15901. German 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
6f4f06f6

Response Measures

Accommodated withdrawals

Description

Multiple May 16, 1884 newspaper dispatches report a steady run on the German Savings Bank in New York (crowds, mostly women/workers). No article reports a suspension, reopening, or receivership for this bank — only withdrawals and paying out (teller paying gold). I classify the cause as macro_news (broader financial distress/panic following Wall Street failures that day).

Events (1)
1. May 16, 1884 Run
Cause
Macro News
Cause Details
Run occurred during the May 16, 1884 stringency/panic in New York following failures and market flurry (Fisk & Hatch and related disturbances); deposits were withdrawn en masse.
Measures
Teller was paying out in gold; bank paid depositors on demand.
Newspaper Excerpt
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.
Source
newspapers

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

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Article Text

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 16, 1884 Evening Star Washington, DC
Article from Evening Star, May 16, 1884

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20 Edition. Latest Telegrams to The Star. LATEST FROM WALL STREET. NO FAILURES THIS AFTERNOON. Only One Small Failure Up to Noon. NEW YORK, May 16. Noon-The first two hours of business, which are usually the most dangerous in a season of flurry, have passed with only one small failure, which has had no great depressing influence. Sub-treasurer Acton says there was a brisk demand for legal tenders at his office yesterday, causing the withdrawal of $3,500,000. Up to this hour to-day a million legal tenders have been paid out and nearly another million in sliver certificates, the latter being for payment to the savings banks The Banks More Willing to Lend. Brokers report more willingness on the part of banks to make loans. A large amount of money has come from Canada and heavy transfers have been made from the other side. Improvement in the stock Market. Noon.-Stocks have been better since 11:30 a. m. Lake Shore is up to 84, St. Paul to 68%, Missouri Pacific to 66%, Union Pacific to 42% and Western Union to 52%. THE BANK RESERVES STRENGTHENED. At the sub-treasury $8,500,000 in legal tenders have been paid out this morning. This will strengthen the bank reserves. The Banks All Right To-day. 1 p. m-A visit to the various banks in Wall street and vicinity found matters progressing in the usual routine manner. DONNELL, LAWSON & SIMPSON. Donnell, Lawson & Simpson expect to be able at about 8 o'clock to make public how they stand. Relief from the Clearing House Loan Committee. The meeting of the clearing house loan committee has resulted in a decision to loan the members of the association all the money they may require at par on pledge of government securities. This will, it is thought, help materially to ease the prevailing stringency in money. PRESIDENT HATCH. George W. Ely, secretary of the stock exchange, in answer to an inquiry W hether President Hatch had resigned or not, stated that no official notice has been given, but the governing committee will meet at 3:15 p. m., when action in the matter is expected. MONEY AND WHEAT. 12:10 p. m.-A dispatch from Chicago to a grain house here says: Wheat is higher, but the market does not look strong. The condition of the money market in the west will have more effect on prices than the affairs of Wall street, as receipts are likely to increase both here and at Milwaukee owing to the difficulty of obtaining money throughout the country. Corn and provisions are dull and featureless. The Advance in Stocks. NEW YORK, May. 16-Wall street, 1:30 p.m-After midday stocks were strong and higher again. The buying for European account 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 7% per cent to 88%. New York Central rose 2½ to 1104; Canadian Pacific 24 to 401/4, and St. Paul 8½ to 6916. The action of the clearing house banks this morning has caused the improvement. The Bank of the State of New York has just lent $3,000,000 on government bonds. The market for governments is much improved. The 4 1/28 have advanced to 110, and the 48 to 119. Some small lots of the 4S have been sold for cash at 119. Money to stock exchange borrowers has advanced to 13/2 per cent per diem. A Quiet Feeling. New YORK, May 16.-Wall street, 1:45 p. mMoney is now ½ per cent per diem, and stocks are steady. The feeling at the exchange is quiet. NO FAILURES AT THE PRODUCE EXCHANGE. NEW YORK, May 16.-Business matters at the produce exchange have rather a gloomy look, although no failures or rumors of failures are current. he leading members are quite hopeful that there will be no panic on the produce exchange, but some members are discouraged at the outlook or financial affairs in Wall street. At the petroleum exchange this morning prices broke 81 c., or from 73% at the close of yesterday down to 65c. There was some excitement, but prices afterward recovered about 4c., standing at 12:15 P. m. at 69. No failures reported. 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 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. Washington Advices in Wall Street. NEW YORK, May 16.-Washington advices state that the sub-treasurer at New York reports only $109,000 of bonds offered for redemption there under the Secretary Folger proposition to redeem in anticipation of date of call The excess in the Treasury now is $152,675,659, which is fourteen millions above the legal reserve, and therefore sufficient for another call ir considered necessary. The Critical Hour Passed Safely. WALL STREET, 2:15 p. m-The hour of settling has been passed safely, and no additional failures have been reported. Excitement About Russel Sage's Office. NEW YORK, 2:30 I m-A line of brokers, messenger boys and others gathered around the office of Russell Sage, in Broadway, and clamored for admittance. The services of two policemen were required to keep the peace, for as one by one the holders of privileges were admitted within the well-guarded portals the excitement and impatienoe of the remainder increased. The Excitement in Brooklyn Allayed. NEW YORK, May 16.-The excitement of yesterday at several Brooklyn banks had calmed to a considerable extent to-day, and confidence in the savings bank has been generally restored. There was nothing that could be called a run on any of the savings banks to-day. All Quiet at Three O'Clock. 3:15 p. m.-All is quiet at this hour. Orders have been cabled by Messrs. J. & W. Seligman for shipment or gold from Europe. Chicago Markets Depressed. CHICAGO, ILL, 11 a.m-The markets became depressed and partially demoralized. Shortly after 10 o'clock on receipt of news of additional failures in New York and a decline of stocks, July wheat sold down to 88½, but has risen to 88% July corn sold down to 57, and has advanced to 57%. Provisions are also very weak. Stockholders Alleged to Have Been Defrauded. BOSTON, May 16.-A meeting of the stockholders of the Bridgeport and Housatonic rolling-stock company was held here yesterday, at which there was a lively discussion of the situation, and several pointed charges made. It was openly alleged that the stockholders had been fraudulently dealt with, and that all efforts to ascertain the assets of the company have been unsuccessful. It was finally voted that a committee of two be appointed to investigate and report at a future meeting. Latest from London. LONDON, May 16, 6 p. m-At 5:30 the prices of American securities on the street were fluctuating The closing prices, however, were better. There have been large remittances of government coupons

