations, and a feeling of re
lief was shown at the advance in values. The
resumption of the Metropolitan bank was the
signal for some cheering about the chamber of
commerce, and the sentiment was generally
voiced that anything like a general panic is im
possible ot this time. Surprise and regret, how
ever, was shown on the announcement of Fisk &
Hatch's failure, owing to the uncertainty of its
Senator Cullom's Proposition.
Washington, May 15.—The following is* the
text of the bill introduced by Senator Cullom
to-day, to prohibit speculation by the officers of
the National Banking association.
Be it enacted, etc., that it shall be un
lawful for the president, cashier, teller
or other chief executive officers
of any National Banking association
having a capital stock of the amount of §200,000
or more to deal, trade, or "otherwise engage in
speculation in stocks, bonds or other securities,
or in grain, provisions, produce or oil, or in mar
gins on his own individual a:count, or for his
own personal profit, either directly or indirectly,
or to have auy partnership or other financial in
terest in the operations of auy private banking or
brokerage firm, or business. Any such officer
who violates the provisions of this act,or auy per
son who aids or abets such officer in violating the
provisions of this act. shall be deemed guilty of
a misdemeanor, and shall be imprisoned, not less
than one year, or more than five years, or fined
more than $10,000.
Hastening Hand Redemption.
Washington, May 15, —Secretary Folger was
at the treosury department to-day. He received
several private telegrams, giving cheering as
surances of the improved state of affairs in New
York, and expressing confidence that the worst
is over. Bank Examiner Scriba believes the
crisis is past. The secretary of the treasury
telegraphed to the assistant secretary as fol
From this date to June Ist, you are authorized
to pay bonds embraced in the 125 th, 126 th and
127 th calls, with accrned interest, subject to the
decision of the department, as to the regularity
of assignments. Expressage to the department
to be paid as heretofore by the party having the
[Signed.] Chas. A. Folgeb, Secretary.
The Run at Kansas City Over.
Kansas City, May 15.—The slight flurry of
this morning has disappeared this morning. A
large number of deposits were drawn out this
morning, but nearly all small amounts. The
larger depositors appearing confident that the
scare was artificial and the concerted action ot
the banks coupled with encouraging Eastern ad
vices brought about early reaction and the ex
citement gradually subsided. The report which
got abroad that the bank of Kansas City was in-
volvod seems to have originated in the impres
sion that the hank had a large account with
Donnell, Lawson & Simpson. Their books show
they had but $34,000 with the New York firm,
comparatively a small amount. The feeling
now is .that the occasion for apprehension
serious trouble is over.
Hawley & Co.'s Had Failure.
Boston, May 15.— H. K. Maudell has been ap
pointed assignee of all the property, accounts
and business of F. A. Hawley & Co. Ilawley
acknowledges his failure Is a very bad one, as
almost everything is gone, and mixed, and will
require several days before any statement of a
definite character can be obtained. The liabili
ties, he believes, will not exceed $150,000. Yes
terday some of his customers refused to make
good their margins, and this, with a heavy run
on the deposits, led to the failure, which not only
affects stock operators and speculators, but wil
reach many people of small means all over New
Union Bank of Quincy.
Quijjct, 111., May 15.—The Union bank of this
city has failed to open its its doors this forenoon.
When the Marine bank of New York failed the
Union transferred its accounts to the Metropoli
tan, and the closing of the doors of that bank
yesterday is given as the cause of suspension.
THE EFFECT ABROAD.
Londoj*, May 15.—An agent of ihe Associated
press this morning called upon the leading Lon
don bankers having important American connec
tions, with the view of learning their opinions
concerning the panic in Wall street. The feel
ing generally expressed is one of confidence that
the panic can be considered merely local. They
were positive it would occasion no failures in
London, either in or out of the stock exchange.
The general soundness of the financial situation
here is evidenced by the fact that there has not
been rumors of large failures. The remarkable
decline in American securities in the past few
days attracted a new class of in
vestors into the market who were
stimulated by the cheapness of money in Eng
land, Germany and France. A prominent banker
said it was amazing how little real stock was be
ing sold here, but he said the bear sales were im
mense. The market shows a strong disposition
to respond to anything favorable from America.
The participation of bank officials in fraudulent
schemes is severely censured, and it is held that
this one thing has done more than anything else
to weaken public confidence.
Frankfort on the Main, May 15.—The panic
in New York only slightly affected the market
here. It is believed the worst is over. Large
orders are being sent to New York by Frankfort
houses. American securities dealt in here show
a decline in some instances of 2 per cent.
Comments of EnglCsh Papers.
