Democratic Sentinel, Volume 8, Number 17, Rensselaer, Jasper County, 23 May 1884 — NEWS CONDENSED. [ARTICLE]

NEWS CONDENSED.

Coneise Record of the Week. EASTERN. Walter Bradshaw shot his father at Boston during a dispute between them. The Southern Pennsylvania tunnel under the Alleghenies at Dexter’s Gap caved in, killing two workmen Instantly, and mortally wounding Superintendent White and three others. The wildest excitement New York has known since the Jay Cooke failure in September, 1873, prevailed in Wall street on Wednesday, the 14th inst. Thousands of brokers and bankers were a't their offices two hours earlier than usual, and immediately upon the opening of the Stock Exchange great uneasiness became manifest. The galleries and the floor were packed, and before business had fairly started some one yelled out: “The Second National and the Metropolitan have gone up!” The scene that followed beggars all description. Pandemonium reigned, and roar alter roar from excited men put a stop to trading. Messenger boys dashed hither and thither, calling out in shrill, excited tones names familiar in financial circles, adding to the ■wild scene. At an early hour the failure of J. C. Williams was announced, and in the next breath came the failure of the old house of O. M. Bogart. Again and again tho surging crowd yelled, and were answered by excited thousands in Broad and Wall streets and Exchange place. Failure after failure was announced in rapid succession, each collapse eausing a fresh renewal of the excitement. The culmination was reached, however, when the vast exchange received proclamation of the ruin of Hatch & Foote, the greatest brokerage house on the street. The crowd seemed stunned for an instant, when a great wail of distress snook the building. They knew that a great panic bad struck the street, and looked at each other in helpless amazement. “Secretary Folger is at the Treasury building and will help us,” rang out a clear strong, steady voice close to the Chairman's desk, and immediately deafening cheers rang out through the building and were taken up and repeated upon tho street. Many leading members rushed over to the Treasury building, found Judge Folger seated on the railing about Washington's statute, nnd received from him assurances that the Government

would do everything in its power to help the street. This good news was carried back to the Exchange and produced a marked effect. Comparative quiet was restored, and operators began to look about and calculate the damage produced by the financial cyclone. It was found that two national banks, with a capital of $3,000,000 and $2,000,000, respectively, and eight of the largest brokerage firms in the city had collapsed; that stocks had declined as they wore never known to | decline before, and that tho prices of produce had a!6o greatly shrunk. An improved feeling was noted at the opening of the New York Stock Exchange on the 15th inst., until thefailureof A.W. Dimock & Co.—the senior member of the firm is President of the Bankers and Merchants’ Telegraph Company —was announoed. Tho securities grew weaker, and again rallied when the Metropolitan National Bank resumed. At the latter bank, as well as at the Second National, many deposits were withdrawn, but the money was promptly paid. About fifteen minutes before the‘close of business the failure of Fisk & Hatch was announced, causing a sensation, as Mr. Hatch is President of the Stock ExchangeThen prices tumbled, and' the market closed in , a chaotic condition. No serious disturbances were reported throughout the country, the feeling prevailing that the storm could bo weathered. In London and other European trade centers there was some excitement, and a fall in values of American securities was noticed. George I. Seney resigned the Presidency of the New York Metropolitan Bank, and Henry L. Jacques was chosen for the position. In the Stock Exchange on the 16th inst. values opened lowef and unsettled, but before the first call a steadier feeling manifested itself, an advance of 1 to 2!4 per cent, being note!. Then the failure of H. C. Hardy & Sons was announced, when values again sagged off, and the list dropped still further when It became known that the Newaik Savings Institution had closed its doors. After this, confidence began to return, there' being heavy purchases of stocks for foreign shipment. Before the close a dread of further failures resulted in a feverish feeling, which passed away rapidly when no disasters occurred, and the market closed in a “whirl of buoyancy” unknown for a long time. Call loans dropped from 114 per cent, per diem to 5 to 6 per cent, per annum, and large amounts of money were received from the country. The feeling of confidence was enhanced by the Bank of New York loaning $3,000,000 on Government bonds, ap’d by the Issuance of $5,000,000 certificates by the Clearing House. Closing deals indicated an advance of 2 to 8 points In active shares, and the feeling was that the crisis had been passed and that the market would soon return to its normal condition. Tlie funeral of Charles O’Connor took place at the Roman Catholic Cathedral in New York. Among those present were ex-Senator Boscoo Conkling, ex-Scnator Kernan, the Rov. Dr. Morgan Dlx, Mgr. Capel, Homan Catholic Bishops McQuado of Rochester (N. Y.), Hendrickson of Rhode Island, Mclnerney of Albany, and Wiggcr of New Jersey, ex-Mayor Grace, ex-Secretary Evarts, Roswell P. Flower, and ex-Secretary Bristow. Frost in Lancaster County, Pa., caused great damage to the growing tobacco. Share speculation in the New York Exchange opened with a marked improvement on tho 17th inst. The sales for the day were unus mlly heavy, reaching 456,000 shares, a largo number of which were taken for foreign ac:o int. Money, which at one time lent at 14 per cent, por diem, closed at 2 per cent, per annum. Government bonds wore active at higher rates. Tho feeling in railroad bonds marked * an improvement, but State securities were rather tamo. United States called bonds to tho amount of $323,600 were redeemed. For use In case of necessity $8,000,0,0 In legal tenders was shipped from Washington to the Assistant Treaturer at New York. C. Mc-

Cullough, Beecbor * Co., . New York merchants. have failed. Beecher is a nephew of Henry Ward Beecher.