Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1884-05-22
DIRE PANIC.
A Wild Day in Wall Street
Yesterday.
But the Crisis Is Over and the Sus-
pended Banks will Resume.
Full Details of the Stirring
Events.

New YORK, May Il, 1890 a. ma
wild day has begun in the stock ex-
change. Brokers wished to sell
stocks to meet engagements. This re
suited IN a drop of / to So per cent.
Louisville & Nashville broke 81 to
80; Western Union 81 to 81; Union
Pacific . 10 43; Northern Pacific pre-
terred 81 to 80; st. Paul 81 to II:
Lackawanna Il to III; Northwestern
Il to 1865; Oregon Transcontinental
4 to II; Pullmoh 2 to 104, and Canada
Southern II to 49, Then there was a
rally of from 1 to per cent. but be-
fore 1920 o'clock the market declined
again.
The tendency to panic was acceler-
atesl by the failures that followed each
other in quick succession. Before
1915 Nelson, Robinson & Co.. and
Golf 6 Randall threw up the
sponge. They were followed bv
j. Z. Williams, also a broker, Hatch
and Foote, and 0. M. Bogart & Co..
also yielded to the pressure. The Metro
polltan bank suspended at 1:3O. A
rush of depOsitors, a crowd in the
street of anxious, eager ones, men pale
with anxiety and women in tears
made the scene one of sad interest.
RumOrs of the failure of the Second
National were also numerous, but the
bank examiners pronounced it abso
lutely sound.
At p. m. two more firms Donnell,
Lawson q Sampson, and Hotchkiss &
Burnham announced their suspen-
sion.
A run was started on the Second
National, but special effort was made
to meet it, and though 300 hundred
depOsltOrS were in line, still payments
were made as fast as they could be
counted out.
The failure of the Metropolitan
bank is ascribed to the railroad specula-
tons of President Seney.
The railroad speculations of Presi-
dent Seney are generally supposed to
be the real cause of the suspension.
Mr. Seney is president of the East
Tennessee railroad, the stock of
which was selling to-day at for com
mon and 8 for preferred. Large
blocks OF this stock were bought less
than a year ago, it is supposed for the
account of Seney, at IL or IL for com
mon and "a for preferred. The stock
has been sinking ever since, notw1th-
standing the constant support from
what is known as the Seney syndi-
cate. The Ohio Central is supposed
to be another of Seney's favorites,
upon the stocks of which large sums
OF money have been lost.
WALL STREET, $50 P. MAI the |
clearing house, the bank presidents i'll
session, stated that on the best au-
thority the banks stand by each other
as the did in 1873. Resumption of
the Metropolitan is likely. At the
stock exchange the delivery hour was
awaited with great anxiety. Mr..
Simpson, of Simpson, Lamson
C Co. being asked whether II was true
the firm had $2,OOOO 600 deposited in
the Metropolitan, refused either to
confirm Or deny the report. The en-
trance to the Metropolitan bank was
crowded with depositors, collectors
and others.
DRAGS ANOTHER BANK DOWN.
New YORK, May 15.-The Atlantic
State bank of Brooklyn, closed its
doors this afternoon. This bank is
the Brooklyn correspondent of the
Metropolitan bank; capital 5000, 600,
surplus 500, 600. President, Geo. S.
Pieffer.
IN CHICAGO.
CHICAGO, May IA. The Union Ma
tional bank of this city which is the
Chicago correspondent of the Metro
politan baak of New York, states that
it owes nothing to the Metropolitan
and the latter owes the Union moth
ing SO that it is assumed there can be
no Immediate effect of the failure in
this city.
WALL STREET, 1915 P. M.-The
Metropolitan bank resumed paying
all depositors presenting checks, even
before the hour named for resump-
ton. The paying teller opened the
window and the first man in line re-
ceived his money, and at coon The
number IN line was over twenty-five, |
principally boys and clerks, only one
lady being among the list, she was at
tired IN widows weeds. Her grasif-
cation on receiving her money was
plain. A small number are drawing
out FUNDS regarding the promising
future of the bank
A CRACK IN THE HUB.
New YORK, May ia dispatch
from Boston reports the suspension |
of f. A. Hawley & Co. The firm, al
though not heavy dealers. were con
sidered of good standing
New YORK, May 15.-Receiver Da-
vies reports the liabilities of Grant &
Ward so far as ascertained, at S14,-
sol, 531; collaterals held by the cred
itors between so, 900, 900 and $4,000
600, leaving an unsecured indebted |
ness of between $4,000, 900 and So
900, 000
New YORK, May 15.-3 p. M
Hatch has been prominent in relig-
ious matters and was frequently
heard as lecturer on religious sub
jects at the McCauly mission. Fisk
has just returned from a tour in Eu-
rope. The immediate result of the
failure of the stock EXCHANGE