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THE WEEKLY CONSTITUTION: TUESDAY. MAY 20,1884 - TWELVE PAGES. I
■sr
THE CONSTITUTION.
• Entered *t the Atlanta Port-Office u second-class
kill cutter, November 11, 1*78.
Weekly CeseUlstlea gl.SS Far •»»■«"•
Clubs ol five, *1.00 emcb; olube of ton, 11.00 e»cb
and a copy to the gettcr-up of club.
ATLANTA, OA., MAY 20, 1«*1.
THE WtLbStRKT SCARE,
It !• impcaoiblo at this writing to oay what
may bo tho final outcome of tho fiurry
Hew York financial circles on Wednesday.
It looka aa if the woret waa over. Panics
do not come when they are expected. They
flash over a clear sky and strike with light
ning-like swiftness. For three years the
country has been going through a proce.it
liquidation. Stocks bave fallen ten, twenty,
fhi.ty and even a hundred per cent. Iron
the index of the business situation, brs
reached its lowest level. Cotton goods are
down. There is Inflation nowhere. Solid
rock baa been reached, and with less of die-
tnrbance than could have been expected.
A thievish clerk or a speculator who has
lost his head, are to be found back of every
failure that la announced. The people of
Atlanta, closely connected with the real btui
ntssof the country, and having pulsea that
throb when any essential intereat iadlstnrbed,
read the reports of Wednesday’s failures in
New York with pretty much the same feet
log that they would have read of failures in
Enaiia or Turkey, so far is Wall street removed
from any real In'ereat here. Not a single
firm was disturbed. The course of butinei
was unchecked. Not one transaction was
changed. The ordinary stream of deposits
flowed into the banks. Collections were just
aa usual. Outside of the bulletin board on
which the failures were recorded, stood the
bulletin of the late walking match. Each
board bears the record of a one day’s wonder,
that will in our opinion pass away together.
But whatever may be the result in the
corlh we see no cause for complaint so far as
tbs south is concerned. The more money
that la driven out of Wall street the more
there will be seeking Investment in rich
lands, the exbaustleas ore-beds aud forests,
and the prosperous young cities of the south.
Capital baa been kept out of the south by
prejudice. It has been amassed in New
York seeking 1 per cent investment or
driven into Wall street in the hope of get
ting more, while the south offered 8 per
cent with the best lecutity, and
opportunities for safe Investmeut
that would pay twice as much. Every time
Ultra is a shake up the vision of the oounlry
is cleared, and the possibilities of the undevel
oped south are seen all thajplaluer. In the
next few mouths we shall see milllonsof dol
lars driven out of speculation by this flurry,
seeking investment in growing yousg south-
kern clUee, improving rich end cheap south
cm farms,' opening southern mines,
hewing southern forest aud planting mills by
southern water-powers, l'enple can't eat
their money. The time fyrkeeping It In trunks
and old stocking! has pasted. When driven
out of Wall street by the flurries of specula
tion, and out of the crowded north by exces
sive competition, it will come south, where
climate, resources end opportunity all invite.
II we were called on to sum up the results
of Wednesday's whirlwind in a sentence we
should say: “It will hurt Wall street and
help the country—it will lesion speculation
and Increase investment—it will scatter
anoney from the centers to which it has been
drawn in feverish and unnatural currents,
and rend it into other sections where health
ful and rational investment awaits it."
MR. JAMES'S SUSPENSION.
The publto will be astonished this niomlog
to read the notice of the suspension of Mr.
John M. James, banker. There was unusual
quiet Thursday throughout the whole com
munity. The banks, without exception, re
ported that there waa no unusual demand for
money made on tbem. It was understood
in banking circles that deposits had been
withdrawn with more or leas steadiness from
Mr. James's bank for the past two weeks,
but there was not enough of a
run made Thursday to excite even
the attention of the other banka Several
of the other banks, however, tendered him
assistance and he accepted small amounts of
currency from two or three of them, which
was tu flicient to carry him through the day.
Them was general astonishment, therefore,
when Mr. James announced at abont five
o'clock that he had determined to eell his
seal estate to protect hie depoalton and to
aloes hie bank for the present
As will be seen elsewhere tbs bank-
art of tha city bad a mealing Thurs
day night, sent for Mr, James and tendered
him such assistance as he would need to carry
him through his emergency. Mr. Jernes
declined to accept this amtetance, staling
that ha had more than enough real eatata to
protect all of his creditors at a fair price
and that he would prtfer to pul this real ea
tata lo tele rather than accept assistance
from bis friends.
