The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1884-05-21

/ OF fallQreS N New OTk ldSl Weeh.
| Wall street vas in a condition OF panic
from Q o'clock Wednesday until Friday.
Values at the Stock Exchange were en-
tirely demoralized the Metropolitan
Bank, Of New York, and the Atlantic
| Bank, of Brooklyn. were forced to close
their doors, and to the Stock Exchange
were announced the failures of the fol-
lowing banking and brokerage houses:
| Hatch & Foote. Hotchkiss, Burnham q
| Co. Donnell, Lawson u simpson, Mel
son, Robinson & Co., O. NJ. Bogart Y
| Co., j. G. Williams, and Goff Y Ran
dali. Other banks and banking houses
| were seriously threatened or involved
| by rumor. The Clearinghouse Associ-
| alton in the afternoon decided that the
| bankers would work together for gen.
| eral support, as in 1873; and the Secre-
| tary of the Treasury ordered the pay
ment without rebate of sl0,000,000 3
| per cent. bonds called for June Goth.
| These actions tended greatly to allay
the feeling of alarm, and there was an
| easier feeling at the close. Money
loaned at as high a rate as 3 per cent.
| per diem bonus, in addition to legal in
terest. The decline in the stock market
was from D 10 II per cenl.
The effects Of the panic were notable
all over the country, but there was little
serious trouble in other cities than New
York.
NEW YORK, May lit has come at
last. The panic so long dreaded, so
many times averted, took possession Of
Wall street early this morning, and for
hours that have seemed days, confusion.
the widest excitement and dreadful fl
nancial disaster reigned supreme. The
! Stock Exchange was a pandemonium !;
| many of the banks were beseiged all day
| by neutrality-suspicious., and the streets
Wall, Broad, New, Exchange Place
| were thronged with wild thousands until
locomotion became impossible. Among
| the crowds on Wall street were to be
| seen well-dressed ladies, some of whom
| were present from motives other than
| curiosity. The news of the disasters
| spread with wonderful rapidity. Pri-
vate carriages, with liveried servants,
! from the uptown districts, went flying
| through the streets, and many stood
| outside the doors of the various banks
and banking-houses. The directors Of
nearly all the banks were either in ses-
! sion or present in their buildings, ready
| for any emergency. The doors of the
| Stock Exchange were guarded by police
| men, and the visitors galleries were
cleared. No one was admitted to the
building except members, clerks and
messengers. This was done because
the crowd endeavoring to gain admit
| lance grew too large for the capacity of
the building.
TIE trouble really began before the
Stock Exchange opened. The rumors
of yesterday in regard to the defalcation
Of John {. Emo, president of the Second
National Bank, were confirmed last
night, and were spread about this morn
ing. Last night a meeting of the direc-
tors of the Second National Bank took
place at the house of Mr.. Isaac n.
Phelps, a stockholder. The director.
are: Amos r. Emo. Henry A. IIurlbut.
Isaac y. Phelps, VIM. Walter Phelps.
Mr.. Darling, of the Fifth Avenue Hotel;
Arson Phelps Stokes, and Mr.. Trow-
bridge. To cover the deficit, Mr.. Amos
r. Emo, father of John G. Emo, and the
directors each contributed a certain
amount, in what proportion it is not
certainly known. 1t is thought though.
anu Alol ClIOuSiS dCulCu ny lilt ulICC-
tors, that Mr.. Amos r.. Emo furnished
the greater part, as his son was presi-
dent. Mr.. Trowbrldge was elected
president, and the affairs of the bank
virtually settled. This morning, in or
der to accommodate tie rush that was
expected, the bank opened at $50
O'Clock. Immediately a stream of sew
eral hundred people began to pour in,
half of them being ladies.
Matters were greatly complicated in
this Emo affair by the fact that A. Dyett
& Co., the brokers of the specializing
president of the Second National. had
last evening been forced to suspend. the
Continental Bank refusing to certify
their checks.
When these things became known
there was a wild rush to the Stock Ex-
change from all the outlying offices
and before even the formal opening, in
spite of the rules, the panic-stricken
crowd began to throw stocks overheard.
1t was but a few moments before the
failure was announced of Nelson, Rob
inson Il Co.. and but a moment more
when COTE Il Randall followed them.
Almost Immediately they were succeed
ed by O. NJ. Bogart & Co, and then the
old and highly respected house of Hatch
4 FOOte. The condition of affairs was
fearful. Upon the top of it all came
like a thunder-clap the announcement
that the Metropolitan National Bank
had closed its doors. At one time it
seemed likely that the Exchange would
have to be closed and business suspend
ed, but very wisely it was determined
not fn cfnn flaa1Inna Tia o1orD, -,o,1l
have been intensified had this been
done. Black Friday of 1869 and the
panic OF 1873 were already sufficiently
prominent IN the memories of the peo-
pie.
SCENES AT THE BANKS.
Meanwhile there were as excitino
scenes outside. At twenty minutes af-
ter eleven a long line of men and bows
stood in front of the paying-teller's win
dow in the Metropolitan Bank. at Broad
way and Pine street, of which Mr.. Geo.
I. Seney is president. Every person in
the line held one or more checks to be
certified, the alarming rumors as to fail
ures in every direction having made I'M
certified checks Of no value, no matter
by whom they were signed. Just at
that moment the paying-teller shut hi.
window with a bang, and announced
hat the Metropolitan Bank will sus-
pend payment, as a matter of necessity
and ~precaution. A howl of dismav
went up from the line of men. and a
break was made for the door, where a /
number of depositols were met hurrying
to get a denial of the rumored suspen-
sion. In less than five minutes the
iron doors were shut, and a policeman
arrived to stand guard on the steps.
The first story told to large depositors.
who arrived breathles. and indignant.
was that the suspension had been order