Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-16
A PANIC In NEW YORK.
The Metropolitan Bank SuspendS
and Many Heavy Firms Join in
the Crash.
The Failures Followed by a Heavy
Run on Other Banks-Great Ex-
element in the City.
The Trouble Caused bv the Grcat Re
cline Iii stocks.

the Second National bank had brought ahct
such a feeling of uncertainty in the inanci.
situation that on the opening Of business o
the Exchange this morning it was felt dsas
ter w imminent. The announcement G
failures began with the opening OF the Stoca
Exchange and succeeded each other rapidly
each new disaster adding to the plnick
feeling which manifested itself in all dircc
tions, The first of the failures publishe
were those of Nelson Robinson Il Co., an
GOf Il Randle. Soon aiterWari it beCam
known that o. NJ. Bngart & Co., ha
suspen led. This announcement wa
soon followed by the suspension o
j. G. Williams. Tue excitement wa
ed tina Hatch & FJolc had been compcllc,
to cease business and almost immcdialul
afterwards it was rumOrcd that the Metro
pOllan bank hid closed its doors. TIL.
rumor was premature, but IL wis not long
before it became Il fact, AMI the doors Of tn.
bank were shut, AMI the following notice
was posted at the closed bank "All draft
drawn by the FIRST National bank of Utica
N. Y, on the MctrppJlilN bunk, may b..
presented totne First Nuipna for payment
The news Of the disaster sprcld with light
- ; r"t ,',,' Ivy inn. r..... ,..-...
came fv,nS thr",1,-i, ,i sro"ts uS,ilo''
ed house was surrounded by dcuse masses OF
mummy anu HliDy Ulsc1Isp','le IAc IS gHzec
Wall street presented such scenes as witness.
ed this morning Wall, Broad and New
streets were filed with surging masses and
the galleries overlooking the trading room
tho meet ,,ro,,,i amt f,,,,r .,i We
wore cnrafnliy sornti,i.i, uuNN
rho c1nd;iion of no a. "Loo i.
hnr; % VI w. nGo oo U'nN on
nrofits II Aos oo6 81 ~, odI n.y.
dun hanks ~ S13 00o Una Ton,sit,'ra -
1oo O00 nnn6id Tir'do me ' Hif0n 30,
IA ST5 600 r,;f5 - ?oIoy r uuS
Tho statnn,o,, fay
wac flnn onI AK "CI' ''iG "a ~ 10y So o.
snecio Il Gs2 0l6 io, t,,,Ir 5,ciE'OVV
denosits oi6oT tGsn i-7,oa o a. on.
600 circnlotion u 9O5 00o -0'>'''-
II is etatod tbot no ,I ,ooo ,e,i.,,,
will he mil in fml hu, tin L, Va NY , o'.uN
resume Tho iaIiIi,ins oi'i ooS ',n ~ H.
nnrdnJ ernro ora ,,l, "ss''' VI '"c S"s
The cirarin% 61myc c - i.,G%u ,,o,.,
TO exnrl the Mrtronoli,,n ha,i, f. ~, , ,no
association THO harI'is shlr,o l."'4 , ,I'l
clearing housn vos mai 9,,1I 49, az ti>
dov NnmhNrs IF "u' t"I "a, l.c
OF the clearing house declined to express
any opinion whatever regarding tn, failure
or the financial c)ndi.i)u Of The Met cpolau
hank. VI '''
PRESTON, Sam, hoe l,..,, ,,,.,, ..r,... ...
nroninent enec,;iotnrs on f,t,1,,,, ''lr ''' .
rotod LiGh III ,I o'',,,,,,a,t a." ~"9
fainre of Hatch e En,,p ~; ~, ~
some c,,ntry ti,,1s 90 No., LILY : ~ W. I
OF many private bankers outside Of New
10TH as wei as on ln!lVllu as IN the West
ana. ooutA' boEart q Clm9NnY's failure
ID iuIpJr'aht. lhey nave been large dealers
on Commercial paper. They dealt somewhat
III privileges and were considered solid
mouse. Inc Ph%niX bank letustd to CIR
Wy u!e chtcks OF Hatch Fo'tc THIS was
thG immaculate cause OF the suspension.
me uould buI clqnc have uied hard
10 h'ld Tie market lat cCu'd not take the
avalanche Of stock, aud to-day tucy let the
marACt take IT'S coUrsc. Prices fell with
lightning raphlly, aai brokers lost their
hedd'' AT 10 three hlts OF d,rosltocs
were ueillanuinS Their monry at the Second
National bank. l. IS feared tia. TIE bank
VIII stop raymcui Mr. Foyer says the
break IS due to reckless speculation ny a few
men men LAG SITUATION Is not iuh r2hty weak.
mere IS plenty OF money IN the country, aud
holders 90 not anticipate any extensive
panic Inc situation is MT So work rs poo.
PIE suppose. lie Will do everything ia lis
power TO restore confidence The Oh eX-
change has caught the infection and the
ma ket Is very panicky. Prices DROP ed 10
points Inc directors Of the Second National
Dank nave each put in certain amount Ct
money to cover tie deficit Of President Enp
The bank examiner posted Il notice this
morning thaI the bank was perfectly sound
Many deposltors then turned away satisfied.
II Is estimated that over 100000 has
been paid out during he rush TO. day at the
Second National blnK. Rum rs prevails
that Amos X. Emo, father of President John
Z. Emo, paid $3.50, UCO WhilutLr direct ~.