Mr. James has suspended once before and
an that occasion wrote a memorable
card which wss beaded, "euepended
don't mean brake.'' As soon as be could
iIk! a sale of pert of hie real estate aud
adllict In some of bis loans and discounts bt
ssiumed bnxtnsse, paid (very depositor in
toll with interest and has adJed largely to
kit fortune in the past ten yean. It ia be
lieved by Mr. James and by those wbo know
hie affairs but that bis suspension in the
present case will be no more serious than in
the first There is one other thing
to be remembered iu tbia ! con
nection. When Mr. James suspended be
fore, although it was in the midst of a pauio
that was general and that bad prostrated
every bank In New York city and almost
takes bit name oat of discussion. The states
that follow will be even more solid and en
thusiastic. If Mr. Tflden lives be will bo the
next president of the United States nnless be
aheolntely and formally declines to accept
the nomination. that the democratic conven
tion will tender him.
THE OROWING CROPS.
The prices of stocks msy shrink, wild-cat
brokers go to the wall and even national
banks become as unsubstantial as tbe mists of
every bank in the country, the Atlanta I phe morning, and yet tbe masses will live and
banks stood firm, weathered tbe storm and prosper if tbe crops are good. Jnst now tbe
did not close their doors. This bss been rc- <™l» are the silver lining to a dark and depress.
membered.to their credit ever since. There I. < a ‘ cl° ud . Good news comes in from all
* „ .... . directions abont the growing crops. It Is said
no reason to believe, that the case will be Btated _ that the pro)pect for a
different with Mr. Jamea's present I great wheatcrop was never better at this time
suspension. On the contrary, the in the season. All through tbe great wheat
banks are without exception in better fix to- beU , of tbe northweat the crop is in excellent
. .. _,. . . , condition. The state commissioner of 1111-
dey than they were then. There is lew of nolsBayB the crop o{ bj „ „ about
genera' depression and less excitement, and p,, „, n t better than It waa last year. The
less reason for a panic. The banks ere or-1 spring wheat is also looking well
ganlzed and determined to support each I and tb ® acreage has never been
other. They are in tbe bsnd. of skilled and ? Ur P““f- J b ’ P ' inll ”« °‘ “ rn ,
’ been retarded by tbe lateness of spring
excellent officer*, and are backed by able wcat fae r , but it is believed that the acreage
and watchful directors. They understand the will not on that account be lessened. If pos-
situation thoroughly, and they are satisfied I sible it will be increased. In the west there
that they have more than enough r.sources <•» tendency to devote moreand more land
„ .. , , com, which is food for both men and ani-
to carry them through, and that U would not be surprising to find that
any of them could pay two or three dollars I the year's acreage had nsver been exceeded,
for one for all that they owe. I The tobacco crop will also be large if the sea-
There is not the slightest cans, for excite- » on continnee favorable. The reporte from
. ,, , _ . , . , the cotton fields indicate, In spite of late
rnent. Mr. James bes suspended for ressons , . , ' T
I planting, a small increase in acreage in Oeor-
of bis own, without a run having been made g)aand Alabama, and a large increase in
on blx bank, and in tbe face of asslatance I Texas, Mississippi, Louisiana and Arkansas
that waa offered. He has taken this step out I promise about as much as they bad last yesr.
of abundant prudrnce and a aenaltive desire S"* 111 ar ® ”P OTt « d «“ N ' orth Caro '
, ... . lina and Tenneweo. Aa a rule more com
to rave from sacrifice any of hia real (state m „ clal fert || U(i „ have been used in Georgia
and negotiable aecorltiea. Alabama end Miailaalppi. Bradatreel’
As we bave atated before, the aaaociated I says In summing up tbe
banks and bankers of Atlanta are in better eituation, “that there is no promise of a de
condition, atronger as to reecnrce. and better cre “®'" b ‘‘® » »*rg. Jncrerae In Texas may
' . . I reeult in ft larger total area.” If, therefore,
organised than ever before. This baa l*«*n lhe la favorable and the crop an ave-
largest majority ever given him, and that it
wu what he said and did on that occasion
that helped to make tbfa result.
Without doubt Dr. Felton will support tbe
nominee of tbe democratic party for presi
dent and vice president, and be will if celled
on render valuable aid between now and the
election. Tbe state of Georgia coaid send no
better representatire to tbe doabtfnl states to
discuss tbe pending political issues. He will
gain democratic votes wherever he could be
beard and we hope that be will be prevailed
on to take part In the pending presidential
campaign.
ascertained from tbe meeting of tbe ofllcera I rage one, we will have an abnndancaof cotton
of tbe banka at which a full, frank and I to sell,
detailed luterebange of vlewa took place.
