Delaware gazette and state journal., 1884-05-15
A BLACK WEDHEsDAY.
Great Excitement ta the New York
SfocR Market Failure after Fall
ure and Stocks Falling.


Great Excitement Is, the New York
stock Market Failure after Fall
nre and Stocks Falling.
s-,elc,s.. iess i4islStoi. - ~ mai v "e-.
New YORK, May IA The scsne at ths
Stock Exchange was one OF intense ex-
oi.ement this morning. There was rush
to sell stocks partly for the account Of
brokers who soon announced their in
ability to meet their engagements. Before
l0.15 q. m. Nelson, Robinson & Co. and
Goff & Randall announced their suspen-
sion. At the Stock Exchange there was
a drop in prices OF to 81 per cent as
compared with yesterdays closing.
TRYING TO ALLAY FEARS.
NRw YORK. May Ia, Wall street.-o.
NJ. Bogart & Co. have snnounced their
suspension to the Stock Exchange. The
chairman OF the Stock Exchange has just
Second National Bank is solvent and
worthy of confidence.
Msssrs. Nelson, Robinson & Co. an
noupoe that all active stocks carried by
them were sold yesterday at good prices,
and people carrying them iu loans need
nos be alarmed as they will show their
books proving that money is obtainable
for them.
J. C. Williams, broker, says in refer
ence to the report that he has suspended
that he will make the announcement later
in the day. Several stocks were bought
in unde- the rule to day for his account
11.45 a. mo-. NJ. Bogsrt & Co. have
assigned TO John Wheeler ; preferences,
$3.50 All stocks guaranteed by Mel
son, Robinson & Co. are good delivery.
The New York Herald said this morn.
ing: "It transpired yesterday that there
was deialcation in the Second National
Bank, at No. 100 Fifth avenue. The name
of the president, John c. Emo, is 1850
oiated with the defalcation, and its extent
was fixed at not less than $4,000, 900
| Wall street speculations and Losses, as
usual, were the alleged cause of the
Irregularities. The failure of Mr.. Eao
to appear at the Office of his
brokers yesterday involved the firm
in difficulties of a unique character, and
| which may lead to it's suspension this
morning, unless it succeeds In getting a
large sum of money at once. Amos +.
| Emo, father of the young bank president,
| is the owner OF the Fifth Avenue Hotel
property, and is reported to be worth a
score of Inillians. Hs was present at a
meeting of directors of the bank last
| tight. At the close of the meeting 1t was
stated that the loss had been made up
,ud that the bank would continue bust
iess."l
| HATCH & FooTE SUSPEND.
NEW YORK, May l4-11 a. m.-Hstch
4 Foote have announced their suspension
1 TX Tt,..f fail M
| precipitated on account of the Phenix
Bank refusing to certify the firm's checks.
| THE METROPOLITAN BANK sUsPENDs.
New York, May l4-1l 40 a. N The
Metropolitan Bank has just suspended.
The doors are shut tight.
THE COMPLICATED FINANCIAL SITUATION
FIVE FIRMi SUCCESSFULLY SUSPEND.
New YORK, May 14,-11.30 a. m.-The
financial complication of the past week
supplemented by the revelations regard
ing the management of the Second Ma
tional Bank, which resulted in the resig-
nation of the president, has brought
about such feeling OF uncertainty in the
financial situation that at the opening OF
business on the stock exchange this
morning, it was telt that disaster was
imminent. Before long one failure after
another was announced until five firms
had announced their suspension, and the
Metropolitan National Bank had closed
its doors. President George l. Seney ha:
has been one of the most prominent
speculators on the exchange and
was rated high in the commercial world
The failure Of Hatch g. Foote ia likely tC
involve some country firms, as they held
accounts OF many private bankers outside
of New York as well as individuals in the
west and south.
Secretary Folger who ia in the city has
telegrsphed to Washington to take NJ
bonds OF the one hundred and twenty
seventh call on presentation. The bondi
are not due until Jnne 20th. The secre
tary further promises that suoh stepi
shall be taken as will relieve the presen
situation. II necessary he will ordel
another call for 100000 900.
WALL STREET JAMMED -DlscoNsoLATE FACES
New YORK, May 14-l2.l5 p. ma
this hour Wall street 10 one mass o
people from Trinity Church TO the custom
house, both sidewalks and carriage way
being impsssable. At this Goors Of th'
suspended houses tbs mssses OF humsnit,
are dense and many disoonsolate face
gazs on the closed doors.
THE EXCITEMENT AT NOON
New YORK, May IA IL 80. Wal
street, p0on. Sta ks weak aud lemoral
" ii. Holders are making frantic effort
to obtain cash for their stocks and th
bulk of the sales are this way. Th
erestest deaipe in prices was IL cents
This was 10 Missouri Pacific which
touohsd e7t There is q slightly bette
feeling as we write and Missouri Pseif
is up 10 704 Railway bonds t.5o lower
THE METROPOLITAN BANK.
Tie Metropolitan Bank was $4,000
| debtor at the clearing house this morn
, lug. g. Saney, pre- ident Ct tue Metro
politsu Bank, was a partner in the firm
i 1t Nelson, Robinson & Co. Seney's BON
, are also partners. 10 last weeks state
. msnt to the clearing house the Metro
politsp Bank figured the following items
) loans, $40. .977 900; spscie, $7T9 600
legal tenders, $49l, ,00o deposits
, S8,452, 900.
o. Nj, Bossrt g. Co 'a failure is con
| sidered most important, as they hsv
r b,en large dealers in commercial paper
? They dealt somewhat in privileges, an,
/ we're considered solid house.
? Broad and New streets surrouDdip
, the Stock Exchange are filled with surg
. ing masses aud the galleries overlookip
3 the trading room are crowded to replt
tion. The excitement manifest on a
? sides Is almost unprecedented. o. th
t floor of the exchange all is confusion an
y though there is but little new busines
/ done, the sales for the account Of sui
9 pended firms make show of business.
9 THE SITUATION PANIcKY.
The situation is decidedly panicky AN
4 further failures are looked for. Distrui
. is the most prominent feature, and Ii
= banks are carefully scrutiniziug a
!, accounts.
u The Phe1ix Bank refused to certif
e the checks Of Hatch & Foote and this WI
:, the immediate cause of their suspension
a A meeting OF the clearing house has bee
!, nslled for 80 p m. for the purpose
" ii;oussiug the situation, which is r.
e gsrded rs one of great peril.
- SECRETARY FoLsER.
J. Secretary Folger has been in the su'
IS treasury sill this morning, aud has bee
y visited by slmost all of the prominel
u fpanciers OF Wall street. He express
1t his determination to use all the power
of the government to prevent panic, ar
o. will act TO the extreme limit OF hi
p authority.
( THE SPREADING OF THE NEWS.