Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-05-14
kilograms to The Star.
PANIC IN WALL STREET.
BANKS AND BROKERS GO UNDER.
BAD BREAK IN PRICES OF STOCKS
EXCITING SCENES IN NEW YORK
SECRETARY FoLGER TO THE RESCUE
EXCITING DAY IN WALL STREET.
Failures Follow Failures.

EXCITING DAY IN WALL STREET.
Failures Follow Failures.
BROKERS FIRMS WHO FAILED 10 MEET rHErn En-
GAGENENTs-
NEW YORK, May l4-Wan street.-The scare at
the stock exchange was one Of intense excitement
this morning. There was a rush to sell stocks
partly for the account of brokers who soon an
nounced their inability to meet their engagements.
Before l0:15 am, Nelson, Robinson Co. and Con
Randall announced their suspension at the stock
exchange. There was a drop In prices OF 10 So.
points as compared with yesterdays closing, the
downward movement being accelerated by rumors
mat several bull pools were being forced TO nqui-
A. Dyett Co. issued the following notice: .swm.
Heath Co. viii settle with members OF the stock
exchange for stocks bought, sold, borrowed or
Loaned by US previous to this date"
Ldter-O. NJ. BOgart & Co have announced their
suspension to the stock exchange.
The Second National Bank Sound.
The chairman OF the stock exchange announced
from the rostrum that the Second National bank
Is solvent and worthy OF confidence
MeSSrS Nelson, Robinson q Co announce that
all active stocks carried by them sold yester-
gay AT good prices. and people carrying them In
loans need not be alarmed, as they win show their
DOCKS, proving that money Is obtainable for them.
j. c: Williams, broker, says, In reference to re-
port that he has suspended, that he Will make the
announcement later In the day. Several stocks
IL.
The New York clearing house has received the
tolowlng from National Bank Examiner Serbia:
BANK md 1t In an absolutely sound condition"
Hatch Il FOOle Suspend.
II q m.-Hatch & Foote have announced their
suspension at the stock exchange
The failure OF Hatch Foote was precipitated on
account OF the Phoenix bank refusing to certify the
firms checks
The Wheat Market Affected.
Nov ii
has declined 1ha1A per cent under lower western
aoVlceS ana the pantcky news on Wall street.
The Metropolitan Bank Suspends.
1l:40 a m.-The Metropolitan Bank has Just sus-
pended Doors shut tight
Another Assignment.
1145 a NO. NJ. Bogart Co.. have assigned to
John Wheeler; preferences ss6 o0o All stocks guar-
anteed by Nelson, Robinson & Co., are q good de-
livery.
Secretary Folger to the Rescue.
secretary OF the Treasury Folger is in town, and
has telegraphed to Washington ordering the imme-
date payment OF the one hundred and twenty
seventh call for bonds. II necessary he win order
another call for 100000.
A Blue Day.
REVIEW OF THE srTrATEoN UP TO l1:So O'CLOCK.
11:S0 4. A.-The financial complications OF the
past week, supplemented by the revelations re-
garding the management OF the Second National
bank, which resulted in the resignation OF the
president, has brought about such a feeling OF un-
certainty in the financial situation that at the
opening OF business on the stock exchange this
Before long one failure after another was an
nounced until five stock firms had announced
their suspension and the Metropolitan Ma
president, Geo. l. Seney, has been one OF the most
prominent speculators on the Exchange, and was
rated high In the commercial world. The failure OF
Hatch toote Is likely TO involve some country
firms as they held accounts OF many private bank
ers outside OF New York as well as OF individuals
In the west and south.
Secretary Foger. who is in the city. has tele-
graphed to Washington to take up bonds OF the
l27th call on presentation. The bonds are not due
until June 20 The Secretary further promises that
such steps shall be taken as WILL relieve the present
situation.
TRe Great Drop I'm Stocks.
Wall street, noon-Stocks weak and deploralized.
Holders are making frantic efforts TO obtain cash
for their stocks and the bulk OF the sales are this
way. The greatest decline In prices was 10 per
cent; this Is Missouri Pacific, which touched e. 4
There is slightly better feeling as we write and
Missouri Pacific Is up to 701l. Railway bonds u a
5 lower.
Condition OF tn e Metropolitan Bank.
The Metropolitan bank was $4,000 debtor at the
Clearing house this morning. @. l. Seney. presi-
dent OF the Metropolitan bank. was partner in
the firm OF Nelson, Robinson & Co. Seneys sons
are also partners. In last weeks statement the
Clearing house the Metropolitan bank figured the
sisoOS legal tenders. ssi ooS DEPOSIT ssSe' SoS
An Important Failure.
O. NJ. Bogert Co.'s failure is considered most
important, as they have been large dealers In COM
mercial paper. They dealt somewhat In privileges,
and were considered solid house.
Unprecedented Excitement-Perfl of
the Situation.
Wall, Broad and New streets, surrounding the
stock exchange, are filled with surging masses
and the galleries overlooking the trading room are
crowded to repletion. The excitement manifest
on all sides is almost unprecedented On the floor
OF the exchange all is confusion, and though there
is but little new business done the sales for the
account OF suspended firms make a show OF busi-
ness. The situation is decidedly panicky and
other failures are looked for Dstrust is the most
prominent feature and the banks are carefully
ScrutiniZing all accounts The Phoenix bank re-
fused to certify checks OF Hatch Foote and this
was the immediate cause OF their suspension. A
meeting OF the clearing house has been called for
1:30 pm. Tor the purpose OF discussing the situa-
ton, which Is regarded as one OF great peril
LADIES INTERESTED.
Among the crowd are to be seen several we'll
dressed ladies, some OF whom are present from
motives other than curiosity. The news OF the dis
asters seemed to have spread with lightning randi
fly. Private carriages, with verfed servants from
streets, and many now stand outside the doors OF
the various banks and banking houses The direc-
tors OF nearly all the banks are either in session or
The doors OF the stock exchange are guarded 6y
policemen, and the visitors galleries are being
cleared. No one is now admitted to the building
except members, clerks and messengers. This is
done because the crowd endeavortpg to gain ad-
mission had grown too large for the capacity OF the
building.
SECRETARY FoLGER
has been at the sub-treasury all the morning, and
has been visited by almost all the prominent
financiers OF Wall street He expresses his determ-
nation to use all the power OF the government to
prevent q panic, and viii act promptly to the
utmost limit OF his authority.
Meeting Of the Clearing HOuse Associ-
alton Called.
WALL STREET, NOoN.--A meeting OF the Clearing
House Association has been called for l:3O o. m to
day to consider the financial situation. The banks
are crowded with anxious depoSttorS, and IL Is SIM
ply impossible to get near any one In authority as
yet
Wall Street q Living Mass.
WALL STREET, 1918 p. m--At this hour Wall