It is of course too early to connt agricul-
_ ... , - tural chickens, but so far as wo bave anything
The people should keep cool b«*d» »nd u, g0 on , lt I, „f. to ray that tbe ouUook for
standby the Institutions that xept open large cropi is very promising. The catting of
doors in the panic of 1873,i when nine banks I wheat will aoon be begun along the gulf, end
out of ten the country orer bad suspended, tbe grand procession will move on until the
and which hare atood as model, of strength, wh **‘ of ' h * Ecd „'T ° f “V"? *’
’ I vested. If the wheat, corn and cotton crope
conaerratism and liberal business methods. turn 00t welli we need not troublo oaneWes
The outlook this morning is decidedly bet-1 about tbe npa and downs of Wall street, or
ter. Business la agnln resuming its normal the disasters that tbe crookedness of that
condition, and while tbe .ToU.n.Ant ha. locallt y natnrall r P™*-®®*
been rather lively on Wall street, yet the
buaiueu Interests of tbe country is thorough-
ly safe.
DR FELTON'S POSITION.
Much has been said recently about Dr. W,
H. Felton’s position In politics. It has been
stated that bo bad vlewa different from
bis former position on tbe propriety of or
ganisation. Desiring to get at tbe exact
ANOTHER VIEW OF THE FAILURES
The enormous shrinkage in secnritiei, in
good reeurltles as well es In doubtful or f » ct * » bout ho » be did etand towerde the
worthleis ones, bts precipitated a panic In P«‘y. ®“d If be expectod to take active part
tbe monetary center of the oouutry. It is ln ,b ® approaching presidential campaign,
estimated that the shrinkage of the last two »® requested, through a mutual Mend, an
years in securities alone reaches the turn of
fifteen hundred millions. No matter bow
Interview with Urn. He has responded in a
letter whirh will bo found In Another col
many Ferdinand Ward, there may be In the unin - Tb « r ® has never been Sny doubt in
present troublo, the underlying cause after tb ® “‘"d* ° f “>® P®°P'® “bout Dr. Felton’s
all is this shrinkage In shares and bonds. ®«rnf»tne«a in politico. Ho had plain and
But all the railroad, and mills and mines undoubted principles to back him. (1). Ho
and furnaces and other corporate works ere opposed to ollques and rings. (2). Ho was
here, and the prevailing “shrlnk.ge” doc. 1 111 fav0( ot ri K h ‘. B “ d opposed to wrong. (3)
not, therefore, mean any material loes of | ®® w *’ ‘ or ‘ b ® people.
Tills was bis gensral platform, and one that
required no party to make it. Being an able
man, full of agreeslve power, be made great
headway on tbe stamp and' in tbe pulpit,
and defeated the organized democracy three
times In his congressional district
He started out, it is true, when there was
actual property.
In some respects lower and falling J
values work valuable results. They
induce more economy and prob
ably more energy. Work and econ
omy combined with good weather for the
growing crops, usher in after a waiting spell
prosperity and wealth. We thus in every I * rc » l dissatisfaction in hi. district, and It be
ten or eleren years tread the ronnd of undue bad halted after he had accompll.hed alt
Inflation, undue depression and a spell of 1 tb,t b ® dt, ‘ undertook to accomplish then
stow appreciation. Tbe iky rocket period ,b ® r ® wou,d D « T « r h » v ® been any cause of
followed tbe resumption of specie payments, complaint. But the doctor progressed. He
and we have now come down to tbe level w “ •«•»•«*» opposed to any min tho
that we etarted front In 1873. But If the I democratic parly nomluated-h. made war
•gloom that now prevails drives out on organization -he attempted to make or-
extravagance and display and uahara 8 anl,,lion ‘ b ® democratic party all over
In economy and Industry, all the state obnoxious, and wra ever willing
will yet be well, especially If the crope turn 10 foal,,c ® wllh lh ® republican, to aocom-
out welt. But whether tbe crope are good or P u,b ,bl * ® Dd ' ™. ia all the eomplaint we
not. every man Is safe who la out of debt bave to make againat Dr. Felton, and in this
and keeps out of debt. Thera la no safer W8 tbtnk h ® b “ dilI,red wltb Captain Jack-
rule in such a storm as the present one. For- ,on - No bone.t man will let hia party make
Innately for the eoulh and west, tbe prnople him commlt “ wrot *- But when yon fight
Owe very little u compared with tbslr in- »>* P"'* ( ° r »bey will try to do It, and
dehiedneaa in 1873. The efleet, of tha panto d,nOTirc ® ,he organisation without attempt-
esunot therefore be rery severely felt in ‘j* to corr f ot “ b® fjr ® denouncing it, then
either of the great producing section, of “• P art J r do ‘ s “ ot have a fair chance. Cap-
the countiy. Special interests will suffer, I ** n dacb,on b “ been a consistent
but the mara of the people will not.
