The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1884-05-22
The great break of last Wednesday o.

The great break of last Wednesday on
Wall street has in measure subsidized,
and the furry being over, confidence has
been partially restored At the opening
of business on ''black Wednesday, an i'm
pending disaster seemed to hover over the
minds of the stock gamblers on Wall and
Broad streets, the mammoth failures of
the few days previous having the effect of
multiplying four-to.d the fears of fnan-
cial crash. Soon after one o'clock large
crowds of depositors were seen in front of
the Second National and Metropolitan
National, and when the cashier of the
Metropolitan slammed down his slide and
ordered the doors closed wild scene of
tumultuous confusion and excitement fol-
lowed. At the stock exchange continuous
announcements of failures of smaller firms
were being made, and when the suspcn-
sion of the Metropolitan was made known,
complete disaster seemed to stare every
body in the face. The brokers were a
struggling, bowling mass, and the galleries
were ordered emptied. The day through
out was one of continuous and almost un-
precedented confusion, and when the
gong ofthe stock exchange sounded, one
of the most exciting days in the history
of that institution closed. The net result
OF the day was the suspension Of the Met
ropolitan Bank, the Atlantic State Bank
Of Brooklyn, the failure of sixteen broker
firms, depreciation of values to the ex-
tent Of tens Of millions, and an advance in
money to per cent per diem. Of the
brokers but two were large houses, those
of Hatch & Foote. and 0. NJ. Bogart &
Co.,
The wild excitement Of Wednesday was
continued the next day in about the same
manner, and the extravagant scenes of
the previous day were repeated. There
was failure in the morning which start
led the operators for moment, great
scramble for money all day, teverish fuc-
nation in prices, and an approach to
settled feeling when, just as the brokers
finished their work, startling disaster in
the failure of Fisk & Hatch stamped upon
the hopes for the best and set the market
on a rafting down pace, which stopped
only when the gong sounded at 3 o'clock
The net results for Thursday were the
failure of Fisk & Hatch, A. W. Dimick &
Co., and several brokers with capital Of
less than million dollars. The Metro
politan opened its doors at noon, and 9TH
er National banks continued receiving de-
posts and paying checks. People were
gradually returning to their senses, and
foreign orders for stock caused better
feeling.
On Friday the superstitious crash that
was expected failed to culminate, and out
side Of few failures at Boston, New York
and Chicago nothing startling occurred to
mar the fancied serenety of the financial
horizon. The panic is over, and eastern
capitalists who have been investing their
means in watercd stock and sky-rocket
securities will turn their attention to west
ern fields where speculation in decided
farms on Dakota's fel tile plains will reap
for them surer harvest than wildcat
speculation in the financial center Of the
nation. The Wall street disturbance will
be productive OF great good to Dakota,
and more hard cash will be put into circu
latlon in the Sioux valley as a natural re-
suit.