Delta chief., 1884-05-21
WALL STREET INSANE.
A Fearful Panic Among the Money Kiugs.

day. lhc financial complications OF the past
week, supplemented by revelations regarding
the management of the Second Na,iona! bank,
which resulted in the resignation of the pres
ident, brought about such feeling Of unccr-
tanty in the financial situation that at the
opening Of business on the Stock EXchsn ye this
morning, 1t was felt that disaster was immi-
nent. Before long one failure after another
was announced, until five stock firms had su-
pended and the Metropolitan National bank
had closed its doors Its president, George
]. Seney, has been one Of the most prominent
spectators In the Exchange and was rated
high The failure Of Hatch 4 Foote Is likely
to involve country firms, as they hold the aC-
counts OF many private bankers outside Of
New York well as individuals in the West
and South. Secretary Folger, who Is In the
city, telegraphed to Washington TO take up
the bonds Of the l27th call on the presenta-
tion. These bonds are not due until June
Goth. The Secretary further promises such
steps as will relieve the situation. Bogart n
Co s failure is considered important as they
are large dealers in commercial paper. They
dealt somewhat In privileges and were con
sdered solid. Wall. Broad and New streets,
surrounding the Stock Exchange, were
hlledu with the surging masses. And
the gallarics overlooking the trad
ing room were crowded to repletion. The er-
citemcn, on all sides was almost unprecedcnt-
ed, and on the floor Of the Exchange all was
confusion, though there wss little new bust
ness done. The sales, on account OF the sus-
| pended firms, made a show of business. Secre-
tary Folger was at the sub treasury all the
| morning, where he visited by almost all
the prominent fnanciers of Wall street. He
expressed the determination to usc all the
| power OF the government to prevent s panic.
and will act promptly to the utmost limit
OF his authority. AT l2:l5 on Wall street there
was a mass Of people from Trinity church to
the custom house, both the sidewalks and til.
| ruF ri I.tV b... a
| Of the suspended houses the masses of human
| ity were still dcnser, and many disconso solatc
faces gazed nj the closcd doors. Among the
crowd were several well-dressed ladies. some
OF them being present from motives other
than curiosity. The new. OF the disasters
seemed TO .prcad with lightning rapidiY
Private carriages, with Hrcried servants, FROM
uptown, were flying through the streets, and
and banking house.
The directors OF nearly all the banks were
either In session or present In the buildings
ready for an emergency. The door Of the
Stock Exchange were guarded by policcnrrS
| No one was admitted to the binding except
members, clerks and messengers, because the
crowd, epdeavoring to gain admit,anca, Wa
too large for the capacity Of the building.
LULL IN THE EXCITEMENT.
Al ! 30 the excitement sub.ided 10 a great
extent, and a better feeling prevailed. Il l.
stated that the largest dealer In privileges on
| the street was obliged 10 receive 2bo 90 share.
| on puts. This large block must have called
for heavy drain even on his immense re
| sources.
DreIel, Morgan Il Co received word from
Philadelphia house that they "an have all the
| money wanted.
A promineu, director Of the Mc,ropolI,an
| bank says efnphatically that deposition. will he
| paid In fuli. Scion Humphreys. director,
| states that had the president laid before the
| clearing house full statement of it, AFFAIR."
| there would have been no need for a suspcn.
| siDrt. n th. Cd haul -,
doubtedly come TO its assistance and helped II
to tide over the crisis.
ACTION OF THE CLEARING HOUSE.
The Clearing House Association a, their
| meeting adopted the following resolution:
heoreH, J hat In view OF the present crisis
the banks OF this association, for the purpose
of sustaining each other and the business Of
this community, have resolved that a com
| Inittee OF hve be appointed to receive from
banks which are members Of THE association
bills receivable, or other securities 10 be ap-
proved by said committee who shall be antho-
rzcd to Issue therefor to such dcpositing bank,
loan certificates bearing interest Mt 9 per cent
per annum not In excess Of seventy five per
cent. OF the securities or bills receivable 80 dc.
posted, except In case Of United State. bopd,:
and said certificates shall be received in set
tiemcnt Of balances at the clearing house,
All the checks OF the Merchants National
BANK A. Kansas City and Long Brothers, Kan
sas City drawn on the Metropolitan Bank.
WI be paid by John Patton & Co, OF this
city.
ON OF THE RESULTS.
ST. JosrrH, No. May 1.-The State Saw !
ings Bank OF this city, &. Is. France presi.
dent, closed It's doors yesterday afternoon,
and subsequently male an assignment The
Immediate cause Of the failure was the news
which was received Of the suspension Of Don
nell, Lawson Il Simpson, OF New York with
Which the state Savings Bank had a very 1
close business relation, Donnell and Lawson,
OF the New York firm, being two Of the urin
cipni stockholders. The failure created much
surprise amongst business men. The last
statement OF their condition, April Is showed
assets equal To their liabilities, and in good
shape. The general belief IL that the bank
VIII pay Its depositors in full II Is reported
on good authority that Mr.. France, tho prcsi-
dent OF the State Savings Bank, rcceivcda dis
patch from Donnell, Lawson Il Simpson, an
nouncing their suspension, and directing him
10 close his doors. II Ia certain that there
was no other necessity for the failure bu, its
New YORK connections. All the bankers in
thcir banks were In sound condition No
other banks VIII be involved, and no fears are
iclt OF another bank failure here. II is not
likely that any business failures WIN occur.
DETAILS.
NEW YoRK, May H-Thcrc was u
rush to sell stocks, partly on account
OF the TACT that brokers were unable to
meet their engagements. Before 1918, Mel
nounced their suspension. William Heath -
20. VIII settle for stocks bought. sold, Dor
date.
4. N. Bogart Il Co.. bankers, sun pspendcd.
Nc'soh, Robinson d Co. announced .hat all