It Is in feed surprising how far legitimate
bustneaa baa been disconnrcted from the
operations of men who carry loads
of wagering contracts or watersd
securities. No matter how severe the press
ure may bsoeme in Wall street, huaineea will
move on aa usual, tbe crops will continue |
to grow, aud the railroada will earn as much
as they would otherwise hare done, and
democrat, working for organixition in his
party, aud we lake tt for granted t bat in in -
doming Captain Jackson aa strongly as be
does, be intends to emphasise the fact that
be believes in paity organization, and will
hereafter co-operate with those who
wish to perfect and make
the organisation of the
democratic party in tbe state. We have
heard as much intimated by strong friends of
THE NEW REVENUE BILL.
The same objections that applied to tbe
Morrison bill apply equally well to either tbe
Hewitt or tbe Tucker bill. The Hewitt bill
alms to simplify tbe mode of collection, but
it ia also a tariif reduction bill, and Its con
sideration in the bouse wonld reopen tbe en
tire subject. The bill introduced by Mr.
Tucker, of Virginia, provides for the repeal
of tbe tax on tobacco and on brandy and
wine manufactured from fruit. The consid
eration of this bill wonld, in either bouse,
lead to a struggle over amendments looking
10 a redaction of customs. The free-traders
will oppoee tbe Tucker bill, because they
want no reduction on internal taxes nnleo3
there is a reduction in customs. On tbe other
hand the protectionists will oppose the Hew
itt bill, because it enlarges the free-list,
and freely employs the principle of horizon
tal reduction. Neither bill can be passed
without a long debate and a bitter straggle.
It is to be hoped that neither will he reported
by tbe ways and means committee, and if
either is reported no member who desires tbe
success of the democratic parly next fall
should vote for its consideration. Tbe new
bills should go to meet the Morrison bill and
all tariff legislation should be postponed to a
more auspicious occasion. The sentiment
ot tbe democratic party is nnmistakeably
against any further agitation of the question
during tbe present session, whether it takes
tbe form of the Tucker or the Hewitt bill.
It is too late to open tbe broad anbjeot in
congress.
aa a farm which can be reached only by the
desperately fashioned highways that eerre
instead of roada In Georgia. We are glad to
see tbe grand janes of the coanties display
ing a thoughtful interest in tbe matter, for
it lean evidence that those wbo control pub
lic sentiment are ready and anxions to inau
gurate a movement in Georgia that will re
salt in more permanent good than any other
that can be projected.
THE EVEN TU OF FRIDAY.
It Is oselesi to disguise the fact that Fit
day was an anxious day in Atlanta. The
suspension of Mr. James following tbe
trouble in New York—and by tbe way de
pendent on tbem—creaced an apprehension
that a ran would be made on tbe other banks
of the city when it was announced. While
the banks are in a perfectly solvent condition
end able to pay two or three for. one on all
their liabilities, it was /eIt that a serious run
might embarrass legitimate businesa.
The bunks rose to the occasion. They un
derstood exsctly what might be expected at
their bands and they were prepared for it.
There was more or lesn demand for money
during tbe morning which was
promptly met in every case.
Tbe demonstration of strength made by the
banks during tbe forenoon restored canfi-
dence even among those who had been pan
icky in tbe morning, and the last half of tho
banking day aaw a ateady stream of deposits
pouring Into erery bank in the city from Its
business customers, and the movement ol
wiibdrawing money virtually stopped. Tbe
banks doted much atronger than they were
when they opened, having disarmed snipl-
on and fairly conquered the situation.
Many of those who drew money oat
in the morning returned it In the after
noon to tbe very bank from which
they had taken It. Many who were discuss
ing the expediency of drawing out decided
to let their -money remain where it was.
There woe congratulation all around last
evening among the bankers and basinets
men which will be strengthened and com
firmed by the record of to-day. There are
no stronger banka in' tbe country in propora
lion to their capital and their business than
the banks of Atlanta and they will be all
tbe stronger and all tbe better because of
the tecord they made on -Friday.
when the Wards, and Keene., and Enoa have “ d ‘ ker ? ‘• nothing in ‘ b >* >•'»"
tuat makes us doubt that we are right in
making this lurmiae. Captain Jsckaon, It
will be remembered, was chairman of the
all been drawn fraur tbe market, we will
doubllera again in an honest way enter
upou tbe long road .to prosperity, and we. . . ,
will of couee reach another era of dieter I »;“•« d "uocr»t!c executive commitleeduring
and bankruptcy when we have persistently
disobeyed the laws of lrgitlmste business.
THE 1ILDBN MOVEMENT.
No man who fz not wilfully blind or lg-
noraut, con doubt that 8. J. Tilden will re
ceive tbe unanimous nomination of the
democratic party, anlew he itatei formally I stand by hts record and bis platform and find
the two last gubernatorial election!, and at a
time when there waa mere danger to organ
ized democracy from independent! aid
ooalllloniata than at any lime for years.
