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BRADFORD, Pa, May 15. The Tuna Valley Bank did not open its doors this forenood. It was a correspondent of the Metropolitan bank of New York, and the announcement was made to account for the suspension of the bank, that it was thought best to suspend temporarily. A promise has been made to depositors that they will be paid in full.
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AUGUSTA, MAINE, FRIDAY MORNING, MAY 16, 1884 The deline in government bonds to 110 a in the Villiards, Oregons, and the North F THE WALL STREET STORM. 1101 for registered fours and a halfs. to 110 Pacific, and have been dealing heavily in a 1124 for cupons, to 122 asked for fours Mexican Central Union, Pacific and Atchison. registered and to 120 a 131 for cupons is due Yesterday some of their customers defaulted to the fact that holders are anxious for the their margins and this with a heavy run on cash, and are selling. Money outside of the their deposits led to the failure, which not The Worst Said to be Overstock exchange is at 6 per cent. only affects stock operations and speculations, rs. but will reach many people of small means Metropolitan Bank Paying Depositors. The Metropolitan Bank Reall over New England who have deposited 2 P. Metropolitan Bank is paywith the firm. Aft ing out to all depositors presenting checks. sumes. Quebec Unaffected by the Situation in agree Even before the hour named for resumption New York. Mond the paying teller opened the window. At I. The QUEBEC, May 15. noon the number in line was about twentyStates, from The banks here not effected by the situation five only. One lady was among the list, she Failures in ton-Stocks Still in New York. No excitement is manifested s, folpriati being attired in widow's weed. Her joy on the pr receiving money was plainable. It is stated est to Scarcely Noticeable in Liverpool. Heavily Depressed. United that the Bank of Commerce was this morning bound LIVEKPOOL, May 15. a debtor to the clearing house to the amount The effect of the New York panie is scarceThe of over one and a half millions. Money is lp noticeable on the cotton exchange. Some ably now loaning at one-fourth to one-half per what more cotton than usual is offered for By cent premium per diem. NEW YORK, May 15, 9.30, A. M. sale but not on American account. In the amend The Street Again Excited. The Metropolitan bank has posted a notice By grain trade merchants are awaiting events, on its doors saying that the bank examiners to aid and so far the impression of the panic has P. M.-The failure of Fish & Hatch have made an investigation of its affairs and tennia been slight. Provisions are selling more is announced. The clearing house has the bank will resume business at 12 o'clock On freely, principally on Chicago account, and already issued four million dollars of loan today. merchants are awaiting developments. At certificates authorized to be given to the put in rating At 10 A. M--A. W. Dymick & Co. have The Manchester a feeling of steadiness prevails, banks of the association applying therefor. adjust announced their suspension. The scene from t though operators are cautious. The opinion The suspension of A. W. Dimock & Co.. it on the street at this hour is one of unwonted pg 000,00 of both Liverpool and Manchester is that the is said, will prevent the contemplated exten. worst is over. activity. Since early morning the brokers' The sion of the bankers' and merchants' teleoffices have been open and the clerks are bill es graphic system. London Bankers' Opinions of the Panic. busy getting accounts settled up. Many of The There has been a semi-panic in oil in this LONDON, May 15. the leading firms kept their employees at and w city. The failure of Fisk & Hatch and the work until midnight and a general overhaulAn agent of the associated press this mornsuspension of Bradford Clark has created a ing of the accounts has been made so that on ing called upon the leading London bankers distrustful feeling. It is rumored that 15. the opening of the stock exchange this mornThe having important American connections. Several Heavy Capitalists Interested in oil affairs will be in a better condition than for House with a view to learning their opinions conutions Are in Trouble. whole many months past, as new margins have been cerning the panic of yesterday in Wall street. a New called for so as to prevent any rash sacrifice The feeling generelly expressed was that At 3.15 P. M. the oil was selling at 83. but priatic ucernSev of good securities. before the close it broke to 74, and is now the panic was merely a local disaster. 