The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1884-05-22
AN EVENTFUL DAY.

The Financial Center of the Country In the
ThrOes OF Panic-Scenes on Wall Street
Bringing Back the Days of 1S73-Numer-
Gus Heavy Failures. But the Crisis Appar.
emily Passed-The ShOrn Lambs C0
NEW YoRK, May Il.
A panic occurred at the Stock Ex,
change Immediately after the opening.
The recent astounding developments Of
the failure of Grant & Ward aud the Ma
rine Bank, and the heavy losses of John
G. Emo, late President of the Second Ma
tiOnal Bank, have had such a demoraIiz-
ing effect that every body who had stocks
to sell tried to get out as best they could.
Gould and the bull clique tried hard to
hold the market, but could not take adj
vautages, and to-day they let the market
take its course and prices fell with light
ming rapidity, 1Sld brokers lost their
heads. ''Every one for himself was the
order of the day and pandemonium
reigncd at the Stock Exchange.
RumOrs of impending failures were
thick, and when the Exchange opened
there was perfect rush for admittance.
In less time than it takes to tell it the
board room was crowded, and immedi-
ately on the announcement of the chair
man of his readiness to proceed to busi-
ness, the Outpour of stock was such that
prices at once began to decline and with
such rapidity as to cause the most in
tense excitement. Brokers struggled
and shOuldered and We'd with
each other in the attempt to
market stocks, and all efforts to keep
order were fruitlesS. The Board room
was turned into a verltable bedlam. Mes
senger boys rushed to and from the EX-
change with messages from brokers and
partners and others not privileged to the
floor. Business had hardly begun when
the announcement was made that long
line of depositors had assembled in front
of the Second National Bank, and that
heavy run was fairly under way.
The suspension of GOff & Randall, stock
brokers, was announced from the rOS-
trum, and then followed in quick success
sion the announcements of the suspen-
sion of Nelson, Robinson & Co., o. NJ.
Bogart & Co. and j. S. Williams, and then
the firm of Hotchkiss & Burnham and
the old firm of Hatch & FoOte. Then came
the news of the suspension of the Metro
pOlitan National Bank. When the last of
these startling announcements had been
made the scene in the room was
beyond all description; the cOnfu-
sion prevailing, together with the
noise of thousands of throats, all
yelling at once made it almost impossible
of stock was thrown. on the market re-
gardless of consequences, while several
thousand shares were sold under the rule
for account of suspended firms. Every
one seemed to have lost his senses, and
one looking at the scenes in the board
room from the galleries would have
thought he had struck a lunatic asylum.
At the lowest point of the morning,
which was touched about midday,
r,9.fRn ch riV,er
from one to eight per cent, the most
marked being on Northern Pacific
preferred, Union Pacific, Western Union,
Louisville & Nashville, Northwestern
shares, st. Paul, Missouri Pacific and
other leading speculative sto cks. Since
then there has been slight rally, the
selling movement having sensibly
diminished, and prices having more
support.
1t is announced that the Metropolitan
Bank is a debtor at the Clearing House
for $500, 200, and the Second National
Bank continues to meet all demands of
depOsitOrs in full. One cause of the Sus-
pension of all the firms to-day was the
fact that nearly all banks with which
brokers had accounts refused to certify
to more than the deposits of their Gus
toners.
When the gong of the Stock Exchange
citing days in the history of that institu-
tiOn closed.
1t Is reported that the firm of Drexel,
Morgan & Co. had ST., 900, 900 in the
Metropolitan Bank. A member of the
firm denied this, saying that they had
Withdrawn their large account from that
bank two years ago. Another report was
that the Atlantic Mutual Insurance Com
pany deposited S 900, 600 in the Phoenix
National Rank this nnrDiDu
The Clearing House Association at q
meeting this afternoon adopted the fol.
| lowing:
Res0ired, That, in view of the present
crisis the banks of this association, for
the purpose of sustaining each other and
the business community, committee OF
five be appointed to receive from the
banks, members of this association, bills
receivable or other securities, to be APP
proved by said committee, who are aU-
| thorized to give therefor to such depositing
banks loan certificates bearing interest
at six per cent per annUm, not IN excess
of seventy-five per cent. of the securities
or bills receivable so deposited, except in
case of United States bonds, and said
certificates shall be received in settle
ment of balances at the Clearing house.
The following gentlemen comprise the
| committee: F. d. Tappen, George S
! Coe, j. d. Vermilyea, George @. vii
liams, w. A. Wall and Edward IL. Per
! kinS.
| NOT so BAD AFTER ALL.
The Express says Cup to II 80 a. N
| the Metropolitan Bank promptly hOnOreC
all checks presented. Then when the
| people became panic stricken without ad
| equate cause and run was threatened
| the managers wisely concluded to Close
| it's doors, and stop all payments. This
action was justified by the nervous con
! dition and the stringency of the money
! market The directors held a session
| Immediately and were gratifeC
to be able to announce that TIN
| suspension was only tempo
| rary and thas the bank would probably
! resume this afternoon. There is no de
| falcation or deficit, and it is an assured
| fact that the bank will open as soon as
the excitement is allayed. This caused
an easier feeling on the street. The scene
| around the building was exciting for Z
short time only, as the depOsitors came
and went away satisfied that their inter
ests would be duly protected, and the
rumors affecting the directors personally