The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-15
WALL Street.
The Scenes of "Black FRI
day" Nearly Repeated.
SEVERE CONTRACTION OF
LEADING STOCKS
Result in the Announcement OF
Numerous Failures.
THE METROPOLITAN BANK TO OPEN
FOR BUSINESS THIS MORNING.
More Hopeful Reports of the Sit.
uatiOn.
INCIDENTS OF A DAY LONG
TO BE REMEMBERED.
How the Markets of the Country
were Affected.
GENERAL GRANT AND AIS SONS
FINANCIALLY RUINED.
GENERAL GRANT AND HEs SONS
FINANCIALLY RUINED.

were Aff6cGed.
GENERAL GRANT AND HIS SONS
FINANCIALLY RUINED.
NEW YORK, May 14.-Not since Black Friday
has Wall street presented such scenes as those that
were witnessed inheivcinity of the StockSExchange
this morning. The Market which has been so
steadily falling off for days. opened in the continu
cd order, and depression reigned supreme. Sudden
ly failure was announced then came another and
another until five well known and eminently re,
spectacle firms were posted as having succumbed
to the deplorable condition of affairs. The names
of o. M Bogert & Co., j. @. Williamson,
Golf s. Randall Nelson, Robinson g. Co., and Hatch
Foote followed in quick succession, the failure of
the last named being published at II O'Clock. The
street was growing wild. Men and boys were rush
ing to and fro forcing their way through the crowds
that gathered on the sidewalk and in the middle of
the street. Wall street, New street, Exchange
place and Broad street all filled with excited
people anxious to get all possible information. The
Offices of the unfortunate firms were filed with
masses of people that made ingress and egress al
most impossible. In front of Hatch g. Foote'S office
in Wall street the crowd was so great that the
stages turned into side streets to get to and from
Broadway People asked one another SIS this an
other Black Friday?'' Nobody seemed able to an
swer Old men shook their heads in grave anxiety
and the young ones were for once silent and per-
picked. Messenger boys were hurrying hther and
thither, and some women who were evidently on a
tour of inspection through that part of the city,
asked their escorts to leave the apparently growing
bedlam.
nf fho foil 10 lu
put down to the depression of the market. The
principals of the respective defunct houses had
little or nothing to say about their affairs Mr..
Foote, of Hatch g. Foote said: sour failure is
tirely due to the shrinkage in stocks There is no
other cause" He voiced the sentiments of his
colleagues. 1t was impossible to get approx
innate idea of the amount of liabilities or assets.
O. NJ Bogert g. Co. give preferences for $86 900.
Later it was stated that Hatch g. Foote'S failure
was precipitated by the action of the Phoenix Bank
in refusing to certify their checks.
1880 A. NJ
The scene at the Stock Exchange was one of In
tense excitement this morning. There was rush
to sell stocks partly for the account of brokers who
soon announced their inability to meet their en-
gagements. Before 1915 a. M, Nelson. Robinson
& Co., and Golf & Randall announced their suspen-
sion at the Stock Exchange. There was drop in
prices of l to ga per cent as compared with yes
terdays closing, the downward movement being
celebrated by rumors that several bull pools we're
being forced to iiquidate as compared with last
night, Louisville and Nashville broke 534 to 35,
Western Union 31a to 511a, Union Pacific 2ss to
49, Northern Pacific preferred 31s to At, Pacific
312 to 80, St. Paul ga to II, Lackawanna ia to
Ill. Northwest ls4 to 10515, oregon Transcon-
tinental q to IL, Pullman Palace Car to 104 and
Canada Southern / 4 to 3S. There was rally Of
to per cent, but before 1890 the market began
to decline again.
a. Dyett & Co. issued the following notice: VIM.
Heath Co., will settle with members of the Stock
Exchange for stocks bought sold, borrowed loan
ed by us previous to this date.
Q0.35 A. NJ
o. M. Bogart.& Co., have announced their sus
pension to the Stock Exchange. The Chairman of
the Stock Exchange has just announced from the
rostrum that the Second National Bank is solvent
and worthy of confidence.
Messrs. Nelson, Robinson g. Co., announce that
all active stocks carried by them sold yester-
day at good prices and people carrying them in
loans need not be alarmed, they Will show their
books, proving that money is obtainaole for them.
The New York Clearing House has received the
following from National Bank Examiner Schriba
After an investigation of the Second National Bank
find it in an absolutely sound condition.
j, G. Williams has announced bis suspension at
the Stock Exchange
Hatch s. Foote have announced their suspension
at the Stock Exchange.
Friends of Dyett Co. say that they will protect
their contracts. This will save them from the an
ticipated failure.