8. offered on the street at 72, No failures have A representative of the Associated Press They were positive that it would occasion rejecte no failure in London either inside or outside rose. has just talked with a financier of 35 years been announced, and if anybody has gone unwho experience on the street, who has been of the stock exchange. The general soundOn der it will be given out tomorrow when the Kins ness of the financial situation here is eviSenat through all the upheavals of that period. clearing is made. known denced by the fact that there have not even Without having had to succumb. he says. centen The closing of doors of the Atlantic State been rumors of large failures. The remarkthe action of the banks yesterday in deciding curred lasting Bank of Brooklyn embarrassed the depositable decline cf American securities during to pool their issues. in his opinion, decided ors, and caused a feeling of uneasiness among Adj ninent business men. President Puffer stated last past few days has attracted a new class of the situation favorably. He does not anticiyears investors into the market, who are stimulated pate any other failures either of banks or night that the bank would resume business banking firms. although he admits the possiby the cheapness of money in England. today, as the securities were all good, and t here Germany and France One prominent bankbility that some weak stock houses may sus. the suspension was caused by the effort to er said it was amazing how little real stock pend temporarily. The failure of the latter help the Metropolitan bank. There was a A. W. he does not regard as a real misfortune as the was being sold here, but he said the bear gathering of depositors this morning at the A. F. sales were immense. weeding out of such small dealers helps to bank, but they were unable to get any money The market shows a strong disposition to give a healthier tone to the general situation. and were very indignant in consequence. A Bil President Puffer assured them that it would The floor of the exchange had more than respond to anything gavorable from America. eamer ve its usual compliment of members in attendbe all right, and they would lose nothing Philadelphia Stock Stronger. Line, ance and by 9 30 a crowd of operators had He promised to have a statement for publiUnited PHILADELPHIA, May 15. gathered in knots waiting for the signal to be cation ready this afternoon. The panic Business opened this morning on Third Chas. given to commence the day's business. At seems to have extended to the depositors of street with a decidedly better feeling. Phil10 o'clock Chairman Mitchell gave three rape other banks in Brooklyn as well, and large made adelphia stock all took an upward turn of of his gavel and in an instant amounts of money were drawn out of the The , howstrength on the announcement that the savings banks. They were prepared for a duced The Pent Up Excitement of the Brokers heeler Metropolitan bank would resume at noon. run, however, and many of them were by no the sp Gave Vent in a Howl, means disturbed by the withdrawal of the WASHINGTON, May 15. Banki and five hundred hands were lifted in the air The secretary of the treasury has authorsurplus funds. They save thousands of dolBe today and various pools were formed in which the ized the assistant treasurer of New York to lars interest which would be due to the depospreside arshal various stocks were dealt in. itors June 1st. Among the banks are the, pay the bonds embraced in the 125th, 126th, execut office At 10 15 A. M.-Despatches have been reand 127th calls with accrued interest subject Broooklyn Savings Bank, Dime, and South associa ceived this morning from London houses, by to the decision of the department as to the Brooklyn savings institutions, which paid out amoun leading foreign bankers, giving orders to buy regularity of the assignments. large sums to depositors. This forenoon otherw ase of stocks and bonds at the market price. As it there was PROVIDENCE, May 15. bonds et al was feared that foreign orders to sell would The suspended firm of Fisk & Hatch was ions, A Run on the Irish Emigrant Savings be a chief factor in the downward movement agent of the Quidneck National bank of gin of indivio Bank today. this news is greeted with great satisNewport, but it is stated that the balance in profits aining In Chambers street. two hundred of the defaction and is regarded as another break in hand was very small Some private citizens have a The the clouds that threatened the financial world. positors withdrawing on account of the deare kown to be very heavy depositors. It is est in me the Wall street-The stock market has been positors belonging to the laboring classes. stated that one-tenth of the capital of the or bro President Hogarth said that the bank would strong and higher this morning. In consea verMetropolitan bank is held in Newport. ficer W gain about $10,000 by the withdrawals. At quence of the resumption of the Metropolior any $2500, The Tuna Valley Bank Will Resume. two 'clock this afternoon Wm. H. Sweeny, tan bank and the action of the clearing house in viol BRADFORD, Pa, May 15. banker, 18 Nassua street, made an assignyesterday. prices rose one-half to four per deeme The Tuna Valley Bank did not open its ment, without preference. The amount incent. The failure of A. W. Dymick & Co. impris doors this forenood. It was a correspondent volved probably is not large. announced shortly after opening, had but than f of the Metropolitan bank of New York, and A Letter From Fisk & Hatch. comparatively little effect on the values. 15. $10,00 the announcement was made to account for Bankers' and Merchants' telegraph stock, in about Late this evening Fisk & Hatch handed the the suspension of the bank, that it was which A. W. Dymick were heavily interested, following to a Associated Press representaaquoit thought best to suspend temporarily. A is offered at 75 against 119 sales yesterday. tive: A sale at 65 seller 52 has just been recorded. promise has been made to depositors that they g his To our depositors and other creditors:will be paid in full. Wall street 10.30-The street is generally LD obligad to d un
