Omaha Daily Bee Newspaper, May 15, 1884, Page 1

OMAHA DAILY THIRTEENTH YEAR. WEALTH ON WINGS. Wall Stret Rapidly Drifting o the Vortex of a Paic. A Donse Mass of Maddened Hu- manity Surging the Street. The Excitement and Crush Nearly Equals Black Friday. The Metropolitan Bank Suspends Payment on Deposits. Second National Bank Protests Its Ability to Pay all Claims. Three Lines of Frantic Depositors Demanding Their Money. The Phenix Refuses to Certify Hatch & Foote's Checks. Secretary Folger Orders a Call for $10,000,000 Bonds. A Number of Other Failures in New York and Elsewhere. Chicago Stands Outwardly Firm and Brags ot Lots of Money. THE COMING CRASH, GOULD AND THE WABASH. New Yonk, May 14.—The Tribune states that Jay Gould, president, and Sidney Dillon, of the cxecutive commit- tee, deny that there is any movement to put the Wabash into the hands of a re- ceiver temporarily. SABIN'S FALL, Senator Sabin left last night for St. Paul. Ho sayswith assots throo times its liabilities, nobody will suffer from the Northwestern Car company’s failure, The loss from suspension will be light, if anything. Telegrams from St. Paul say affairs are even better than auticipated. A MEETING CALLED. Noon—A meeting of the clearing house is called for 1:30 p. m. to-day to consider the financial situation. Tho banks are crowded with anxious depositors, 1t is impossible to get near any one in author- ity. CLOSING BANKS, The Metropolitan bank suspended and the doors are closed. Gecrge Seney i3 president, O. M. Bogart & Co. assigned to John Wheeler, Preferonces £6,000 Oil stocks, guarenteed by Nelson Robinson & Co. are good delivery. Secretary of the Treas. (Folger is in town and telegraphed to Washington ordering the immediate payment of the 127th call for bonds. 1f necessary ho will order another_call for $10,000,000, The failure of Hatch & Foote was precipitated by the Ph bank refusing to certify chocks. THE UNION SAFE. Cnicaco, May 14.—The Union Nation- | al Bank of this city, which is the Chica- go correspondent of the Metropolitan bank of New York, states that it owes nothing to the Metropolitan, and the latter owes the Union National nothing, 80 it is assumed there can be no imme- diate effect of the faflure in this city. SHAKY AND SAFE, New Youk, May 14,—The chairman of the stock exchange announced that the Second National bank is solvent. A. M. Bogart & Co., bankers, suspended. Nelson, Kobinson & Co. announce all active stock ied by them were sold yesterday, and people carrying them in Toans need mot be alarmed, as they will show their books, proving that money is obtainable for them. J. C. Williams, broker, says he will announce his su pension later in the day. Several stc were bought in under the rule] this morn- ing on his account, The clearing house received the follow- ing from the mational bank examiner, Schriba, after the investigation of the Second National bank: *I find it abso- lutely sound ” 3 Hatch & Foote announce their sus- pension at stock exchange. FAL'E FIGURES, In last week’s statement to the Clear- ing House the Metropolitan bank figured as follows: Loans, 81,077,000; specie, $1,770,000; legal tender, $491,000; de- posits, $8,420,000., Bogart & Co’s failure is con- sidered importaut, as they were large dealcrs in commercial paper, and dealt somewhat mn privileges, SUENES E STRE Wall, Broad, and New strects, sur rounding the stock exchange, ave filled with surging masses, and the galleries overlooking the trading room are crowded to repletion. The excitement on all sides 18 almost unprecedented, On the floor of the exchange all is confusion, though little new business is done, Sales, on account of suspended firms, make a show of business, The situation is de- cidedly panicky. Further failures are looked for. D strust is the most promin- ent feature, aud banks are carcfully s tinising accounts. Phwnix bank refused to certify the checks of Hatch and Foote, and this was the immediate cause of their suspension, A meeting of the clearing house has been called to discuss the sit- uation, which is regarded as one of great peril. ON 1 FOLGER 10 THE FRONT, Becretary F er has been at the sub. tressury all morning, He was visited by almogt all the financiers of Wall street, walk and carriage way wero impassiblo, At the doors of the suspended houses tho masses of humanity were the dnesest. Many a disconsolate