The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-05-17
IN TIE Widest PANIC.
MANY CRASHES ON WALL STREET.
The Metropolitan Bank Closes It's Doors
and Several Leading Brokers Shut
Down Wild scenes on the stock
EXchange-Other Failures.
THE BOTTOM DROPPED OUT.

NEW YORK, May l5.--The announcement
yesterday morning that John G. Emo, Presi-
dent of the Second National Bank of New
York, was a defaulter for nearly 81, 900, 600
was sufficient to pave the way for a serious
panic In Wall street. In the wild rush to
sell securities prices opened from ono to five
points lower, and dropped at frightful
rate of speed. Within few minutes the
suspensions were announced on the Stock
Exchange of Hatch & Foote and o.
II. Bogart & Co, heavy banking houses,
and of j. c. Williams, Golf & Randall and
N. Robinson u Co., brokers' Next came
the failure of the Metropolitan National
Bank, with capital of So, 600, 900, whose
President is George |. Seney, the promoter
Of the Nickel Plate Road, whose losses in
the Ohio Central and East Tennessee roads
are believed to have been very heavy. A run
commenced on the Second National Bank,
where depOsitors soon found that James
A. TrOwbridge had been elected President;
that the defacation of J. G. Emo had
been promptly paid up By his father. and
that the bank examiner pronounced the in
stitution sound. by noon every foot OF
room In Wall street for ten blocks was 0c-
cupied by an excited crowd, among them
being many ladies' Secretary Folger hap
peued to be in New York and ordered the
immediate payment of the last call for
bonds, in the hope OF easing the
monetary stringency produced by the
panic, as currency commanded one per cent
per diem. Before the Stock Exchange
closed the suspensions were announced OF
HOtchkiSs Il Burnham and Of DOnnell,
Lawson Il Simpson. Later In the after
noon the Atlantic State Bank, of Brook
lyn, with a capital Of 81, 10000 closed its
doors. The Clearing House Association
adopted measures by which the banks
were to stand by each other, and in a man
ner. this restored confidence, values show
ing an improvement at the close. IL Is
confidently asserted that the Metropolitan
Bank will resume to-day or Tomorrow,
and that IA continuance OF the scare " is
beyond the bounds of probability.
The events of the morning drove st. Paul
preferred, Northwestern common and Pull
man stock to par, knocked Michigan Cen
trail IL points, forced Union Pacific to 80
and Western Union to 40. The total transac-
tons were 5000 shares The petroleum
driven down ten points, with but little re-
eOvery. July wheat in Chicago at one time
showed a decline of Az cents from
Tuesdays highest figures, but most
Of the loss was regained. Charles
II. Bayard, stock-broker in Philadel
phia, suspended payment. In Boston large
blocks of Mexican Central bonds and Atchi-
con stock were flung on the market causing
drop of from five to seven points. In
London, Louisville Il Nashville stock fell
nine points, and other leading American
securities showed corresponding decrease
In value. No Chicago bank or Individual
seems to have been affected by the exciting
events of the day. At leading trade cen
tiers there was comparatively n0excitement,
and feeling of confidence that no general
panic was impending was expressed.
AID FROM THE GOVERNMENT.
WASHINGTON, May 15-Hundreds of
kilograms from New York were received
by Members Of Congress yesterday urging
immediate legislative action to re-
Heve the financial strain. A majority
OF the kilograms were received
BY Representatives just before the
adjournment OF the House. Unanimous
consent was asked by Mr.. Springer to pass
Dr. Dingley's bill authorizing the Secretary
a the Treasury to invest In bonds lawful
money deposited by the banks for the re-
tirement OF the circulation. Messrs. Holmes
and Weller objected, and the House imrle-
diately adjourned.
A meeting Of the Committee OH Banking
snd Currency has been called for Monday
morning to discuss the best method for se-
curing the passage, at the earliest possible
date, Of both the Dingley and the McPher-
son bills. 1t is expected that the committee
will be able to have one day next week set
apart for the consideration of the meas
ures. The Mcpherson M14klas been fayora-
bly, acted upon by the Senate. The Dingley
bill has not yet been considered by that
body.
In reference to the condition of the banks
6 the country at large, the Comptroller
says that they seem to be in an exceptionally
strong condition. most Of them carrying I'M
usually large reserves. The condition of
affairs Is entirely different from that of
1873; he does not think general panic
possible
THE NEW YORK PRESS.
NEW YORK, May l5.-The editorial COM
ments OF the leading papers of this city in
regard 10 the panic, are as follows:
World: THE season of Judgment for stock
gamblers. overtraders and rotten financial
INST tutOnS seems to have arrived. After
such action as that of the clearing house as
ISOLATION, of course anything like a panic Ia
NM Ossble. To-day matters are certain to As
eime more CHEEKY aspect"
Tins: The difficulty in financial circles, so
far, is confined mainly to those who have
brought 1t upon themselves"
Journal Of Commerce: "A few spectators
have come to grief and not Il few innocent
persons have been called to suffer. But there
Is no occasion for q widespread panic--capitai
y abundant and insOlvent are the small mi
1erity."
HefGli: There may be more failures and
any reason for widespread panic. We do
not see any reason for repetition OF the
scenes of yesterday
Tribune: AT the centers of financial inter
est which were accessible last evening the
feeling was general that the worst was over"
HEAVY FAILURE IN MINNESOTA.
SALTWATER Mimi. May l2.-The
Northwestern Manufacturing and Car Com
pany, located here, of which United States
Senator Sabin is President, failed Saturday,
with liabilities CT about 81 900, 900, and as
sets that will aggregate 100000. J. II.
Townsend & Co, millers, also suspended,
their liabilities being estimated at $500, 600.
Senator Sabin, in an interview, stated that
the only difficulty was that the company
held toe many farmers notes on which it
vas impossible to raise cash. f. :. Brown,