The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-05-22
The Crisis Believed 10 b. Passed

Nav YonE. May li.-The sceres In the
stock tx9nRngr MAS one Of intense tx
citenlent this morning. There was u IN d
Of brokers heing unable Ia meet engast'
mems Before 1918 Nelson Robu :
son 4 TO. aad Geoti & Esndull ANNOUNCED
Suspension. Tntra was drop oi TO o y 4
per csni. as clmatrsd With yesterday rom
closing dom. Tue movement being ~,
oAleraied by the IumpIs OF tevsrsl bul
pools bsiug forced % liquld-te.
10. Williams, broker, says be VIII an
uoupca his suspension later In the day.
6eyeJal slocks were bought In under the
rule this morning. The account OF the
clearing house has oeen received as follows
from the n .'ilpAl bank examiner, Soribpei:
"After Investigation al the second NATIONAL
bank fiud u a5snIutsly saie.' Halch u
Foote announce their snspension NJ los
stock exchznse. Thestncs msrketisrsg.ea,
Sons slocgs arc shos ing sharp recovery
and other, ara At tac Lowest price Tor the
day. FiUtes have stopped for the
moment 1ut the air Is thick with rumors
of furthsc suspensions. Few know pre-
cisely where ihey stand aud the sltusiion
10 strained.
and their doors are closed, George lsney
In president. Il NJ BosSrt and Co. have
a's'g led 10 J inn Wheeler; preferences $780,
Secretary of the treasury Folger is 10
down ara photographed 10 Washington, or
dering the i'm medic 10 payment OF tho I2I b
call Tor bonds. II nee sssiy no orteis
another call for 81 600 or.
The failure II Hatah Il Foote was pre-
cipi,a,td by he Poo Xix bank refusing -
certify their checks
A meeting AZ the clearing house was
called for 1880 p. m. to-day 10 consider
the financial situation. The banks are
crowded with anxious depositors. II Is I'm
poss Bile 20 get near anyone IN authority.
The fipauc al complication Tor the past
week, supplemented by the leVe!enoLs
regarding the management OF the Stcond
National bank, which resulted In he rssig-
nation of the president, brought about such
q feeling OF uncertainty IN the financial SIT
nation that at the opening OF the business
of the stock exchange this morning IT. was
felt that disaster WAS imminent before long:
One failure after another ives annouucsd
until five stock Ii ms suspended aud the
Me,ropc, ian National bank closed its
doors. Its president, George +. Seney, has
been one of the most prominent tpecula-
tors on tie sXch .uRe, ard rated high. Ipe
failure OF H-ich & Foote will likely involve
many country firms. as they holi
the accor MT of msny private bankers out
aide Of New York as well as individuals
in the city, telegraphed to Washington to
take Union Pacific bonds OF The
l27th call on presentation OF the bonds
not due until June Goth. The secretary
further promises such st.ps as to relieve
the present situation on Wall street.
Bogart d Co.'s failure Is considered i'm.
portant as they are large dealers ~ com.
mercial paper. They dealt somewhet in
privileges and were considered solid on
Wall boards. The streets surrounding the
stock exchange were filed with sureing
masses, and ihe galleries overlooking the
trading room were crowded to reIletion.
The excl emsnt OH eli sides was almost un-
precedented, and on the floor OF the ex.
change all was confusion. There is little
suspended, firms making but little show OF
business. The situation is decidedly pan.
icky, aud further failures are looked for.
Distrust ia the most prominent feature, and
hanks carefully scrutinize accounts. The
Phoenix bank refused to certify the checks
Of Hatch & Foote and this was the imme.
diste cause Of the suspension. A meeting
OF the clearing hoxse has been called to dis
scuss the situstion, which is regarded as
great reril Secreters Folger has been at
ihe SUB treasury all the morning. and was
,Vjti'rd b, most ali prominent tnancieis
ut all str.e e.. He expresses q determine
fii. % nsp sl the power OF the govern :
Su.i /, tveHs n panic and will ect
= i.pIy tc tus utmost limit OF his author
:. Ii, Wall street was mass Of people
1rop ..c Trihi Y church to the custom
WsIss ard The carriage way was inn:
passsb'e. At the doors of the suspended
houses masses of humanity, with many
disconsola ate faces, gsz on the closed doors:
Among the crowd are seen several well
other than curiosity News Of the disasters
seemed to spread with lightning rspidity.
Private carriages with liYeried servants
from uptown are flying through the streets
and many now saud outside the doors OF
the bank and banking houses. Directors OF
nearly ell the banks are either In session or
present in the buildings ready for an emer-
c c.I,e gssf'sd being IN cleared ard no
one IL admitted to the building
except mem bers, clerks and messengers,
because the crowd erdeavoripg to gain ad.
mittance was too large for the capacity Of
The building on Wsll street.
1880 p. m.-Sen.ational rumors are a.
fectipg the safety OF several banks, but In
vestigstion has proved them false, except
In instances of The Metropolitan.
At1:3 the excitement in Wall street sub
aided to q great extent and better feeling
prevailed. but the situation ID by no means
settled The general imnressiop Is the end
ID not vet. 1t Is stated the largest dealer
in privileges on the street was obI,ged to
large block must have called for heavy
drain even on his immense resources.
Wall siieet, $50, p. m.-Hotchkiss q
Burnhsm have just announced their GUS
pension at the stock exchange.
Wall street, $3.50 p: m.LThe clearing
house association has just adjourned, after
adopting the following: Resolved, that in
ysw the Inc
each other and the business community,
appointed O committee Of five to receive
from banks, members OF this associe-
Hon. bills receivable or other securl.
ties to be approved by said com.
mittee, who are authorized, therefor.
10 such deposing banks to loan certificates
bearing interest of 6 per cent. per anDum,
mol 10 excess Of 20 per cent. Of securities or
bills receivable 80 deposited, except Ia case
81 United States bonds, and said oertifi-
oatee shall be received In settlement Of bal
ance &C the clearing house. The following
0ontlemen comprise the COMMITTEES: ]. ID.
fappen, George 8. Coe, J. y. vermilyee,
George g. Williams, W. A. Wall and 3D.
wan street, l2.20p. ma representative
Of the Associsted Press has just interviewed
I promiuent director Of the Metropolitan
bank, who says emphatically the depositors
vii be paid In full. The directions have
rome through all the securities, and throw
Ing ont oil classed doubtful. have nore.than
enough TO pay depcsitore. The suspen.
IN Il solely no to the fact that depositors |
the country having become
IooTce through the attacks on
"a president of the bank, Mr.. eeney |
lad fnauRursted a.. general Withdrawal
n their deposits. This fact, coupled with |
~ general distrust engepdered from the