St. Landry democrat. (Opelousas, La.) 1878-1894, 1884-05-31
AN EVENTFUL DAY.


emily Passed-The Shorn Lambs n
NEW YORK, May IL.
| A panic occurred at the Stock Ez
change Immediately after the opening
The recent astounding developments Q
the failure of Grant Ward and the Ma
rine Bank, and the heavy losses of job
{. Emo, late President of the Second Ma
tional Bank, have had such demoraliz
Ing effect that every body who had stock
to sell tried to get out as best they could
Gould and the bull clique tried hard tt
hold the market, but could not take ad
vantages, and to-day they let the market
take its course and prices fell with light
ming rapidity, and brokers lost theil
heads. "Every one for himself was the
| order of the day and pandemonium
reigned at the Stock Exchange.
Rumors of impending failures we're
thick, and when the Exchange opened
there was a 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 BUSH
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 yeritable 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 a
heavy run was fairly under way.
The suspension of Golf & 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. M.
Bogart & Co. and ]. 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 Threats, all
yelling at once made it almost impossible
Tor business to go on. Block upon block
u stock was thrown on the market re-
sardless of consequences, while several
shares were sold under the rule |
or account of suspended firms. Every |
me seemed to have lost his senses, and |
me looking at the scenes in the board |
DOM from the galleries would have |
bought he had struck lunatic asylum.
AT the lowest point of the morning, |
which was touched about midday. |
'rices showed decline ranging
rom one to eight per cent, the most
larked being on Northern Pacific
referred, Union Pacific, Western Union,
.ouisyille & Nashville, Northwestern
hares, st. Paul, Missouri Pacific and
Their leading speculative sto cks. Since
hen there has been slight rally, the
cling movement having sensiblv
and prices having more
lpport.
1t is announced that the METROPOLITAN
ank is debtor at the Clearing House
II 100000, and the Second National
ank continues to meet all demands of
epositors in full. One cause of the sus-
ension OF all the firms to-day was the
ct that nearly all banks with which
'okers had accounts refused to certify
! more than the deposits of their Gus.
mers.
When the gong of the Stock Exchange
'unded at 8 p. m. one of the most ex-
ting days in the history of that institu-
On closed.
1t is reported that the firm of DrexeI.
organ & Co. had 100000 in the
etropolitan Bank. A member of the
m denied this, saying that they had
ltndraWn their large account from that {
INK TWO years ago. Another report was
at the Atlantic Mutual Insurance Com {
ny deposited 81 1000, 900 in the Phoenix
Itional Bank this morning. !
The Clearing House Association at a
eetlng this afternoon adopted the fol-
wing: ,
That, in view of the present
ISIS the banks Of this association. for !
purpose of sustaining each other and
business community, committee of I
be appointed to receive from the
nks, members of this association, bills
;eiyable or other securities, to be ap-
owed by said committee, who are au-
orized to give therefor to such depositing
nks loan certificates bearing interest :
six per cent per annum, not IN excess
seventy-fve per cent. of the securities r
bills receivable SO deposited, except in
'e Of United States bonds, and said Il
shall be received in settle.
mt OF balances at the Clearinghouse.
e following gentlemen comprise the D
nmittee: +. d. Happen, George S.
e, j. d. Vermilyea, George G. Will +
ms, w. A. Wall and Edward II. Per. d
IS. /
NOT SO BAD AFTER ALL. Z
The Express says: Cup to II 80 a. m Il
metropolitan Bank promptly honored
checks presented. Then when the ii
'ple bllcame panic stricken without adj II
late cause and run was threatened. n