15775. Emigrant Industrial Savings Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
May 16, 1884
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
7b9f15e7

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper dispatches report a run on the Emigrant Industrial Savings Bank on May 16, 1884 that abated same day after about $160,000 was paid out and depositors returned funds. No suspension, receivership, or reopening is reported for this bank in these articles.

Events (1)
1. May 16, 1884 Run
Cause
Macro News
Cause Details
Run occurred during broad financial disturbance following failures (e.g., Fisk & Hatch) and general money stringency; articles link runs to the wider Wall Street panic rather than bank-specific insolvency.
Measures
Paid out approximately $160,000 to depositors; business resumed same day as depositors returned funds.
Newspaper Excerpt
The run on the Emigrant Industrial Savings Bank had abated to-day... About $160,000 was paid out yesterday, but depositors were returning their money to-day.
Source
newspapers

Newspaper Articles (10)
1. May 16, 1884 Evening Star Washington, DC
Article from Evening Star, May 16, 1884

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Runs on Savings Banks. The run on the Emigrant Industrial Savings Bank had abated to-day, and business was being done to-day the same as usual. About $160,000 was paid out yesterday, but depositors were returning their money to-day. The Greenwich Savings Bank run ended to-day. There was a steady run on the German Savings Bank to-day. A crowd surrounded the Bleecker-street Bank this morning. They were nearly all Italians, and the run is confined altogether to them. There was a run to-day on the Seamen's Savings Bank, but all deposits were paid on demand.

2. May 17, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 17, 1884

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The Clouds Slowly Dispersing. Affairs More Hopeful-The Worst Over. NEW YORK, May 16. WALL STREET-The market shows rally of to 21 per cent. for some shares, but few stocks are heave New York Central selling at 108 against 110 this morning, while Lake Shore is back to 83. The first two hours of business, which are usually the most dangerous in the season of flurry, have passed with only one small failure which has had no great significance. Sub Treasurer Acton says there was brisk demand for legal tenders at his office yesterUp day, causing withdrawal of $3.500,000. to this bour today, one million legal tenders have been paid out and nearly another million of silver certificates. the latter being for payment to savings banks. The Produce Exchange Gloomy. Business matters at the produce exchange have rather a gloomy look. although no failures or rumors of failures are current. Trade is not disposed to operate to any material extent. Shippers' operations are materially checked by the extreme difficulty in selling Sterling exchange prices are all lower and tending downward Leading members are qaite hopeful that there will be no panici the produce exchange, but some members are discouraged at the outlook of financial affairs in Wall street At the Petroleum Exchange. At the petroleum exchange prices broke 84 or from 734 at the close of yesterday down to 65. There was some excitement, but prices afterward recovered about four cents standing at 12.13 P. M. at 69. No failures are reported. Savings Banks Run Nearly Closed. The run on the Emigrant Industrial Savings Bank has abated today, and business was being done as usual. About 8160,000 was paid out yesterday, but it was said that depositors were returning their money today It was thought that there would not be another rush here unless the Wall street pauic broke out afresh. There was no run today on the Manhattan savings institution. The Greenwich Savings Bank run ended today There a steady run on the German Savings Bank today. A large crowd composed mostly of women stood around it. The teller was passing nothing but gold to them. Washington advices state that the sub treasurer at New York reports only $100,000 of bonds were offered for redemption there. under Secretary Folger's call. The clearing house banks have agreed to advance $20,000,000 on government bonds necessary, to protect the market. Up to this hour it is said that $25,000,000 have been loaned in this collateral. Money is loaning at and 1 per cent. premium per diem. No quotation for money, prime mercantile paper nominal: exchange heavy and depressed at 82 84 long and 84 a 854 short governments weak and lower, state bonds merely nominal railroad bonds very regular Stocks have been better since 11.30 A M Lake Shore is up to 84. St. Paul to 68A. Missouri Pacific to 664. Union Pacific to 423 and Western Union to 521. At the subtreasury $3,500,000 in legal tenders have been paid out this morning This will strengthen the bank reserves, Brokers report more willingness on the part of bankers to make loans and a large amount of money has come from Canada and heavy transfers have been from the other side Walter A Trumbull of Newark. N. J. tel egraphed to the Associated Press from Chi cago follows **The statements published that had fled after making unwise endorsements are maliciogs falsehoods. I am on my way east to demand a retraction. After midday, stocks were strong and higher again. Buying for European accounts was large at the Erie office. The transfers of stock for this account is very heavy Lake Shore was the special feature of the market and rallied from 87 per cent. to 884 The action of the clearing house banks this morning has caused an improvement. The market for governments is much im proved. No New Failures Reported. 2.20 P. M -The hour of settling has been passed safely and no additional failures have been reported Consideraele Excitement in London, LONDON, Mav 16 The opening prices on the stock exchange were somew lower than last night's clos ing. It is stated that the relapse was caused by vices of yesterday from New York in regard to the financial situation, and especially by the news of Fisk Hatch's failure but shortiv after the opening a general firm. ness began to appear and has prevailed up to the time of this dispatch. 2.30 P M. This was brought about by the bears seeking to cover their short sales and by the purchasing of small investors. Since half past four strong downward ten dency in American stocks especially in Lake Shore. has prevailed. The street is crowded and there is much excitement. London Sending Gold to New York. At 5.30 P. M. prices of American securities on the streets were fluctuating. The closing prices, however, were better. There have been large remittances of government coupons to pay for stocks sold here. Large shipment of gold to New York are being arranged. Suspension in Atlanta ATLANTA. Ga. May 16 John H. James, banker. did not open his doors today He has real estate to the amount of half million dollars which will more than meet his liabilities. The other banks are confident and strong. and have organized for mutual protection. Another Bank Closed Its Doors. NEWARK. N. J. May 16 The Newark Savings Institution, which failed six years ago and has since been conducted under the direction of a chancellor by the old managers, again closed its doors, on account of the failure of Fisk & Hatch. The Fisk & Hatch bank officers say that they owe the institution $1,000,000. It said that the firm has a right. as far as the bank officers could give it to them, to borrow and use their securities substituting for them different bonds of equal value. and now at the end comes considerable loss, yet it is believed that in little while the securities now in the possession of the bank received by them from the firm will turn out equal to saving depositors from any lose. The chancellor saye that the closing of the doors was ordered by him to protect

