Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-05-15
THE PANIC IN WALL ST.
srouKs oAvINu AND ruKrUNEs LOST
4 Day OF Intense Excitement Ia New York
rears ofa General Papic-how lt was
Brought About

stock exchange was CLOSED, has Wall
street, New York, been so disturbed as II
was "Wednesday morning. The failures OF
last week, united with the rapidly falling
stock market, has produced general dis
trust, and the most conservative capital.
lists and most substantial banking institu-
tions has been subjected to criticism and
watchfulness.
The crash began simultaneously with
the call of business at the stock exchange,
Sales Of stock were so rapid that the report
ers were unable to collect more than hall
Of them, lu the midst of the excitement
the chairman announced the failure of j.
&. Williams of SO Broad street then OF
q. NJ. Bogart, Of los Broadway next OF
COTE Il Rsndale, 5 New street, aud next
of Nelson Robinson, IS Wall street. At
1890 came the announcement that Hatch
\ FUote, ono of the best known houses or
the street, had to sucoumb. The excite
mcnt at this time was intense. From ar
upper window in the sub treasury build
ing Secretary Folger gazed calmly anC
imperturbably upon the scene-the frs
instance in the history Of the country
wheTc secretary of the treasury wa,
present during Wall street panic.
The firm Of Nelson Robinson * Co.
consisted of Nelson Robinson, son.in-la
OF George l. Seney, Robert Ssney, George
l. Seney, jr (his two sons), aud Robertson
Rogers, Three members of the firm OWE
seats in the stock exchange, George |. Sc
ucy, jr., being the only exception Th'
firm of Hatch Il Foote was composed of ID
B. Hatch and Charles B. Foote, both
members OF the board.
BY 10 o'clock depositors OF the Second
National bank had instituted heavy ruI
upon that concern, whose offices are under
the Fifth Avenue hotel. At II o'clock the
fight of NJ. Seney's son iu-law was auth
euticated, and simultaneously with thi
was the official announcement that tht
Metropolitan bank had closed its doors.
At the Second National bank many ex
citing scenes were witnessed, but in al
cases payments were made as fast as The
teller could hand the money out. At one
time over three hundred depositors wer,
10 line, while Mr.. Amos r. Emo, the mil
liouairo real estate investor, stood by
smilipgly assuring all that they would
receive every cent of their dues.
At 1880 o'clock, when the announce
mcut was made that the metropolitan
bank had closed its doors, the widest ex
c.temout prevailed. The sidewalk in from,
of the bluk was impassable, and the crowC
sHUl.gi out across the street nearly to the
iron ratings around Trinity churchyard
Within two minutes after the blue coated
p-licemau had taken his station on the
bank steps to keep the surging crowd at
bay, q bare headed clerk made his appear.
auCo aud tackled upon the door a notice
which read
" AL drafts drawn by the First National
bank Of Utica, \. Y, on the Metropolitan
National bank of New York, may be
presented 70 the First National bank 70,
payment"
Tue crowd set up q yell at the announce
meIt, and a dozen men with white face:
dashed of in the direction of the FIRST
National bank.
Five minutes afterwards the same cleri
appeared and tackled Up a second notice
which read :
Checks drawn by the Maverick Ma
tiOnal bank OF Boston on the metropolitan
National bank of New York may be pre-
sented to the First National bank of New
York for payment"
Excitement on the street
The news of the failure travelled likt
wild fire. Men rushed out of the Stocl
exchange, ran over to the Metropolitan
and then rushed back again. Hundreds
followed, and within fifteen minutes TO-.
600 persons were wedged in the galleries
The occupants yelled and hoSled as thC
shares all along the line dropped Will
lightning rapidity. The heavily construct
ed galleries groaned and trembled beneath
the weight, aud the sergeant. at arm,
ordered tho crowd cleared out.
II Is understood that the failure of tht
Metropolitan bank is the result of specu
!atlOns in railway stocks by the bank
president, Mr.. George Seney. Through
Mr.. Seney the Metropolitan bank has bee
identified with various railways, anon
them the Peoria, Deatur and Evansville
the Ohio Central and Columbus ard Hook
ing Valley, and the East Tennessee, Vir
giuia and Georgia. Mr.. Seney was wit
the bank heavily interested in these secu
rites, and 1t is Of course, well known tina
| The shrinkage in these has been simpl
| enormous, amounting literally to million
of dollars Many supposed that the ban
had got out, but it is clear now that the
were unable to do SO, aud il Is the sad
| ding of these deprecated properties upo
| it that has caused this disaster TO ia
upon the bank. Their last report to tn
clearing house showed Loans, sl0,077,
! 600 ; specie, Sl,779,000 legal tender,
| S39l, 900 deposits, IS, Az, 900, and circu
latiOu, 81, 100000.
1t was rumored that the Ph9aix banl
OF 80 Wall street, was in difficulties, and
run upon this institution was begun. 1
crowd assembled and fought upon th
steps of the bank like 30 many tiger,
Inside President Eugene Dutilh sat Guie
and calm. He said The bank is pei
tectly solvent and able to meet all claims
We anticipate no trouble whatsoever"
The suspension Of the old and conserve
tive house Of Hatch i Foote create
genuine sympathy and surprise, as it wa
known that they had always pursued
| conservative course in stock operation
bnt it was finally understood that it wa
due 10 the unwillIngness of their bank
deposit, the Ph0nix, to certify the
checks
BOgaIts failure, it is feared, will affet
the dry goods districts, as that house ha
large cODuection with dry goods men an
were in the habit of borrowing none
from them.
The intense excitement and prei
shrinkage in values raised the que stio
as to the advisability of closing the stoc
exchange until the worst could be ascer
tanned and the various broker firms coul
find out exactly where they stood, a para
lei being found in tho dark days of 1871
but the exigencies of the case did nc
seem 10 warrant such a course.
While tho stock market is weak an
demoralized and stocks are selling 9
almost any prices offered, it Is we'll know
that good buyers have put in an appear
ance and are buying and taking away th
latter olass Of stocks, having picked Il