Morris tribune., 1884-05-21
WALL STREET WILD.
A Cyclone Sweeps Through specula-
tive Regions.
of the Second Day-Bracing
Up on the Third
Day.

NEW YORK, May 14-Wall street is wild
with excitement, and New York is on the
verge of a great panic. House after house
announced its suspension in the stock ex-
change, and as each was announced the ex-
citement grew wilder. Rumors of all
sorts were rife, and even the
solvency of Jay Gould was ques-
toned, but this rumor was laughed at by
those intimate with the affairs of the great
fnancier. Brokers, bank depostors, and
crowds attracted by the rumors of the i'm
pending crash crushed hither and thither
wildly circulating stories affecting the credit
of this or that house. Early in the morning
it was whispered that the day would show
the ending of many hitherto substantial and
well-thought-of houses, and the rumor was
verified with the opening of the stock ex-
change. First on the list came Golf & Ran
dali, whose suspension caused the lulled feel
ing of excitement to be famed into a strong
fame. Then followed in rapid succession Bo-
CART & Co., Nelson, Robinson & Co., Hatch
& Foote, and the Metropolitan bank. The
clouds lowering over the financial sky are
of the deepest black, and the
outlook betokens a day of doom
to many Of the millionaires of
the street that has made and broken many
men. Of course the failure of Grant & Ward
and the Marine bank, and the embarrass-
ment Of James r. Keene are pointed to as
but the beginning of the inevitable crash, but
a thousand other signs may be taken into
consideration as the cause. Other failures
are looked for.
When business opened in the morning
there was rush to sell stocks, partly on &C
count of brokers who were unable to meet
their engagements. Before 1918 Nelson,
Robinson & Co. and Golf g. Randall an
nounced their suspension.
Between 10 o'clock and noon the following
suspensions were announced in rapid Sue
cession: A. M. Bogart & Co., bankers;
Hatch & Foote-precipitated by the
exhaustion of margins and refusal
of customers to renew them; the Metro
politan bank, George I. Seney president.
Nelson, Robinson 6 Co. announced that
all active stocks carried by them were
sold, and people carrying them in loans
need not be alarmed, as they will show their
books, providing that the money is obtained
for them. A. Dyett & Co. announced
that William Heath & Co. would
settle for the stocks bought,
sold, borrowed, or loaned by them
previous to this date The clearinghouse
received the following from National Bank
Examiner Schriba, after an investigation of
the Second National banks affairs; Il find
it absolutely sound" Amos R. Emo,
the father of the late president of
the Second National Bank, and will
lam Walter Phelps have been at the bank in
consultation with the secretary. The latter
has congratulated the directors and stock
oF4 IL. -
that the bank-examiner is able to report it's
condition sound
Secretary Folger was at the sub-treasury
all the morning. He was visited by almost
all the prominent fnanciers of Wall street
He expresses his determination to use all the
power of the government to prevent panic
and will act promptly to the utmost limit of
his authority.
At 1915 Wall street was a mass of people
from Trinity church to the custom house.
both the sidewalk and carriage way being
impossible. At the doors of the suspended
houses the masses of humanity were denser,
and many disconsolate faces gazed at the
closed doors. Among the crowd were seen
several well-dressed ladies, some present from
motives other than curiosity
The news of the disaster seemed to spread
"iet loptuiUy ITiFdGo
with iveried servants from uptown went
flying through the streets, and many now
stand outside the doors of the banks and
The directors of nearly all
the banks are either in session or present in
the buildings ready for any emergency.
The doors of the stock exchange are
guarded by policemen and the visitors gal
cries are being cleared. No one is now ad-
fa6 to h11i1I
clerks, and messengers, because the crowd
to gain admittance is 100 lu.ge
sor the capacity of the buildings
STILL LATER-2:50 p. m.-Donnell, Law
son & Simpson have announced their
They are large dealers in
county, water and city bonds, and
are said to have S2,0O0,O0O with the sus-
pended Metropolitan bank. The firm say:
Owing to the general panic prevailing we
leem it best to suspend until we can see
where we stand"
Hotchkiss & Burnham have Just an
,ounced their suspension at the stock ex-
change.
New YORK, May 14.-3 p. m.-The gong
'n the stock exchange has just sounded, and
'ne of the most exciting days in the history
If that institution closed.
1t is reported that Drexel, Morgan & Co.
1ad 100000 in the Metropolitan bank,
IuI HeulUef OIL Gue uTIn QeuleQ
his, saying it had withdrawn it's
arge account from that bank two
,ears ago. There was another report
hat the Atlantic Mutual Insurance company
lad deposited 81, 900, 600 in the Phoenix Ma
ional bank. Grant & Wards statement is
lot ready.
The Atlantic State bank Of Brooklyn has
,losed its doors. This bank is the Brooklyn
of the Metropolitan. Its cap
tai is $2,0O0000 and it's surplus 100000. Its
PRESIDENT is George s. Pfeiffer
NEW YORK, May 14.-Jay Gould, shortly
'efore IL a. m. came out of the Safe Deposit
company with Morrison und the clerk with a
arge canvass bag Of securities. He looked
'ale and nervous, and appeared SO much
ronbled that it was apparent to every one
Who saw him slowly walking down
his eyes looking towards the
'avement At his Office crowd Of people
'ndeavored to get some sympathy out of him
or the future course of the market. In
'eply to a question as to what would be the
'esult of these heavy failures, he slowly said
n words scarcely above whisper, II think
t will be better"
1t is agreed by all witnesses that the
Genes of excitement in and around the
tock exchange equaled those of black Fri
lay OF the panic of 1873.
The Second Days Doings.
New YORK, May 15.,-3 p. m.-The old
irm of Fisk &c Hatch has just announced it's
lspension The firm was composed of A. T.
IL T1s /