Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-05-15
finantiaI

Wild Times ,Change-FtnancfaI Cir
eies Shaken to the Very Center-Fatl-
ures Following On Failures-An Enor-
nous Drop in Prices-stocks Thrown
on the Market in Great Quantftfes-
Brokers Shouting Themselves ROarse
In Their EHOrts1to Se'l-The Tale of the
Days DOfngs i'm the Street.
NEW York. May IA.
Since The panic Of 1873. consequent the failure
OF Jay Cooke. when the Stock Exchange was closed
for several days to stay the shrinkage then
going on and to allow brokers and others time to
make arrangements to tide pressing needs hnan
cisl circles have not been convulsed to the extent
they have been to-day. In fact the closing Of the
Exchange was the only thing lacking for conplets
repetition of the troubles of that period
Long before the hour for opening business the streets
In the vicinity Of the Exchange were the scene of
great activity which foreboded that something
UNUSUAL was expected. Knots of brokers and others
gathered on the straet and along the curbs
discussing the situation and Specializing to what
the day would be fruitful of The. excitement and
alarm occasoned shortly last evening
by rumors of a heavy dsfalcation on the part Of
President Emo. OF the Second National bank and the
possible suspension of the institution consequence
was but little allayed by the published statements
in the morning papers that Mr. Eno's father had
made good the deficit from his private fortune and
that the bank would meet all Demands. Rumors be-
gan to fly thick and fast of an impending financial
crash. he namss of several prominent broker firms
were mentioned aud some went far as to say that
several of the banks were hopelessy involved by
speculation on the part of the officials. These
mors tended to intensity the feeling of alarm and
the opening of the Exchange awaited with great
anxiety For half hour before the opening OF the
Exchange large crowds of brokers and messengers
were awaiting admittance and when the doors were
nnally opensd there was rush and scramble into
the room Inside the scene one Of wild excite
ment. The chairman had hardly taken his place ere
the rumpus commenced. Brokers shouted themselves
hoarse In their efforts to market stock aud the out
pour was 30 heavy that prices begSn to with
a rush. Business had hardly got under way when it
was announced that a heavy had been
menced on the Second National bank asd heavy
was the demand that it a question whether tn
bank would remain open. Following this the
announcements in quick succession the suspension
of the following firms COTE Randall, Nelson
Robinson Co., O. NJ Bogart & Co, G. William 81
and Hatch Foote all members of the Stock Elk
change, and the OF the closing down of the
Metropolitan National bank. As each one OF these
startling announcements were made a howl went up
from the Thousands Of scrambling brokers in the
room and block block of stock from the ordinary
hundred to five thousand shares were thrown on the
market It was plain that any effort to stem the out
pour would be useless and was made Prices
went by the board amid the yels and shouts of the
excited throng and the confusion great tn =
it almost impossible to transact business the
failures were announced the spread throughout
the ueiehborhood and a rush WAS at once rnaoa for
=, ~ ~ "'eo An"'o Ao'
the onees OF the unfortunate firms, which were
quickly led with ere ditors an others camorine fo
jn&o-m.+ion 70 oraat 1zs, a., =.
e 0 'ne excitement that .
one time several prominent brokers called on Presi
dent Hatch, of the Exchange, and consulted with
hin "a +o tho o5,is.h;,,t :. -: "n
nun as 10 'ne 1oVsaointS OF aoournng Change unit
Monday. Mr.. Hatch was opposed to this until the
last momen. but said tn At il noatters did not ,o
zvitb.n ~, bo,r ~ +.o r. - ~ NV 4n
49, % noui VI wv 10 "ou1o consult with them
From the opening until O'Clock thsre was q steady
outpour of stock and prices went down 90 rapidly
+b.+ - 1oolaa -, :. oo-.,, = ;. ~ .At'
~ " SO - h1'Nins On tns 1sE was going TO
smash at the hour named, the decline ranging from
1 to 1Ok, the latter in Missouri Pacific Th. na~+
a,ao+a.+ ,,aolira, ,.oo - e,,- .. A 11
sAoS' 004AoS "eio az hono"A 81. Psul common
*, preferred 8; Northern PaciAc preferred 6,
Canada Southern & IouisviIIa and Na.b,i11o g.
-. o. o'-.,1 - - .'1A4o %
Aon AoiAo VA Oeh'ra' racine on, Pacific Mail 6,
Lacsawanna A, Baltimore and Ohio 4, Cleveland,
Columbus Ojncinnati and Tndiono,.1,. u...-
- "es'ei IL
ohlon o. MOCK 1siano o3S' NorthV estern common AZ
preferred 5; Michigan Central 6, Omahs Common A.
During the morning several thousand shares of var
ous stocks were so,d under thu rula for N 81 - 6
III e1,spa1dad 6rn,z Tho Nod