New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15
GENERAL FEATURES OF1HE DAY.
CROWDS IN AND ABOUT WALL STREET

HOW THE ANNOUNCEMENTS OF THE FAILURES
WERE RECEIVED.
Mucb earlier than usual Wall Street was alive
Yesterday. On the way to the street the brokers
had hundreds of companions when daY before
they had had one Several thousand persons hau
gathered in the streets in the neighborhood Oh the
Stock Exchange before 10 o'clock, and the
men who sought the floor had 10
elbow their way through dense crowd Ine ma
iorty of course, were mere curioslty-SeeheIs'
They betrayed this afterward by standing Tor hours
and staring at the buildings in which were 'he
Offices of the firms whose failures were announced
at intervals between 10 o'clock and noon. Others
had O more vital interest. These did not spend
mncb time In looking about them; they pushed
mast the starers and disappeared i'll the brokers
offices.
The brokers went upon the floor of the Exchange
in larger force than usual There they TOOK part
in many exciting occurrences, but the demonstra-
tions were not widely different from those on an
ordinarily busy day. In fact, when the tension
was greatest the business of the Exchange was
carried OIL with comparatively little noise. Inc
bappenings which set the outside crowd to rushing
madlv and aimlessly about subdued their brokers'
Announcements were made from the rostrum
every few minutes. but it was only after the news
NJ failure was thus communicated that half album
6red men would dash wildly through the dooTs'an
communicate their madness to the wondering mul-
titude outside. Then great tide in the human sea
would set toward the Office of the broken hrln, 10
swirl and eddy in front of for the rest OF the day
WALL STREET ALMOST DPAssABLE.
long before noon Wall-st. almost impass
able. Seen from the steps of Trinity Church IL
was black with human beings as far as the VISION
reached Carriages cabs and stages which turned
into IT occasionally had to make their way slowly
through the path which opened IN 'front.' OF theln'
Here and there a surging mass denser ana more eA-
cited than usual, seemingly thrown up against
The front of house. Thus the oihces
Of the brokers who had gone down
were Distinguished The first of the firms was Nell
son Robinson d Co., at No. Is Wall-st. Then fol-
lowed Gofe & Randle at No. New-st then o. NJ
Bocart &, Co.. at No. los Broadway; and at TINS
SPOT at Broadway and Pine-st, the GROWING excite
ment of the day was reached when about half-past
IL the Metropolitan Bank closed its doors. AT
zen minutes before II the last violent iTTuptlon
from the Exchange took place hundred men
burst almost simultaneously from the doors INTO
New-st gasped Hatch q Foote as they dlved
into the crowd and disappeared in all directions
Nearly all the banks III the vicinity OF WaIl-st'
were crowded with people eager to reach the win
dows of the paying tellers. The failure of Nelson
Robinson & Co., firm composed of a son-ln-
law and two sons of George ]. Seney, and
the fact that the METROPOLITAN Bank
had been under suspicion for week, started run
on that concern. The paying teller paid out money
as II was called for, or certified the checks
presented in the usual order OF business
until twenty minutes after ii O'Clock. linen
he shut his window. and the announcement
was made that the bank had suspended. The
heavy doors in front were closed, policemen were
stationed at the head of the steps to keep back the
multitude. and communication between the bank
officers and their customers cut off. Till night
fall people iostled each other off the iron steps in
their anxiety to read the notices tackled on the
door which told simply where drafts drawn by
correspondent bankers would be hon0red.
THE CROWD EAGER FOR NEWS.
On the part of the crowd there a disposition
20 belieye any story which told of disaster. A
chance word of conversation winch had a question
able sound was picked up repeated, developed
with lightning-like rapidity into damaging ru
NOR. and accepted for fact, The Phenix Ma
tional Bank found itself beseged about
noon with multitude ciamor1ng 1or
money The bank began some time ago 10
reduce its broker business, and in pursuit OF TINS
policy had refused to certify checks unless there
was money actually on deposit. The belief got
abroad that the bank was unsound and the
turmoil began in front of its doors. President
Dutih took his station at the head of the steps III
front of the bank shook the bands of those of his
customers whom he knew, aud hundred times
gave the information that the bank all right,
and that those who wanted their money could
have it. In an hour OF two the excitement here
was alayed
THE LAST ANNOUNCEMENT OF A FAILURE.
The la st announcement of failure in the Board
was made at 2,30. 1t was that of Hotchkiss 81
BnrI,ham The gavel had been kept going almost
jncessanty while the chairman of the Board was
closing transactions under the rule" on
account of the suspended firms but a
more vigorous rapping than usual at the time men.
toned called nearly every member on the floor tC
the vicinity of the rostrum The intelligence was
received with shouts of Oh !" and whistlings and
a rush into the street. Afterward little atten
tion was paid to the announcements. AS The
hands of the clock approached there came great
crescendo of sound, which was sweled into deafen
ing din by the signal gong. quick husi