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At the opening of the Produce Exchange prices fell off and wild rumors of failures were started. Subsequently the market regained what it had lost only to decline, however, on the announcement of further failures in Wall street. The closing was slightly lower than on Wednesday. There was talk at the Exchange of abolishing calls, as has already been done in Chicago. It was the general opinion that this would be done Immediately. THE COTTOCE EXCHANGE. At the Cotton Exchange the market opened firmer, prices being firmer than at Wednesday's close. There was little business done. When the news of thefailure of Fisk & Hatch reached the Exchange the market broke somewhat at the close, May had tallen off 12 points and June 4 points. Some of the others had fallen off one point and others none at all. There were no failures afeither exchange. BOSTON'S BREAKS. NEW YORK, May 15, 11:30 A. M.-A patch from Boston reports the supension of F.A. Hawley & Co., a firm which, although not heavy dealers, were regarded as of good standing. Messrs. Hotchkiss & Burnham are engaged in the work of balancing their accounts and expect to be able to resume business to-morrow morning. BOSTON, May 15, 2 PC M.-Hill, Stanwood & Co., brokers, and Boston correspondents of Goff, Randall & Co., of New York, have suspended. Their liabilities will probably not reach $10,000. The failure is not considered of any significance. It is now said that the deposit account of F. A. Hawley & Co., at the time of their suspension, amounted to $250,000, and that their total liabilities are $500,000- There are rumors that the firm has been speculating, but nothing authentic is yet known. HAWLEY & CO'S FAILURE. BOSTON, May 15, 11 P. M.-H. A. Mandell has been appointed assignee of all the property, accounts and business of F.A Hawley & Co., without preferences. Mr. Hawley, in an interview this afternoon, acknowledged that his failure is a very bad one in that almost everything is gone, and that resumption is impossible. He says that his affairs are somewhat mixed, and it will require several days before any statement of a definite character can be obtained. His liabilities, he believes, will not exceed $150,000. BRADFORD'S EXCITEMENT. BRADFORD, PA., May 15.-The Tuna Valley Bank did not open its doors this morning. It was the correspondent of the Metropolitan Bank of New York, and when the announcement was made of the suspension of that bank it was thought best to suspend temporarily. It is thought that the bank will resume in a few days. A promise has been made to the depositors that they will be paid in full. There was a run on other banks to-day, but all demands were met promptly and the excitement was over by noon. A QUINCY BANK CLOSES. CHICAGO, May 15. A Quincy, III., dispatch says: "The Union Bank of this city failed to open its doors this morning. When the Marine Bank of New York failed, the Union transferred its account to the Metropolitan, and the closing of that bank yesterday IS given as the cause for the suspension. BONDS NOT RUSHED IN FOR REDEMPTION. WASHINGTON, May 15.-Up to noon today but $10,000 of the $10,000,000 worth of bonds called by the Treasury on the 127th call had been presented for redemption. ENGLISH SPECULATORS NOT ALARMED. LONDON, May 15, 10 P. M.-An agent of the Associated Press called upon leading bankers having important American connections with a view to learning their opinions concerning the panic yesterday in Wall street. The feeling generally expressed was one of confidence that the panic should be considered merely a local occurrence. They were positive that it would occasion no failures in London, either inside or outside of the Stock Exchange. The general soundness of the financial situation here is evinced in the fact that there have not been rumors of large failures. The remarkable decline of American securities the last during few days has attracted a new class of investors into the market, who are stimulated also by the cheapness of money in England, Germany and France. One prominent banker said that it was amazing how little real stock was being sold here, but he said the bear sales were immense. The market shows a strong disposition to respond to anything favorable from America. The participation of bank officials in fraudulent schemes was censured. This one thing had done more than anything else to weaken public confidence. TRAVELERS IN ENGLAND ANXIOUS. LONDON, May 15, 7 P. M.-The failures in New York have caused great anxiety and excitement among the Americans residing here and having business connections or interests in the United States. The anxiety is particularly painful among travelers, and many of these have decided suddenly to terminate their trips and to return to America.
