Evening capital. (Annapolis, Md.) 1884-1910, 1884-06-26

Squdu VI +OAlGc was IdAASd " NASoA AhS
thoroughfare.
After the members of the stock ex-
change, driven from the rooms 10y the
tidings of the failure, had CLEANED what
news they could upon the street, they
rushed back to the exchange, where
brokers vainly strove, with terrible en-
ergy, to save their fortunes or ruin their
neighbors. At o'clock, the crier rose,
the babel ceased, and the announcement
of Robinson, Suydam Il Co. g suspension
was read Two hours later the crier an
nounced that Richard Schell could not
meet his liabilities. Excitement in
creased among the maddened operators,
and though the gong sounded and the
close of business was announced, the
brokers would not leave the crowded ex
change until they were driven from its
doors by employees of the place. The
news of the trouble soon reached the
national capital, and the secretary OF the
treasury, Mr. Richardson. decided not to
accept any bids for gold during the day,
in order TO prevent the further accumu-
lation of currency in the vaults.
Early on the morning of the 10th, the
bears circulated various rumors, involv-
ing the credit of notable New York
houses, and soon after the opening of
the stock exchange, the announcement
was made that Fisk. Hatch d Co. had
suspended, owing to heavy advances
made by them to the Central Pacific and
the Chesapeake and Ohio railroads. Dur
ing the day sixteen other firms suspended,
and the scene in Wall street was one that
had not been equaled since the dark
hours of "Black Friday" Leading
bankers met at the clearing house to dis
cuss plans for the relief of the street, and
a run was made on the Union Trust com
pany. Toward night it was believed
that the worst had passed.
News had come, meantime, of the sus-
pension of six heavy Philadelphia houses,
but it was announced from Washington
that feeling of greater security pre-
vailed, notwithstanding the failure of
two banks on the previous day. AT mid
night Secretary Richardson announced
that he would afford relief on the NOR
row by buying $40, 000,0 900 of bonds.
The following Sunday was anything
but day of rest. President Grant, with
Secretary Richardson and other high
officials of the government, were in con-
ference at the Fifth Avenue hotel in the
morning, and at noon were ready to hear
suggestions from prominent tinanciers
who called. Various propositions were
offered by these gentlemen, among them
one that the government should. if nee
essary, place the whole legal reserve of
$44, 600, 900 in the New York city banks
Secretary Richardson laconically replied ::
"This, gentlemen, is not my funeral.
After time Commodore Vanderbilt pro-
posed that the government place $50
900, 900 of the reserve in the New York
banks, to which he agreed to add $10,-
900, 600 But neither the President nor
the secretary was disposed to have the
commodore enter into business with the
government, and all the propositions
were declined
AS the day passed, ugly rumors were
set afoat, but nothing of new and great
! Importance could be positively learned.
/ Savings banks prepared for run, and
! decided to require the thirty days notice
previous to payment. Jay Gou'd adj
vised the general suspension of the banks
as the only safety for the mercantile com
munitv and the public. News came of a
\ few suspensions in the West and South,
but they were not of special significance.
/ Monday was a day of comparative
calmness, and the governing committee
! of the stock exchange decided not to
open on the following day, in order to
keep down prices and reduce all stock
transactions, thus permitting further time
I to the banks. The bonds bought up by
/ the secretary of the treasury footed up
/ So, 500, 900 for the day, and confidence
seemed to be greatly improved.
The next day, Tuesday, the 22d,
brought setback. Soon after noon the
announcement was made that Henry
Clews & Co. had suspended payment,
having paid out within the few days pre-
ceding more than 1900 900. This sus-
1 pension, creating almost as much excite
ment as that of Jay Cooke and Co., was
! followed by the collapse of several other
houses, while news from the other cities
of the country was far from reassuring
Up to date, the bonds purchased by the
secretary amounted to $12, 900, 000 Dur
ing the next two days rumors of many
stupendous frauds in Wall street were
I circulated. Howes and Macy. Brown
and Watson Brothers, and several smaller
houses went under. an extra session OF
4 Congress was urged, steamship compa-
MES and railroads suffered for freight,
and news came that Western and South
ern merchants were seriously affected II
was thought, however, that the fury of
the storm was passed. and that the New
York banks would be able to breast it.
Matters were at complete standstill, and