The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1884-05-17
A PANIC IN WALL STREET.
Almost IL Black Friday-The metropolitan
Bank Closes its Doors-The Atlantic
Bank of brooklyn Cripp' ed-Five
Solid Firms of Bankers Suspend
Payments.

Since the panic Of 1873, consequent
upon the failure of Jay Cooke. when the
Exchange was closed for several DAYS
to stay the enormous shrinkage then
going on and to allow brokers and
others time to make arrangements to
tide over pressing needs, financial cir
, cles in New York have not been con-
vulsed to the extent they were on We'd
nesday last when Wall street was 4
scene Of panic and disaster.
The failures were announced of the
Metropolitan Bank, and the firms of
| Hatch & Foote. Nelson Robinson X
Co.. O. VI. Bogart 4 Co.. Goft, 4 Ran
dali. |. G. Williams x Co., Donnell,
I.awson X Simpson, and liotChkiss *
Burniam. II is said thai the Metro
poltan Bark will be able &c pay its de
posters. The banks capital was $; ,ooo,-
900, and it, report TO the Clearing
House last Saturday showed the follow
ing as its condition at the time Loans
SIo,077.ooo specie. SI.779,ooo legal
tenders, >4o1 900 deposits. SS,4e5,
900 circulation, SI.5o5 900. ID. b.
Hatch. of Hatch x Foote, said it was
impossible for him TO state whether
their suspension is temporary or final.
Secretary Folger. who was in New
York, telesraphed to Washington early
in the day ar order for the immediate
payment ofthe 4, 9TH call for bonds. and
the Acting Secretary Of the Treasury
made the announcement accordingly.
Secretary Folger expressed his deter
mination to use all the power of the
Government to prevent panic. and to
act promptly to the utmost limit of his
authority" There WAS Il run during
the dav on the Second National Bank,
notwithstanding an announcement by
Examiner Serbia that the bank was
solvent. 1t appears that John c. Emo,
President of the Second National Bank.
had been using its funds in Wall street
speCulationS. to the amount, rumor SAID
of s. .ooo. 900. Whatever the deficit,
however, it was made good by his
father, Amos r. Emo, 4 wealthy real
estate owner. John c. Emo resigned
the Presidency of the Bank on Tuesday
afternoon, and the Directors appointed
as his successor James a. Trowb,idge.
son of former President. The Presi-
dent of the Metropolitan Bank is Geo.
| Seney, Il well-known philanthropist,
who within few Years has giver to
religious and charitable institutions
$1,000, ooo The Atlantic State Bank,
of Brooklyn, closed its doors in the
afternoon, in consequence of the failure
OF the Metropolitan Bank, through
which it cleared. The Atlantic Bank
expects to reopen Immediately. Its
capital is 100000. The ranking
house Oft. l.. Watson x Co.. of Bridge
port, Connecticut, suspended at 5
O'Clock in the afternoon, owing. it was
said, Ito the inability Of the Connec-
ticut National Bank, in which they de-
post. to honor their drafts, on account
of the condition of affairs in New York.
Watson X Co. resumed payment on
Thursday kilograms from all other
points, North, West. and South, re-
ceivel show that no serious or lasting
trouble has grown out of the Wall
street panic. 1t is reported that the
'.defci." in the Second National Bank
of New York amounted to 81 1000, 900,
and that the Presidents father paid
$500, 900 of the amount, the DreC
tors giving 100000. The bank paid
out $500, 900 on Wednesday. The
Metropolitan Bank resumed business
on Thursday.