The times. (Owosso, Mich.) 1882-1897, 1884-05-23
WALL STREET PANIC.
A TUMBLE IN STOCKS, AND FIRM
AFTER FIRM FORCED TO
SUSPEND.

ZIG ACKNOWLEDGEMENTS w euneSudy morn
ing that John G. Emo, president of the
Second National bank Of New York,
was a defaulter for nearly $4,000, 900
rious panic in Wall street. In the wild
rush to sell securities prices opened
from one to five points lower, and
dropped at frightful rate of speed.
Within few minutes the suspensions
were announced on the stOck-exchange
of Hatch IL Foote and o. NJ. Bogert IL
Co.. heavy banking-hOuses, and of j.
G. Williams, Golf 81 Randall, and N.
Robinson 81 Co., brokers. Next came
the failure of the Metropolitan Nation
al bank, with capital of $4,000, 900,
whose president is George /. Seney, the
promoter of the Nickel-Plate road,
whose losses in the Ohio Central and
East Tennessee roads are believed to
have been very heavy.
A run commenced ON the Second
National bank, where depositors soon
found that James A. Trowbridgs had
been elected president; that the defal-
cation of j. G. Emo had been promptly
paid up by his father, and that the
bank examiner pronounced the institu-
ton sound. BY noon every foot of
room in Wall street for ten blocks was
OCCuplCu NY dh CACltCu ClOWus dulOllS
them being many ladies.
Secretary Folger happened to be in
New York and ordered the immediate
payment of the last call for bonds, in
the hope of easing the momentary
stringency produced by the panic, as
currency commanded l per cent. per
diem. Before the stOck-exchange
closed the SUSPENSIONS were announced
of HotchkiSs q Burnham and of Dom
nell. Lawson & Simpson.
Later in the afternoon the Atlantic
state bank of Brooklyn, with capital
of $2,0O0,0O0 closed its doors. The
events of the morning drove st. Paul
Pullman stock to par, knocking Michi-
gan Central IL points, forced Union
Pacific to 80 and Western Union to 40.
The total transactions were $4,000
shares. The petroleum markets in the
Pennsylvania cities were driven down
ten points, with but little recovery.
July wheat in Chicago at one time
showed a decline of Al cents from
Tuesdays highest figures, but most of
the loss was regained. Charles NJ.
Bayard, stOck-brOker in Philadelphia,
suspended payment. In Boston large
blocks of Mexican Central bonds and
.Atchison stock were flung on the
market, causing drop of from five to
seven points.
On Thursday the resumption of bust
ness by the Metropolitan National
bank of New York, under the presi-
dency of Henry L.. Jacques, gave a
strong impetus to the stock market.
There was no wild enthusiasm over
Wabash or Denver, but such proper
ties as ordinarily do something for their
owners were in brisk demand at better
prices. The announcement of the fail
ure of A. w. Dimock 81 Co., promoters
of the Bankers, and Merchants Tele-
graph company had but little effect on
stock-exchange. Parties deeply inter-
ested scattered over the country the
statement that foreign bankers were
hungry for American securities, and
quotations were marked up rapidly UNI
til the famine was appeaSed. Money
ruled firm at II per cent. per annum.
A sharp decline in government bonds
put the speculative fraternity on their
guard, and just before the close Of
business prices were smashed from one
to five points by the collapse of Fisk 81
Hatch, the heaviest dealers in federal
securities.
F. A. Hawley & Co., bankers of Bos-
ton, suspended, with liabilities of $780,
600. The bankers of Kansas City held
a meeting and resolved to pay 20 per
cent. to depositors and give certified
checks for the remainder. The Tuna
Valley bank, at Bradford, Pennsylva-
MIA, made an assignment; Hilton g.
Waugh, oil brokers, failed, and petro-
leum broke to rs cents. The City Ex-
change bank of LaPorte, Iowa, and the
Union bank of Quincy, Illinois, closed
their doors because of the failure Of
their New York correspondents. A
state of $500, 600 by the collapse of Don
nell, Lawson & Simpson, of New York.
The panic among the stock gamblers
IN New York was renewed Friday
morning. One of the alarming factors
was the suspension of the Newark
Savings institution, whose liabilities in
January were reported at $6,473, 05S.
But it is now clearly to be seen that
the speculative fraternity faced cur
rency famine of the most desperate
class. Money to stock-exchange bor-
rowers advanced to IL per cent. per
day. IT is stated that agents of Van
derbilt were refused certified checks on
the deposit of sachel full of govern
ment bonds. But somebody must have
applied bags of ice to the heads of bank
presidents. as one of the number finally
loaned $4,000, 900 on federal securities,
and it is said that the clearinghouse
banks offer to advance 20,0OO,000 on
governments to protect the market.
Russell Sage refused to open the
doors OF his Office and was threatened
by leading broker with retaliatory
action by the stock exchange. Four
per cent. government bonds fell to 116.
About noon the tide was turned by
purchases for foreign investors, which
makes certain flow of gold from
Europe. Stocks were marked up with
great rapidity, the closing rates being
the best of the day, and call loans de-
clined to 5(G6 per cent. per annum.
The lull was so marked as to inspire
confidence that the scare is over.
The president of the Newark Savings
institution, before fleeing the city to
escape lynching, stated that he left
with Fisk 81 Hatch So, OO0, 600 in govern
ment bonds, to facilitate their exchange
if called, and he finds that part of them
have been used by the bankrupt firm.
A run OH the Dime Savings bank, of
Nawark confipttad oil dow mud a. 4.