The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-15
DOWN THEY TUMBLE.
y Like a Row of Bricks, the Wall
Street Men Fall.
The Metropolitan National Bank
Crowded to Suspension,
And a Run on the Second National--H ali
Dozen Brokers Broken.
Intense Excitement on the Opening of
Trade Grows More Intense as the
Minutes go by-A Day of Panic
and Ruin Closes with
Better Outlook.

Better Outlook.
New YORK, May 14-Wall street is wild
with excitement, and New York is on the
verge of a great panic. House after house
announced its suspension in the stock ex-
change, and as each was announced the ex.
element grew wilder. Rumors of all
sorts were rife, and even the
soiyency of Jay Gould was ques-
toned, but this rumor was laughed at by
those intimate with the affairs of the great
financier. Brokers, bank depositors, and
crowds attracted by the rumors of the i'm
pending crash crushed hither and thither
wildly circulating stories affecting the credit
OF this or that house. Early in the morning
1t was whispered that the day would show
the ending of many hitherto substantial and
well-thought-of houses, and the rumor was
verified with the opening of the stock ex-
change. First on the list came Golf & Ran
iall, whose suspension caused the lulle1 feel
ing of excitement to be famed into strong
flame. Then followed in rapid succession Bo-
CART & Co., Nelson, Robinson & Co, Hatch
& Foote, and the Metropolitan bank. The
clouds lowering over the financial sky are
of the deepest black. and the
outlook betokens a day of doom
to many of the millionaires of
the street that has made and broken many
men. OF course the failure of Grant & Ward
and the Marine bank and the embarrass-
ment of James r. Keene are pointed to as
but the beginning of the inevitable crash, but
thousand other signs may be taken into
consideration as the cause. Other failures
are looked for.
When business opened in the morning
there was rush to sell stocks, partly on ac-
count of brokers who were unable to meet
their engagements. Before 10:15 Nelson.
Robinson q Co. and Golf & Randall an
nounced their suspension.
Between 10 o'clock and noon the following
suspensions were announced in rapid sue
cession: A. NJ. Bogart & Co, bankers;
Hatch & Photographed by the
exhaustion of margins and refusal
of customers to renew them; the Metro
politan bank, George l. Seney president
Nelson, Robinson & Co. announced that
all active stocks carried by them were
sold and people carrying them in loans
| need not be alarmed, as they will show their
books, providing that the money is obtained
for them A. Dyett & Co. announced
that William Heath & Co. would
settle for the stocks bought.
| sold, borrowed, or loaned by them
previous to this date. The clearing house
received the following from National Bank
| Examiner Schriba after an investigation of
the Second National banks affairs; Il find
/ it absolutely sound" Amos R. Emo,
/ the father Of the late president OF
the Second National Bank, and will.
lam Walter Phelps have been at the bank in
| consultation with the secretary The latter
| has congratulated the directors and stock
| holders of the Second national upon the fact
that the bank-examiner is able to report its
condition sound
| NooN.-The financial complication of the
| past week, supplemented by the revelations
regarding the management of the Second
national bank, which resulted in the reSigna-
ton OF the president, brought about such a
feeling OF uncertainty on the financial sit
uation that at the opening of business on
the stock exchange it was felt that
| disaster was imminent. Before long
one failure after another was announced,
until five stock firms had suspended, and ths
| Its president, George Seney, has been one
| of the most prominent spectators on the ex-
change and rated high. The failure of Hatch
& Foote is likely to involve country firms, as
they held accounts of many private bankers
outside of New York as well as individuals
| of the west and south
Bogart & Co.. IS failure is considered i'm
portant, as they are large dealers in com
mercial paper and dealt somewhat in priv
leges. They were heretofore considered
| solid
| Wall, Broad and New streets surround.
ing the stock exchange, are filled with surg
ing masses, and the galleries overlooking the
trading-room are crowded TO repletion Tha
excitement On all sides is almost unpre
cedented. On the floor of the exchange all i:
confusion. Though there is little new bust
ness being done, the sales, on account of the
suspended firms, make show of business
Secretary Folger was at the sub-treasury
all the morning. He was visited by almos
all the prominent financiers of Wall street
He expresses his determination to use all tn.
power of the government to prevent panic
and will act promptly to the utmost limit o
his authority
At 1915 Wall street was mass of peopl,
from Trinity church to the custom house
both the sidewalk and carriage way beinI
impossible. At the doors of the suspendes
houses the masses of humanity were denser
and many disconsolate faces gazed at tn
closed doors. Among the crowd were seel
several well-dressed ladies, some present from
motives other than curiosity.
The news of the disaster seemed to spread
with lightning rapidity. Private carriage
with liveried servants from uptown wen
flying through the streets, and many nov
stand outside the doors of the banks an
banking houses. The directors of nearly a
the banks are either in session or present i
the buildings ready for any emergency.
The doors of the stock exchange ar
J guarded by policemen and the visitors ga
leries are being cleared No one is now &C
mitted to the building except members
, clerks, and messengers, because the crow
! endeayoring to gain admittance is too larg
for the capacity of the buildings
Secretary Folger says the break is due t
reckless speculation by few men, but tbs
the situation is not inherently weak 4
| said: There is plenty of money in tt
country. l do not anticipate any extensiy
panic. The situation is not as weak as PEI
pie suppose"
In the statement issued by the clearin,
house April "A CAST issued the full conditio
of the Metropolitan bank was as follows:
Capital. 5000 OK
/ Net profits. Observation-Disclosures. LAOS, &C
Circulation. .... 1,304, 81
Due banks. Observation-Disclosures. 5,Sl5 on
Q Due depositors. Observation-Disclosures. 3,192,3 81
!. Unpaid dividend. Observation-Disclosures. SIT
a Total. .s14. 81, 81
l. | Cart God nhanl-. rar d