Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1884-05-23
A CRASH WALL STREET.
Heavy Failures I'm New York Follow tn
CoIlapss Prevfousiy Reported

A CRASH IN WALL STREET.
Heavy Failures I'm New York Follow the
CollaPse Previously Reported
NEW YORK, May IA, 1880 n m.-The
pcone on the Stock Exchange was one Of
intense excitement this morning. There
was q rush to sell stocks, partly on account
pf brokers being unable 10 meet engage
nents. Before 1915 Nelson, Robinson &
Co. and Gon & Randall announced suspen-
,ions- A drop Of to So per cent as COM
pared with yesterdays closing prices fol-
lowed, the downward movement being
accelerated by rumors that several bull pools
we're being forced to liquidatc. Louisville
q Nashville broke 50 to IS; Western
Union 81 to 51K; Union Pacific ~ to AN;
Northern Poetic, preferred, IS to 47i St
Paul 2H to 81; Northwestern IN to
81 o5H. There was rally Of to per
sent, but before 80 the market declined
again A. Dyett 4 Co. announced that
William Heath d Co will settle for stocks
brught, sold, borrowed or loaned by Dyett
4 Co. previous to this date. The chairman
Of the Stock Exchange announced that
the Second National Bank was solvent
D. II. Bogart d Co. have suspended. Mel
son, Robinson, & Co. announce that all
active stocks carried by them were sold yes
terday, and people carrying them in loans
need not be alarmed, as they will show their
books, proving that money is obtainable for
them. j. c. Williams, broker, says he will
announce his suspension later i'm the day.
Several stocks were bought in under the
rule this morning on his account The
Clearing House has received the following
from National Bank Examiner Serbia:
after an investigation of the Second Ma
tional Bank 1 find it absolutely sound"
Hatch & FOote announced their suspension
at the Stock Exchange.
IL :30.-The Metropolitan Bank has sus-
pended and the doors are closed. George l.
Seney Is President q. NJ. Bogart d Co.
have assigned to John Wheeler; prefer
ences, $4,000. Secretary of the Treasury
Folger is in town and telegraphed to Wash
ingtOn, ordering the immediate payment of
the 137th call for bonds. IL necessary he
will order another call for 81, 600, 900. The
failure of Hatch & Foote was precipitated
by the Phoenix Bank refusing to certify
checks.
LATER.
NEW YORK, May 4.-NOon.-The finan-
cial complications of the last week supple
mented by the revelations regarding the
management of the Second National Bank
which resulted in the resignation of the
President brought about such a feeling of
uncertainty i'm the financial situation that at
the opening of the Stock Exchange this
morning it was felt that disaster
was imminent. Before long one fail
ure after another was announced
until five stock firms had suspended
and the Metropolitan National Bank had
closed its doors. Its President, George l.
Seney, had been one of the most prominent
spectators OH the Exchange, and was
rated high. The failure of Hatch &
FoOte is likely to involve country
firms, as they hold accounts of many
private bankers outside of New York as
well as individuals west and south. Secre-
tary FOlger, who is in the city, has tele-
graphed Washington to take up bonds on
the 127th call on presentation. The bonds
are not due until June 20.
EXCITED MASSES.
Wall, Broad and New streets, surround
ing the Stock Exchange are filled with
surging masses, and the galleries overlook
ing the trading room are crowded to reple-
ton. The excitement on all sides is almost
unprecedented. On the floor Of the exchange
all is confusion. Though little new business
is done, sales on account of suspended firms,
make show of business. The situation is de-
cidedly panicky. Further failures are look
ed for. Distrust is the most prominent
feature, and banks are carefully scrutiniz-
ing accounts. The Phoenix Bank refused to
certify checks for Hatch Il FOOte, and this
was the immediate cause of the
suspension. A meeting of the clear
ing house has been called to dis
cuss The situation, which is regarded
as one Of great peril. Secretary FOlger has
been at the sub-treasury all the morning
and was visited by most all the prominent
financiers OF Wall street lie expresses the
determination to use all the power of
the Government to prevent panic and will
act promptly 10 the utmost limit of his
authority.
At 12:15 Wall street was a mass Of peo-
pie from Trinity Church to the Custom
House. Both sidewalks and the carriage
way are impossible. At the doors Of the
suspended houses the masses of humanity
are denser, and many disconsOlate faces
gaze at the closed doors. Among the
crowd are seen several well-dressed
ladies, some present from motives other
than of curiosity. The news of the disasters
seemed to spread with lightning rapidity.
Private carriages with liveried servants from
up town are flying through the streets, and
many now stand outside the doors
of banks and banking houses The
directors of nearly all the banks are
either in session or present in the buildings
for an emergency. The doors of the Stock
Exchange are guarded by policemen. The
visitors galleries are being cleared. No one
is now admitted to the building except
members, clerks and messengers, because
the crowd endeavOring to gain admittance is
too large for the capacity of the building.
12:45 p. m.-Donnell, Lawson & Simpson
have announced their suspension. They
are large dealers in county, water and city
bonds. They are said to have two millions
with the suspended Metropolitan Bank
WALL STREET, ". Y, May IA. $50 p m.
-Hotchkiss & Burnham have just an
nounced their suspension. The Atlantic
State Bank of Brooklyn, also closed its
doors this afternoon.
THE CLEARING HOUSE.
NEW YORK, May IA, ESQ p. m.-The
Clearing House Association has just adj
journed after adopting the following: "Re-
solped, That in view of the present crisis,
the banks of this association unite for the
purpose of sustaining each other and the
business community. Resolved, That com
mittee of FIVE be appointed to receive from
banks that are members of the association
bills receivable OF other securities to be ap-
proved by said committee, who are author
lied therefor to such depositing banks to
loan certificates bearing interest at six per
cent. per annum not In excess of seventy
five per cent of the securities or bills receiv-
able 50 deposited, except in the case of
United States bonds, and said certificates
shall be received in settlement of balances
at the Clearing House.
Kansas and the Late Failures.
TOPEKA, May 14-The failure of Don