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IN THE OIL REGIONS. One Bank Collapses and Two Withstand a Vigorous Run. BRADFORD, Pa., May 15.-The suspension of the Tuna Valley Bank to-day caused a run on the First National and Bradford National Banks. At the Bradford National the paying teller's window was hardly visible from the street. Two men paid checks as fast as presented. The people formed in line and acted orderly. It is estimated that $75,000 was withdrawn before National the rush ceased. The First paid out a large amount at noon. Sixty-two thousand dollars in currency was received from Philadelphia. Sight stocks, greenbacks and bags of gold and silver on the counters of the banks reassuréd the people in a measure. and at 1 o'clock this afterdoon the rush was practically over. The officers of the Tuna Valley Bank say there are no preferences, and depositors will be paid in full. The officers of the bank are C. S. Whitney, president, and S. A. Wheeler vice-president. J. P. Thompson has been ap, pointed assignee. The Tuna Valley was the Bradford correspondent of the Metropolitan Bank, of New York, which suspended yesterday. The officers of the bank decided. after consultation, that the best interests of the customers would be subserved by suspension. It has been ascertained that $60,000 of Bradford's special funds for the erection of the new water works were deposited in the collapsed Tuna Valley Bank. There was no failures in either of the Bradford exchanges to day, with the exception of Hilton & Waugh. Their difference here was $20,310. Eleven thousand barrels of cash oil were sold under the rule to their account.
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In the on Regions. PITTSBURGH, PA., May 15.-A Bradford, Pa., special says: The suspension of the Tuna Valley Bank, to-day, caused a run on the First National and the Bradford National banka. At the Bradford National Bank the paying teller's window was hardly visible from the street. The men were paid their checks as fast as presented. The peopie formed in a line and acted orderly. It is estimated that $75,000 were withdrawn before the rushed ceased. The First National paid out a large amount. At noon $62,000 in currency was received from Philadelphia. The sight of atacks of greenbacks and bags of gold and silver on the counters of the bank reassured the people in a measure and at 1 o'clock this afternoon the rush was practically over. The officers of the Tuna Valley Bank say there are no preferences, and the depositors will be paid in full.
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The Great Crash. B r Matters were quieter in Wall street f yesterday and the general outlook was 0 improved, though there was a set back I late in the day. The Metropolitan Bank e was found to be solvent by the Examiner, and its doors were re-opened at noon. George I. Seney resigned the e Presidency of the Bank and Henry L. Jacques was chosen his successor. The failure of A. W. Dimock & Co. was announced in the morning, the firm making an assignment. A. W. Di8 mock is President of the Bankers and y Merchants' Telegraph Company, and a O large shareholder in the Company, but O it was said that his failure would not involve the Company in any way. The run upon the Second National Bank ceased, but runs were make upon several of the savings banks both in New York city and Brooklyn, and the Atlantic Bank, in the latter city, remained closed. A rude shock was given to the growing feeling of security in New York by the annonneement shortly before 3 o'clock in the afternoon of the failure of Fisk & Hatch, one of the largest and best known houses on the street. One of the partners, A. S. Hatch, is President of the Stock Ex. change. The Tuna Valley Bank, at Bradford, Penna., suspended yesterday. It was a correspondent of the Metropolitan Bank in New York. The officers of the Bank promise to pay the depositors in full, and it is believed that the embarrassment is only temporary. F. A. Hawley & Co., bankers and brokers, of Boston, failed yesterday. Their liabilities are stated by the firm at $150,000. They say their suspension is due to a failure to ascertain just where they stand." Later in the day Mr. Hawley told a reporter that their failure was a bad one, and they did not expect to resume. The "Dr. S. A. Richmond Medicine Company," in St. Joseph, Missouri, failed on Wednesday "for $150,000, with no assets."