3. 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

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 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, May 17, 1884

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in the of the protection West and co-operate life with and property them of the Spanish Consol. over The Excitement in Brooklyn Right. Atlantic Bank all The May 16. The excite NEW YORK, several Brooklyn banks Bank has ment calmed at down. the The Atlantic no business State was transacted. was open to-day The but Bank Examiner gut He found every through thing right last and night. the capital of the bank improved. Affairs on Wall street. YORK, May 16 The resulted meeting NEW House to-day of the Aa.othe Clearing loan to members par on decision all to the money required at This ciation of government securities. materially pledge is thought, help of money to will, the it prevailing stringency banks on Wall ease visit to the various progressing in the street found matters At the Metropolitan nsual business routine. was going on as bank. before Bus the Bank suspension of the rath. temporary the Produce Exchange was are iness at Shippers operations of sell er gloomy by the exireme difficulty Prices are all checked sterling exchange. lower ing and tending downward Restored Jubilant in Wall Confidence street Operators While there NEW YORK, May reactions 16 and at times showed a frequent under fear burdening of further feverish failures, were the feeling and market as 3 o'clock further approached fail tendency, not only no multibut the favorable plied, there was demand ures and there was gleat conditions improvement torstocks, the day witnessed for some has prices not closing and been a in large a whirl of buoyancy was stimulated such time upward of New York on The by the loaned fact that movement $300.000 the Bank on loan government more bonds, had and was villing that to the Clearing House the same had security issued $50,000,000 issue in a certiti large cates and expected to that considerable amount more, ordered and from the tactor other in gold had been additional important easing of An the improvement and loans hav the side. favor money of market Was cent. call per diem'to declined from 11 per anowing with is more liberal supply of to buoyancy late was 5 ing and 6 per cent depression per money offering. The was change from very marked. received During in the day money brought the day considerable and investors also to buy from heavy all amounts points into the street stock. Situation at the Banks. The May 16. The run on Bank the abated to-day. Emigrant New YORK, Industrial $16,000 Savings was paid out is The steady yesterday Greenwic Savings Bank run on run the German ended. There is a mostly women. There were Savings many at the B deposits ink, Second and National. the but few run drawing At the Bleeker out Italians. Street Bank There was but the run deposits were was on contined the Seaman's to paid. Savings Bank, & Hatch, Securities Turned Over by Fisk & Hatch NEW YORK, May $2, 16 00,000 Fisk securities day turned over for safe keeping, deposited and are left with them all securities soon prepared them to as return collaterals off. on loans as as with the latter are be paid the general impression danger of few days are over. renewal in It Wall seems Street of to the circles disturbancea that all of the past Few offered ou Folger's Honds Call-The Panic Over. The SubNEW YORK, May reports 16. only $109, Treasurer here offered for redemp- to in bonds proposition 000 redeem tion under in Folger's anticipation The Clearing of House the date of the call. to advance $20,000, 000 on banks evidences have government agreed market. bonds, All if necessary, to protect the period of semi-panic will show that the monetary affairs gradually go is over, to and return that to their accustomed condition. Card From Nimpson. Donnell. Lawson LawDonnell, NEW YORK, May who 16 failed, handed this son & Simpson, Press reporter: is To our are compelled to card to sorrow the Creditors: Associated we SIRS been It brought report with great suspension, which has of circumstances by a we had no about our which combination having control. claims We can against over only request those such consideration otherwise, and inus 10 exted as is possible, as, to prejudior dulgence be sacrificed of realizasal ing our parties. assets from may As our the we assets best have means and made securing of creditors, the asseta wherever situated signments our the firm; member also of the of all the individual firm clerk, R. assets H. each for with who has as well of years, and the twelve and Neems, of to our confidential been is in our character employ acquainted Under the assets, our his business as management. any member member with of the of the firm him the as that, can every firm, sistance who possible of propose warranted every aid in to in executing saying give his we feel dollar that liabilities trust, by possibly this be means, realized every pay will all be our secured. and We to be able to managed and our business is to be our if hope assets are will not prudently coneur in sacrificed, and endorse we hope you (Signed the plans proposed. LAWSON SIMPSON to the are Each DONNELL mail brings being in turned remittances over to are the r sceived. firm, other which banks as fast as instructions

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