Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-05-15
!, PANIC
yxeiting Day on Wall
street.

street.
s.psrous Failures lures, and I
General Crash
vo,x MAY 1.-THE fiuancia
SEs I rs of the past week. supple
nnpD ,he revelations regarding IN
,,snEeo y az the Second Nation
sspsss a'.h resulted in the resignatioi
Bsnk, so,c :Sent. brought about such
4 10 ...rcertainty in the flnancia
atsiine o. .hat at the opening OF bns'
stsA!,o,ss ne stock Exchange tni! morn
- :, telt that cris's was i.hi i,
be We long. and failure after 'aiinr'
srs bsiote n 'o until FIVE stock firtn'
sss snno"nded and the METROPOLITAN
Bad cIosed it's d )ors. Its Pres
Hsns h@S /. SeDey, has been one o.
sest ee'i s,o,pinent spectators IN tn
sAs o. and is rated nigh;
Ezsesnee,, 80 of Hatch & Eoote II
a involve nldbg
hssl y "a tbe accounts OF number Of
~ ~ snks in this State as well as o'
plss:..sI. iu the West and ooutn.
adsicuas Al the Stock Exchange Il
he - 80 - excitement. Inis morn
So o. I gss rush to sell stocks,
~ tnr.s an account of brokers un-
sppafsb". engagements. Before l0:ii
~ % p,biuson d Co. and Con d
s'issa zen, announced their suspension
sassTs rsp Of TO "a per cent as coin coo,
50 nth Yesterday closing TOOK
gfsd aowaw ard movement being
Fscs go by rumors that several bull
sucssfa., he forced to liquidtte.
esols 80 d sash nile broke -. TO %,
LeafslH' uniou 81 TO 5l13, Union Ia
pssieInn - a3. Northern Pacific pre-
&c ,oi7. Pacific Mali 311 to 80.
ts'fso 20 slT 20 II, Ltekawanna Ia 81
=, so,,bwestsrn Ia to Ioos, Ofrson
y, ssantinentai to IL. Pullman 70
Y ii Canada Southern IA TO o.;
,.IisiuQ a per cent, but before lo'SJ
h..,ket declined again.
- -, a Co. announced that VIM
q will settle for stocks bought,
Hshs loved or loaned by them pre-
-. % this date.
-. stocks showing sharp recovery and
:, the lowest prices OF the day.
aasa .,,nrss have stopped for the mo
lae Az ~, the air is thick with rumors
81. , ~ suspensions. Few know pre-
-bsye they stand. and the eltua
@ei Grained. The National Bank
- :. has announced the Secon 4
s.,,ousl Bank solvent.
IN. Boeart & Co. bankers nave sns-
40 Nelson. Robinson d 20, an
- thai all active stocks carried by
- rere sold yesterday. and people
-. them in loans need not he
$50 As they will show their books
,rs lie money obtained for them.
WiIs,sms. broker, says he Will an
- bis suspension later IN tue day.
go s,ocks we're bought In under the
- ,s,s morning on bis account.
E.,cb & Foete announce tneir sus
..r.sou AT the Stock Exchange.
in. BoQart a Co. assigned 70 john
x..slar. piacing their preference at
sgog Their oil stocks, guaranteed
= s,lson, Robinson d Co. are good
deEvefy.
sasrrtary of the Treasury folger -
I'm. and has telegraphed TO WASH
s,sar ordering the immediate pay
a. Of the l29,h call for bonds: If
ssessry he will order another call for
N.l00000.
ia fsilure of Hatch Il Fooie was
s,s.ioitsted by the Phoenix Bank refus-
n 10 certify checks.
boosrt A Co.'S failure IL considered
inuOrtaut, as they are large dealers In
ssss,aerc,al paper aud dealers to some
s1tsr, in privileges. Wall, Broad and
NV streets, surrounding the Stock Ex-
shsnee, are filed with susging masses,
sud he galleries surrounding the trad
no room are crowded t. repletion. The
srsi,susnt on all sides is almost un-
usssdeuied. On the floor of the ex
ehsnpe all 10 confusion, though there il
Ii,tIe or no business done. Sales on 40
euns Of Suspended firms make a show
d business. The situation Is decidedly
psnieky. and further failures are looked
iw. Disirast is the most eminent feat
sfs, and banks are carefully scrusinIz
he accounts. The Phoenix Bank re-
isad 10 certify checks of Hatch a.
fsc,e, and this Immediately caused the
nsp.ssion Of that firm. A meeting of
be Clearing Hoase Association has
hkn called to discuss the situation,
witch il regards d as one Of great peril.
SECRETARY Folger has been AZ the sub.
tsaEry all morning, and has been WIS.,
dhy all the most prominent finan-
ess Of Wall street. He expresses his
tzs<rminasi0n 20 use all the power of
tie gssernmert 10 prevent panic, and
vi Ac promptly 90 the utmost limit of
kh authority.
Wall street vas mass OF people from
ffihiy Church 10 tue custom house.
baih sides Of the walk and carriage way
us impossible. Atths doors of the sns-
p<ndd houses the mass OF humanity IL
asnsef and many disconsolate faces gaze
ashs closed doors. Among the crowd
tfs sesn several well dressed ladies,
kffe present from motives other than
e1siosaiy. The news Of the disasters
ssnsd 10 spread with lightning rapidi-
y and private carriages with iiverled
ssssnis from up town are flying through
y streets. Many now stand outside
~ Doors Of banks and banking houses
e ne directors OF nearly ali the banks
Meisher In session or present Ia the
sslidnss ready for an emergency. The
ssfances 70 the Stock Exchange are
Muaed by polieemen and the visitors
sklsr'es are clear, none being admitted
ae building except members, clerks
- messengers. because the crowd en-
sAserne 10 erin entrance is too large
Ne capacity OF the building.
sn-Money 1 per cent. on good
ssral; prime mercantile paper about
l 3s4. Tines are too unsettled 20
earrent information. Bar silver
~ exehange weak and unchanged;
'nmsnss lower; States dull; rail
- 70 per cent. lower; stocks
ND demorsiized: holders making
eaofse 10 obtain cash for stocks
/ ocA Of the sales are in this way.
reesest deciiue. 10 per cent. was
4 smsoern Pacific, which touch q
- There is slightly better feeling
~ North-rn Pacific Ia up 10 70i4
assopolitan bank was $500.U0
q The clearing house this morn.
ush l. Ssney. president OF tue
h 1n'sn bank. was partner in
Robinson 4 Co. Seney's son il
partner. On last weeks state
~. = NE clearing house she Metro
4 tss.. oaak figured 40 follows: loans,
-. 49,. ~. specie, Si,779,01D; legal
1 tEi'u9s deposits. $s.425 600.
sweeney OF several banks, bnl
1 sieaiion proved them TO be
4 espt In the instance of the Ne
sA1. Ite Stock ExNhanoa sauohi