The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-22
NEWS CONDENSED.
Concise Record OF the Week.
EASTERN.


EASTERN.
The widest excitement New York
has known since the Jay Cooke failure in
september, 1873, prevailed in Wall street on
Wednesday, tho 18th inst. Thousands OF
brokers and bankers were at their offices two
hours earlier than usual, and Immediately
upon the opening OF the Stock Exchange
great uncasiness became manifest. The
galleries and the floor were packed, and
tefore business had fairly started some
one yelled out: 1.-The second National
and the Metropolitan have gone up" The
scene that followed beggars ali description.
Pandemonium reigned. and roar after roar
from excited men put stop to trading.
Messenger boys dashed hither and thithcr.
calling out In shrill, excited tones names
familiar in financial circles, adding to the
wild scene. At an early hour the failure OF
j. C. williams was announced and in the
next breath came the failure of the old
house of 0. NJ. Bogart. Again and again
the surging crowd yelled. and were an
ewered by excited thousands in Broad and
Wall streets and Exchange place. Fail.
urc after failure was announced
In rapid succession, each collapse causing q
fresh renewal OF the excitement. The GU
mination was reached, however when the
vast exchange received proclamation Of the
ruin of Hatch Foote, the greatest broker
age house on the street The crowd seemed
stunned for an instant, when great wall Of
distress snook the building. They knew that
a great panic had struck the street. and
looked At each other in helpless amazcment.
secretary Folger 10 ut the Treasury build
ing and will help u.s. rang out clear
strong, steady voice close to the Chairmnn's
desk, and Immediately dcafcning cheers rang
out through the building and were taken up
members rushed over to the Treasury build
ing. found Judge Folger seated on the railing
about Washngtons statute. and received
from him assurances that the Government
would do everything in its power 10 help the
street. This good news was carried back to
the Exchange and produced marked
effect. Comparative quiet was restored, ana
operators began to look about and calcu acS
the damage produced by the financial cyclone.
II Wub tOuuu Nudt SWo hOtioh0i ouhhS Win
capital Of s3,oOo.OOO and sa,Ooo,0O0, respec-
lively, and eight of the largest brokerage
firms in the city had collapsed; that stocks
had declined as they were never known to
decline before. and that the prices of produce
had also greatly shrunk.
An improved feeling was noted at the
opening of the New York Stock Exchange on
the 18th inst, until the failure of A.w. Dimock
&Co.-the senior member Of the firm is Pres
ident of the Bankers and Merchants Tele-
graph Company-was announced. The secu-
rites grew weaker. and again rallied when
the Metropolitan National Bank resumed. At
the latter bank, as well as at the Second
National, many deposits were Withdrawn,
but the money was promptly paid. About
fifteen minutes before the close of business
the failure of Fisk 4 Hatch was announced,
causing sensation, as Mr.. Hatch
is President OF the stock Exchange.
Then prices tumblcd, and the mar
kct closed i'm chaotic condition.
No serious disturbances were reported
throughout the country, the feeling prevail
ing that the storm could be weathcrei. In
London and other European trade ccnters
there was some excitement. aud fall in
George !. Scney resigned the Presidency
Of the New York Metropolitan Bank. and
Henry l.. Jacques was chosen for the
position.
In the Stock Exchange on the 10th
inst values opened lower and unsettled, bat
before the first cali steadier feeling mani
Tested Itself, an advance OF to 2ia per cent.
being noted. Then the failure OF H. c.
Hardy 4 Sons was announced. when values
again sagged OF, and the list dropped still.
further when 1t became known that the
Newark Savings Institution had closed its
doors After this, confidence began TO return.
there icing heavy purchases of stocks for
foreign shipment. Before the close dread
of further failures resulted in feyerish
feeling, which passed away rapidly when no
disasters occurred, and the market closed in
a"whirl of buoyancy" unknown for long
time. Call loans dropped from Ia per cent.
per diem to ) to per cent per annum, and
large amounts OF money were received from
tho country. The feeling Of confidence was
enhanced by the Bank o. New FORK loanins
$3,O0O,0 600 on Government bonds, and by the
issuance of s5,O0O,OOO certificates by the
Clearing House. Closing deals indicated an
advance Of to points In active shares, and
the feeling was that the crisis had been
passed and that the market would soon re-
turn 70 its normal condition.
y The funeral of Charles O'Conno,
took place at the Roman Catholic Cathedral
in New York. Among those present were
ex-senator Roscoe Conklin9, ex-senator kcr
nan. the Rev. DR.. Morgan Dix, Mgr. Capel
Roman Catholic Bishops McQuadc of Roches
ter N. ~. Hendrickson Of Rhode Island
McInerney OF Albany, and wigger of New
Jersey, cx-Mayor Grace, ex-Secrctary Evarts
Roswell r. Flower, and ex-Secretary Bristow
WESTERN.