The Red Cloud chief., 1884-05-23
A CRASH IN WALL STREET.
Heavy Failures In New York Follow th0
Collapse Previously Reported

Heavy Failures In New York Follow the
Collapse Previously Reported
New YORK, May IA, 1920 a. m.-The
Ger on the Stock Exchange was n Of
intense excitement this morning. There
Was a rush to sell stocks, partly on account
Of brokers being unable to meet engage
ments. Before 10:15 Nelson, Robinson u
Co. and Golf & Randall announced suspen-
sions. A drop Of 1 to So per e as COM
pared with yesterdays closing prices fol-
lowed, the downward movement being
accelerated by rumors that several bull pools
we're being forced to l~iquidate. Louisville
& Nashville broke So to 35; Western
Union 80 to SIN Union Pacific 2S to 44sl;
Northern Pacific, preferred, 31s to A; st.
Paul ~ to 81; Northwestern Ia to
81 Ny. There was a rally Of l to 1 per
cent, but before 1890 the market declined
again. A. Dyett & Co. announced that
William Heath Il Co. will settle for stocks
brught. sold. borrowed or loaned by Dyett
d. Co. previous to this date. The chairman
of the Stock Exchange announced that
the Second National sank was solvent
o. NJ. Bogart & Co. have suspended. Mel
son. Robinson. Il Co. announce that all
active stocks carried by them were sold yes
terday, and people carrying them in loans
need not be alarmed. as they viii show tiielr
books, proving that money is obtainaDle Tor
them. J. {. Williams. broker, says he VIII
announce his suspension later in the day.
Several stocks were bought in under the
rule this morning on his account. Inc
Clearing House has received the following
from National Bank Examiner Serbia:
".After an investigation of the Second Ma
tional Bank / find ii absolutely sound"
Hatch 4 Foote announced their suspension
at the Stock Exchange
u:3O.-The Metropolitan Bank has sus-
pended and the doors are closed George L.
Seney is President. o. NJ. Bogart Il Co..
haye assigned Ia John Wheeler; prefer
enceS. SS6. 900. Secretary of the Treasury
Folger is in town and teiegraphed 10 WASH
ington, ordering the immediate payment OF
the Firth call for bonds. II necessary he
will order another call for 81, 000, 600. The
failure of Hatch n Foote was precipitated
by the Phunix Bank refusing ~ certify
checks.
ATE
New YORK. May l4.-Noon.-The finan-
cial complications of the last week supple
mented by the revelations regarding the
management of the Second National Bank
which resulted in the resignation of the
| President, brought about such a feeling of
uncertainty in the financial situation that at
the opening of the Stock Exchange this
morning it was felt that disaster
was imminent. Before long one fail
ure after another was announced
until five stock firms had suspended
and the Metropolitan National Bank had
closed its doors. Its President. George l..
Senev. had been one OF the most prominent
Spectators on the Exchange, and was
rated high. The failure of Hatch &
Fuote is likely 10 involve country
firms. As they hold accounts of many
private bankers outside of New York as
well as individuals west and south. SeCre.
tary Folgcr, who Is in TIE city. las tele-
gTaphed Washington Ia take up bonds on
the l21th cali on presentation. The bonds
are not due until June ~.
ENCITED MASSIS.
Wall. Broad and New streets. surround
ing the Stock Exchange. are filed with
surging masses. a.Id thc galleries overlook
Ing the trading room are crowded TO reple-
ton. The excitement on all sides is almost
unprecedented. ON the floor OF the eXchang.
all is confusion. Though little new business
Is lone, sales. on account of SUSPENDED firms.
make a show of business. The situation i de-
cidediy panickv. Further failures are look
Ell FOR. DiStru>t is the Most prominent
feature, and banks are carefully Scrutiniz-
ing accounts. The PhUniX Bank refused to
certify checks for Hatch IL F"ote, and this
was the immediate cause of the
suspension. 4 meeting Of the clear
ing house has been called TO dis
cuSs he situation, which is regarded
As one Of great peril. Secretary Folger has
been at the sub-treaSury all the morning
and was visited by most all the prominent
financierS of Wall street. He expresses the
determination to use all the power of
the Government to prevent a panic and will
act promptly to the utmost limit of his
authority.
At l2:l5 Wall street was a mass of PEG
pie from Trinity Church TO the Custom
House. Both sidewalks and the carriage
way are impossible. At the doors Of the
suspended houses the masses of humanity
are denSer, and n.any diScOnSOlate faces
gaze at the closed doors. Among the
crowd are seen several well-dresSed
ladies, some present from motives other
than of curiosity. The news OF the disasters
seemed to spread with lightning rapidity.
Private carriages with liveried servants from.
up tow are flying through the streets, and
many now stand outside the doors
of banks and banking houses. The
directors of nearly all the banks are
either in session or present in the buildings
for an emergency. The doors of the Stock
Exchange are guarded by policemen. The
visitors galleries are being cleared. No one
is now admitted tosthe building except
members, clerks and messengers, because
the crowd endeavoring TO gain adlnittance |,
too large for the capacity of the building.
STILL LATER.
12:i5 p. m.-Donnell, Lawson & Simpson
have announced their suspension. They
are large dealers in county. water and city
bonds. They are said to have two millions
with the suspended Metropolitan Bank.
WALL STREET, y. Y, May IA. ESQ p. IN.
-Eo:chkisS & Burnhain have just an
nounced their suspension. The Atlantic
State Bank of Brooklyn, also closed its
doors this afternoon.
TIE CLEARING HOUSE.
NEW YORK, May IA, $50 p. m.-The
Clearing House Association has Just adj
jcurned after adopting the following: RE.
solred, That in view of the present crisis,
the banks of this association unite for the
purpose of sustaining each other and the
business community. ResOlrcd, That a oe1m-
mittee of five be appointed to receive from
banks that are members Of the association
bills receivable or other securities to be ap-
proved BY said committee, who are author
lied therefor to such depoSiting banks to
loan certificates bearing interest at six per
cent nor aunum net I'm excess of SEVENTY