The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-15

Al.
tlon, VI 3O4 800; due banks, IS 816, 600; oue de
posters. So, 800; unpaid dividends, $500
19Ssis, $i4 S15, 800; certified checks, $757 200.
Hatch q Foote now state that their suspension
was not caused by refusal Of the Phoenix bank to
Sertliy their checks but was caused wholly by ex-
haustion of margins, the refusal of customers to
renew Thorn and their inability to sell Stocks with
out an undue sacrifice.
AT the Phoenix bank everything was quiet and
serene An officer says there is not the slightest
trouble and no run on the bank.
secretary Foger avs that the break is due to the
.eckless speculation by few men. The situation
r. nob inherently weak. He will do everything in
ls power 10 prevent stringency in the money mar
ket The secretary further says there is plenty of
money IN the country and he does not anticipate
any extensive panic. The situation is not so weak
as people suppose.
me news of the disaster seemed to have spread
var;a 1agntnng rapidity. Private carriages with
through the streets and many stood outside the
9oors or various banks and banking houses The
directors of nearly all the banks were either in
session or present in their buildings ready for any
emergency. The doors of the Stock EXCHANGE were
guaruea py policemen and the visitors galleries
were closed. No one was admitted to the building
except members, clerks and messengers This was
done because the crowd endeayoring to gain adj
m t had grown too large for the capacity of
Cne building. Sensational rumors have been cir
cuated affecting the solyency of several banks but
investigation IN each case proved them to be false
except In the single instance of the Metropolitan
Inc Oil Exchange caught the infection and the
ped 10 points,
mas subsidized and the bank is stated to be able
70 pay all liabilities. 80
=. Jay Gould shortly before IL o'clock came out of
sn 1 SaIe deposit Company with Mr.. Nor SIM and a
c Sk with large canvas bag of securities He
t .ooksa pale and nervous and appeared so much
saw him slowly walking down Broadway. his ewes
directed toward the pavement.
One cause of the suspension of firms to-day was
the taet tnat most all banks in which brokers had
accounts refused to certify more than the deposits
OF their customers. AS the bulk of brokers' bust
nesats done in the morning and all checks are
arawn betor6 securities are depooited with the
baiks, this stoppage of certificates put stop to all
business OF brokers who did not have an extra0rdi-
nariy heavy capital to draw upon. The banks also
called in their call loans as well as their time loans
which had the effect of throwing all stocks not
protected on the market.
Q.30P. NJ
The excitement on Wall street had subsidized to a
great extent and better feeling prevailed but the
situation was by no means settled and the general
impression was that the end had not come. 1t is
stated that the largest dealer in privileges the
street was this morning obliged to receive 100000
shares of stock puts and this large block must
have called for heavy drain even on his immense
resources.
Donnen, Lawson g. Simpson have announced
their suspension. They were large dealers in
ty, water and city bonds. They are said to have
The firm, In their notice of failing, said lowing to
the general panic prevailing, We deem it best to
suspend until we can where we stand.''
Financial institutions, which yesterday were anx-
ious to loan money at 212 per cent, today made
loans with the utmost caution at 6, and in some
cases declined to make loans at ALL to favored
customers. Certified checks were demanded in all
transactions and the banks filed with parties
who were not satisfied with bank certificates and
insisted upon having cash.
(2P.M)
Philadelphia stock market is reported very firm
The Chicago market is strong. The board of mana
gers of the Stock Exchange have posted an official
notice that the Exchange would not close until the
usual hour 1t is said That 100000 shares of stock
had been put to Russell Sage up to 1.30 D. m.
AT the Second National Bank this afternoon,
many exciting scenes were witnessed, but in all
cases payments were made as fast as the teller
could hand the money out. At one time over 300
depositors were in line.
AT the clearing house the bank presidents are in
session. 1t is stated on the best authority that the
banks will staud by each other they did in 1873
and the resumption of the Metropolitan is likely
At the Stock Exchange the delivery hour Is
awaited with great anxiety.
Hotchkss & Burnham have Just announced their
suspension at the Stock Exchange.
The members of the Clearing Honse Association
have adopted the following:
Resolved, That, in view of the present crisis to
the banks in this association, for the purpose of
sustaining each other and the business community
committee of i've be appointed by the Chair to
receive from the banks members of the association
bills receivable or other securities to be approved
by the said committee, who shall be authorized to
issue therefor to such depositng banks, loan cert
feates bearing interest at per cent per annum,
not IN excess OF 70 per cent of the securities or
bills receivable so deposited except in case of Unit
ed States bonds, and said certificates shall be re-
ceived in settlement of their balance at the clearing
house.