3. May 17, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 17, 1884

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UP AND DOWN. Wall Street Alternately Hopeful and Timid. The Settling Hour Passes Without Further Failures. Suspension of H.C. Hardy & Sons Announced. and Bank Failures at Newark, N J., Atlanta, Ga. Ferdinand Ward Staggered at the Investigation. The Loose Way In Which He Did Business for Grant & Ward. NEW YORK, May 16 9.30 A. M.-The street has been alive for fully half an hour, and at this time there every indication brisk day in the financial centre. The ffice of Fisk & Hatch @ open for the admission of all who desire to see or consult with the members of the firm, but of course business is transacted beyond the the various claims against the house and the fixing of basis of of its coutracts. Mr. Fisk was interviewed by the of the Associated Press, said that beyond the contained in the circular to their creditors, issued last night, he could at this moment say but little. Many of the depositors and other creditors of the firm had expressed their entire confidence in them, and had notified them that their claims would not house. detriment the the be to pressed (10 M.) The gong has sounded and the day's business has begun at the Stock Exchange. There no eppearance o flurry on the floor, and although the various pools appear to be larger than usual the number of offers appear to to the bids. talk with few members of the board brought out the fact that they believe higher prices to-day, some new failures are announced, and one has 80 expressed the opinion that this very writing impossible to predict what the day may bring forth (10.15 M.) The Clearing House Committee have the loan certificates in readiness for instant delivery, and express a use them liberally with the view relieving without delay any in the money The wild talk about losing Stock Exchange treated with well deserved ridicule no exists for such action, the speculation being in no sense panicky An old member the board says that the dealings are less flurried than ions when no particular reason existed for itement the Stock Exchange that he has been informed Russell Sage that will meet every "put" sent but must slowly. (10 30 M.) The street has settled down to work. There absence idle gazers, and the of the Exchange is cumbered with iasses curiosity seekers only served breed ment and hinder the progress of those who bad street. galleries are still well filled, and the doormen are criminate as those admitted. majority those looking down on the brokers are elegantly dressed ladies. Fisk Hatch have posted notice saying coupons the Central Pacific the railroad comthe Mills pany Building Brown others have educed their sterling rates 86 for long and 487 for short sight. bills in the market, and the weakness attr to the desire of bankers market their excl obtain money for loaning high rate now current. 11.05 Sons have just anthe their nounced their contracts at the Exchange are Exchange. provided for 11.30 The derblit bankers say their chief reach London before Monday, they receive orders buy. He find when he hes land that his stocks can much than when left them the tender mercies of theroughly public. scared NOON The first two hours business, which are usually the most dangerous season of flurry, passed one small which had great ificance. Sub treasurer Aton says there was demand legal tenders office causing the withdraw 000. to this hour today million legal tenders have been paid out anot silver certificates, the latter being for payment to banks. the Brokers report more on the part of banks make loans. A large amount money has come from Canada, and heavy transfers have from side. The Bank Clearing the other House Loan Committee have decided loan money required upon Governis at bond Sagei not taking any stocks on privileges this morning, but by giving his the ences that paying he his profits accruing on the transactions. course this saves him from out large amount money but action compel brokers sell the stock which they have bought. expecting that the great privilege dealer would has been his his on custom, receive them the 'puts, at Washington to-day, received telegram from Bank Examiner New York, saying that the Second National Bank paid out the 14th and 15th, and isconsidered to good The also reports going on smoothly the Metropolitan National and says the trouble over so far banks Business matters at Produce Exchange had rather gloomy look, although no of failures were current. Trade was not disposed operate to any