The National tribune., 1884-05-22
A sPEcULAToRs' PANIC.
Wall Street Turned Upside Down, bat General Bush
ness Not Affected

ness Not Affected.
The financial troubles growing out of the
failure of the Marine Bank and Grant & Ward
chronieled in our last issue, precipitated q
panic in Wall street, New York, on Wednes-
day, the 14th inst. Immediately upon the
opening of the Stock Exchange, the suspension
was announced of Nelson, Robinson & CO.. and
this was followed by the failures of six other
leading brokers, including o. III. Bogart & Co.,
COTE & Randle, Hatch & Foote, j. C. Williams,
Donnell, Lawson & Simpson, aud Hotchkiss
Burnam & Co. In the meantime, news came
that the Metropolitan National Bank, of which
Mr. George /. Seney, the well-known railroad
protector, was president had closed its doors,
and Wall street was soon filed with throngs of
excited people. The crowd spread down
through Broad street half block. went up into
Nassau, and surged around the suspended bank
at the corner of Pine street and Broadway.
Women, some on business, more sightseers,
were plenty.
In and out eff their offices, to and from the
Exchange, the brokers and their employees had
to fight their way. An extra force of police
was detailed to clear the entrances to the Stock
Exchange. Its galleries became 80 crowded
that after o'clock no one was allowed to enter
them.
The effect on the stock market was democrat
1zing. Western Union sold down to fifty and
other stocks were even more seriously affected.
In all over 100000 shares of stock changed
hands.
On Thursday the excitement continued, and
the good effect of the resumption of the Met
ropoiitan Bank was neutralized by the failure
OF A. w. Dimmock q Co., brokers, and the
great house of Fisk Il Hatch, dealers In Gov
ernment bonds
On Friday the market began to recover its
tone, and but one falure-that of Ell. G.. Hardy
q Sons-was announced. There were runs on
al ha har he how y
Newark On. j. Savings Bank, owing to the fact
that its securities were locked up in the failure
OF Fisk q Hatch, was compelled 20 suspend
Outside of speculative circles the effects of the
panic were not seriously felt, the excess of
failures IN the country at large over those of
the previous week numbering but eighteen.
The brief duration of the panic is reported to
DO largely due to the action of the Clearing
House Association of the New York banks in
coming TO the relief of the threatened banks.
In the case OF the Second National Bank, which
was on the eve of suspending on account of the
defalcation of its president, John C. Emo, the
latter's father, Amos G. Emo, made good the
deficit to the extent of $500, 900, and thus
enabled the bank TO continue The failure of
the Metropolitan Bank was directly due to the
inability of President Seney to meet his en-
gagements, but, after an examination OF its
condition by the Clearing House committee,
reported that its assets were sufficient to war
rant the loan of sufficient money 10 enable it
to resume business, and its suspension was
therefore only temporary. AS yet it is not
known what the Liabilities of the Wall street
brokers who were forced to suspend will
amount to.
There was but one failure, that of W.B.
Scott & Co., brokers, in Wall street on the 18th.
The general outlook at the close of the market
was encouraging. Mr. G. G. Baldwin an
nounced his resignation as president Of the
Louisville and Nashville Railroad.