The London Globe says: A calmer mood has
taken the place of last night's panic, No com
mittments of any magnitude be made until fur
The Standard says: It is unknown whether
the worst of the New York crisis has yet been
reached. The disposition is to buy rather than
St. James Gazett says: The New York panic
was discounted yesterday. There have been
large purchases of American securities on the
stock exchange to-day. Some jobbers were
caught short of stocks and there was a general
rebound of securities, Lake Shore, Central Paci
fic, St. Paul and Illinois Central advancing. The
largest business on the street in a asinglc day for
years was done to-day. The purchasers of
American stocks by small investing of the public
was enormous. The market was firm through
out. No cheques were returned from clearing
house. Advices from Frankfort and other
Continuedon Fourth Vaqe.
The Case Ap;aiust Swaim.
Wasiiixgon, May 15.—1n the Swaim court in
quiry, Joseph McDonald, chief clerk of the judge
advocate general's bureau In the war department,
General Sackett opened a new branch of in
quiry by asking him when the letter from the
secretary of war, calling Gen. Swaim's attention
to the charges made by Bateman was received at
the judge advocate's office.
He said it was received at noon, on the 17th of
Chandler then witness as to the re
ceipt of this letter by Gen. Swaim, and the en
dorsement with which the letter was returned to
Witness sa id that the draft of what was after
wards made the endorsement on the secretary's
letter, was prepared by Judge Swaim early on the
morning before the secretary's letter
was received, and was given to the witness to
copy. He could not say what was
Gen. Swaim's intention in preparing this state
ment. He (Swaim) had not informed witness.
He had not told witness to use the copy he di
rected him to make for any particular purpose.
Gen. Swaim was not in his office when the secre
tary's letter came, but witness sent out for
On the redirect examination, witness stated
the endorsement on the secretary's letter was
signed by Gen. Swaim. It was almost a literal
copy of the statement prepared by Gen. Swaim
in the morning before the letter came.
The defense rested its case, with the exception
of one witness, to be callod later. Bateman was
then called in rebuttal, and testified concerning
the difference in accounts.
National Jockey Club.
Washington, May 15.—Seven thousand people
attended the races of the National Jockey club
to-day. During the steeple chase Tonkaway fell,
Shamrock threw his rider, and Gath, in taking a
hurdle, caught his foot and went down, striking
upon his head, breaking his neck, and died in
First race, O'Finlays, won by Constantine,
loato second, Quebec third, time 1:1754. French
Second race, one and one-quarter miles, won
by War Eagle, Teu-strike second, Compensation
third: time 2:15. French pools §28.55.
Army and navy stakes, one ana one-eighth
miles, won by Knight of Ellerslic, Greystone
second, Welcher third; time 2:0154. French
Fourth race, mile heats won by Jim Nelson.
Hilarity second, Keno third: time I:4o}^, I:4s}^
French pools $13.85 on first heat and ST.4O on
Fifth race, seven furlongs, won by Polonia,
Mordant second, Marmaduke third; time 1:31.
French pools $10.40.
The steeple chase was won by Ranger, Abra
ham second, Wooster third; time 4.37. French
Victims of the Duluth Collision.
I Special Telegram to the Globe. |
Dulutii, May 15, —The names of the four vic
tims drowned by the running over of the small
ferry by the steamer Mary Martini near Conner's
Point last evening are as follows: Isadore
Plumadore, owner of the ferry; ,lohu Epple, a
German, single; Ole Johnson'a Norwegian, sin
gle ; and S. Eckerson, a Swede, who leaves a
wife and two children. The last three were la
borers on the coal dock at Conner's Point. The
Martini was on her regular course, going to Su
perior, when she saw the small boat about seven
hundred feet away and whistled, when Pluma
dose put about and tried to go before her bow.
The captain 6f the Martini seeing the danger, re
versed his engines but too late, and she crashed
through the center of the small boat throwing
the 21 people out. The crew of the steamer im
mediatly threw life preservers overboard and
succeeded in rescuing all but the four above
Dakota Capital Commission.
[Special Telegram to the Globe.]
Yanktosj, Dak., May 15.—The argument in
the capital commission case occupied all of to
day, in the supreme court, and a prospect of oc
cupying the most of to-morrow. Col. Vilas,
counsel, for the commission, opened and spoke
four hours. Judge Moody, counsel for the peo
ple, followed and covered the rest of the day.
The decision will probably be given ihe last of
Fatal Base Ball Quarrel.
Pittsburo, Pa., May 15.—During a game of
base ball last evening, two boys, James Tash and
Wm. Fortune, aged 16, quarreled about the man
ner of pitching the ball, when Tash picked up a
brick and struck Fortune over the head, knock
ing him senseless. Fortune revived and went
home, but died this forenoon at 8 o'clock. Tash
was arrested while attempting to escape in dis
A CANDIDATE'S SUICIDE.