material extent. Shippers operwere checke the ficulty in selling sterling exchange. Prices were all Jower and tending The leading members quite hopeful that there will panic in the Exchange, but some at the outlook of financial affairs in street, the Exchange, prices broke 8½, from 731/2 There was some excitement, but prices recovered about cents, standing at 69. failures reported. Russell Sage stated to Gould that has settled quar of his 'puts,' and-that he will setting up as fast clerical force can figure up. one to-day glass Sage' office broken by one of the "privilege" iers, who is threatened arrest. The holder said that was what he wanted. (1.P.M.) After midday stocks were strong and higher Buying European was Erie office. The transfers stock for this account very heavy. Lake Shore was the feature per cent 881/3. The action of the Clearing House banks this morning has caused an The market much improved; 110. and Some small lots have been 119. Money is now 1/4 per cent. per diem, and stocks The feeling at the Exchange is quiet. on stocks, last sold 66 up-town resorts at which opened 77 this morn and down 65½. Later there was rally and now 72. (2.00 P. M.) Washingt advices state that the sub-treasurer New York reports only bonds offered redemption there under Secretary Folger's call. The Clearing House banks have $20,000,0 bonds necessary protect the market. Up to this hour it ie said been this collateral Money loaning at 1/2 @1/4 per cent. premium per diem. (2.30 P.M.) The hour of seling has passed safely and no additional failures have been reported. (6 P. M.) It seems to be the general impression in Wall street circles that danger continuan the past few days over. Many of the leading financial minds have conclusion that the moving causes the panic were way Black Friday' and the flurry 1873. Messrs. Donnell, Lawson Simpson to-day issued address announcing their sion and requesting possible The notice states that the and individual thereof have assigned their property their confidential H. Weems, and they hope liabilities unless forced sacrific assets suspended firms are all busily engaged in straightening out their affairs. Goff Randle not have sta ready before next week. Dimock state that will require time Hotchkiss accounts. Hatch Bogart Co., Burnham and J.C. Williams cannot give definite as of their affairs as yet. Nelson Robinson Co. have force of clerks work and they say they pect resume in a short time. Donnell Lawson & are not disposed say anything Simpson, The assignment of Donnell Lawson gives preferences to the assignee for 088 State Savings Bank Joseph, Mo., the amount which may be found due, which as near can be now about $800,000. loaned by the bank to the firm. The also directs the payment the debts individual members of the co-partnership NEW YORK, May 16th -H. C. Hardy Sons estimate their $250,000 and hope their assets large. The the Emigrant Industrial Savings Bank has abated today, and was usual. About were paid out yesterday that depositors were returning their money today. was thought that there would not be another ush there the Wall street The Institution. Manhattan broke Savings was no today Greenwich the Savings Bank ended today. large crowd, women, stood around it. The teller paid out nothing but gold them. Jay Gould Interviewed In an interview to-day Jay Gould said: have had whatever with any of the firms and reports that have lost any money crash untrue you haven't lost anything through have you added modest asked the reporter, and Gould smiled significant smiles and don't know as His confidential man, Mr. Morrisini, was present and also smiled. The General Atlanta, Ga., May H. James, banker, last night that would open his real estate the amount half dollars. which will offer for sale once, which will more than pay his liabilities. Associated Banks and Atlanta met last night and tendered James but declined, stating that hs preferred rely his real estate, which would fully There

4. May 17, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 17, 1884

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The Run Abated. NEW YORK, May 16.-The run on the Emigrant Industrial Savings bank abated to-day after $160,000 being paid out yesterday. The Greenwich Savings bank run is also ended. There was a steady run on the German Savings bank to-day, mostly women. There were many deposits and but few drawing out. At the Second National bank at Bleeker street the bank run was confined to the Italians. There was also a run on the Seamen's Savings bank, but all deposits were paid.