It wa are right we congratulate Dr. Felton.
Wo certainly have never differed with him
materially except on these points. We can
over hit owntignature that he fcennot and |
will not accept It.
fault,
Uses bis
if he
mind
comet
and
inside
ability
Never in thp history oi the country hit I make the democratic party pure and perfect
any party turned to any leader with such I Instead of standing outside with every cue-
enthusiasm as the democracy now turns to I my it has, black or white, and without re-
Tilden. West Virginia, Iowa, Oregon aud I gtrd to parly linee, fighting everything It
New Jersey have declared for him formally. I does and every candidate it nominates.
Kentucky it confessed to be practically solid I There it one point made by Dr. Felton that
for blot in spite of the McDonald boom that I we think illustrates s strong trait In his
has been so studiously worked up in that I character, and it is his desire always to strike
•tale. Virginia declared it egainst tbe policy I back. It will be remembered tbet daring the
to 1 fikiract, bat the dispatches state that the I Stephens campaign Colonel N. J. Hammond
convention wu enthusiastic sad the delega
tion virtually solid for Tilden. It is so open
■rent tbst Pennsylvania, instructed for Ran
dall, who te Tilden'a closest friend, is fpr Til-
den il Tilden'e name Is before the convention.
Of tbe delegatee already elected, fully fire-
sixths of them will rally to the invincible
made a strong speech against independent-
lam aa then presented by tbe coalitionists led
by Dr. Felton and Mr. Emory Speer. Dr.
Felton takes occasion to twit our congress
man on Ibis speech.
He mutt remember tbit Colonel Hammoad
GOOD ROADS IN GEORGIA.
The grand jury of Bibb county in their
general presentments at the spring term of
tbe superior court, have been thoughtful
enough to broach the subject of permanent
roadways for the county. They recommend
is tbe first place that the law be change! so
that either the city or the county shall have
fall control of the cheingang for the full
term. They recommend in the second place,
that a competent engineer be employed to
make a topographical survey of the public
roads and outline the needed fillings and ex
cavation! with a view of beginning a system
ot macadamized roads at the earliest day
practicable. Such a system, tbe grand jury
believes, will prove a permanent benefit to
the county, and “will add more than any
thing else to its general advancement and
prosperity.”
This is well pn>, and it is to bo hoped
tbst the spirit manifested by tbe grand jury
of Bibb represents the public opinion, not
only of that county, but of that whole sec
tion. Feebly and inadequately enough Tub
CossrrrcTnx has endeavored to impress upon
he people of the state the necessity of pro
viding permanent roadways. Let such a sys
tem be organized now, and in the course of a
few years every interest in tbe state would
respond to Its helpful influence. Good roads
—and by good roads we mean permanent
roads—are not only conservators ot economy
but ere ministers of civilization and pros
perity. They are so important to communi
ties and to tbe people generally, that to ade
quately state their influence wonld seem to
be exaggeration. A community that pos
sesses tbe advantage of good roads possesses
every comfort and convenience that a pro*
perous civilization can give.
It is iu view of these facta that Tux Cox-
mriTVTtox bos endeavored to impress upon
these of its Georgia readers wbo do not pro
pose to emigrate to Tt xss, or to some other
inferior climate in the west, the necessity cf
tddlf.g to their comforts and convenience-,
as well as to the actual valuo of their proper
ty, by inaugurating aud completing at tho
earliest day consistent with sound economy,
a system of permanent roadways that will
stand as a monument to their foresight and
sagacity.
No: the least important result of such a
tyatem is the increased value which it wonld
give to farm property. It is not too much to
y that a farm which can be reached by a
f eras nominated after this speech without: permanently good roadway is, everything
leader of the democracy unices he absolutely ' opposition, sod that he wax elected bjr the eb * b *‘ n 8 wortb *• much egaia
THE BROKER'S PANIC,
While it cannot be truthfully asserted that
legitimate business and business of the
"blind pool” uatnre have no connection,
that they are not parts of one great system,
and that tbe failure of one part has no effect
upon the other, yet It can be said that the
flnrry of tne past week among banks man
aged by speculators sad among their broking
friends, has not extended to those engaged In
legitimate busine.ii except in a very few
esses, and that the whole matter bids fair to
resolve itself into a local trouble. The un
sound branch of basinets has had undue
prominence; it has become bolder
and more dishonest each year until at last it
bos reached the collapse that awaited it.
Such a collapse was iaevitsble, and if it re
sults in driving from the commercial centers
confidence men and stock waterers it will
hsveserved an excellent purpose, and will
prove a benefit to the people rather than an
affliction.
Tbe couatry perhaps never held a bolder
confidenoe operator than Ferdinand Ward.
