Daily Kennebec journal., 1884-05-15

prices having already dropped ten points
The excitement about the Second National
Bank has about subsidized, and the bank is
stated TO be able to paw liabilities. jay Gould
shortly before II o'clock came out of the
Safe Deposit Co.'S rooms with Mr.. Morosini
and clerk with large canvas bag of secu
rites. He looked pale and nervous. and ap-
peared so much troubled that il was notices.
bic to every one who saw him slowly walking
down Broadway, his eyes directly towards the
pavement.
One cause of the suspension of the firms
today was the fact that most all the banks
in which brokers had accounts refused TO
certify more than the deposits of their Gus
toners. As the bulk of brokers business is
done in the morning, and all checks are
drawn before securities are deposited with the
banks, this stoppage of certificates put stop
to all business of brokers who did not have
an extraordinarily heavy capital TO draw
from. The banks also called in their call
loans as well as their time loans, which had
the effect OF throwing all stocks not protected
on the market. At l30 this afternoon
The Excitement on Wall Street Had SUBJ
sided
TO a great extent and a better feeling pre-
vailed, but the situation was by no means
settled and the general impression was that
the end had not come. 1t was stated that the
largest dealer in privileges on the street was
this morning Obliged to receive 100000 shares
of stock in puts" and this large block must
have called for heavy drain even on his
immense Resources.
Donnell Lawson & Simpson have announced
their suspension. They were large dealers
in county. water and city bonds. They are
said to have 81 600, 900 with the suspended
IL. l. rr,. hon NOT ffRa
OF failure, said, ''Owing to the general panic
prevailing, deem it best TO suspend until
we can see where we stand
Financial institutions which yesterday were
anxious to loan money at u per cent, today
made loans with the utmost caution at per
cont. and in some cases declined To make
loans at all, even to favored customers. Ger
tilted checks were demanded in alittransac-
tions and the banks were filled with parties
who were not satisfied with bank certifca-
tions aud insisted upon having cash.
Among the rumors circulated this afternoon
was a report that Drexel Morgan 4 Co. had
81, ,000, 900 in the metropolitan Bank.
member of the firm denied this, saying they
had only a small coupon account there at the
time of the failure. Another rumor was to
the effect that the Atlantic Mutual Insurance
Co. deposited 81 100000 in the Phoenix
National Bank this forenoon. Wall street
TODAY was like ship in a storm at sea. This
afternoon there was much excitement and
Long Deciine i'm the Price of Stocks aud
Bonds.
1t was not a thunder clap from clear sky,
for the falling has been continuous. ami the
storm seems to be on the increase, threaten
ing a deluge that will leave few survivors
The prices were various on the decline. The
a. hn FnIn 6p
selling at 40. and the Western Union at 80
At II the market appeared to le going
lower gentleman who had conversation
with Fish states that he is in very low con-
diton of mind Fish told him when the
checks of Grant & Ward were certified for
$3.50, 900, on the morning before the failure
there were in the vaults of the bank about
81 900. 900 worth of securities of the firm, and
that Ward came to the bank Tuesday and
took the securities away, saying he had good
chance to realize on them, and would at once
return the proceeds. He has not yet done
Bank Examiner Scibna is in possession of
the books of the Metropolitan bank, waiting
instructions from the comptroller of the cur
rency 1t was announced that no statement
would be made today by the bank authorities
The steps leading to the entrance were
crowded all the after noon with struggling
pushing throng endeavoring in vain to get
same informotion in regard to the situation.
At half past two the announcement came
that Hotchkiss. Burnham & Co. of No. 80
Broad street, one of the most prominent firm
of brokers in the exchange, had suspended,
and the crowd which thronged the thorough
fare from doorway to doorway were again
thrown into ferment of excitement. Both
Hotchkiss and Burnham were found. Their
business was at standstill and few clerks
lounging at the desks. The faces of the
principals wore a look of gloom. Hotchkss
said. "We were forced 10 suspend this morn
ing in consequence of the calling of number
of large loans. The persons whom we thought
responsible failed to respond and in the pres
ent state of the market we thought it best to
close up at once before matters got worse,
and see how we stood. The suspension will
probably only be temporary, that is We hope
so. The assets exceed the liabilities by Q
large amount and if we can find any market
for our securities and are able to collect the
money due to the firm, there will be no
trouble about resuming. Our Liabilities will
exceed $3.50, 900.
Joseph C. Williams & Co. stated that their
failure was due to the decline in the markets
and in the ability to meet engagements,
They could make no statement as to their
liabilities. fAAs-r So
At the office of Donnell, lawson & S:mp-
son. No. IL Broadway, member of the firm
said they we're depositors to the amount of
o., 600 900 at the Metropolitan bank and -
their money there was lock up it was neces-
sary to suspend until they could find out how
they stood.
The Second National Bank.
At4 P. NJ. it was estimated that over $780,
600 had been paid out during the rush today
BY the Second National bank. rumor pre-
walls that the deficit amounts to $4,000. 900
and that Amos r. Emo. father of President
Jno. C. Emo. paid %. SOC. 600 while the di-
rectors made good $500. 900. An instrument
was recorded in the registers Office today by
which Amos R. Emo revoked certain power
of attorney given by him to his son, Jno. c.
Emo, in 1875. The document further recites
that all powers Of any kind or date heretofore
given Jno. c. Emo are revoked.
The Atlantic State bank of Brooklyn
closed its doors at l.30 p. NJ. The cashier
stated that they we're not in trouble, but the
Metropolitan bank had their available funds
locked up and the doors we're closed simply
because the Bank didn't want q run when
short Of funds. The cashier claimed that the
bank had securities on which $500. 900 could
be realized if necessary. but not today. City