5. May 17, 1884 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, May 17, 1884

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Continued Story of Financial Distress in New York. THE WORST OF THE TROUBLE SUPPOSED TO BE OVER. Bracing Up and Confidence Towards the End of the Day. A NEGRO ARMED WITH THREE PISTOLS REPELS A CROWD. A Desperate Fatal Street Fight in Baltimore. THE USUAL QUANTUM OF MURDERS AND ACCIDENTS. |SPECIAL TO THE SENTINEL.| Condition on 'Change. NEW YORK, May 16.-Fisk & Hatch are open for all desiring to consult the firm, but no business is transacted beyond receiving claims and fixing the basis of settlement. Fisk said that many of the depositors and other creditors had expressed entire confidence, and notified them that their claims would not be pressed. Business began in the Stock Exchange without the appearance of flurry. Stocks opened weak. The Clearing House has loan certificates ready for instant delivery. They express a determination to use them liberally, with the view of relieving without delay any stringency in the money market. There is wild talk about closing the Stock Exchange. A Sage in the Panie. NEW YORK, May 16.-The Tribune learned last night that a high officer of the Stock Exchange had been in consultation with Russell Sage, in regard to the latter's position on his puts. The conversation was of the most reassuring kind. Sage asserted that he had met all his privileges, with no greater obstruction than was justifiable under the condition of affairs. The sums he had paid out recently, he said, have been of much benefit to the market. Yesterday alone he had paid out over $800,000 on his puts. Mr. Sage's action, it was said, would lift one of the clouds which have hung over the situation. The Chicago Situation. CHICAGO, May 16-10 A. M.-The opening of the Exchange this morning was not accompanied by any excessive excitement. Prices were generally stronger, and the feeling apparently one of greater confidence than on either of the two preceding days, notwithstanding the last failures in New York. Newark Savings Institution Closed for $1,000,000. NEWARK, N. J., May 16.-The Newark Savings Institute closed its doors to-day. The bank officers say that Fisk & Hatch owe the institution $1,000,000. A Dilemma. NEW YORK, May 16.-Sage is not taking stocks on privileges this morning, but is making settlements by giving checks for differences. This saves him paying & large amount of money, but his action will compel brokers to sell stocks which they bought, expecting he would, as has been the custom, receive them on his puts. C. P. Coupons. NEW YORK, May 16-11:30 A. M.-Fisk & Hatch have posted a notice that the coupons of the Central Pacific bonds will be paid at the office of the railroad company. H. C. Hardy & Sons have suspended. All their contracts are provided for. Stocks underwent a heavy demoralization upon the announcement of the failure, but afterwards rallied from 1/8 to 2½ for some shares, but few. The stocks are heavy. Straightening Up. NEW YORK, May 16.-Manager Camp, of the Clearing-house, says the banks are availing themselves now freely of the new certificates. He would not be surprised if ten million were taken. To-day the suspended firms are all busy straightening affairs. Money Easy in Missouri. KANSAS CITY, May 16.-All traces of yesterday's flurry in banking circles have disappeared. The banks are paying in full to-day, and are moving along as usual. Teller's "Legal Tenders." NEW YORK, May 16-12 M.-The SubTreasury paid out 3,500,000 legal tenders this morning. This strengthens the bank reserve. The brokers report more willingness on the part of the banks to make loans. Large amounts come from Canada, and heavy transfers are made from the other side. The first two hours of business, which are usually the most dangerous in a season of flurry, passed with only one small failure, which had no depressing influence. Runs Wearing Out. NEW YORK, May 16.-The run on the Emigrant Industrial Savings Bank abated to-day. One hundred and sixty thousand dollars was paid out yesterday. The Greenwich Savings Bank run has ended. There is & steady run on the German Savings Bank to-day. Most of the depositors are woman, but few are drawing out. At the Second National, at the Bleekerstreet Bank, the run is confined to Italians. There is & run on the Seamen's Savings Bank, but deposits were paid. The Day Ends in Confidence. NEW YORK, May 16.-3 P. M.-The feeling in stock circles is more confident. In fact, the delivery hour passed by without failures and imparted strength. Prices at the close were active, and advanced 1 to 5 from the lowest point. There was some little reaction at the close, but speculation left off strong. Seligman cabled for shipments from Europe of 1,000,000 francs in Napoleons, and probably £100,000 of double eagles from London. Russell Sage has

6. May 17, 1884 The Semi-Weekly Miner Butte, MT
Article from The Semi-Weekly Miner, May 17, 1884

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New York Banks. NEW YORK, May 16. - The run on the Emigrant Industrial Savings Bank abated to-day. About $160,000 were paid out yesterday. The run on the Greenwich Savings Bank ended. There was a steady run on the German Savings Bank to-day, mostly women. There were many deposits but few drawing out at the Second National. At the Bleeker street bank the run was confined to Italians. There was a run on the Seaman's Saving Bank, but depositors were paid.

