The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-15
WALL STREET EXCITED.
FINANCIAL DISASTER IMMINENT.
numerous Suspensions Announced - Stock
FIRMS and Banks failina-No Extreme
Panic Ant,cipated
nv telegraph to The Dlspatch.I

Pnnic Anticipated.
fi'y telegraph TO the Dispatch.l
NEW YORK, May 14.-The scene at tn,
Stock Exchange vas one Of intense excite
ment this morning. There was rush q
sell stock. partly for account Of brokers
who soon announced their inability to mee
Their engagements. Before 1915 A. NJ
Nelson, Robinson & Co. and Golf & Ran.
dali announced their suspension at the
Stock Exchange. There was a drop in
prices OF ! to 81 per cent. rs compared
with yesterdays closing prices, the down.
ward movement being accelerated by ru-
mors that several bull-pools were being
forced to liquidate. As compared with last
night Louisville and Nashville broke 81 per
cent. to 81, Western Union % to SIC, Union
Pqcific % TO IS, Northern Pacific preferred
81 to AZ. Pacific Mail 81 to 30, st. Paul q
to II. Lackawanna II to Ill, Northwest Ii
to 1861, Oregon Transcontinental 4 TO II,
Pullman Palace Car to 104, and Canada
Southern II TO 80.
Then there was rally OF | 10 per
cent, but before 1890 the market began TO
decline again.
a Dyett & Co. have issued the following
notice William Heath & Co. will settle
with members OF the Stock Exchange for
stocks bought, sold. borrowed, or loaned
10y us previous 10 this date"
o. NJ. Bogart & Co. have announced their
suspension to the Stock Exchange. The
chairman OF the Stock Exchange has Just
announced from the rostrum that the Sc
cond National Bank is solvent and is wor-
thy Of confidence.
Nelson. Robinson & Co. announce that
all the active stocks carried by them were
sold Yesterday at good prices, and that peo-
pie carrying them in loans need not be
alarmed, as they will show their books
proving that money is obtanable for them.
J. C. Williams, broker, says, in refer
ence to the report that he has suspended,
that he will make an announcement later
in the day. Several stocks were bought in
under the rule to-day for his account.
The Clearinghouse has received the
following from NatiOnal-Blnk-E Examiner
Schriba: "After investigation OF the
Second National Bank l find it in an abso-
lutely sound condition"
IL 4. M-IIatch e Footc have an
nounced their suspension at the Stock Ex-
change.
The share market, a. we write. Is
ragged. Some stocks are showing sharp
recovery. while Others are at the lowest
prices for the day. The failures have
stopped for moment, but the air Is thick
with rumors OF further suspensions. Few
know precisely where they stand, and the
situation is strained.
The wheat market has declined 1961&
per cent. under lower western advices and
the panickv news on Wall street.
11:40 4. M.-The Metropolitan Bank has
lust suspended. Its doors are shut tight.
O. NJ. BOgart & Co. have assigned to
John wheeler. Preferences, $500
All stocks guaranteed by Nelson, Robin
son e. Co. are good on delivery.
1850 A. M.-The financial complications
Of the past week, supplemented by reyell-
tons regarding the management OF the
Second National Bank. which resulted in
the resignation OF the president, has
brought about such q feeling OF unccr-
tainty IN the financial situation that at the
opening OF business on the Stock Exchange
this morning il was felt that disaster was
imminent. Before long one failure after
another was announced, until five stock
firms had announced their suspension and
the METROPOLITAN National Bank has closed
It's doors. It's president, George |. Seney.
has been one Of the most prominent specu-
lators on the Exchange. and was rated
frst-class in the commercial world. The
failure OF Hatch q FOOte is likely to in
volvc some country firms, as they held ac-
counts Of many private bankers outside OF
New York, as well as Of individuals in the
West and South.
Secretary Folger, who is now in the city.
has telegraphed to Washington to take up
the OBSERVATION-DISCLOSURES call
on presentation. The bonds are not due
until June Goth. The Secretary further
promises that such steps shall be taken as
will relieve the present situation.
I2:15 p. ". AT this hour Wall street Is
one mass OF people from Trinity church TO
the custom-house. both sidewalks and car
riage-ways being impossible. At the doors
OF the suspended houses the masses OF hui
mainly are denSer, and many discOnsolate
iaces gaZed on the closed doors.
p. M-Secretary FOlger says the break
is due to reckless speculation by few
men. The situation is not Inherently weak.
He will do everything in his power to pre-
vent stringency in the money market.
He further states that there Is plenty OF
money in the country. do not anticl-
pate any extreme panic" said Secretary
Folger. 1.-THE situation is not as weak as
people suppose. | shall do everything In
my power TO restore confidence"
At the Phoenix Bank everything is quiet
and serene. An officer says that there Is
not the slightest trouble, and no run on
the bank. A telegram from Twenty-third
street reports three lines OF depoSitOrs de-
their money from the Second Ma
tionoI Rank. 1t i feared that the bank
will stop paying out.
STATEMENT OF TIE DAYS CASUALTIES.
WASHINGTON, d. c., May 1.-THE fol-
lowing is a condensed statement OF to-day's
financial casualties in New York and else
where The Metropolitan Natlona! Bank
of New York and Atlantic State Bank Of
Brooklyn suspended. The latter bank
was heavily concerned with the Metro
politan Bank, and its failure was result
of the Metropolitan Bank failure. No
other chartered banks have failed. So
far as announced the following private
bankers and brokers have failed Hatch
g. Foote; Donnell, Lawson T. Simpson;
Hotchkiss IL Burnham; o. NJ. Bogart
& Co.; Nelson, Robinson q Co.; A.
Dyett & Co..; Golf & Randall and
Joseph G. Williams e. Co. The first
four firms were substantial concerns,
and the amounts involved are very
large. Secretary Folger has ordered
the immediate payment OF the ten million
dollars OF bonds embraced in the one
call, which
but for to-day's order would not mature
until June 10Th. He is quoted as saying
that il necessary he will issue another call
for ten millions of bonds. Hundreds OF
kilograms from New York have been re-
ceived by members OF Congress to-day
urging immediate legislative action to re-
lieye the financial strain. A majority OF
the kilograms were received by representa-
tives. Just before the adjournment OF the
House unanimous consent was asked by