Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1884-05-24
New York Panic.


element New York has known sine,
the JAY Cooke failurein September, 1873
prevailed to-day on Wall Street. Hun
dreds Of brokers and bankers were a
their Offices two hours earlier that usual
and Immediately upon the opening o
the Stock Exchange great uneasines,
became manifest. The galleries and the
floor were packed, and before busines.
had fairly started, some one yelled out
THE Second National and the Metro,
p"litan have gone up" The scare that
followed beggars all attempts at descrip.
tion. PandemOnium reigned, and roa,
af'er roar from excited men put stou
to trading. Messenger bows dashed
hither and thither, calling out in shrill
excited tones names familiar in financial
circles, adding to the wild scene. A,
1905 the failure of J. e.. Williams was
announced, and in the next breadth
came the old house Of o. VI. Boyart
Again and again the surging crowd veil
ed and were answered by excited thou.
sands in Broad and Wall streets and
Exchange Place. In another moment
the chief clerk Of Goffe & Randle rush.
ed TO the Chairman and announced that
his firm had closed their doors, and he
had not finished speaking when Nelson
Robinson yelled out that he had failed.
Then ensued another wild scene.
Twenty minutes later the vast exchange
became silent for a moment, when the
ruin was announced Of Hatch & Foote.
the greatest brokerage house on the
street. The crowd seemed stunned for
an Instant, when Il great wall of distress
shook the building. They knew that a
great panic had struck the street, and
looked at each other in helpless amaze
ment. Secretary Folger is mt the
Treasury building and will help u.s."
rang out clear strong, sturdy voice
close to the Chairman's desk, and i'm.
mediately deafening cheers rang through
the building and were repeated on the
street. MANY leading members rushed
over to the treasury building. found
Judge Folger seated on the railing about
Washington's statute, and received from
him assurances that the government
would do everything in its power to
help the street. This good news was
carried back to the exchange and pro-
duced marked effect The Tribune
reporter met d. b. Hatch at noon and
asked if the suspension Of the firm
would be temporary. His voice choked,
and his eyes were filled with tears as he
answered, "No my boy, no Our firm
is gone Everything is swept away. I
haven't a dollar left in the world" I'm
medately crowd gathered about him
and extended sympathy. AT ii O'Clock
rumors began flying that Nelson Robin
son, son.in-law of George l. Seney, had
absconded. and like a prairie fire, the
cry rang over the street: "The Metro
politan bank, Seneys bank, is gone up"
and Immediately rush was made to
the corner of Pine Street and Broadway.
A crowd ofdepositors were in line at the
paying tellers windows, when suddenly
the iron guard was shut down, and the
cashier jumped upon chair and an
nounced that the bank would suspend.
This was at Il:25, and five minutes later
the sidewalk and street in front of the
bank was blockaded by great mass of
yelling humanity, and they could do
nothing more. At noon rush was
made at the Phoenix and Park banks.
but as business Was proceeding quietly
the crowd left. Meanwhile a great run
had been inaugurated on the Second
National bank, located in the Fifth
Avenue Hotel building. Yesterday it
was announced that the bank was i'm
distress because it's president, Amos F.
Emo, had used it's funds to the tune Of
$2,OO0, 900 and lost every dollar speculat-
ing in stocks through Dyett & Co. This
was sufficient to excite every depositor,
and large crowds began forming into
line at the bank door before 7 a. IN. At
$50 two express wagons droye up and
unloaded coin and currency amounting
to 81 100000, the gift of Amos r. Emo to
the bank in behalf of his erring SON.
But the sight Of this vast sum had no
effect on the crowds, and they still clam
ored for their deposits. At $50 o'clock
a police guard made up two lines, one of
men and the other Of women, and the
two paying tellers began delivering cash.
Bank Examiner Schriba and Judge
foiger arrived at 1885, aud ia twenty
minutes Mr.. Schriba pasted on the win.
"a notice saying the bank was solvent.
but the depositors remained in line all
the same. And right here was funny
ccene. While the small depositors were
struggling for place in line. They
were crowded and cursed by over two
hundred people anxious to make de.
posits, SO while the paying teller was
busy paying out, the receiving teller was
kept as busy taking in money. At 2
o'clock the excitement cooled off aud
many left the line. At 4:3O o'clock
the last claimant had been paved, and
the paving teller was calmlv Tuncb;ro