7. May 17, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 17, 1884

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The deposits amount to about $1,700,000. William Lammis, who has become acting president of the Stock Exchange Hatch, through the failure of Fisk & said The failure will have much effect on the street th in is gener- in less supposed. It is unfortunate that ally it gives another shock to pablic will confidence, but I don't believe it involve any other house. DONNELL, LAWSON & SIMPSON. Donnell, Lawson & Simpson banded this card to an Associated Press re porter To Our Creditors- It is with to sorrow that we are compelled been great our suspension, which bas of eirbrought report about by a combination cumstances over which we had no have control. We can only request those such ing claims against us to extend consideration and indulgence as is pos- be sible, as otherwise our assets may sacrificed to the prejudice of all parties. As the best means of realizing cred. from our assets and securing our of all itors. we have made assignments in assets of the firm: of each also member of of dividual the firm. assets wherever situated. to who our confidential clerk, R. H. Neems, and been in our employ for 12 years, has 18 as well acquainted with our business and the character of the assets as any his member of the firm: and under of minagement, with the assistance every member of the firm. who propose give him every possible aid in exe- in enting to his trast. We feel warranted saying that every dollar that cin póssi We be realized will be secured. bus hope bly to pay all our liabilities, if our as iness is pradently managed and our we are not to be sacrificed, and seta hope you will concur in and endorse the plans proposed." DONNELL, Lawson & SIMPSON. Each mail brings in remittances to firm, which are being turned over are received. to the other banks as fast as instructions Fisk & Hatch today turned over $2.- for 500,000 of securities: left with them return safe keeping, and are prepared to them as securities deposited with latter all collater de on loans, as soon as the general paid off. It seems to be the that impression are in Wall street eircles the disdanger of a continuance of over. all turbance* of the past few days is INTERVIEW WITH C.P. HUNTINGTON. P. Huntington. President of inter- the Chesapeake C. & Ohio Railroad. was that viewed regarding the statement through & Hatch were embarrassed and holding Fisk the stocks of that road The Central Pacific. He responded the firm are untrue. I know I think reports any Central Pacific, and Ohio, has cannot not hold any Chesapeake before & the it it is some that it had most of ubless of 1873. The firm sold prices, panio Chesapeake & Ohio at high a but its may have some still: possibly thousand shares." RUNS ON VARIOUS BANKS. run on the Emigrant Industrial $160,000 Savings The Bank abated today ; W The paid Greenwieb out yesterday. Savings Bank run is ended. was a steady run on the those Germ There in Savings Bank today. most of drawing were being many women. depositors, bnt Second few of There them were drawing ont at the National. At the Bleecker Street Bank the run is confined is to run Italians. on the Seaman's paid. Sav. ings There Bank, A but deposits are being WHAT THE TRIBUNE" SAYS. Tribune editorial There worst is is a over. gen eral feeling that the and th re is is aniversal caution, this has especially There will no evidence develop into, that anything nor panic. been, more than a stock speculation RUSSELL SAGE'S POSITION. $ NEW YORK, May 15.-From wis learned the Tri last bune of Friday It officer of the Stock night that a high in consultation with Exchange had been to the latter's Russell Sage in regard The conversa position on his pats. most reasuring kind. tion was asserted of a that he had obstruction met all his Sage with no greater condition privileges justifiable under the paid out than was Tbe sums be had much of affairs. have been of recently, he said, Yesterda alone e he benefit bad to paid the market. Sage's out over action, $800,000 it was on said. his puts.' lift Mr. one of the clouds which h ive hung would over the situation. SUSPENSION OF AN ATLANTA BANK. J May 15. -John H. not James, open banker, ATLANTA, announces that has he control will of real doors tomorrow. He of $500,000. which ic estate to the amount at once and which will offer for sale the liabilities The he will more than banks meet and bankers of Atlan- which ta associated tonight tendered assistance, James declined. BEVIEW OF THE DAY. ei ⑉ h Governments the are 2:30 firmer call, in 41/28 the were af tt u higher rnoon at and 111 & and traction 11214, and lower at 118½ 109 f and 119; 3's a were not specially el th active Railroad in the bonds forenoon, prices except generally 8 few de special features, though cases declines were lower, and in some In the afternoon were important- firsts declined 1/2 % K on Northern Pacific irregular in the main and weak. The Stocks opened account of the failure first of Thursday A const sal Fisk 8. for & H the tch most part, per cent. were at Western W oession of 1/2 to 1½ fi) were. however. the Union and Union the first oill there re to in 36% higher, and before upward turo in which and PA gifte was A M sharp at rose 24 per to cent. 54% Specul Western Union favorably 2%, affected by Th the f tion was of sterling exchang ancomdi weakness to sell exchange the was largely in= pressure monly great, owing of bills to made against no of creased supply for European " purchased securities because of the desire dount and partly to employ funds in o this of foreign market houses at the high rates obtaind n able. buying of stocks for foreign there be no b The again quite heavy, Retween 40 000 ing count a was good demand. were taken for the and 50,000 shares 11 a. m. there of H. B other side. coment About of the failure brok