Himself a young man, without standing or
much money, he first seenres the confidence
of General Grant, who seems to have been
looking for a keen Wall street man to take
charge of his boys. Ward was looking for a
man wbo held tbe confidence of many peo
ple. The two met and a partnership wss
formed. Fish, a speculative banker, waa
taken in, and Grant’a sons counted os two.
Using Grant's name as the real capital of the
firm, Ward at once proceeded to invite in nil
he could reach that wanted to make money
rapidly and easily. He drew In the connec
tions of the Grants, including ex-Senator
Chaffee, for all he was worth, and his list of
Victims includes bank presidents end railway
chiefs and strong merchants. We give below
a copr of the documents tbst he iuued fo
those that he entrapped:
USGKAKT.Jr. Gr.ANT.fc Ward, GenUBGatNT
FsantNAMD Ward Hanker* and Brokers. J D Fun
No. 1 Wall street, New York. Foq is 1884
This is to certify tb it wa h«v- inis day received
from Cspt-lo E. Spicer, Jr, ita.OOO. which we aro
lo Inveit for him; aad we asree to ro'tirn him said
150,100 on MaylS, 1881, together with I* 000 oroflt.
Grant & Ward.
Ward kept his trap set at all times, aod
some of those that walked into u left a nail a
million dollars behind; and the gross result
is a failure for nearly fifteen million dollars
that eclipses oven too South Sea scheme^
Other confidence men in Wall eueet were
not so bold, or had not Gram’s name to work
behind; but their-gamo woe essentially
similar and is to be hoped that the present
pressure sill crush them one and all.
The other class is well represented by tbe
West Shore railroad crowd, who built a line
parallel to the Vanderbilt road in central
New York. Such men build railroads, not
so much with reference to thb demands of
trsfllc, as to find an excuse for getting the
profits of fat contracts in tho shape of stocks
and bonds placed at a rate per mile far be
yond the real cost oi the line or the capacity
of tne country to meet them. They are
the railroad boomers and stock waterers of
1880 and 1881. The harm they do consists
chiefly in unloading their watered securities
upon widows and orphans sod people who
are poorly informed in respect of their true
value. Such purchasers suffer as keenly aa
the dupes of Ward or the depositors of tbe
Marine bank. One class of operators is just
as honest os the other, and the less we have
of either the better off we are.
The flurry of lost week relates more partic
ularly to these two classes—to the confidence
men end the 'stock waterers—and if it has
ruined them, or punished tbem so that they
are no longer dangerous, great good has been
accomplished. The country at large certain
ly is not affected by the New York troubles.
On account of over-production there is a de-
pnstiou in trade, but this depress
ion is of two years’ growth, and
in that time sails have been
trimmed against a storm. All branches of
legitimate business are in good condition.
Merchauta as well os bankers hive been cau
tious, and to-day business men that are
entitled to places in the business world ore
close to shore, and solvent, and ready for all
that tbe future hu in store for them. Finan
cial disturbances of a sweeping and damaging
nature to legitimate business do not come
after two years of c <01100, and there is not
s particle of reason for expecting anything
phenomenal at tbe present time. Tbe stock
broken and speculators will be left to fight it
out nrnong themsslvas, and It is probable
that the period of depression will be hastened
to an ending rather than retarded by the
explosion in Wall street.
Stflb, A floe programme. Including sa excursion
toCufflta rI * ni1 island, bss been arranged. The
round tr/pJzo® Atlanta to Brunswick will be six
dollars. .jT-d-nd-r. ss-r 14.
It bss been sudi known mat one of the Indict-
mints found by tbff-p.N:Ial grand Jury on tbe Cin
cinnati riot wss sgatnrt * C Campbell,the Attorney
who defended William BSr.ve, the murderer of
Klrke, for bribery. Mr Campbell upon hearing of
tbe Indictment went to tbe cotirt, waived legal
uo'.lce of the Indictment, pleaded not guilty and
gsre bond in tbe sum of J1C0 for hia appearance
at tbia term of tbe court. Tho directors of tbe
Mexican Central railway and party were entertain
ed yesterday morning by tbe Mexico Jockey olub.
The Canadian authorities haye established tbe
fact that tbe dynamiters bad a plot completed to
blow up tbe public butldlngs A. 8. Hatch wu
elected president ot tbo New York stock exchaogs
lost night.
in rax CITY.
The annual meeting of the Young Men's Library
association wss held last night. Tbe association is
In a flourishing condition. Tbe annual sddrets
wss delivered by President Charles E, Harman. A
new suburban villa-town la being projected near
tbe junction ol tbe Air-Line and Belt railroads. It
listated tbst tbe executive committee ol the green
back-tabor party will meet here eu the 20th to se
lect delegates to the nsilonsl convention at In
diana: oils on the 28th Inst. The State dental so
ciety met ln tbls city yesterday.
