The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-16
INCIDENTS OF WEDNESDAY.
An Unreasoning Crcwd-How the Brokers
Lost Their Heads.

patches we publish this morning, show
conclusiyelv that the furry In Wall street
Wednesday was to a great extent senseless.
The Herald says ga panic is never gov
erned by reason; IL is one mad rush TO
| realize. and the consequences are always
more disastrous than are lusilned by the
cause" That the late panic-if the excite
ment should be dignited by that title
was no exception to this rule IS evidenced
by the following description, taken from
the Times. OF the scenes ana incidents IN
the Stock Exchange Wednesday
| The ominous clatter OF the chairman's
gavel brought business to standstill in
the Stock Exchange at 1915 O'Clock yes
terday morning. Members pushed their
wav eagerly ND to the rostrum. Exciting
rumors had been afoat in the street for
| fully half an hour before the opening OF
the Exchange, and most OF the brokers
| felt that disaster was impending. None,
however. anticipated the wild and demon
alizing panic that stirred Wall street with
| in the next two hours.
Fully 500 members OF the Exchange lis
tened to the official announcement that
| Nelson Robinson 81 Co., OF No. 1S Wall
street, were unable TO meet their engage
mcnts. Bad news IRON this quarter was
significant, and startled looks were inter-
changed as the members asked each other
what il Dorteudcd. "Can ii be possible
| that George l. Scney has gone to the
wall?v was asked by shrewd old brokers
who knew that the sons OF the president OF
the Metropolitan Bank were members OF
| the suspended firm. 1t needed but hint
| TO revive the rumorS OF two or three days
ago that the Metropolitan Bank was in
trouble, and within ten minutes messen-
GERS from scores OF firms were dispatched
| 10 that institution to ascertain the facts.
Trading was resumed in hali-hearted
way on the floor OF the Exchange, and the
members had begun TO form small knots
here and there when the chairman's ham,
mer fell second time. There was an
other rush to ward the rostrum, and eager
ears caught the intelligence that o. NJ.
Bogart e. Co., the weil-known note-brOkers,
and COTE d Randle, OF No. New street,
had suspended. This was at 1890 O'Clock,
| Just half an hodr after the Exchange
opened. A buzz OF suppressed excite
ment went around the large room. but
there was no violent demonstration as yet.
Anxiety and fear were depicted in hum
dreds OF faces. but the tendency to an out
break was restrained by the expectation
that something worst was TO come. The
stock market began to sink as if under
| some tremendous weight, and no stock on
The list escaped the panicky feeling.
While the buying and selling OF stocks
went steadily on the excited traders
scarcely removed their eyes from the chair
man, who stood calmly at his desk, with his
portentous gavel poised in mid-air. Sud-
denly it fell for the third time, and muir
muir Of despair went up.
"Hatch Il Foote announce their inability
to meet their engagements" read Mr..
| Mitchell.
A veil such as has not been heard in the
Stock Exchange since the panic OF 1873
responded to this announcement 1t was
prolonged wal! OF desperation, and cries
OF "Nhere will this end?" "Where
will it end?n were heard from every side.
| The shout was twice repeated, and then a
depressing silence ensued. Several OF the
members hastily departed for their offices,
and those who remained made an effort to
90 on with the regular business OF the En-
change. Soon the fact that j. c. Williams,
broker at No. SO Broad street, had sus-
pended was declared. Nobody seemed to
paw any attention to this statement. a
moment afterward the suspension OF the
Metropolitan Bank was formally an
nounced, and the excitement rose TO fever
heat.
The hundreds Of men and women who
had crowded into the small galleries at
either end OF the Board room looked with
wonder down upon the tumultu0us spec
tacle. Brokers rushed aimlessy hither and
thither, catching each other by the arms
or shoulders. For a few minutes it seemed.
to the uninitiated. as il every man on the
floor had lost his head. The uproar was
deafening. 1t was a terrible medley OF
noises without Ineligible words. The
hands on the huge electric clock indicated
the hour OF II. and the widest panic that
Wall street had known for fifteen years
was under full Roadway, both inside and
outside OF the Exchange building.
The excitement was contagious, and
soon the hustle and crowding in the gale
ries became so alarming that the officers Of
the Exchange ordered all the visitors to be
excluded. subsequently the outside doors
were closed to all but members. Ii was at
this time that the report swept through the
street that the Stock Ecbange had been
obliged TO suspend business. Some OF the
more eXcitahle members OF the Exchange |
had actually suggested TO members OF the |
Governing Committee that the Exchange |
be closed for the d9y, hut more conser-
vaiive counsels prevailed. Cool-headed
members pointed out that the closing |
would only add TO the panic. and the pro- |
position was promptly dropped. The |
large volume OF business in the Exchange |
during the remainder Of the day proved |
the wisdom OF this course.
While stirring scenes were being enacted |
within the walls. of the Exchange, the eX-
element in Wall street and the adjacent |
thoroughfares was swelling TO indescrlba.
BILE proportions. Great crowds OF people |
nocked to that particular locality. Each |
successive announcement OF fact started |
half a dozen rumors, which were passed |
from lip TO lip with tele"raphic rapidlty. |
Bankers aud brokers whose interests were |
varied and far-reaching were kept in a |
perpetual commotion. Each newcomer |
brought tidings Of disaster or threatened |
ruin. Trustworthy clerks were kept busy |
tracing the numerous rumors and sitting |
out the facts.
One OF the ugly features OF the day was |
the ruthless manner with which the names |
OF banks were banded about. Scarcely a |
bank within radius OF half mile OF the |
Stock Exchange escaped suspicion, and in !
cipient runs" were started in half a |
dozen institutions that proved to be per-
fectly solvent. Depositors. each in more
or less ieverish state Of anxiety. presented |
themselves at the tellers windows OF
the Phoenix, the Union, the Wall
Street, and the Galatin National Banks,
but they were speedily reassured as to
the soundness OF those institutions. Re
ports were in circulation about noon that
"runs " were being made on the Fourth
National and United States National Banks,
but officers of those two banks laughed |
the statements to scorn. President Bald
win, Of the first-named institution. said |