Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-15
The Opening Hours.

NLw YORK. Nav l4-At 1880 this
morning the scene at the Stock Exchange
was one of intense excitement. There was
a rush to sell stocks partly on account of
brokers being unable to meet engagements.
Before lO:l5 Nelson, Robinson Il Co an
Goff Il Randall announced suspension. I'm
medatelv there was a drop Of to 81 per
cent as compared with Yesterdays closing,
the downward movement being accelerated
BY rumors of several bull pools being forced
10 iquidatc.
The second National.
The Clearing House received the follow
ING from National Bank Examiner Serbia:
After examination of the Second National
Bank find it absolutely sound
Another One.
Hatch 4 Foote announce suspension at
the Stock Exchange.
How 1t Looked at IL o. IscA.
At IL o'clock the stock market was
ragged. some stocks showing sharp re.
coyery and others at the lowest prices for
the dav. The failures have stopped for
moment but the air is thick with rumorS Of
further suspensions Few know precisely
where they stand and the situation is
strained.
COngrat tulatiOns.
Amos K. EnoS, father of the late presi
dent of the Second National Bank. and
William Walter Phelps have been at the
bank to-day in consultation with the Secre
tary. The latter congratulateS the diree-
tors and stockholders Of the Second National
upOn the fact that the bank examiner was
able to report its condition sound.
Metropolitan Goes Up.
The Metropolitan bank has suspended,
George l. Senev is President.
o. NJ. Bogart Il Co. have assigned to
John ". Wheeler Preferences SlS6,O00.
All stocks guaranteed by Nelson Robinson
u Co. are a gco1 delivery.
Folger on Hand.
Secretary Folger is in town and tele-
graphed to Washington ordering the imme-
date payment of the l27th call for bonds.
Ifit is necessary, he will order another call
for so 900 OOO. The failure of Hatch 4
Foote was precipitated by the Phoenix bank
refusing to certify its checks.
Financial Complications.
The financial complications Of the past
week were supplemented BY the revelation
regarding the management Of the Second
National Bank. which resulted in the resig-
nation Of its president. This brought about
such a feeling of uncertainty in the financial
situation that at the opening Of business at
the Stock Exchange this morning 1t was
felt that = disaster was immiuemt before
long. One failure after another vas an
IL haH
pended, and the Metropolitan Bank ha |
closed it's doors Its president, George l..
Seney, has been one of the most prominent
spectators on the Exchange, and was rated
high. The failure of Hatch L Foote is
is likely to involve cOrtAtry firms as
they held discounts of many private bankers
outside of New York, as well as individual
accounts West and South.
- . Something About Money.
At noon money was worth four per cent
,on good collateral Prime mercantile paper
about 4to 5! per cent. The times are to
unsettled to GET any correct information.
Bar silver lIll, exchange weak and un-
changed. Governments lower. States
dull. Rye J to 5 per cent lower. Stocks
weak and demoralizsi holders are making
frantic effort 10 obtain cash for their
stock The greatest decline in prices was
10 per cent on Missouri Pacific which
touched 61i. A slightly better feeling pre-
vailed and it rallied to T0i. The Metro
poEtan bank was $500.00O debtor at the
Clearing House this morning, G, |. Seney,
President Of the Metropolitan bank was a
partner in Welson. Robinson s Co. Seney S
sons were also partners. In last week S
statement to the Clearing House the Metro
politan bank figured as follows: Loans Slo.-
S7T,0OO specie $l,7T9.OOO: legal tender
$4sl 600; deposits Ss,425,OoO.
One Of the Causes.
The recent astounding developments oi
the failure of Grant & Ward and the Marine
Bank. and the heavy losses of John c. Emo,
late President Of the Second National Bank,
have had such demorsGzing effect that
everybody who had stocks TO sell tried to gel
out as best they could. Gould and the bul
Clique tried hard to hold the market bai
could not take the avalanche Of stocSa, ans