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THE SITUATION IN THE OIL RE GION. ONE BRADFORD BANK CLOSED-BOTTOM BELIEVED TO HAVE BEEN REACHED. BRADFORD, Penn., May 15.-The Tuna Valley Bank did not open its doors this morning. It was a correspondent of the Metropolitan Bank of New-York, and the announcement was made that on account of the suspension of that bank it was thought best to suspend temporarily. It is thought that the bank will resume in a day or two. A promise has been made to depositors that they will be paid in full. There was a run on the other banks to-day, but all demands were met promptly and the excitement was over by noon. While the run was at its height in the First National Bank a wagon was driven up to the building, a safe and contents of $63,000 taken out and the money spread on the counter beside the paying teller. This restored confidence at once. Only one failure was announced on Change to-day and that was not important. The market was badly de-moralized, but it is thought that the bottom has been reached and that confidence will be restored in a few days.
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BITTER FEELING AGAINST DODD. NEWARK, N.J., May 16, 11 P. M.-Daniel Dodd, President of the Newark Savings Institution, was Treasurer of the Newark city sinking fund, and an examination of the funds was made to-day. It was found intact. There were nearly 14,000 depositors in the savings bank. The feeling against Mr. Dodd has been bitter. Mr. Dodd cannot be found to-night. His son was employed with Fisk & Hatch. BRADFORD NOT DISTURBED. One Small Failure-All the Other Banks in Good Condition. BRADFORD, PA., May 16.-The Exchange Bank here, a private banking house, of which Huff Bros. & Ege are the proprietors, closed its doors to-day. It is a small concern, and its suspension caused very little excitement. The two national banks were raided by country depositors, but every check presented was promptly paid and business men continued to deposit freely. No failures occurred on 'Change. The market had a sharp advance this afternoon on receipt of reassuring reports from all quarters. The city authorities to-day examined the accounts of the suspended Tuna Valley Bank, in which the city had $60,000 deposited, and reported that its affairs were all right, the good assets being nearly double the total liabilities. The
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TheFinancial Crash Matters were quieter yesterday in Wall street, and only one failure was reported during the entire day, that of H. C. Hardy & Co. The other suspended firms " ' were busily engaged in straightening out their affairs." and were not ready to make any statement as to their condition. Runs continued on several of the saving banks, but all demands were met. Bank Examiner Seriba reported to the Comptroller of the Currency yesterday afternoon that the Second National Bank paid out $2,412,000 during the run on Wednesday and Thursday, and is considered in good condition. He also reported everything going on well, and he said he considered the trouble over so far as the associated banks were concerned. There was a decided improvement in the New York stock market yesterday, but the money market continued stringent. The géneral opinion in financial circles last evening was that the danger of further trouble was past. The Newark Savings Institution, of Newark, New Jersey, was ordered to be closed yesterday by the Chancellor, who appointed a Receiver immediately. The depositors, it is said, will not lose any way more than 25 or 30 per cent. The Newark SavingsInstitution failed a few years ago, but was left in control of the old managers. The city authorities of Bradford, Penna, yesterday examined the accounts of the suspended Tuna Valley Bank and reported that "its affairs were all right, the good assests being nearly double the total liabilities."The Exchange Bank of Bradford, a email private concern, of which Huft Brothers & Ege are proprietors, suspended yesterday. John H. James, banker of Atlanta, Georgia, suspended yesterday. It is understood he is only temporarily in trouble. He has $50,000 of available real estate, which will more than cover bis liabilities.