Thar-Sar. Alar 15.
Only two additional Indictments by tbe special
grand jury were made known yesterday. One
was against A. F. Shaw, a tors-
min ol the grand Jury that indicted Better. Ho
Is charged with perjury. The other wss against
William Macs lor arson. He Is chargee with bay-
leg tet fire to the court houso. A number of Ca
bans, Including Castro, hare disappeared from
Key West, and are supposed lo bave gone to Cuba.
terrific prlzs fight occurred yesterday morning
near Clear Creek, 40 milts from Omaha, between
James Fell, from Rich H1U. Mo., and Jack Hanley,
champion of Colorado, for a purse of 8300. Twen
ty-two rounds were fought. Fell won the fight.
Tbe mills of the Kentucky lumber com piny at
WIUIamsburg.Kentncky,burned tbls mornli'g. Tbe
principal owners are Louisville men, Lora 860,000;
Insurance 810.000.
IN TUX CITY.
A man named Dsn Johnson, balling Irom De
Kalb eonnty, ato a peck ot green beans yesterday.
From the manner in which they disappeared, it
must have bean a long llmo since he bu bad s -nap
atsiqnare meal. Yesterday Governor McDaniel
signed tbe psrdon of William Malone, wbo ln 1880
wasoonvlcted in Fulton inpeilor court on a charge
of assault with Intent to murder. On October 27
of that year Malone was sentenced to lour yearsto
tbe penitentiary and is now at Lowe'a camp at
GraysTllle. For some time be has been nearing
death’e door with an incurable case of chronic
bronchitis.
Prldsy.star le.
Tho election of bishops by tbe Methodist Epi-co-
pal general conference In Philadelphia was held
yesterday. Four blsbops were chosen. No '
election was bad on tbe first ballot. On the second
ballot Her Dr W. X Nfnde, ol the Detroit coaler
euce, president of tbeQarrett Biblical institute, and
Rev Dr J M. Walden, of tbo western bo k concern,
Cincinnati, were elected. On tbe third ballot Rev
Dr Mullatln was chosen. Tbe fourth ballot gave no
resntt. Tho fifth ballot—Rev C. H. Fowler. Six of
tbe Mexican train wreckers bave been shot. Gen
eral Resco baa been elected president of Venzuela.
The duke of Marlborough baa petitioned the
court of chancery for a permit to sell tbe pictures
end books ln the Blenheim bouse. Tbe annual
mee’lcg ol the association of medical superinten
dents of Insane asylums Is In aesrlon ln Philadel
phia. Yellow lever la raging at Para, Tbe warm
weather Is causing floods ln Utah.
lx to* cnv.'
The diocesan convention of tbe Protestant Epis
copal church of Georgia la cow bolding Its slxty-
sicond annual session in thtsolty. Tbe convention
Is attended by 28 cleiioal delegates and '9 tsymen,
and tbe body Is composed of fine looking, intel
lectual men. Tbe opening sermon was preached
by tbe Rev. W. B Walker, of Augusts. Ills sub
ject wss “Feeding tbe Lambs,” and his sermon was
a noble effort.
Saturday, Mar IT.
Tho atrike at tne Crescent mill In Fall River haa
ended. The Philadelphia and Reading railroad
has discharged overfiOO men. A atrike bra been
organized among the dove mounters ln Borne, N.
Y. Francis A Melville, a female abortionist, died
yetserday ln tbe oonnty prison ol Philadelphia.
Lord Randolph Churchill has been unanimously
re-elected chairman ot the national conaeryatlon
union. A large meeting was held yesterday at
Guildhall. It wu violently uprosrous throughout.
Resolutions were adopted condemning tbegor-
ernment’a municipal bill. Tbe gtsdt theater of
Vienna was bnrned yesterday. The atcamsblp
Illyrian hu sunk off the Brlttshceut No lives lost.
Tbo French legation ln Morocco have rejected all
tbe peace proposals of tho Moorish government
fienor Eunoswoako, an extreme oonserratlye,
has been elected president of tha Spanish cortez.
Orders bave been sont to Celro to try and com-
munlcato with Gordon by some other route than
Berber.
rx niz ctTV,
The Metropolitan street cu line will reach the
new psrx about tbo first of nexl month. Large
tomatoes on the market The go<pel meeting be
ing bold tn tho first M. E. church erery ni<ht are
drawing targe audiences. Tbe meetings tre being
oonductcd by E. W. Bliss. Tha State Chemists
convention closed its tabor's yesterday after a very
Interesting and profitable scs-lon. Bob Turner,
tbe old negro man who wit knocked on tbe held
Saturday night last by Elbert Ware, died yesterday
morning in tbe Iry street baptist.
