Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1884-05-22
PANIC IN WALL STREET.
The metropolitan National Bank
of New York to Closes
Its Doors.
Several Stock Commission Firms
Announce Their Suspesion.

Announce Their Suspension.
NEW YORK, May 14-10:30 a. M
The scene at the Stock Exchange was
one of intense excitement this morn
ing. There was a rush to sell stocks,
partly on account of brokers being un-
able to meet their engagements.
A BIG DROP.
There was drop in prices of to
SO per cent, as compared with yes
terday's closing, the downward move
ment being accelerated by rumors of
several bull pools being forced to
liquidate.
| SUSPENSIONS.
Before 1915, Nelson Robinson &
Co, and Golf q Randall announced
their suspension.
O. NJ Bogart 81 Co., bankers, have
also suspended. They made an assign
ment 10 John Wheeler, with prefer
euces amounting to $4,000.
Nelson, Robinson q Co., announce
that all active stocks carried by them
were sold Tuesday, and the people
carrying them in loans need not be
alarmed, as they will show their books
proving money obtainable for them.
The oil stocks guaranteed by them are
a good delivery.
j. @. Williams, broker, says he
will announce his suspension later in
the day. Several stocks were brought
in under the rule this morning on his
account.
Hatch & Foote have announced
their suspension at the Stock Ex-
change. Their failure was precipita-
ted by the Phoenix bank refusing to
certify their checks
THE CROWD.
Wall, Broad and New streets, sur
rounding the Stock Exchange, are
filled with surgiag masses, and the
galleries overlooking the bridegroom
are crowded to repletion, The excite
ment is almost unprecedented. On
the floor of the exchange all is in con
| fusion. Though there is little new
business done, the sales on account OF
suspended firms make a show of bust
ness. The situation is decidedly pan.
icky, and further failures are looked
for. Distrust is the most prominent
feature, and the banks are carefully
scrutiniZing accounts.
RUN ON THE SECOND NATIONAL.
A telegram from Twenty-third street
reports three lines of depositors de-
maAding money at the Second Nation
al Bank it Is feared that the bank
will stop.
AT THE PHOENIX BANK
everything is quiet. The officers say
there is not the slightest trouble and
there is no run.
THE FOURTH NATIONAL.
President Baldwin, of the Fourth
National bank, says his bank is all
right.
HATCH & FOOTE
state their suspension was not caused
| by the refusal of thePhoenix bank to
certify checks, but was caused wholly
! by the exhaustion and the refusal of
customers to renew them, and their
liability to sell stocks without undue
sacrifice.
1ftE hhlhOEOlllAN bANhs
In the statement issued by the clear.
ing house April "a last, the full con
dition of the Metropolitan bank was
as follows: Capital, $4,000, 600; net
profits, 81, 49S, COO; circulation, 81, 304,
800; due other banks, So, 900; due
depositors, SO, 1872 800; unpaid divi-
dend, S., 100; total, $14, 815, 900. Ger
titled checks, 1857, 200.
ANOTHER DAY OF PANIC.
NEW YORK, May 15-3 p. M.-The
firm of Fisk & Hatch, whose suspen-
sion has just bee9 announced, is com
posed of A. S. Hatch and Harvey
| Fisk. Hatch was recently elected
president of the Stock Exchange by a
unanimous vote. The firm has been
the heaviest dealers in government
bonds on the street They were con
sidered staunch, conservative reli-
able firm. They have been recognized
as the fiscal agents here of the Chesa-
peake and Ohio railroad, and of the
Elizabethtown, Big Sandy and Lex
ington road. They have carried
heavy amounts of stocks of these
roads while the market was declining.
They have sons and sons-m-law IN
the stock business. The announce
ment of their suspension
CAME LIKE A THUNDERBOLT
on the exchange. William Lamones
is now acting as president of the new
exchange, owing to Hatch's disability.
1t is surmised that their efforts to aid
/ their sons embarrassed the firm
Hatch has been prominent in religi-
GUS matters and philanthroplcal
measures, and frequently was heard
as lecturer on religious subjects at
the Macauley Cremorne Mission. Mr.
Fisk has just returned from tour IN
Europe.
THE IMMEDIATE RESULT
Of the failure at the Stock Exchange
was a decline of to points. The
weakness in the government bond
market is explained by the suspension
of this firm, although the reporter of