Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-06-06
THE PANIC AT THE EAST.

MANY Disastrous Wrecks Caused by " itc.
markable Tumble In Stocks - several
Firms Forced to Announce Their Faiiuro
TO Panic-Stricken Speculators--The Met
ropolitan Bank of New York City ana
the Atlantic State Bank of brooklyn
Close Their Doors.
New York, May 15.-The announcement
Yesterday morning that John Q. Eno' Presl'
dent of the Second National Bank OF New
York. was a defaulter for nearly S3,OoO,o oo
was sufficient to pave the way for a serious
manic in Wall street. In the wild rush 10
sell securitiesiprices opened from one to i've
points lower, and dropped at a frlshtful
rate Of speed. Within a few. minutes the
suspensions were announced on the Stock
Exchange of Hatch & Foote and Y.
M, Bogart & Co., heavy banking houses,
and of j. c. Williams, Golf IL Randall, and
N. Robinson & Co., brokers. Next came
the failure of the Metropolitan National
Bank, with a capital Of So, 900, 600, whose
President is George l. Seney, the promoter
of the Nickel Plate Road, whose losses IN
the Ohio Central and East Tennessee roads
are believed to have been very heavy. a run
commenced on the Second National Bank,
where depositors soon found that James
A. Trowbridge had been elected President;
that the defalcation of j. G. Emo had
been promptly paid up by his father, and
that the bank examiner pronounced the in
stitution sound. BY noon every foot OF
room in Wall street for ten blocks was oc-
cupied by an excited crowd, among them
being many ladies. Secretary Folger hap
pened to be in New York and ordered the
Immediate payment Of the last call Tor
bonds, in the hope Of aslns the
monetary stringency produced by the
panic, as currency commanded one per cent
per diem. Before the Stock Exchange
Hotchkiss & Burnham and of Donnell,
Lawson & Simpson. Later in the after
noon the Atlantic State Bank, of Brook
lyn, with a capital Of So, 900, 900, closed its
doors. The clearinghouse Association
adopted measures by which the banks
were to stand by each other, and, in a man.
ner, this restored confidence, values SHOW
ing an improvement at the close. 1t is
confidently asserted that the Metropolitan
Bank will resume to-day or tomorrow,
and that a continuance OF the "scare" is
beyond the bounds of probability.
The events of the morning drove st. Pau
preferred, Northwestern common and Pull
man stock to par, knocked Michigan Cen
trial i2 points, forced Union Pacific to 81
| and Western Union to 40. The total transac
| tions were $50, 900 shares. The petroleum
markets in the Pennsylvania cities wer
driven down ten points, with but little lie
covery. July wheat in Chicago at one tim
showed a decline of AZ cents iron
Tuesdays highest figures, but mos
of the loss was regained. Charlie
NJ. Bayard, a stock-broker in Philade]
phia, suspended payment. In Boston larg
blocks of Mexican Central bonds and Atchi
| son stock were flung on the market, causin
a drop Of from five to seven points. i
London, Louisville & Nashville stock fel
nine points, and other leading American
securities showed a corresponding decreas
Y value. No Chicago bank or individua
seems to have been affected by the excitin
events of the day. At leading trade Ger
tiers there was comparatively no excitemen1
and a feeling of confidence that no genera
panic was impending wa expressed.