Morning journal and courier., 1884-05-07
finantiin


E1cfts ment on she Street.-The m srIne
National Bank Closes its Doors-Wf'd
scenes In the Stock Exehange-Ex-PreS-
fdent Grants Firm I'm DimcuItfes-The
Largest Days Business In q Year.
New YORK. May 6.
Business on the Exchange had hardly got fairly
under way this morning before rumors began to be
circulated Of an impending financial crash. What
firm or institution Threatened with ruin these
vague reports did not designate, but that something
unusual was about to occur evident from the ex
cited manner In which brokers and messengers ran
through the street between the various oces and the
Stock Exchange. The ruuors were current but .
short time when the of the Marine National
bank was coupled With them and abort time after
all further speculation the house about to fall
set at rest by the announcement about IL O'Clock
that the bank named had closed its DOORS unable it
was said, temporarily TO meet its obligations. A
great crowd gathered in front Of the building
where many OF the deposors were clamoring for az
mission to the bank in order to learn the true
state Of Affairs. They INST by
squad of policemen who posted around
the entrance and firmly but politely informed they
would not be allowed into the building Th deposi
tors fudirg all efforts to gain futile made
rush for the clearing house. Here it learned
that the immediate cause of the suspension due
to the inability of the managers to give security in
the clearing house for 100000, to which extent the
bank was debtor At the Stock Exeh nge the news
caused intense excitement and the scenes enacted
therein almost beggar description. Confusion reign
ed supreme and the board room transforRed in
to veritabls bedam brokers We'd with each other
in endeavoring to sell stocks at the best prices The
noise great that It made it impossible to
| hear ones own voice. Stocks tumbled out in
reckless manner, all sorts OF lots from hundred
shares up to blocks Of six thousand in lump, break
| ing down prices at alarming rate and throwing
| the whole market into state of panic Everyone
appeared to have lost their and while 1t
| looked as If everything going to smash
Following Immediately the announcement of the
suspension Of the bank the report that
ker firm of Messrs. Grant Ward would be obliged to
suspend in consequence of the crippled condition in
which the closing Of the doors of the bank left them
At the Office of the firm it learned that such
the case but the clerk in charge stated that could
give no information to the affairs Of the hrm
ferring all iuqurers to either Mr. Fisk the president
of the suspended bank, who is also special partner
in the firm, or Mr.. u s. Grant, jr, another of the
firm, for ths information desired Neither of these
gentlemen could be found however. The other mem
bers of the firm ex-President Grant and Ward.
| The last named gentleman is missing and has not
been at the Office since Saturday is also reported
that $500 900 of the firms money is missing. About
one O'Clock the bottom figures of the day
| were touched, the entire list at that time
| showing drop of l to 5K per cent, led by
| G. @. g. and L. Oregon Improvement, Union Pacific
coalers Northwestern, Northern Pacifcs and Pacific
Mail. During the afternoon the market appeared to
have more support and there some recovery
brought about mainly by purchases the part OF
the larger bull operators and covering by of the
shorts At the hour fer delivery 250,O00 shares
posed Of various stocks were sold under the rule
also So, 900 United States bonds and $4,000 of New
York, Chicago and st. Louis second mortgages were
Roid under the Same orders. The depression in the
Oregon and Northern Pacific shares was mainly due
to the granting Of injunction to prohibit the lease
OF the Oregon Navigation company from executing
lease of the road to the Northern Pacific company
| any other lessee pending the trial of the suit C.
Spencer, Erwin and etherS sgainst said Oregon com
pany, the injunction to be vacated, however, upoI
the company giving bonds for 100000 to abide tn
final decree in tina suit. The largest days busines
in was transacted to-day, the aggregatn,
66s.5oo shares Great misteust prevailed at the cos
| of business and rumors and predictions of furthe
| failures not lacking.
Money closed at ~, which also the ruling rat
| to-day.
Exchange closed dull. Posted rates 48sa49o: actus
/ rates 4S7As48716 for sixty days, and ASK for de
| mand
| Governments closed firm.
| grClosing prices reported the private wires
| BUNNELL Il SCRANTON. Bankers and brokersl