St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-15
TROUBLED TIMES
A Smash Among the Wall
Street Gamblers.
The Metropolitan Suspends Owing
to Too Much Seney in
Stocks.
ANumber of Brokers Succumb to the
M@lstrOm of Scant Mar
gins.
A Panic That Hurts No One but the
Gamblers and their Prey.
General Tumble in all Kinds of Stocks, the
Good Bad and the Bad Worse.
How the News Struck the Country-What St.
Paul Bankers Say.
No Alarm Felt Relative to any General
Financial Crash in the Country,
How the News Struck the Country-What st.
Paul Bankers Say.
No Alarm Felt Relative to any General
Financial Crash in the Country.
The New York Banks Will Stand Together
and Prevsnt ANY More Failures.
THE DAY IN WALL STREET.

New YORK, May A., Noon.-Since the
famous ''Black Friday,' and the failure of
Jay Cooke, in 1878, Wall street has seen no
such shaking up as is now in process.
There was general feeling of nervousness
in financial circles when business closed yes
terday, and nights rest did not seem to
have allayed the feeling. Men came down
with an evident feeling that some disaster
was pending, and when the stock exchange
opened there was q wild rush of the bro kers
to SELL 1t was evident that the brokers pre-
pared to unload the holdings of
their customers without waiting for matters
to get any worse, and as the result they made
matters worse and many margins were wiped
out in a short time which might have been
sufficient to carry the stocks they represented
in safety had 1t not been for the wild rush.
At few minutes past eleyen it was an
nounced that the Metropolitan bank, one of
the oldest institutions in the city, George I.
Seney, president, had failed This was followed
by the announcement that ON Bogart & Co.,
stock brokers, had assigned to John Wheeler.
In few minutes more it was announced
that the Phoenix bank refused to certify the
checks of Hatch & Foote, stock brokers.
The only daylight up to this hour-noon-
is the following from the National Bank
examiner which was read on the stock ex-
change and clearing house:
'tAfter investigation of the Second Ma
tional bank l find it absolutely sound"
meeting of the Clearing House associa
ton has been called for 1880 p. III.
THE STREET SCENE.
2 p. m.-When the report of the failure of
the Metropolitan bank was circulated, it
created considerable excitement. At half
past twelve Wall street was a mass of people
from Trinity church to. the custom house.
Both sidewalks and carriage ways are i'm
passable. At the door 49t the suspended
houses the masses of humanity are denser
and many disconsolate faces gaze at the
closed doors. Among the crowd are seen
several well dressed ladies, some present
from interested motives, and others from
curiosity. The news of the disasters seemed
to have spread with lightning rapidity Pri-
vate carriages and liveried servants from uI
town are flying the streets. Many now
stand outside the doors of banks and bank
ing houses.
The directors of nearly all the banks arc
either in session or present in the buildings
ready for an emergency. The doors of the
stock exchange are guarded by policemen
and visitors in the galleries are being cleared
out and no one is admitted to the building
except clerks and messengers because the
crowd endeavoring to gain admittance is toe
great for the capacity of the building.
Secretary Folger has been at the sui
treasury all morning. He was visited by
almost all the prominent fnanciers in Wal
street. He expresses the determination tt
use all the power of the government, to pre-
vent a panic, and will act promptly to the
utmost of his authority.
As step in this direction he telegraphe6
to Washington ordering the immediate pay
ment of the one hundred and twenty
seventh call for bonds, and, if necessary
he says, he will order another call for $40,
100000. He has been invited to attend the
meeting of the clearing house now in ses
| sion.