Daily Republican., 1884-05-15
THE GREAT CRASH
a GREAT SMASH OF BANKS IN
NEW YORk-THE REsULIo OF
FRAUDULENT TPRACTlCLs.

l %1$---
Wal, street. New York, was scene
OF manic and disaster on wednesday.
The failures were announced oi inc
Metropolitan Bank, and the firms OF
Hatch & Foote, Nelson Robinson q Co.,
10 M. Bogart & Co., Gof q Randall
i G. Williams & Co., Donnell, Lawson
r. sim nson. and Hotchkiss q Burnham.
II ia aid that the Metropolitan Bank
will ha able to pay its depositors, but
that il ia not likely to resume. Inc
hank. capital was $3,000,OOO, and It's
renort to the clearing house last satur'
day showed the following az lts conol- na1
,;on at tho time: Loans, Slo,9T wv
snecie al. .779. 900 legal tenders, S49l,'
OnO dsposits, So, 8,425, 600; cirCuiajiona'
,s1 3o5 600. d, Is. Hatch, OF Hatch u
Footr' said it was impossible for him
| IN sta.s whether their suspension was
temporary or final. ,,o,,,o
| A meeting sof the Clearing HOUSE
Association was held, at which reso
luton was adopted for the appointment
of committee of FIVE TO receive rom
he banks, members OF the Association,
bills receivable or other securities 10 pe
Iappropriated by said committee, who
lsna,l he authorized to issue therefor to
snch depositors bank loan certificates
hearing interest at 6 per cent. per
Iaunum not in excess Of 75 per cent. OF
securities, except in case OF United
States bonds, and said certificates shall
| be received in settlement of balances al
he Clearing House.
This action had quiesing effect, and
the stock markets, which had Deen
Greatly demoralized, became hrmer IN
tone. Secretary Folger, who is in New
York, telegraphed to Washington early
| in The day an order for the immediate
payment of the 127th call for bonds,
land the Acting Secretary of the Trea-
ssury made the announcement accord.
linpIy. Secretary Folger expressed
his determination to use all the power
of the Government to prevent panic,
and to act promptly to the utmost i!'nl'
of his authority" There was run
e during the day on the Second National
t Bank, notwithstanding all announce
t ment by Examiner Serbia that the
S bank WAS solvent.
Q 1t appears that John c. Emo, Presi
ldent OF the Second National Bank, hat
Y been using its funds in Wall stree
|speculations, to the amount, ,rumor said
d of $4,000, 900. Whatever the deficit
however, 1t was made good by hi
g. father, Amos H. Enos, wealthy rea
estate owner. John C. Emo resigne'
n the Presidency of the Bank on Tuesda'
(afternoop, and the Directors appointe'
70 az his successor James A. Trowhridge
son of a former President. The Pres
III dent Of the Metropolitan Bank is Gee
III. S uey, q we'll known philantbropis
10 who within few years has given
h. reIi.i ious and charitable institution
81 800. 900.
,tl The Atlantic State Bank, of Brool
lyn, closed its doors in the Afternoon
OIL in consequence OF the failure OF tt
Metropolitan Bank, through which
Oh cleared. The Atlantic Rank expec
to re. open to-day. Its capital is 500
sx 900. he banking house of T. L. Wa
SON y Co.. Of Bridgeport, Connecticu
for su. pended at O'Clock this afternoo
owi"s ,,.s,sicut - :, sn:a National @ '"fBs!k Bank
which they deposit, to honor the
eh drafts, on account OF the condition
80 affairs in New York" Watson u q
eli eli expect to resume payment to-day.
kilograms from all other point
r- Moth, West and South, received Ia
W. night, show that no trouble has grow
out of the Wall street panic. 1t W;
1et reported last night that the deficit
me in the Second National Rank OF Ne
York amounted to 81 ,O00.O 900, and tn
al n he Presidents father paid $3,5OO,o
W. Of the amount, the Directors Civ
eu S1o,Oo The bank paid ont $4,000
ID. yesterday.
Emile de Smet, prominent lumb
for dealer of Moss Point, A.a., has taile
cd with liabilities estimated at $4OO, 900.
New Orleans creditor holds mortgay
e?s on ne Smet's property for Sl6O, OJ
a ~ which is believed to cover all availab
assets.