Judge Richard Eeid, of Kentucky,
Kills Himself by Shooting:.
Mt. Sterling, Ky., May 15.—About 11 this
morning the startling announcement was made
that Judge Riyhard Reid had committed snicide.
For the past few days his friends had noticed
that he was depressed in spirits, and commented
upon it, but he had just returned from a canvass
of the appalate district, and had been in close
consultation with his friends as to the advisa
bility of remaining on the track, for it seems
that he appeared discouraged at the outlook. But
this morning he was more cheerful and in better
spirits than he had been for weeks, and was
hopeful of the canvass, and had made arrange
ments io visit different portions of the county
during the week. His mental aberration must
have come on him suddenly.
It appears that he went into Judge Brock's
law office about half past ten, and said he was
suffering from a severe head ache and would like
to go up stairs and lie down. Judge Brock told
him to go ahead and thought no more about it,
but went out on the street, and in an hour went
up stairs to wash his hands and discovered Judge
Reid dying, stretched on the floor, his head in a
pool of blood and a 38-calibre pistol on the floor
by his side. He immediately gave the alarm and
in a few minutes people flocked to the office to
view the sad scene. It is believed that Judge
Reid stood up before the looking glass, put the
pistol to his ear and fired. The ball had passed
straight through his brain and struck the wall
some distance from him,' The coroner was culled
in and summoned a jury. Their report was that
he came to his death from a pistol shot fired by
his own hand.
The following note, written on the back of a
business card, was found on the bureau in Judge
Brock's room: "Mad, mad. Forgive me, dear
wife, and love to the boy." It is not signed,
but it is the handwriting of Judge Reid. It is
singular no one heard the report of the pistol.
The weapon used by Judge Reid was one he kept
at his house, but never carried it, and appeared
to have just been loaded. This is the tragic end
ing of a man who has always been a believer in
the Christian religion, and a man of line mind.
It is evident that he was indeed mad, else he
never would have committed this deed. The
news of his death in.snch a tragic manner will be
received with sorrow wherever he is known. His
excellent wife, his aged mother, brother, sisters
and friends are completely prostrated, and in this
hour of their deepest sorrow have the sympathy
and heartfelt prayers of the whole community.
Cash, the Murderer, Killed,
Charleston, S. C, May 15.— W. Bogan Cash,
the fugitive murderer of Marshal Richards, was
killed this morning while resisting arrest, by a
posse in charge of Deputy Sheriff King. One of
the posse was slightly wounded. One of Cash's as
sociates was seriously wonnded. Gov. Thomp
son received the following this morning;
Cheraw, S. C, May 15.—T0 Gov. Gov. Hugh
S. Thompson. I went with a posse last night to
arrest W. B. Cash, and instructed the men not
to fire unless absolutely necessary. We sur
rounded the house and barn, placing two men
between the house aud barn, and two between
the house and swamp. Finding Cash in the barn
I ordered it surrounded. Cash came out and
fired and the fire was returned. After Cash fired
several shots, he was killed, being riddled with
bullets. None of our posse was struck, except
W. H. Hilton, whose fingers were shot off by
Cash. [Sigued] E. L. King, Dep. Atty. Marshal.
Gold Near Miles City.
| Special Telegram to the Globe. |
Miles City, Mont., May 15.—Gpld discover
ies are reported seventy miles north of here.
A Good Fellow, but in hard
luck. Next time he will know
better and not buy shoddy and
poorly made clothing It is
cheaper in the end to buy well
made garments, and such are
the goods we deal in, and they
cost you no more than you are
asked to pay for garments of
inferior quality. Our line of
Men's Suits at $10, $12, $13
and $15, are made from the fol
lowing well-known makes of
American Oassimeres, North
Adams, Buffum, Salsbury, Jos
selyn, Webster and Warren
Mills, and for workmanship and
wearing qualities, will satisfy
the most particular.
Boys'|Knockabout Suits, at $5.
