St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-15

NEW YORK.
Especial Telegram to the Globe. |

Especial Telegram to the Globe.
| New YORK, May 14.-The day opened with a
panic in Wall street, caused by the failures of
| stock houses and prominent bauk. There was
perfect stampede in all securities, nothing es-
| capped and the shrinkage great that the
| bears felt about uncomfortable as those
| who were long. At noon Rock Island was quoted
at S1.10; Chicago, Burlington & Quincy, SLIP;
Omaha preferred was off from 80 to Sic through
out. But few stocks were purchased except
those required to cover short lines and few
houses cared to buy except for cash, The fuc-
tuations were so violent that margins amounted
to nothing. The market quieted down later in
the day and prices improved on reports that the
banks generally were inclined to render aid to
their friends who in trouble. Failures,
| however, continued to be announced during the
last hour and created great uneasiness and
decline in prices. There was no improvement
at the finish and the day closed with feeling
that we may see still more trouble tomorrow.
Money became exceedingly stringent, and two
per cent. for the day was paid in many cases.
| Henry Clews & Co. say: g To-day was bolster
ously stormy in Wall street, and will be memor-
able as the black Wednesday, made so by the
suspension of the Metropolitan bank, together
with several very respectable brokers' firms who
| were compelled to succumb to the blast Now
| these disasters have occurred and BEING
| what many of the prominent bears work
for consequently relief should be felt IN the gale
having come and gone. Prices in being reduced
to present lower figures certainly offer an admira-
| Bile opportunity for safe and profitable invest
ment, and through that source Wall street will
soon experience essential relief. The action of
the bank meeting this afternoon in agreeing to
stand by each other through thick and thin, is a
thing which they have previously successfully
done in similar occasions, and should in this in
stance as in the past prove a sufficient
| guarantee that other such trouble
as that of the Metropolitan is likely
to occur, this commendable action should pave
the way for the restoration of confidence and bet
ter times at least for some time ahead
A. NJ. Day says: THE day has been the most
exciting since that which precpitated the panic
of 1873. Six houses, three of them large and
the Metropolitan bank, have failed Prices have
declined 1 to 10 points and over At the close
money was two per cent. premium per day, not
because it absolutely scarce, but owing to the
uncertainty of the result The best
feature in the situation is the action
of the associated banks in agreeing to stand by
each other upon the general plan that they adopt.
ed in 1873. Upon this announcement the market
| Some ~
quoted money closed at one per cent. per dav
We ourselves feelthat it will take long time
for the country to recover from the effects of TO-
days events, and that prices in some stocks will
be very much lower before the situation is cor
rected. Jersey loaned at e-half for use. The
failure of Donnell, Lawson s. Simpson NAV be
far reaching in its effect. as tbev
were the correspondents of number of small
country banks
Western Associated Press
New YORK, May 14-Complications arisino
from the alleged stock speculations of the
officials of one of the National banks caused 8
panic in the stock market to-day. Yesterday il
was developed that Dyett g. Co.'S checks ha6
been refused certifcation by the Continental
bank The firm it was said, was affected by the
inability of the bank official in question to live
up to his contract at the Continental bank. i
was stated before the opening of business to-da,
that Dyett s. Co.'S contracts would be taken car,
of by VIM. Heath s. Co. This was subsequently,
corroborated by official notification to the stock
exchange that VIM. Heath & Co. would settle
with the members Of the exchange fo
all stocks bought, sold, borrowed or loaned pre-
vious to this date. After the opening of the
board the suspension of Nelson, Robinson & Co.
Golf & Randall, NJ. Bogart & Co., j. C. William.
and Hatch & Foote were read from the rostrun
of the exchange, and under sharp pressure tt
sell,prices broke to IL per cent, the decline being
accelerated by hquidatons and by sales of thou
sands of shares under the rule for the account O.
suspended firms. The decline was subsequently
checked by the action of Secretary Foger in or
derlng the prepayment of the one hundred an6
twenty seventh call for $1,000 ,00O The secre
tary also expressed himself willing to do every.
thng In MS power to prevent stringenGE in the