Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1884-05-22
EXCITING SCENES.
Disastrous Failures of Banks
and Bankers in New York,
Tremendous Tumbles in Various
Stocks.
GOVERNMENT TO THE RESCUE

GOVERNMENT TO THE RESCUl
The Banks Agree to Stand by Fac
: other.
There was intense excitement, III
greatest confusion, and a terrible serit
of failures in New York on Wednesds
Of last woek. Wall street was in a col
dition Of panic from 9 o'clock in tt
morning until long after business hour
Values at the Stock Exchange were Ell
tirely demoralizsd; the Metropolita
Bank, of New York, and the Atlanti
Bank, of Brooklyn, we're forced to clos
their doors. and to the Stock Exchang
were announced the failures of the 70
lowing banking and brokerage houses
Hatch & Foote, Hotchkiss, Burnham
Co., Donnell, Lawson & Simpson, Nelson
Robinson & Co., o. NJ. Bogart & Co., j
c. Williams, and Golf & Wilson. Othe
banks and banking houses were serious
ly threatened or involved by rumol
The Clearing House Association in tn
afternoon decided that the bankers wo't
work together for general support, as il
1873; and the Secretary of the Treasur,
ordered the prepayment without rebat,
of S10.00O.09O 8 per cent. bonds called
for Juue goth. These actions tended
grsatly to allay the feeling of alarm
and there was an easier feeling at the
close. Money loaned at as high rate
as per cent. per diem bonus, in addition
to legal interest. The decline in the stock
market was from to II per cent.
The effects of the panic were nots bic
all over the country, bat there was nc
serious trouble in other cities than New
York.
At midnight came important news
and of character to give hope of es-
cape from general financial disaster
The committee appointed by the clear
ing house reported decision to sustain
the Metropolitan Bank. This conclusion
was reached slowly, and after careful
consideration-but having been made,
there seems little doubt of its potency.
ON WALL STREET.
NEW YORK, May 14.-The panic SO
long dreaded, so many times averted,
took possession of Wall street early this
morning, and for hours that have seem
ed days confusion, the widest excite.
ment and dreadful financial disaster
reigDed supreme. The Stock Exchange
WAS PandemOnium; many of the banks
were besieged all day by anxious depos-
itors, and the streets Wall, Broad, New,
Exchange Place were thrsnged with
wild thousands until locomOtion became
impossible. Among the crowds on Wall
street were to be seen well dressed ladies,
some of whom were present from mo
tives other than curiosity. The news
of the disasters spread with wonderful
rapidity. Private carriages, with liver
led servants. from the uptown districts,
went tlving through the streets, and
many stood outside the doors of the va
rIous banks and banking houses. The
directors of nearly all the banks were
either in session or present in their
buildings, ready for any emergency. The
doors of the Stock Exchange were guard
cd by policemen, and the visitors gal
leries were cleared. No one was admit
ted to the building except members,
clerks and messengers. This Was done
because the crowd endsavering to gain
admittance grew too large for the ca
pacity of the building.
The trouble really began before the
Stock Exchange opened. The rumors of
yesterday in regaId to the defalcation of
John c. Emo, president of the Second
National Bank, were confirmed last
night, and were spread about this morn
ing. Last night a meeting Of the direc-
tors of the Second National Bank took |
place, and each one contributed certain |
amount to cover the deficit. Mr.. Trow-
bridge was elected president, and the
affairs of the bank virtually settled. |
This morning. in order to accommodate
the rush that was expected, the bank |
opened at 9:30 o'clock. immediately a |
stream of several hundred people began |
to pour in, half of them ladies.
Matters were greatly complicated in |
this Emo affair by the fact that A Dyett |
& Co., the brokers of the speculating |
president of the Second National, had |
last evening been forced to suspend. the |
Continental Bank refusing to certify |
their checks.
When these things became known |
there was wild rush to the Stock Ex-
change from all the out>lying 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 several
other failures were announced. The
condition of affairs was fearful. Upon
the top of it all came like thunder-clap
the announcement that the Metropolitan
National Bank had closed its doors. At
Dne time ii seemed likely that the Ex-
change would have TO be closed and
business suspended, but very wisely it
was determined not to stop dealings
The alarm would have been intensified
bad this been done. Black Friday of
1869 and the panic Of 1878 were already
sufficiently prominent in the memories
Of the people.
The market opened 4 to six per cent
lower than it closed yesterday, and from
bhe opening prices there WAS a cuntinu
Gus nut gradual decline until 1lo'clock.
IN the 10 minutes after II call there was
An upward reaction OF a to 2 per
cent, out AFTER this declined again, and
On tne announcement of the failure of |
Ihe metropolitan National Bank ran in
70 PanicKy condition for q of AN hour
to IL o'clock, at which time The Iowast
priceR of the dav wsra r,,ao u wy