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BRADFORD EXCITED. Cessation of Business in the Two Exchanges. BRADFORD, PA., May 16.-Trading in the two Bradford Exchanges is almost entirely suspended. The Producers' Oil Exchange is doing absolutely nothing. The market in the Bradford Exchange opened this morning at 75 bid and first sales 76. Stevenson being the principal buyer. He advanced values to 77) cents, from which the market broke to 72 at 11:30. The failure of the Tuna Valley Bank yesterday is followed by the collapse of the Exchange Bank owned by H. B. Huff and J. A. Ege. The extent of the failure is notyet known. Great excitement exists, the streets being full of people. The failure of Jefferson Varney and G. H. Brooks, oil brokers, is announced. The market broke to 69 at 11:35. The market recovered to 71, and at noon broke to 66. Other failures are anticipated. Needs an Explanation. NEWARK, N. J., May 16.-The Newark Bank, which failed to-day, makes a statement that the firm of Fisk & Hatch owes it nearly one million of dollars. A box of securities of the bank kept by the firm, which ought to hold Government bonds only, has instead personal property not of equal value.
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A SMALL FAILURE AT BRADFORD. BRADFORD, Penn., May 16.-The Exchange Bank here, a private banking house of which Huff Brothers & Ege are proprietors, closed its doors to-day. It is a small concern. The two National banks were moderately run upon by country depositors, but every check presented vas promptly paid, and business men continued to deposit freely. No failures occurred on 'Change. The market had a sharp advance this afternoon on the receipt ofreassuring reports from all quarters. The city authorities to-day examined the accounts of the suspended Tuna Valley Bank, in which the city has $60,000 deposited, and reported that its affairs were all right, the good assets being nearly double the liabilities. The suspended Exchange Bank promises to pay its depositors In full. The bank has $10,000 of the State funds, deposited there by the Treasurer.
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Money Matters at Other Points. ST. LOUIS, May 16.-The Bank of Kansas City closed its doors Thursday. It had a capital of $600,000, and was the last to fall in the great panic of 1873. President Chick states that is due to the failure of Donnell, Lawson & Simpson, their New York correspondent. The bank had a surpius of $106,688, and after a meeting of the directors it was announced that the bank would pay 20 per cent. cash and the ba anein certified checks. The amount of deposits is figured at $2,000,000. There was a run on the bank early in the morning which resulted in a panic among the depositors. The Merchants' National bank also issued certified checks to creditors. The Bank of Commerce was forced to post a notice thae it would pay 20 per cent. cash, only. There were very painful scenes in the crowd of laborers and small depositors that surrounded the Bank of Kansas City, and many women were observed in tears. There is no evidence of any trouble in the other banks of the city, and nearly all of the present institut tions passed through the panic of 1873 with flying colors. QUINCY, III., May 16.-The Union bank, of this city failed to open its doors Thursday morning. When the Marine bank of New York failed, the Union bank transferred its account to the Metropolitan and the closing of the doors of that bank Wednesday are given as the cause of the suspension. NEW LONDON, Conn., May 16.-The losses here by the New York failures will probably amount to between $100,000 and $200,000. NORWICH, Conn., May 16.-The losses by the New York failures on margins here will be all of $250,000. CHICAGO, May 16.-The feeling on 'change here is that, while our markets are becoming more and more affected by what occurs on Wall street, there is not much danger of any similar trouble here. For years the banks have not been in such a good condition as at present. If a panic had been anticipated better preparations could hardly have been made for it. It was remarked by a gentleman well posted on financial affairs that it seemed as though the banks had kept their money all at home to meet just such an emergency. LONDON, May 16.-The fresh failures in New York have had very little effect on the stock market. American securities are in some instances higher than the best figures Thursday, and some American securities are at or within a fraction of Thursday's closing prices. BRADFORD, Pa., May 16.-The failure of the Tuna Valley bank has been followed by the collapse of the Exchange bank. Great excitement exists, and the streets are filled with people. The situation is panicky. The failures of Jefferson & Varney and G.H. Brooks, oil brokers, are also announced, and others are anticipated. PITTSBURG, May 16.-2 p. m.-For fear the banks may throw immense blocks of oil on the market and precipitate a crash, oil brokers will buy nothing, thus forcing the banks to carry on their own affairs.