The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-15
A Big SCARE
And Semi.panic in New York
Financial Circles.
Five brokerage Firms Compelled
10. Bite the, Bust.
An Exciting Day on the Rialto Of
tho Metropolis.
The Metropolitan Bank Closes Its
Doors,
But Dcpo:itors Are Assured They
Will bB Paid in Full. !
Reckless Speculation the Cause Of
the C0mm0tiOn.

Go. and Golf i Randall announced their
suspension and there wss drop OF to 81
per cent as compared with yesterdays clos-
ing, the downward movement being &C.
celebrated by rumors OF several bull pools
being forced to liquidate. ~.
The Clearing House received the follow.
Ing from National Bank Examiner Serbia:
Alter investigation Of the Second National
Bank l find it absolutely sound.
Hatch & Foote have announced their
suspension at the Stock Exchange.
The financial complications OF tho past
week, supplemented by the revelation re-
garding the management Of the Second
National Bank, whicS resulted in the resig-
nation Of the President, brought about
such feeling OF uncertainty in the flnan-
cial situation that at the opening of bust.
mesa at the Stock Exchange this morning
it was felt that disaster was imminent be.
fore long. One failure after another was
announced until five eBtock firms Suspended
and tho Metropolitan National Bank closed
its doorS. Its President, George l. Ssney,
has been one OF the most prominent spec.
ulators in the Exchange, and was rated
high. The failure Of Hatch & Foose is
likely to involve country firms, as they held
the accounts Of many private bankers out
side ot New York, as well as Of individuals
in the West and South. s; ;s,, -
Secretary Folger, who is in the city, tele-
Qraphed 10 The Treasury Department at
Washington to take up the bonds Of the
127ih Gull, on presentation. The bonds
will rot be due until June 20. The Secre.
tary further promised to take such steps as
will relieve the present Bituation.
STREETS FILLED WITH PEOPLE. ---.,
Beyert 4 Co.'s failure is considered i'm.
portant, as they wero large dealers in com
mercial paper a2d dealt somewhat in priv.
ileges, and we're considered solid. Wall,
Broad and New streals, surrounding tho
Exchange, are filed with sureing masses,
ind the aallerieo' overlooking the trading
room arc crowded 10 repletion. The ex-
element on all sides is almos! unprece-
dented. Ol.the noor OF the Exchange all
ID confusion Though there Ii little bust
neEa being dono the sales on account OF the
suspended firms make show OF businees.
The situation js decidedly panicky. Fur
ther failures are locked for. Dis.russ is the
most prominent feature, and tho baaks are
carefully scrutinizing their accounts. The
PEGlix Bank refused to certify tho checks
OF Hatch and Fcote, aud this was the i'm
mediate causo Of their suspension.
Secretary, ,Folger was at the Sub.TreRs.
ury all morning and YVES visited by almost
all, the prominent tinanciers on Wall
s,reet. He expressed determination to
Use all the power OF the Government to
prevent a panic and will &C! promptly to
the utmost limit. OF his authority.
Atl2:l5 A. II. Wall street wa3 mass oi
people from Trinity church to the Cunsona
House, both side walks and carriage ways
were impossible, At the doors Of the aus.
pended houses tho nasses Of humanity
we're denscr. Many diseoreolate faces
gazed at the closed doors. Among the
crowd were eeen aeyera! well drefsed Iaoiea,
soma present from motiyes other than Gu
riosity.s Tacne Of the dIs9sters seemed
10 spread With lightning rapidity. Private
carriages with Ilyerisd servants came up
town flying through tho streets. Many
stood outside the doors Of tho banks and
banking houses. y. MOs-S,
SITUATION NOT so WEAK AS REPORTED.
Secretary Fo!uersays the breaks are due
to reckless speculation by few men. The
situation il not inherently weak. Ho will
DO everything in his powes to prevent q
str!pgency. He stated there we9 plenty Of
money in the country. n do not uutici.
pate any extensive panic. The situation
is not IS weak M the people suppose. I
ahall do everything in my power to restore
confidence" &-, u. !.
Hatch 4 Foots :atate that their suspsn.
sion was not caused by the refusal OF the
Phoenix Bank to certify their checks, but
waa caused wholly by the exhaustion OF
msrgina and the refusal Of cuBtomera to
. renew them and then. inability to sell stocks
without inauo sacrifice In the statement
issued by tho Uieasing House April 24Ih,
tie last issued, the; full condition OF the
, Metropolitan bank was as follows Capital,
, SS,0000Oo; not profits, 81, ,40SG Gb0; circus::
tion, 81, 100000; due blanks, ssh, 600; due
depo:itors, S.. 1872 800; unpaid dividend,
, S.. 100 Totals, Sl4.Sl50 900; certified checks,
r $G57,200. n fs-Fy L.f =
. Tho following notices were posted on the
, Metropolitan Bank door:
! "The check drawn by tho Mhge.icS
Bynk, Boston, on the Metropolitan Bank
q may be 'preeented 10 the First National
: Bank for payment"
: ""All drafts drawn by the Firat National
t Bank OF Utica on the Metropolitan Bsni
/ may lbe presented to the First Naliona
r Bank for payment"
9 . WILL WAIT TILL TIE CLOUDS ROLL pr.
" Donnell, Lawson i Simpson have an
:. nounced their ,auspension. They are larg,
j. dealers in county, water and city bonds
and IRE said ito have S2,O0O,CJO with th'
@ suspended Metropolitan Bank. The 6rn
IS say Shat owing to the general panic pre-
i vaiIing We deem It best to suspend unit
We cAu see where We stand" Tlt
e Tho Commercial says: Whils The ptree
n was much shaken by failures rumors Ter
ts1 heard that Seney's son.in.lsw Nelson Rob
>. inson had led, and the Philanthropis
d and Metropolitan banks were strugslin
II under heavy sea with the stropg probabi
" lily Of going under. BY 10 o'clock tho de
ia POSTERS OF the Second National Bank insti
, tute,.s heavy run. At IL o'clock the tligh
OF Seney's. ,son.inrlaw was authenticate
and simultans cpsly it vps officially an
nounced that the s.cctropolitan Eank wa
i. closed. AZ the Second National Ban
y many exciting scenes were witnessed, BIT
y iu all case1 payments were made 40 fast q
ve tellers could psy tho money out. At on
mt time, three hundred depositors were /
til line, while Amos r. Epo, the millionair
nd atood eniilingly by assuring all they woul
10. receive every cent Of their dues. ,@ 7
at Mi. Simpson, Of Simpson, LaNlon 4 O.
being sskadi whether it Tas trgc the fir