The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-05-22
A DAY OF EXCITEMENT.

"a ia vi II&AOA u
Stocks Take Tumble, and Severn
Banks Close Their Doors.
NEW YORK, May 14.-The scene or
the stock exchange was one OF intense
excitement this morning. There was
q rush to sell stocks, partly on &C
count of brokers being unable to meet
engagements. Before 10:15 Nelson
Robinson & Co., and Golf 81 Randall
announced their suspension. There
was drop of l to 81 per cent. as
compared with yesterday, with a
downward movement, being acceler-
ated by rumors that several bull pools
were forced to liquidste.
The clearing house received the fol
lowing from National Bank Exami
ner Serbia: "After investigation OF
the Second National bank, L lind II
absolutely sound"
Hatch 81 Foot announced their suS-
pension at the stock exchange.
The stock market was ragged. Some
stocks are showing sharp recovery
others at lowest prices for to-day
Failures have stopped for the mo-
ment, but the air Is thick with ru-
mors of other suspensions, and the
situation is strained
The Tribune states that Jay Gould
and President Sidney Dillon, Of the
executive committee, deny any move
ment to put the Wabash temporfly
into the hands of a receiver.
Senator Sabin left last night for
st. Paul, he says, with assets three
times that of his liabilities. Nobody
will suffer from the Northwestern
Car company failure. The loss from
the suspension will be light, II any,
thing. The banks to-day were
crowded with anxious depositors, and
it was impossible to get near any one
in authority.
CHICAGO, May 14.-The session on
schange to-day has been a tumultuous
zone. The depression in Wall street
had it's visible reflection In the accom-
panying downward tendency in stocks.
"A great break in prices occurred in
he grain markets. The effect was par
tic uIarly felt in the wheat pit, where
the ,,peRing prices were nearly cent
under the lowest figures yesterday.
NEW Yo3K, May 14.-The financial
complic;. tion of the past week, supple
mented BY rev. nlations regarding the
management of the secoad national
bank. which resul' ed in the resigna-
ton of the president t, brought about
such feeling Of uncertainty In the
financial situation that at the opening
of business at the stock exchange THIS
morning it was felt that disaster was
imminent. Before LING one 1allure
after another was an. Hounceo, unIli
five stock firms had su spendeo, ana
the MetDy litan national DanX CLOSED
it DOORS Its president, george 1.
Seney, has been one of the Ii toss prom
inent spectators on the tcnange:
and was rated high. The failure Oh
Hotch s. Foote will likely in:yolVe
many country firms, as they hel d &C
counts with many private bal lkers
outside of New York, as well as ipdi-
viduals in the west and south.
Secretary Folger, who is in the
city, tell! raphed to Washington iii
recting the taking up OF bonds of the
l27th call on presentation of bonds
not due until June 20. The secretary
further promises to take such steps
as will relieve the present situation on
Wall street.
Bogart Sc Company's failure is con-
sidered important. as they were large
dealers in commercial paper. The
stock exchange is filled with surging
masses, and the galleries overlooking
the trading rooms are crowded. The
excitement on all sides Is almost I'M
orecidented. On the floor of the ex-
change all is confusion, though there
$ but little business being done on
lales account. The suspended firms
make no show of business. The situ-
tion is decidedly panicky. Further
ailures are looked for. Distrust Is
ne most prominent feature, and banks
re carefully scrutinizing accounts.
The P9nix bank refused to certify
,aecl1s of Hatch Il Foote. and this
Immediately caused a suspension.
A meeting of the clearinghouse
vas called to discuss the situation,
Which is regarded in great peril.
Secretary Folger has been at the
,sb treasury all morning. He was
Visited by almost all the prominent
ahanciers of Wall street. He ex-
Tessses a determination to use all the
Iower of the government to prevent
apanic, and will act promptly, to the
i. smost limit of his authority.
81 1915, Wall street was mass of
NON te from Trinity church to the
c,sto, n house. Both sidewalks and
cariaoe.ways were impossible. AT
tn, doors of the suspended houses the
misses of humanity were denser, and
many disco US0late faces gaZed at the
closed DOORS, Among the crowd were
SEN several yelI-dressed ladies, some
present from motives other than curl
osiy. The news of the disaster
seemed to 8, Wead with lightning
rayidity. Pri vAte carriages with
liveried servant g.. from mp town, are
flying through the streets, and
msny now stand. outside the doors OF
the banks and banking houses. The
directors of nearly all ban ks are either
in session or present in tie building
ready for emergency. The doors OF
the stock exchange are gu srded Dy
policemen, and the galleries VIII De
cleared of visitors. No one now Is ad-
mitted to the building except mem
bers, clerks anil messengers, bee, suse
the crowd is or .deayoring to gain al
mittance is toe large for the eapacisS
of the building.
Secretary FL lger says the break Is
due to reckless speculation by rev
men, He vii do everything IN MI
power to pJ event str1ngency. ~
stated: "The re is plenty OF money II
the country / do not anticipate an,
extensive pa mic; the sltuatloR Is no
as weak as is possible to suppose. !.
shall do everything in my power U
restore confidence"
A telegram from Twenty-thirt
street reports three lines OF depositor
demanding money at the Second Ma
tional bank; it is feared the bank vii
stop. At the Phmnlx hank everything
s.-,,;af. tho offlaero CAV fhav have no