Oils A. NJ
The share market at this time is ragged, some
stocks showing a sharp recovery, while others are
at the lowest prices of the day.
The failures have stopped for the moment bnt
the air is thick with rumors of further suspensions
Few know precisely whore they stand, and the stu
alton Is strained.
o. M. Bogart s. Co. have assigned to John Wheel
er. preferences $685. 0O All stocks guaranteed by
Nelson, Robinson Co., are good delivery.
-Q1.45 A.M)
The Metropolitan Bank has just suspended Doors
shut tight. Mr.. Geo. 1. Seney is president. The
bank was 100000 debtor at the clearing house
In last weeks statement to the clearing house,
the Metropolitan Bank figured for the following
Items items Loans, $1o,977 900; specie, $1,a7 900;
legal tender, $491 900; deposits, So 426, 600.
lThe Metropolitan is one of the largest national
banks in the country. Its capital stock is So 00O-
oes saRe ~ s 1ss q spSp
and $11 100000. George l. Seney is its president
The failure of Nelson, Robinson & Co., brokers, is
the immediate cause of the suspension of the bank
Mr.. Nelson, of that firm is a son-in-law of Prcs-
dent Seney.)
Q1.5o ANY
Secretary of the Treasury Folger is in town, and
he has teleyaphed to Washington, ordering the ma
mediate payment of the 127th call for bonds. If
necessary, he will order another call for $1o,00o-
900.
The Secretary further promises that such steps
shall be taken as will relieve the present situation
(NooN)
The financial complications of the past week, sup
plemented by the revelations regarding the manage
ment OF tne second Natlonal BANK WIN n resulted
IN the resignation OF the president has brought
about such afeeling of uncertainty in the financial
situation that at the opening of business on the
Stock Exchange this morning. it iet that disas-
ter was imminent. Before long one failure after
another was announced, until five stock firms had
announced their suspension, and the Metropolitan
National Bank had closed its doors. Its president
Geo. L. Seney, has been one of the most prominent
Spectators on the Exchange. and was rated high in
the commercial world. The failure of Hatch &
Foote is likely to involve some country firms, as
they held accounts of many private bankers out
side of New York, as well as of individuals in the
West and South. Secretary Foger who is in the
city, has telegraphed to Washington to take M
bonds of the 18TH call on presentation The
bonds are not due until June 20.
Money per cent on good collateral. Prime mer-
camille paper about 4951s per cent. (imes are too
unsettled to get any correct infOrmation.) Bar sill
yer lll12. Foreign exchange weak at unchanged
rates. Governments lower. state bonds dull.
Railroad bonds 4a(05 per cent. lower. Stocks
weak and demoralizhd. Holders are making fran
tic efforts to obtain cash for their Stocks and the
prices was 10 per cent. This was in Missouri Pa
ciic, which touched 6712. There is slightly bet
ter feeling as we WRITE and Missouri Pacific is up
to 70A.
meeting of the Clearing House Association has
been called for at 1S0 p M today, to consider the
financial situation.
The banks are crowded with anxious depositors
and it is simply impossible to get near any one in
authority as yet.
sion of the Continental National and the Second
National, both of New York, but well-posted Bos-
ton bank men discredit the reports. The Cont
mental has capital of 81 100000 and deposits of
SO 100000, and the Second National capital
$500, 900; deposits $4, 100000.
o. M. Bogert & Cos failure is considered most
important, as they have been large dealers in
commercial paper. They dealt somewhat in privi-
legeS, and were considered solid house.
Wall, Broad aud New streets, surrounding the
Stock Exchange, are filled with surging masses
and the galleries overlooking the trading room are
crowded to repletion. The excitement manifest
on all sides is almost unprecedented On the floor
of the Exchange all is confusion and though there
is but little new business done the sales for the
account of suspended firms make a show OF bust
ness. 1he situation is decided panicky. and fur
Their failures are looked for. Dstrust is the most
prominent feature and the banks are carefully
scrutin1zing all accounts. The Phoenix Bank re-
fused to certify checks of Hatch IL Foote and this
was the immediate cause of their suspension Sec
rotary Folger has been at the SubIreasurv all the
morning and has been visited by almost all the
prominent fnanciers of Wall street. He expresses
his determination to use all the power of the gov
eminent to prevent panic, and will act promptly
to the utmost limit of his authority
NooN)
AT this hour Wall street is one mass of people
from rinity Church to the Custom House, both
sidewalks and carriageway being impossible. At
the doors OF the suspended houses the masses of hu
manity are denser, and many disconsolate faces
gaze the closed doors.
A telegram from Twenty-third street reports three
lines OF deposltors at the Second National Bank
demanding their money. 1t is feared that the bank