Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1884-05-22

long line of men and boys stood il
front of the paying teller's window in
Metropolitan Bank, and Broad way and
Pine street, Of which Mr.. George 1. Sc
dey is president. Every person in the
line held one or more checks to be
certified, the alarming rumors as to
failures in every direction having made
uDcertiied checks of no value, no mat.
ter bv whom they were signed. Just al
at that moment the paying teller shut
his window with bang, and announced
that the Metropolitan Bank will suspend
payment. as a matter Of necessity and
lprecaution. A howl Of dismay went up
from the line Of men, and break was
made for the door, where a number Of
depositors were met hurrying to get a
/ denial of the rumored suspension. In
less than FIVE minutes the iron doors
were shut. and policeman arrived to
stand guard on the steps. The frst sto-
| ~ told to large depositors, who arrived
breathless and indignant, was that the
suspension had been ordered by Mr.. Sc
ney, in order to prevedta run for which
the banks light not be prepared.
By 10 o'clock depositors of the Second
National Bank had instituted heavy
run upon that concern. At IL o'clock
the flight of Mr.. Seney's son in law was
authenticated. Many exciting scenes
h.,r oil
ments were made as fast as the teller
could hand the money out. At one time
over three hundred depositors we're in
line, while Mr. Amos R. Emo, the mil
lionaire real estate investor, stood by
smilingly, assuring all that they would
receive every cent of their dues.
At this hour Wall street was one
mass of people, from Trinity Church to
the Custom house, both sidewalks and
carriage way being impossible. At the
doors of the suspended houses the mass
es of humanity were deDser, and many
disconsolate faces eazed on the closed |
doors.
Occasionally. at the exchange. there |
feeble rally of confidence. Secretary |
Folger, who was in New York all the |
morning, and in constant communica- |
tion with Washington and with the |
bank officers in New York, ordered the
payment, without rebate, of the 127th |
call for ten million dollars of bOnds,and |
expressed his willingness to do every
thing in his power to prevent strin-
gency in the money market. The Comp
trOller of the Currency was also active
and energetic Bank Examiner Serbia
the Second National Bank SOL
vent. These things helped somewhat,
but after the Metropolitan Bank went
there was decline from the highest fig
ures of the day of as much as 1015 per
cent.
There were then trifiing and spasmod-
ic upward turns, money hardening
gradually, and growing scarcer. By 2
o'clock there seemed to be something
ike an attempt at strength, though
not whit less of excitement; and at
2 80 it was announced that the banks
had formed "a compact for mutual SuS-
sainment. But the failure of Donnell,
Lawson s. Simpson was announced, an
ater in the afternoon that of Hotchkiss,
BuI nham & Co.
Money became simply awful. 1t had ,
been quoted at 3a4 per cent. per annum
up to about 80 o'clock. Before it was
,ver the rate was the phenomenal one s
If per cent. per diem bonus, in addi- 8
ion to the legal interest.
AS the settling hour approached, the
,ush Of boys delivering stocks added to c
apparent excitement. The District Tel t
graph boys, clerks and attaches of the ,
Jroken offices were all brought into re- :
Iuisition, and the scene on the street
vas one of intense activity. L
The last half hour was one of intense d
nxiety; but all the settlements were at t
asst made, and when the gong sounded
It there was yell of momentary re-
ief, and the mad crowd poured out of '
he Exchange to rush to their offices to d
ind if they had failed or not. g