Sialir, May le.
The Italian government la preparing a scheme
for the conversion of the national debt This *
movement Is warmly welcomed upon tbe German
bourses. Tbe capitalists at Berlin end Frsnklort
are heaittly Iu favor of tbe conversion A tele:ram
received at ’ Quebec from PsaDCblsc says
DURING THE WEEK
TatiSai. May IS.
Butter P 8lrang, ot Elmirs, N Y. a member of
congress for two terms, killed himself In the pres
ence of bis wife aad son. He has been sick a long
Pine. lie was United Slates marshal for Dakota In
last. The contract for tbe ■uierstrncnre of tbe
Cincinnati customhouse wu Siturday swarded te
tbe Burlington mtuulacturing company, for 8k)..
Tbe steamer Faraday landed the shore end of
tbe Mackey-Bennett cable at Csnsa, Tbundsy.
Madison Fquaro garden in New York, wss filled
wllh 8,060 people tut night to witness a glove con
test betaeen Charley Mltchel aad Billy Klwardi,
Tbe result was a draw. The khedivo hulraned a
decree making l ieutenant Cbermalde governor ol
Suiklm. Sixteen prisoners were seat-need by
the judges ol tbe Cincinnati criminal courts Sat
urday morning, tbelr sentences ifgrcga'lng 111
yours. Midhat Pasha died yesterday from tbe effee •
ot a carbuncle. Tbe Journal de 8t. Petertbnrg de-
nlea tbe statement tbst the sbshot I’trsit has cedi d
Narakahs to Russia. The empre>s at Chins approves
ol Li Hang Chang's memorial, ntglng tbe neces
sity ot peace between Fia.ee and China. Tbe
atrngg'e between tbe German imperial government
and tbe German liberal* becomes dally more h Mr
as tbe time of tbe Klcbttag elec.tens approaches.
Outbreaks between tbe soldie.-a and natives ln
Cairo are of dally occurrence On Friday a fight
occurred outside of 'Alexandria between a party ot
English auldlrts and a number of Bedouins from
Like Mcriotis, in which severe! were killed,
tx rat cur.
Yesterday afternoon Tom atewart, a neg-o man
wbo wot working on tbe ni.roel near tbe fair
grounds, was struck by a passenger ergtae and
knocked le treeless. Hts right thigh waa brogsn and
! a heavy inow storm occurred there peaterday
and tbst six vessels ware In tbe Ice above there.
Tbe north German Loyd bus decided to establish
suk-idlied steamship Hues to Australia and eastern
Asia. 8peclal steamers still be conrtinoted lor tbls
purpose.
in rax CITY.
The ceremonies at Bt. Phillips today will be
rery interesting. At tbe usual hour tbe services
connected with ordination to tbe priesthood will
be held, Bishop Beckwith oxidating. The Rev J
U Armstrong, rector elect, will then deliver a ser
mon. It Is not cfteri that two such ministers can
be heard In a klngle service. Yesterday afternoon
Patrolman Abbott killed a snake tbst measured
seventy seven Inch a. Tbe snake waa uken to tbe
station bouse by tbe patrolman.
ifsyal Yart,slag Trip.
Bath, K. Y., May 17 — Oaptala George Wood, ot
lUmmondspsrt, wtU start In July next to spend
the winter tu Florida. He li having a yacht buUt
at Geneva, on Beneca Lake, In which to make tbe
trip. He will leave Geneva for Lake Ontario, via
tbe Seneca river, Erie canal aud Charlotte river.
He will go tbe Thousand Islands and tbe St. Law
rence river by way ol Lake Ontario. Front tbe S:.
Lawrence be will point rouih passing through
Lake Cnamplatn and Lake Geo rge, and Ihence
down tbe Hudson river to New York. Leaving
New York be will follow the Atlantic coast to the
mouth of tbe Cbeaaplake bay. Bailing op tbe bay
and tbe Potomac river to Georgetown, he will take
tbe Chesapeake and Ohio canal to Pittsburg,
thence down tbe Onto to the Mlralaalppt, and dosrn
the Uirslastppt to the Golf ol Mexico. Crossing
tbe Gulf, he wit select eomt point on tbe Florida
coast for hia winter stopping place.
Tba ".It it Liberty Hal:
Liberty hall, the old homestead cl tbe late Gov-
.... . . ...... . eraor Stephens, wilt besoideu tbefintTneaday to
rj" v^^tlLT. !c ? ms'!!ito June. The furniture, library aud ether effects will
ledge. Knight, of **!“»■ of Ora.-gta._wUl Imld It. j t , ^ at th ,^ aJ , lm ,. Ihe wiUbeet
next ftanail imhoo it Bniiuwicic oo Tuc«*7s Xftjr j ubiic outcry•