The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-15

National of New York Additional notices
nounce that drafts of Holmes & Sons of Pitts
burg will be paid by the Bank of America;
drafts of the Flour City Bank, of Rochester, and
of Marshall Field & Co, of Chicago, will be paid
by the Bank of Commerce; drafts of the banks
of Attica and Buffalo by the Hanover Bank
A. NJ. Bogert & Co.. bankers have suspended.
This failure is considered important, as they are
large dealers in commercial paper and dealt
somewhat in privileges. They were considered
solid
Wall, Broad and New streets, surrounding the
Stock Exchange, are filed with surging masses,
and the galleries overlooking the trading room
are crowded to repletion. The excitement on
all sides is most unprecedented On the floor of
the Exchange all is confusion, though there is
little new business being done. The sales on
account of suspended firms make q show of
business The situation is decidedly panicky,
and further failures are looked for Distrust is
the most prominent feature, and the banks are
carefully scrutinizing accounts
The Phoenix Bank refused to certify checks of
Hatch & Foote, and this was the Immediate
cause of their suspension.
Secretary Folger has been at the Sub-treasury
all morning which was visited by almost all the
prominent financiers of Wall street. He ex-
presses a determination to use all the power of
the government to prevent a panic, and will
act promptly to the utmost limit of his author
ity.
At 12:15 Wall street was a mass of people
from Trinity Church to the custom house, both
sidewalks and the carriageway being impossible.
At the doors OF the suspended houses the masses
of humanity were denser, and many disconsolate
faces were seen at the closed doors. Among the
crowd were seen several well-dressed ladies,
some of whom were present from motives other
than curiosity. The news of the disaster spread
with lightning rapidity. Private carriages with
liveried servants fromup town are flying through
the streets, while many men stand outside the
doors of banks and banking houses The direct
ors of nearly all the banks are either in session
or present in their buildings, ready for an emer-
gency. The doors of the Stock Exchange are
guarded by police the visitors galleries being
cleared. No one is now admitted to the build
ing except members, clerks, and messengers, be-
cause the crowd endeavoring to gain admittance
is too large for the capacity of the building.
SENSATIONAL RUMoRs.
solvency of several banks, but investigation
proved them false, except in the instance of the
Metropolitan Bank. The Oil Exchange caught
the infection, and prices dropped ten points.
Secretary Folger says the break is due to reck-
less speculation by few men. He will do ev
erything in his power to prevent a strngency.
He states that there is plenty Of money in the
country. He added: 'I don't anticipate an ex-
tensive panic The situation is not as weak as
supposed. l shall do everything in my power to
restore confidence"
A telegram from Twenty third street reports
three lines of depositors demanding money at the
Second National Bank and it is feared the bank
will stop. At the Phoenix Bank everything is
quiet, and the officers say there is not the slight
est trouble and no run. President Baldwin, Of
the Fourth National, says his bank is all right
Hatch & Foote state that their suspension was
not caused by refusal of the Phoenix Bank to GER
tify checks, but was caused wholly by exhaus-
ton of margins, refusal of customers to renew
them and their inability to sell stocks without
undue sacrifice.
At 1:30 o'clock the excitement had subsided to
great extent and better feeling prevailed,
general impression is that the end is not yet 1t
is said that the largest dealer in privileges on
the street has been obliged to receive 2OO,O 900
shares on puts" This large block must have
called for heavy drain on his immense re-
sources.
Drexel Morgan & Co. have received word from
their Philadelphia house that they have all the
mcuey wanted
The board of managers of the Stock Exchange
has posted official notice that the Exchange will
not close until the usual hour. Rumors affecting
several national banks continue flying about the
streets, but none are traced to a reliable source
Donnell, Lawson & Simpson have announced
their suspension. They are large dealers in
county. water and city bonds They are said
to have s., ,000 900 with the suspended Metropoli-
tan Bank. The firm says: Owing to the gen
eral panic prevailing, we deem it best to suspend
until we can see where we stand" Mr.. Simpson
declined to either affirm or deny the report that
the firm had 81 900, 900 deposited with the Metro
politan Bank. The rumor that the Metropolitan
Bank was indebted to Donnell, Lawson &
Simpson is untrue The fact is, the firm owes
the bank 800, 900, but has securities pledged
worth more than that.
230P. The settlements for the day have
all been made Hotchkiss & Burnham have sus-
pended.
Hatch & Foote have made an assignment to
H. T. Reighly, without preferences.
At P. M, the gong of the Stock Exchange
sounded, and one of the most exciting days in
the history of that institution was closed.
WHY THEY SUSPENDED.
Mr. Hotchkiss, of Hotchkiss & Burnham, said:
"We were forced to suspend this morning in
consequence of the calling of number of loans
Persons whom we thought responsible
failed to respond, and in the
present state of the market, we
thought it best to close up at once before
matters got worse, and see where we stood. 1t
is probable our suspension will be only temper