GAS P. Ny
A representative of the Associated Press has just
interviewed prominent director of the MetroDoli-
tan Bank who said emphatically that the deposit
ors OF the bank will be paid in full. He says that
the directors have gone through all the securities
OF the institution and throwing out all that may be
ciassed in anyway doubtful have more than sufi-
Gent to pay depositors He saws further that the
suspension is solely due to the TACT that depostors
throughout the country having become scared
(Afr. Seney) had inaugurated a general withdrawal
OF their deposits. This fact, coupled with the gen.
eral disrust engendered from the critical situation
IN speculative circles caused their suspension.
Laser Reports.
NEW YORK, May 14.-Among the rumors circu-
lated this afternoon report that Drexel, Nor
gan & Co. had 100000 in the Metropolitan
Bank, but member oil the firm denied this, saying
his house had only small coupon account there at
the time of the failure. Another report to the
effect that the Atlantic Mutual Insurance Co. de-
posted S 100000 in the Phoenix National Bank
this morning.
Secretary Folger was seen this afternoon and
asked his opinion in regard to the panic on Wall
street. He refused to talk at length the subject
but said that it showed a want of money.
Wall street to-day was very much like ship in
storm at sea. This afternoon there much ex
citement and long decline in the price of bonds
and stocks. 1t was not thunder-clap from a clear
sky, for the falling had been continuous, and the
storm seems to be on the increase, threatening
stocks were various on the decline. The greatest
sufferers were the Union Pacific selling at 40 and
Western Union at 30. At 2.15 the market appeared
to be going lower.
NEW YORK, May 14.-Bank Examiner Schriba is
in possession of the books of the Metropolitan Bank
waiting for instructions from the Comptroller of
the Currency. 1t is announced by the cashier that
no statement would be made today by the bank au-
thorties The steps leading to the entrance of the
bank were crowded all the afternoon with strug-
Cling and pushing throng which endeavored in vain
get some information in regard to the situation.
About half-paSt o'clock the announcement came
that Hotchkiss, Durham & Co.. of 80 Broad street,
one OF the most prominent firms of brokers in the
Exchange had suspended, and the crowds which
blocked up the thorOughfares from doorway to
doorway was again thrown into ferment of ex-
element. Both Mr.. Hotchkiss and Mr. Burnham
were found in their office. Business at stand
STILL and few clerks lounging at their desks
The faces of the principals wore a look of gloom
and anxiety. Mr.. Hotchkiss said, s'We were forced
to suspend this morning, in consequence of the
calling of number of large loans. Persons whom
we thought were responsible failed to respond and
in the present state of the market we thought it
best to close up at once, before matters got any
worse. and see where we Stood The probable sus-
pension will only be temporary. That is we hope
so. Our assets exceed liabilities by large
amount, and if we can find any market for our Sc
curities, and are able to collect the money that is
due to the firm. there will be trouble about re-
coed $3.50, OOO.'
Joseph G. williams g. Co. stated that their fail
ty to meet engagements. They could make no
statement in regard to their liabilities At the
office of Donnell, Lawson & Simpson, No. 1O2
Broadway, member of the firm said they were
depostors to the amount of So 900 900 at the Met
ropoitan Bank, and as their money there was
locked up it was necessary to suspend until they
could find out how they stood, 1t was thought
their suspenfion would be only temporary one and
that it was not failure.
Walter j. Johnston, Receiver of the Marine Bank
took possession this afternoon at the bank.
400 P. NJ
at o'clock this afternoon it was estimated that
over 100000 had been paid out during the rush
today by the Second National Bank. A rumor pre-
walls now that the deficit amounts to 81 O0O, 900
and that Amos r. Emo, father of President John c.
Emo paid 80, SOC, 900, while the directors made
good 100000. An instrument was recorded in
the registers office today by which Amos K. Emo re-
voked certain power of attorney given by him to
his son John G. Emo in 1871. The document furth-
er rectes that all powers of any kind or date here
tofore given to John @. Enc are revoked.
The Atlantic State Bank of Brooklyn closed its
doors at 1.3o p. m. The cashier stated that they
were in no trouble but that the Metropolitan Bank
had all their available funds locked up and the
doors were closed simply because the bank didn't
want to run when short of funds. The cashier
claimed that the bank held securities on which
100000 could be realized if necessary but not
to-day. City Treasurer Wheelock said that $107,-
900 of the city's funds were deposited with the
Atlantic Bank.
Over 81 900 shares of stocks and $4,000 in
bonds were closed out for suspended frlns at the
Stock Exchange up to 2.15 p IN. Among these
stocks were 5000 shares of Lackawanna and I, 200
of Northwestern.
The COmmaroia1 ic rfad