Delaware gazette and state journal., 1884-05-22
THE WALL STREET PANIC
FURTHER DETAILS OF THE GREAT
FLUTTER IN NEW YORK.
yauderbiI1s Brokers Ready to Reap
a Har arvest-Suspended Firms Re-
pairing statements - The Latest
Failures.

~-O''l
"A arvest-suspended Firms Re
nairing statements - The Lntes
Failures.
In addition to the very full report o
the panic that prevailed In Wall stree
yesterday afternoon week given In tn,
GAZETTE AND JoURsAL telegraphio dis
patches, the following particulars art
given !.
will be able to pay its depositors, but thai
1t is not likely to resume. The banks
capital was $4,000, 200, and Its report te
the clearing house last Saturday showed
the following as its condition at the time;
Loans, $40, ,S77, 600; specie, $l,779 900
legal tenders, $49l 900; deposits,
as,425, 900; circulation, u, ,305, 900. d.
B. Hatch, OF Hatch Il Foote, said 1t was
impossible for him to state whether their
suspension WAS temporary or final. A
meeting Of the clearing house association
was held, at which q resolution WAS
adopted for the appointment OF
committee Of five ''to receive
from the banks, members Of the associs-
tion, bills receivable or other securities
to be appropriated by said committee,
who shall be authorised to Issue therefor
to such depositors bank loan certificates
bearing interest at 6 per cent per apnum
not In excess OF rs per cent OF securities,
or bills receivable, 80 deposited, except in
case OF United State bonds, and said GER
tihostes shall be receivable In settlement
of balances at the clearing house." This
action had = quieting effect, and the
nd ha lat xuh h.l
greatly demoralized, became frmer in
tone. There was q run during tine day
on the Second National Bank, notwith-
standing an announcement by Examiner
Serbia that the bank WAS solvent. 1t
appears that John C. Bno, president Of
the Second National Bank, had been
using its funds in Wall street speoula-
tons, to the amount, rum0r said, Of
2,OOO,0OO. Whatever the deficit, how
ever, 1t WAS made good by his father,
Amos K. Emo, q wealthy real estate
owner. John C. Bno resigned the presi.
dency OF the bank on Tuesday week,
and the directors appointed as his sue.
cessor James A. Trowbridge, son OF q
former president. The president OF the
Metropolitan Bank is George l. Sepey, a
we'll known philanthropist, who
within few years has given
to religious and charitable institu-
lions 81 sl,500,000. The Atlantic State
Bank, Of Brooklyn, closed its doors In the
afternoon, in consequence Of the failure of
the Metropolitan Bank, through which 1t
cleared. Its capital ia &200, 900.
The banking house Of T. L. Watson & Co.,
of Bridgeport, Connecticut, suspended at
O'Clock in the afternoon, owing, 1t WAS
said, ito the inability Of the Connecticut
National Bank, in which they deposit, to
honor their drafts, on account of the
condition OF affairs in New York"
NBw YORK, May 15.-Ths Metropolitan
Bank has posted notice on its doors
saying: "Bank examiners having made
investigation Of it's affairs, the bank will
resume business a. noon to-day "
WALL STREET, Dis a. m.-The bauk-
ing iiim OF Dimick & Co. has suspended
The firm has beon leading promoters Of
Bankers and Merchants Telegraph Com
pauy. The bankers and merchants ,ele-
graph stock Is now offered at rs cents
againet sales at $l.l9 yesterday.
TuR STOCK MARKET STRENGTHENING.
NEw York, WALL STREET, 1O. 30 a. H.
The stock market opened strong at
advances extending from one-half to A
per cent.
THE METROPOLITAN NEW PRESIDENT.
WALL STREET, New YORK, May 15.-
Henry l.. Jaoque has been elected presi.
dent of the Metropolitan Bank in place
OF q. l. ssney, resigned.
ALARM OF AMERICANS IN LONDON.
Ma f,,l
York yesterday have caused great anxiety
and excitement among Americans resid-
Ing here and having business connections
or interests in the United States. The
anxiety ID particularly painful among
ttsvelera and many OF thess have decided
suddenly TO terminate their trips and to
retnrn to America.
NRw YORK, May l5.-Just before the
opening of the exchange this morning,
the crowd was larger than usual and was
waiting for signal to begin. Just as
The big clock marked 10 the president
gave three raps Of the eavel and in an
instant the pent-up excitement gave vent
In howl ard 500 hands were lifted in
The air and the various pools were formed.
five minutes afterwards Dimlck's failure
was announced. A great crowd has
gathered in the streets again to-day.
On nearly every corner within four
DOCKS OF the centre OF operations are
gathered knots OF men In earnest consul
taton, and passers by can hear the
Varioua comments on the state of affairs.
As rule the majority of those ex'
pfessions Of opinion take favorable view
o. the situation, and such phrases as
the worst is over now," "the banks are
all right" "Jay Gould won't let the
market break" are heard amid the din.
Wells, Fargo x Co, have notified
Donnell, Lawson & Simpson, that they
will pay drafts on that firm drawn by the
Utah National Bank of 0dgen, Utah,
Fred J kiesel & Co, of the same place,
ana OF Anderson Bros Of Eagle Rock,
Idaho.
NJ. & n. STILL FALLING.
loaO a. The stock of the Bankers
ana Merchants Telegraph Company,
which yesterday sold at 1l9,is row down
10 % Mr.. Dimook of the Suspended firm
was the chief supporter OF the company,
Snd Ia said to have furnished the capital
Win which to build its lines.
Mr., Dimock says the trouble has been
caused by the inability to raise money on
securities. All mis- customers accounts
nave been profitable. George Putnam
smith has been appointed assignee.
references are given to customers.
LONDON BANKERS ON TBR PANIC.
LosnoS, May 15.-rhe agent Of the
Associated Press this morning called
upon the leading london bankers having
important American connections, with q
tlew TO learning their opinions concern
m,s lug The panic yesterday in Wall street
me feeling generally expressed was ont
VI confidence that the pani,
sho9ld be considered merely
.VVsl occurrence. They we're posi-
i've would occasion no failures
IN IN London, either inside or outside III,
o,ook Exchange. The general soundnea
9' 'hs financial situation here ia evi
uenced by the fact that there have no
peen rumors of large failures. The re
lhafkable decline OF Amercsn securities
uufing the past few days has attracted
new CLASS OF investors into the market
Hno are stimulated also by the oheapnes
money In England, Germany ant
One prominent banker saidI It wa
amsElng how little real stock was bein
SUD mere, but, he said, the bear sale
We're immense. The market shows
,tong disposition to respond to anythini
favorable from America.
ihe participation Of bank officials 4
~ fraudulent schemes WAS severely cen
sufed' This one thing had done NOR
ss hah anything else to weaken public COZ