Comer TIM and Robert streets,
CS^Why not buy your Hat from
us, we can save you one-fifth of
. . TROTTING STOCK AUCTION.
jj^Ebmkl l^fek. At Public Auction, WEDNESDAY, JUN'EII,
*tgr .:^^^^^^^^ MIDWAY PARK,
■ ■;. • Adjoining the city limits of St. Paul, Minn:,
»^iA'*'*'* BFEia by Com. N. W. Kittson, Ch.l3. A. DeGraffand
i 'fijSi^ HO bred Trotters, consisting your.g Stallions,
i iSH^" 9^ Tr^'yg \*st bred Trotters, consisting of young Stallions,
\?l^l vi^\ "M?: Fillies, Brood Mares and Geldings, eired prin
'• .IM.- 1 mIX ___BSW^?S . cipally by such, noted stillions as Smuggler,
-g^aga^^WWS^^^sS^;;^pWfejß|batfc.- Volunteer, Peacemaker, Geortrc Wilkes, Yon
I ;^ —Y^t~-wß*—-* Arnim, Blackwood, jr., Alexander, Baymont,
Jli|jS9^^MS& M|^9^HB^9ES|fesj|§JZir' Indianapolis, Belmont, Administrator, Blua ,
ISil*" --"SK^J^V ■■«• Bull, and Itavnuswood.
Si^^ j<Smb ) jM'~jtr^m^. Terms of Sale—Cash.
*A -mv iT~"^^^^« "^^^Sr^—-ii il *' Sale to commence at 10 a. m. sharp. Send ;
—""TiiMiilJlßS^l^^^' Sacr for catalogue, to B. D. WOODMAN SEE,
-"'■ .■ ;■;./:? - .:■ - - ■ : - ■' ' ' '"-.' ■ . St. Paul. Minn.
And can prove to our patrons and the public, that
the Pianos and Organs which we oiler for sale,
EXCEL ALL OTHERS
■ - ■. - ■ ■, .. .•■..■
Of both American and European 1 manufacture in
Power, Purity, Length and Sweetness of Tone,
leaving nothing to be desired.
And RAINES PIANOS, never fail to give perfect
satisfaction and are by all means the most desira
ble instruments to obtain.
A fine assortment of Uprights and Grands we
are now offering upon favorable terms.
ST. PAUL AND MINNEAPOLIS.
N. B.—New Upright Pianos for rent, and rent
payments applied if purchased;
MRS. M. C. THAYER,
418 Wabashaw street.
Sohmer and other Pianoes, New and Second Hand
New England, Smith, American, Bay State aad
Everything in the line of Musical Merchandise,
at lowest prices and best terms. 130-ly
For Pianos & Organs
For Easy and Best Terms,
For Catalogues and Lowest Prices,
For Agencies and Territory. Address
O. W. YOUNGMAN,
115 E. Seventh street, ST. PATH,.
- . AMUSEMENTS.
GRAND OPERA HOUSE.
L. N. SCOTT, Manager.
Entire Week, May 12 th.
FAMILY MATINEE, SATURDAY 3 P. M.
The Popular young actor,
MR. JAMES O'NEILL
As Edmund Dantes, with Mr. John Stetson's
Originally organized under Mr. Stetson's manage
ment for Booth's Theatre, New York.
Dumas' Great Play of
» / f. "With a Star Cast:
Entire ne.w scenery. £§T"Grand realistic effects
and correct appointments. Usual prices.
SEATS NOW ON SALE.
GRAND OPERA HOUSE.
One Week, commencing Monday, May 19.
i Engagement of the Popular Tragedian
Supported by a Specially selected Company under
-- ":; the management of Mr. W. B. Hayden'.""
Monday Evening, May 19, Richard m.
Tuesday Evening, " . 20, Richelieu.
Wednesday Ev'g, ' " 21, Hamlet.
Thursday Evening, " 22,. Julius Cesar.
Friday Evening, '".; 23,-Macbeth. ■
Saturday Matinee ;.. ..The Ladt or Ltoxs.
Saturday Evening, last ap- . ■ .'i-^ - ■
pearance of Mr. Keene...RioHAKD 111/
Seats now on sale at box office. Usual prices.
The Spanisl SWits!
Tiiriay, FrMay & Saturflay
MAY, 15th, 16th, and 17th.
Admission 50c. Reserved seats 75c. For sale
at Myers & Finch's, Bridge square. Grand mati
nee for school children Saturday 2:30 p. m. Ad
mission, children 25c. Adults 50c. 134-138
Office of the Board of Education, )
St. Paul, May 7, 1884. )
Sealed bids will be received for
! Up to MONDAY, May inth, at 5 p. m., for Desks
for the following Schools .
All bids to be . addressed to the Hon. Joseph
Oppenheim, President of the Board of Education.
The Board, reserves the right to reject any and
By order of the Board. •
J. G. DONNELLY, Secretary.
P. —For particulars as to sizes, etc., apply
to J. G. Donnelly, Chairman of the Committee on
Purchases and Supplies. ' 129*
GEORGE W. GETTY,
EOWBOATS AND OARS FOR SM '
WHITE BEAR, .... MINN.