8. May 17, 1884 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 17, 1884

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THE WORST IS OVER. BRIGHTER DAY IN WALL STREET. Backbone of the Money Stringency BrokenThe Clearing-House Decide to Loan Money to Members-The Government Comes to the Rescue. [By telegraph to the Dispatch.] NEW YORK, May 16.-The meeting of the Clearinghouse Loan Committee this morning resulted in a decision to loan to members of the Association all the money they may require at par, on the pledge of Gevernment securities. This will, is is thought, help materially to ease the prevailing stringency 11. money. THE NEW YORK BANKS. NEW YORK, May 16.-The run on the Emigrant Industrial Savings Bank had abated to-day, and business was being done the same as usual. About $160,000 was paid out yesterday. but depositors were returning their money to-day. There was no run on the Manhattan Savings Institution. The Greenwich Savings Bank run ended to-day. There was a steady run on the German Savings Bank to-day. A large crowd, composed mostly of workmen, stood around it. The teller was paying nothing but gold to them. The Second National Bank presented a quiet appearance to-day. There were many parties making deposits, but few drawing out. At the Union Dime Savings Bank only a few persons drew out their deposits. A crowd surrounded the Bleeker-Street Bank this morning. They were nearly all Italians, and the run is confined altogether to them. A number of persons drew out their deposits at the Bowery Savings Bank to-day. There was no excitement there. There was no run on the Butcher's and Drover's National Bank. the Citizens Savings Bank, Metropolitan Savings Bank, Manhattan Savings Institution, nor the East River Savings Bank. There was a run to-day on the Seamen's Savings Bank, but all depositors were paid on demand. The Petroleum Exchange resolved to close at 3 o'clock to-day without taking the usual recess. It was also resolved to maintain a position of masterly inactivity and do as little as possible, allowing things to settle of their ownaccord it they would. DONNELL, LAWSON & SIMPSON. NEW YORK, May 16.-Donnell, Lawson & Simpson have assigned to their confidential clerk, R. H. Weems. The assignee says the firm has been unable to make out a statement of its condition, and does not expect to have one ready for some time. The assignment was made with a view to protecting everybody, both large and small, and was only determined on when parties at the West began attaching property of the concern. THE MARKET CLOSES WITH A WHIRL OF BRILLIANCY. The New York stock market opened irregular. and in the main weak, on account of the failure of Fisk & Hatch, announced late Thursday. The first sales were generally at a concession of 1@14. St. Paul opened * lower, Northwest 1, Lackawanna 1, Lake Shore 21, Missouri Pacific 1. New York Central 1. Northern Pacific preferred 1. Pacific Mail 21, Omaha 11. On the other hand, Western Union and Wabash preferred, Union Pacific and Texas Pacific were higher. Before the first call there was a sharp upward turn, and Lake Shore rose 2, Pacific Mail 2, Western Union 21. New York Central 18, Eried. Northwest 14, St. Paul 21, Quincy 1, Central Pacific 24, Lackawanna 1, Louisville and Nashville 14, Missouri Pacific 1. Speculation was favorably affected by the weakness of the sterling exchange market. The failure of the Newark Savings Institution was announced, and a drive was made against Lake Shore and New York Central. The former broke 8 and the latter 3t. Among the other active shares Canadian Pacific fell off 24, Central Pacific 12, Canada Southern 3. Northwest 41, St. Paul3] Rock Island 11. Lackawanna 44. Delaware and Hudson 2, Louisville and Nashville 34, Missouri Pacific 5, Kansas and Texas 14, Northern Pacific preferred 3, Pacific Mail 3. Reading 14, Union Pacific 24, Western Union 24. Subsequently, while there were frequent reactions, and at times a feverish feeling under fear of further failures, themarket showed a hardening tendency, and as 3 o'clock approached and there were not only no further failures, but the favorable conditions continued to multiply, there was a great improvement in prices, the day closeing with a whirl of buoyancy. The change from depression to buoyancy late in the day was very marked, and at the close there was a great feeling of relief. and the opinion gained ground that the worst was over. During the day considerable money was received from nearly all points, and investors also brought heavy amounts to buy. At the close it looked as if the backbone of money stringency had been broken. In the late advance Canada Southern rose 3, Canada Pacific 31, Central Pacifie 41, Quincy 44, Northwest 34, preferred 4. St. Paul 41, Louisville and Nashville 54. Lake Shore

