Weekly Chillicothe crisis., 1884-05-22
A SLIPPERY DAY.
CONSERVATION Caused In Wall Street by q
Remarkable Tumble In Stocks.

The announcement w cunesudy inOrn-
ing that John G. Emo, president of the
Second National bank of New York,
was a defaulter for nearly S2,0O0,0OO
was sufficient to pave the way for n Sc
rious panic in Wall street. In the wild
rushto sell securities prices opened from
one to five points lower, and dropped
at n frightful rate Of speed. within n
few minutes the suspensions were an
nounced on the stock-exchangc of
Hatch a. Foote and o. Nj. Bogcrt "
Co., heavy banking-houscs, and of j.
c. Williams, Goff ~ Randall, and n.
Robinson & Co., bankers. Next came
the failure of the Metropolitan Ma
tional bank, with capital of $1,000
600, whose president is George |. Seney,
the promoter of the Nickle-Platc road,
whose losses in the Ohio Central and
East Tennessee roads are believed to
have been very heavy. A run com
mcnccd on the Second National bank,
where dcpositorS soon found that
James A. Trowbridgc bad been elected
president; that the defalcation of j. c,
Emo had been promptly paidup by his
father, and that the bank examiner
pronounced the institution sound. BY
noon every foot Of room in Wall street
for ten blocks was occupied by an cN-
cited crowd, among them being many
ladies. Secretary Folger happened TO
be in New York and ordered the inn
mediate payment Of the last call for
bonds. in the hope of easing the
monetary stringcncy produced by the
panic, Us currency commanded per
cent per diem. Before the stock-cN-
change closed the suspensions were an
nounccd of lIotchkiss Il Burnham and
of Donncll, Lawson ~ Simpson. Later
in the afternoon the Atlantic State bank
of Brooklyn, with Il capital Of $1,000
900 closed its doors. The events OF
the morning drove St. Paul preferred
| Northwestern common, and Pullman
stock to par, knocked Michigan Cen
tral II points, forced Union Pacific ia
80 and Western Union to 40 The 10.
tai transactions were 100000 shares.
The petroleum markets in the Penn.
sylyania cities were driven down ten
points WIN DUl II'l't recovery guy
wheat IN 'lllca@o III on" 'IIha 'hINro
decline ol 13 Genus from u'N"Il
highest figures. but most of the los,
was rcgaincd. Charles NJ. Bayard, :
stock broker in Philadelphia, suspend
ed payment. In Boston large block
oi Mexican 'chtraI pohuS ana AlGhl
son s'"ch were "u"S "ti INV ''''' NV
causing orop vi Ir"''' 'Nt ~ S'Nr'
polnls. IN Lohuoh' ho''H,l',' ""'
NaNhNiIIr Sieck ltll hIn' P"iil'>' "n'
olhrr Leading American Nrcurl'Ie
showed Il corresponding "'cIV"H' "
NalUr' N"'hicago pnhh "r l'''''N'n"''
seems 10 nave nrrh ;l'ec'cu ny 'ilU 'N
cllihS 'Nri'Soi inc "aS' S"NS '''' l'"'N
Donncll. lawson a simpson.
The bousc Of Donnrll. Lawson
+ Simnson. saws a New York special
, wns Jrngrci down by thc fnilurc a
,hn NstrnnnIit,n L,nl; with which
carried a Iarrc balance. The house
,.nr,nosoJ ,f polort ~ Drunrll vh
wa" rcnortcd to he worth over n mi
. lion dollars, Leonidas NJ. Lawson. VIII
t Is now IN Europe ana GeorSc nllnl
'' son, VINO was formerly the manage
Il Tor NorlhroP ~ !hick, urn oi paht
u erS that failed III wall street som
years ago. Inc iIrm nave anou' lou
u hundred correspondents among Yves
u ern bankers ana nave been ilSeaI a9eh
Tor the state OF Kansas lhey chJoEc
II the confidence TO an unusual extent