The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-05-22
Grief for Gamblers.


\ vailed for several years, and the reckless
VENTURES of stock gamblers day after day
Ellad to- in the very nature of things, have
a culminative point. Keene, and Grant
and Ward, the Marine Bank, gone by the
board, was the introduction to what fol
! lowed on Wednesday last. The N. X. cor
respondent OF the Baltimore american of
the 18th gives a graphic review of what
occurred, as follows :sntl iigHaA5it npil
i Ut has coaiel at last! The panic 50 long
Threaded, so many times averted took pos
session OF Wall. street this morning, and
for hours that have seemed days confn-
sion, the Widest excitement and dreadful
financial disaster reigned supreme. The
Stock Exchange was a pandemOninm !;
many oil the banks were beSieged all day
by anxious depositors, and the streets
Wall, Broad. New, Exchange Place-were
sthfo4gesl with wild thousands until loc0-
fillDtipn became impossible. Among the
crowds on Wall street were to be seen
well-dressed ladies', some OF whom were
present from other motives than curiosity.
The news of the disasters spread with
Wonderful rapidity. Private carriages,
with lNeried servants, from the uptown
districts, went flying through the streets,
and many Stood outside the doors of the
banks and various banking houses. The
directors Of nearly all the banks were
either III session OF present in their build
ings, ready for any emergency. The doors
ofitheu Stock Exchange were guarded by
policemen, and the visitors galleries were
cleared. No one was admitted to the
| building except members, clerks and mes
Isengers. This was done because the
crowd endeavored to gain admittance grew
too large for the capacity of the building.
The trouble really began before the Stock
Exchange opened. The rumOrS of yeSter-
l-day in regard to the defalcation of John G.
Emo, president of the Second National
Bank, were confirmed last night, and were
| spread about this morning. Last night a
meeting Of the directors of the Second
| National Bank took place at the house of
MIR. Isaac N. Phelps, a stakeholder. The
/ directOrS are : Amos II. Emo, Henry A.
HNlburt, Isaac N. Phelps. VIM. Walter
| Phelps, MI. Darling. of the Fifth, Avenue
Hotel: Anson Phelps Stokes, and Mr..
TroWbridge. 70 cover the deficit Mr.
Amos r., Eno, father of John @. Emo, and
| the, directors each contributed a certain.
amount, in what proportion is not certain
| ~ Known, 1t is thought though, and not
| strenuously denied by the directors, that
MI. Amos r. Emo furnished the greater
part, as his son was president. MI. Trow-
| bridge was elected president, and the af-
IfairS of the bank Virtually settled. This
/ morning, in order to accommodate the
rushthat was expected, the bank opened
at $3.50 o clock. Immediately stream of
several hundred people began to pour in,
half of them being ladies'.
By Matters were greatly complicated in this
| Emo affair by the fact that A. Dyett & Co.,
the brokers of the specializing presidentof
the Second National, had last evening
been forced to suspend, the Continental
Bank refusing to certify their cheeks :
h When these things became known there
was q wild rush to, the Stock Exchange
from all the outlying Offices and before
even the formal opening, in spite of the
rules, the panic stricken crowd began to
| throw, stocks overheard. 1t was but few
moments before the failure was announced
tof Nelson, Robinson q Co., and but few
l1nonlents more when COTE & Randall fol
lowed them. Almost Immediately they
1 We're succeeded by o. M. Bogart a. Co..
and then the old and highly respected
house of Hatch & Foote. The condition
| of affairs was fearful. Upon the top of it
all came Ikea thunderclap the announce
4 ment that the Metropolitan National Bank
| had closed it's doors. At one time it seemed
Lrlosal And h,1siness lsnsnandnd Inf VOW
4 wisely Il was determined not r. ston deal.
ings. The alarm would have been inten-
tsified had this been done. Black Friday
lof 1869 and the panic Of 1873 were already
sufficiently prominent in the memories of
1.-THE people. 81 ag idQaa
The market opened to per cent.
| tho onenino nricas tbera yuas . continuons
1 huf, 4 raradi1aI decline mill II o'cloclT In
4 tbe fiffee5, minntes altar II COLL tbera ,yas
4 an, inward reaction az j IL > Nor cont Inf
afterI this declined aoain and ON tha an
nouncement Of the Failure Of fine Metro
nolitan National Rank ran into ! nanicxv
Condition for three.nnarters. of an lhonr tn
4 12n,ciocly at which time the lowest nrices
pLof tha dau',nade showino a decline Of from
i .to1o nerac enf as comnared with last
Ini0ht., "a After 10 O'Clock And m In 1o.3G,
there was a ,recovery of i to Al ner cent.
which beaan with Nortbwestern Nissan,
tri Pacific Union Pacific. 81. PAM .T,acka-
4 wanna. Lake Shore. and Northern Pacific
nreferred II 49, ~ 1qnf' / III
,llgorr ....-t,
oohNEo Al Tile DAMS
itb Meanwhile there were as exciting scenes
Il outside. At twenty minutes after eleven
a long line Of men and bows stood inifront
of the paying-teller's window in the Me.
trOpOlitan Bank, at broadway and Pine
street, of which Mr.. George I. Seney is
president. "a Every person in the line held
one OF, more checks to be certified, the
alarming rumors as to failures in every
4 direction having made uncerti(ied checks
y of no value, no matter by whom they were
Lsigned Just at that moment the paying
! teller shut his window with bang, and
announced that. the Metropolitan Bank
I will suspend payment, as matter of ne.
i cessity and precaution A howlof dismay
I went up from the line Of men, and break
i was made for the door, where number OF
depositors were met hurrying to get de-
Z MIA. of the rumored suspension. In less
| than five minutes the iron doors were shut
Il and apoliceman arrived to stand guard OF
the steps. The first story told to large de
[positors, who arrived breathless and in
| dignant, was that the suspension had beer
7 ordered by Mr.. Seney, in order to prevent
Il a run for which the banks might not be
prepared. IT was SAID by MT. Seney tina
II n, matters qulelea down alpef noon IN
bank mlgnt open IN Time e, Ior some pusl
ness TO Dc, done To-Day. me promise was
accepted pY a group Oh deposltors as o
small comfort, ana altef IL clock a crow'
OF nearly one hundred persons gathered u