9. May 17, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 17, 1884

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Races at Louisville, Ky. Pacific Notes---The Colored Convention, Budget of News From the Nation's Capital. New York, 16.-At the petroleum broken exchange this morning prices or from 731/2. At the close excite- yes8½ down to 65. Some reterday but prices afterwards failcovered ment, about 4 standing. No ures reported. Manager Camp, of the clearing themsays banks areavailing certhouse, now treely of the new selves ificates. He will not be surprised if $10,000,000 be taken to- day. all busy Suspended firms are straightening their affairs. Noon.-The sub-treasury paid this $3,500,000 legal tenders the morning. out This strengthens bank reserve. Brokers report more to willingness on the part of banks make loans. Large amounts come Canada and heavy transfers The from made from the other side. are first two hours of business which in usually the most dangerous with are season of a flurry passed had the only one small failure which no depressing influence. C. P. Huntington, president of the Chesapeake & Ohio Railroad, interviewed regarding the statethat Fisk & Hatch were em- of barrassed ment through bolding stor ks that road and the Central Pacific, unresponded: "The reports are true. I know the firm has not any Central Pacific, and hink it cannot hold any Chesapeake & Ohio, unless it is some that it had before the panic its of 1873. The firm sold most of Chesapeake & Ohio at bigh prices, but may have some still, possibly 1,000 shares." The meeting of the Clearing the House commitee resulted in decision to loan to members of the association all the money they res c at par on the pledge of gov- it is ernment quire securities. This will, the thought, help mater'ally to ease prevailing stringency of money. George W. Ely, president of the instock exchange, in answer to an had quiry whether President Hatch official t resigned, stated that no notice was given, but the governing B committee will meet when action is expected. A visit to various p banks on Wall street found matters At progressing with usual routine. the Metropolitan bank business was going on as before the temporary suspension. Bank examiner Seriba the reported to the comptroller of currency that the institution was H doing nicely. The rest of the banks to are running as usual. Affairs seem m to be again settling down to the te foremer conditions. p Business matters at the produce exchange wear another gloomy look, of although no failures or rumors th failures are current. Trade is not W disposed to operate to any material se extent. Shippers' operations are of of checked by the extreme difficulty o selling sterling exchange, Prices E all lower, and tending downpl are ward. Leading members are quite in hopeful that there will be no panic be the produce exchange, but 80 me be on members are discouraged by the outlook of financial affairs on Wall P en street. The run on the Emigrant Induser trial savings bank abated to-day; $160,000 was paid out yesterday. The Greenwich savings bank run CO has ended. There was a steady run of the German savings bank to-day, on mostly by women. There were B many deposits but few drawing out at the second national. At the Bleeker street bank the run was confined to Italians. There was a run on the seamens saving th bank, but depositors were paid to The excitement at several Brookin banks has calmed down. The ST Atlantic yn state bank was open today, but no business was transacted. Re let The bank examiner got through last Ch night and found everything all it right and the capital of the bank E1 to improved. The sub treasurer here reports th only $109,000 of bonds were offered no for redemption under Folger's prom position to redeem in anticipation th of the date of the call. The clearing th house banks agreed to advance on $20,000,000 on government bonds ke if nece to protect the market. The time for settling passed safely; no additional failures. The feeling in stock circles is tomore confident. The fact that the rit delivery hour passed by without in failures imparted strength. Prices sec at the close were active, and adCO vanced 1 to 5 from the lowest point. lat There was some little reaction at the be close, but speculation left off strong str Seligman called for the shipment CO rom Europe of 1,000,000 francs in the Napoleons, and probably 100,000 pounds double eagles from London Sage has inst stated to Jay

