The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1884-05-15
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I've Nor. B.AAs .ad Five stock III

Gene.
New York, May 1.-THE Mesroposi-
tan bank has suspended and Its doors
are closed Geo. LsneY Is president.
o. II. Bcgart s. Co. have assigned 70
John Wheeler. Preferences. S66, GOO.
Secretary Of the Treasury FoIger is IN
town, and autographed TO Washington
ordering the immediate payment Of the
l27th call for bonds. II necessary he
will order another call for $l0, 200, 900.
The failure of Hatch & Foote was
pEecipitated by the Phoenix bank refus-
ing TO certify checks.
NEW YORK, May 14.-Hatch q Foote
announce the suspension at the stock
exchange. The clearing house received
| the following from National bank
Examiner Serbia AMER inYestI CATION Of
| the Second National bank I
md it absolutely sound.
The financial complications OF the past
week supplemented by the revelations
regarding the management Of the Sec
ond National Bank, which resulted in
the resignation ofthe president, brought
about such feeling Of uncertainty IN
the financial situation that st the oren-
ing of business on the stock exchange
this morning 1t was felt that disaster was
eminent. Before long one failure after
another was announced until five stock
firms suspended aud the Metropolitan
National bank closed. It's president,
Geo F. Seney, had been one Of the most
pFOnInent spectators in the exchange
and was rated high.
The failure OF Hatch g Foote Is likely
to involve country firms as they hold
accounts with many private bankers
nutStda If Men VOr6 uwoll On
dlViduais in the west and south. Secre-
tary Folger who is Ia the city telegraph
ed Washington to take up the bonds
of the 18th Ca on presentation. These
bonds are not due until June Goth The
Secretary further promises such steps as
will relieve the present situation.
New YoRK-n0on-May 14-Money,
4 per cent. On good collateral prime
mercantile paper, about 1864. The
times are too unsettled to get correct In
formation.
Bogert s. Co.'s failure is considered
important, as they are large dealers in
commercial paper. They dealt some
what in privileges and were considered
solid. Wall, Broad and New streets
surrounding The stock exchange are
Ieries overlooking the trading room Is
The excitement on all sides is almost
unprecedented. On the floor of the ex
change all is confusion. It is thought
there is little new business being done.
Sales on account of the suspended
firms made q show of business. The
situation is decidedly panicky. Further
failures are looked for. Dlstrust is the
most prominent feature and the bank
are carefully scrutini7ing accounts.
The PBnix bank refused to certify
the checks of Hatch b Foote and this
was immediate cause OF the suspension.
A meeting OF the clearing house has
been called to discuss the situation.
which Is regarded as one of great peril.
Secretary Folger has been at the sub;
treasury all morning. He was visited
by almost all the prominent financlers
of Wall street, He ex
presses q determination to use
all the power of the government
to prevent panic and will act promptly
to the utmost limit of his authority.
| at 1915 in Wall street the mass of peo-
pie from Trinity church to the custom
house on both the sidewalks and car
rage way was impossible. At the
doors of the suspended houses the mass
of humanity IS still dense. Many
disconsolate faces gaze on the closed
doors. Among the CROWD is seen several
| we'll dressed ladies, some of whom are
present have motives other than those OF
curiosity. News of the disaster seems
r ro Private csrriages
with liVeried servants from up town are
| flying through the streets. Many DOW
stand outside the doors of the banks and
banking houses. The directors of near
| " all the banks are either in session or
present in the buildings ready for
| any emergency. The doors of the stock
excange are guarded by policemen. The
visitors In the gallerles are being cleared
| out and no one Is now adj
| mitted TO the building,
except members, clerks aud messengers,
because the crowd endeavorIng to gain
admittancs is too large for the capacity
OF the building.
sational Tumors affecting the solvency Of
several banks; but investigation proven
| them to be false, except Ii the instance
| of the Metropolitan.
The oil exchange has caught the in.
lection and Is very panicky. Prices
dropped 10 points.
| Secretary Folger says the break il
| due to reckless speculation by q few
men. He will do everything in his
power to prevent stringency. BE stat
| ed that there is plenty of money IN the
country and he does not anticipate any
panic. He said he would do all 10 his
| power to restore confidence. A tele.
gram from Twenty-third street
reports three lines Of depositors demand.
ing money at the Second National
to stop. At the Phoenix bank every
thing is quiet. The officers say there il
not the slightest trouble and no run
President Baldwin of the Fourth
National says his bank is all right.
Hatch s. Foot state that their
suspension was not caused by the refusal
of the Phoenix bank to certify theiI
checks, but was caused wholly by the
exhaustion of their margins and the re
| fusal OF customers to renew them and
their inability TO sell stocks withou; uu.
due sacrifice.
WALL STREET, May 14.-Tbe follow
ing notices are posted on the Metropoli
tan Bank door: 1.-THE cheek drawn BY
the Maverick Bank of Boston on the
Metropolitan bank may be pre-
sented to the First National
bank for payment All drafts
drawn by the First National Bank O
Utica on the Metropolitan bank MAY
/ 10 RECSC1SCA " bAO EA6b 4NGtAO0oAe HI
payment
The Post says: At twenty minutes
after eleven long line of men and boy!
stood in front of the paying teller's win
dow in the Metropolitan bank, at Broad
way and Pine street, of which Geo. I
Seney is president. Every person IL
the line held one or more checks to b,
certified, the alarming rumors a
to the failures In ever
direction having made uncertifieC
checks Of no value no matter by WHOM
signed. Just at that moment the payinj
teller shut his window, and il was an
nounced that the Metropolitan bank has
suspended payment as matter Of necee
sity and precautlon. a howl o
dlsmaY went up from til
the door, where q number of deposiSor
were met hurrying In TO get denial o
the rhmored suspension. In less thal
1--we minutes the iron doors were shu
and q policeman arrived to stand guar,
on the steps. The first story told By a larg
| deposftor, who arrived breathless an
indignant, was that the Suspension wa
] ordered by Seney in order to prevent
! run for which the bank might not
prepared. Il was said by Mr.. Sene
that if matters Quilted down in the q
; ternOon the bank might open i
time for some business to /
be done to-day. This promise was &C
cepted by q group of depositors Is {
; small comfort and after IL O'Clock
crowd Of nearly 100 persons gathered l
? front of the bank and beWailed the
D prospective loss Of deposits. TW
8 women who had drafts upon the ban
I | were in tears upon the bottom step
i | Among the depoeitoEs who appeared |
9 know anything about the suspension
: was said the immediate cause was u
Q demand for more than half Q millic
dollars by the clearing house TO nal
Q good its account.
The railroad speculations of Presidel
Seney ri generally supposed were q
real cause Of the suspension
Mr.. Seney IL president of the East Tel
7 nessee & Virginia railroad. the stock