Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1884-05-16
PANIC In WALL STREET.
FAILURES OF BANKS AND SEV-
ERAL LARGE FIRMS.

FAN1C RN w ALL SIkSEEI.
FAILURES OF BANKS AND SEV-
ERAL LARGE FIRMS.
A telegram from New Y ork dated We'd
nesday forenoon says the scene at the
Stock Exchange that morning was one of
intense excitement. The resignation the
day before of J. G.. Emo, president of the
Second National Bank. who had been
tampering with its funds, prepared the
street for disaster. There was rush to
sell stocks partly for the account of
brokers, who soon announced their in.
ability to meet their engagement The
following series of kilograms tells the
story.
11.30 A. M.-The financial complications
of the past week, supplemented by the re-
Violations regarding the management of
Second National Bank, which resulted in
the resignation of the president, have
brought about such feeling of uncertain
ty in the financial situation that at the
opening of business On the Stock Exchange
this morning 1t was felt that disaster was
imminent. Before long. one failure after
another was announced until five stock
firms had indicated their suspension and
the metropolitan National Bank had
closed its doors. Its president, George l.
Seney, has been one of the most promi-
nent spectators on the exchange and was
rated high in the commercial world. The
failure of Hatch & Foote is likely to in
volve some country firms, as they held ac-
counts of many private bankers outside
of New Y FORK as we'll as of individuals in
the West and South.
Secretary Folger, who is in the city, has
telegraphed to Washington to take up
bonds Of the 127th call on presentation.
The bonds are not due until June 20. The
Secretary further promises that such steps
shall be taken as will relieve the present
situation.
DOORS SHUT TIGHT.
11.4O A. M..-The Metropolitan Bank
has just suspended. Doors shut tight.
STILL ANOTHER.
LAS A. NO. M. Bogart & Co., have
assigned to John Wheeler; preferences.
$4,000. All stocks guaranteed by Nelson
Robinson & Co., are good delivery.
DIsCoNsoLATE FACES.
1915 P. NAT this hour Wall street
is one mass of people from Trinity church
to the customhOuse, both sidewalks and
carriage way being impossible. At the
doors of the suspended houses the masses
of humanity are denser, and many discon-
solate faces gaze on the closed doors.
A. Dyett & Co., have issued the follow
ing notice: "Wm. Heath & Co., will set
tie with members of the Stock Exchange
for stocks bought, sold, borrowed or loan
ed by US previous to this date"
O.. M. Bogart & Co., have announced
their suspension to the Stock Exchange.
The chairman of the Stock Exchange
has just announced from the rostrum that
the Second National Bank is solvent and
worthy of credit.
Messrs. Nelson Robinson & Co., an
nounce that all active stocks carried by
then in loans need not be alarmed as they
will show their books proving that money
is obtainable for them.
j. q. Williams, broker, says in reference
to the report that he has suspended, that
he will make the announcement later in
the day. Several stocks we're bought in
under the rule to-day for his account.
l P. M.-Wall, Broad and New streets,
surrounding the Stock Exchange, are fill
ed with surging masses, and the galleries
overlooking the trading. room are crowded
to repletiOn.
The excitement manifest on all sides is
almost unprecedented. On the floor of
the exchange all is confusion, and though
there is but little new business done, the
sales for the account of suspended firms
make show of business. The situation
is decidedly panicky and further failures
are looked for. Distru5t is the most prom
inent feature and the banks are carefully
scrutinizing all accounts. The Phoenix
Bank refused to certify checks of Hatch
q FOOte, and this was the immediate
cause of their suspension. A meeting of
the clearing. house has been called for
100 p. m. for the purpose of discussing
the situation, which is regarded as one of
great peril.
Secretary Folger has been at the sub
treasury all the morning and has been
ciers of Wall street. He expresses his de-
termination to use all the power of the
power of the government to prevent
panic and will act promptly to the ut
most limit of his authority.
Among the crowd are to be seen several
well-dressed ladies, and some who are
present from motives other than curiosity
The news of the disasters seemed to have
spread with lightning rapidity. Private
carriages with liveried servants from the
uptown districts have been flying through
Glle SGrootS. anu many now SGanQ OUTSIDE
the doors of the various banks and bank
ing houses. The directors of nearly all
the banks are either in session or present
in their buildings ready for any emer-
gency. The doors of the stock Exchange
are guarded by policemen and the visitors
galleries are being cleared.
BANK PRESIDENTS IN COUNCIL.
2.30 P. MAJ the clearinghouse the
bank presidents are in session. 1t is stat
ed on the best of authority that the banks
will stand by each other as they did in rs.
The resumption of the Metropolitan is
likely. At the Stock Exchange, delivery
hour is awaited with great anxiety.
AND YET ANOTHER.
$50 P. M.-Hotchkiss & .Burnham have
just announced their suspension at the
Stock Exchange.
FISK s. HATCH GONE.
NEW YORK. May Is. - M.-Fisk &
Hatch have suspended.