10. May 22, 1884 The Dallas Weekly Herald Dallas, TX
Article from The Dallas Weekly Herald, May 22, 1884

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have lost the large sums charged up to his failure. He believes $2,000,000 would cover the legal losses of the firm and hints directly at some very scandalous developments, which will result in rigid investigation of what Ward has done with the money. In Doors and Out. NEW YORK May 16. 9.30 a m.-The street has been alive for fully half an hour. At this time there isevery indication of a brisk day. The office of Fisk & Hatch is open for all desiring to consult with the firm, but no business transacted beyond receiving claims and fixing the basis of settlement. Fisk said many depositors and other creditors expressed entire confidence and notified them that their claims would not be pressed 10 8. m -The gong has sounded and the day's business bes begun at the Stock exchange. There is no appearance of a flurry on the fl or, and although the various pools appear larger than usual, the number of offersappeare equal to bids. A ta'k witha few members of the board brought out the fact that they believed there will be higher prices to-day unless new ta lares occur. No one has expressed the opinion but that this is probable, but it is imporsible yet to pre diet what the day may br ng forth. 10:15 a. m.-The clearing house committee have loan certificates ready for instant delivery, with the express determination to use them liberally with a view of relieving without delay any stringency of the money market. The wild taik about closing the Stock exchange is treated with ridicule, as no necessity exists for such action, speculation being in no sense panicky. An old member of the board says the dealings are less flarried than on many occasions, when no particular reason existed for excitement. An officer of the exchange states he was informed by Russell Sage that he met every "put" sent in, but must proceed slo wly. 10:30 a. m.-The streets h vesettled down to work. there is absence of idle gazers and the vicinity is no longer lumbered with masses of curiosity seekers and visitors. The galleries were well filled, the maj rity of those looking on being elegantly dressed ladie. 11:05 a. m.-H. C. Hardy & Sons announced their suspension. They sta e that their suspension at present is unaccounted for. Stocks are heavy and demoralized on account of the Hardy failure. 11:30 a. m -Tae Vanderbilt brokers say their chief, Recch, is in London, and they expect to receive heavy orders from nim to buy. The suspended firms are all busv straghtening affairs. Goff & Randall +11 not have a statement bafore next week Dimick & Co. state it will require some time time to adjust accounts. Hatch & Foote, Bogart & Co., Hotchkiss & Burnham, and J. C. Williams cannot give anything defi nite as to the state of their affairs. Ne:son Robinson & Co., expect to resume in ashort time. Donnell, Lawson & Simpson are not disposed to say anything. 12 m.-The first two hours of business, which is usually the most dangerous in a season of flurry, has passed, and only one small failure, which had no depressing 121fluence. Sub-Treasurer Acton says there was a brisk demand for legal tenders a his office vesterday, causing the withdraw at of $3,500,000. Up to this hour to-day $1 000,000 of legal tenders have been paid out and nearly another million in silver certificates, the latter for payment to savings banks. The run on the Emigrant Industrial Sav ings bank abated to day. One hundred and sixty,thousand"dollars We re paid out yesterday. No run to-day on the Manhat tan Savings institution. The Greenwich Savings bank run ended to-day. There was a study run on the German Savings bank to-day, mostly women, the teller pay. ing gold. The Second National bank 18 quiet to-day. There were many depositors, but few drawing out. Washington advices state that the sub treasurer here reports that only $109,000 of bonds were offered for redemption under the Folger proposition to redeem in anticipation of the date of the call. Excess in the treasury is now $150,675.659 of which there is $14,000,000 above the legal reserve, therefore, there is sufficient for another call if necessary. The cleading-house banks have agreed to advance $20,000,000 on government bonds if necessary to protect the market. Up to this hour it 18 said $2,500,000 have been loaned on this collateral. At the sub-treasury large amounts of greenbacks siiver certificates are being psid out to savings banks. The excitement at several Brooklyn banks has calmed down and nothing could De called a run on any of the savings banks to-day. The Atlantic State bank of Brooklyn is open to-day, but no busines was transac ed. The bank examiner got through last evening and found everything all right and the capital of the bank unimpaired. 2:15-The hour of settling has passed safely, and no additional failures. 2:45 p. m.-All is quiet. Orders have been cabled by Selligman for shipment from Europe of 1,000,000 france in Napoleons and probably 100,000 pounds in double eagles to be shipped from London. Russell Sage has just stated to Jay Gould that he had settled more than three-quarters of his "puts," and will continue settling up as fast as his orce can figure accounts. 3p. m.-The speculative day has ended peacefully and all evidences go to show the period of semi-panic over and monetary affairs gradually returning to their accustomed condition. A Card from Donnell, Lawson & Simpson. New York, May 16.-Donuell, Lawson & Simpson have handed this card to the Associated Press: "To our creditors.-It is with great sorrow we are compelled to report our suspension, which has been brought about by a combination of circum. stances over which we had no control. We can only request those having claims against us to extend such consideration and indulgence as DOB herwise our assets may ba