face gazed on the closed doors, Among the crowd are seen I WELL DRESSED LADIES, some ent from motives other than curiosity. The news of the disasters seomed to spread with lightning rapidity. Privato carriages with liveried servants from uptown are flying through the streets, Many now stand outside the doors of banks and brnking houses. The directors of nearly all banks are_either in session or present in the buildings, ready for an omergency. HOW CHICAGO FEELS. Cuitoaco, May 14,—12:30 p. m. Buy ing continues free on ’Chauge and the markets are evonsteadier and stronger than at the opewing. After the first flugh of excitement, produced by eatly roports from Wall Streot, prices soon rose to nearly the closing prices of yesterday, and at this writing are steady at 80¢ for July wheat, and 58}c for July corn. All subsequent news from the ~ metropolis has failed to seriously change the situa- tiou here, and it hasalso not tended to lessen speculation in any way, but if any- thing has heightened it. Local stock rooms here are crowded to suffocation watching New York quotations, and apart from any effect of the panio, a live- iy interest is taken here in the situation in New Yor! MITCHELL AND THE METROTOLITAN, Mitwakee, May 14— Alexander Mitchell, president of the Mil- waukee & St. Paul road, says he has re- ceived no word of the Metropolitan bank of Now York failing, and cannot believe the rumor. The Metropolitan is one of the banks for deposit of Milwaukee & Su. Paul funds, but they have not placed a very large line of securities with the bank because the latter allowed no in- terest. Kven had the bank failed, Mr. Mitchel says the Milwawkee & St. Paul Co. would not be in the least affected. Headded that it could be only a tempo- rary suspension anyhow. THE OIL MARKET. Prrrsnuna, May 14,—The rumors of & heavy failure in Now York, and report that the stock excnange had closed its doors, completely demoralized oil trade here, and intense excitement prevailed SEVEN in the petroloum exchange. The market opened foverish at ninety- one cents, and advanced one quarter, when there was a general stam- pede caused by the report of tne Wall Street disaster. Immense blocks of certificates wero dumped on _the market and fora few minutes the prices dropped to87 conts. Heavy buying by shorts had the effect of partially restoring con- fhdence at this juncture and prices rallied elightly, but telegrams announc- ing the failure of the Metropolitan bank quickly destroyed the good effects of the short purchases. Trade becamo panic- stricken, and the market declined rapidly to 81}, closing at noon at 813, with the feeling weak and unsettled. So far, no failures are reported here. THE TROPOLITAN BUST, New Yorgk, May 14.—The Post says: At twenty minutes after eleven a long line of men and boys stood in frontof the piying teller’s window in the Metropoli- tan bank at Broadway and Pine street, of which Geo. T. Seney is president. Every person in the line neld one or more checks to be certified, alarming rumors as to failures in_every direction having made uncertified checks of no value, no matter by whom signed. Justat that moment the paying teller shuthis window and announced the Metropoltan bank suspended payment as a matter of neces- sity and precaution. A howl of dismay went up from the line'of men and a break was made for the door where a number of depositors were met hurrying in to get a denial of the rumored suspension, In less than five minutes the iron doors were shut and a policeman arrived to stand guard on the stairs. The first story told largo depositors who arrived breathless and indignant, wasthat the suspension was ordered by Seney in order to prevent a run, for which the bank might not ba prepared. It was said by Mr. Seney, that if matters quieted in “the afternoon the bank might open in time for business done to-day. This promise was accepted by a group of depositors as small com. fort, and after twelve o'clock o crowd of nearly a hundred persons gathered in front of the bank, bewailing their losses The bank car: line of strongz stocks The Ohio Central is supposed to be among of Seney’s favorite stocks, upon which a large sum was lost in sustaining the stock., The first rumors of S difficulties came soon after the ar ment of the failure of Nelson, Robinson & Co. As Robinson is a son-in-law of Seney and ono of Seney's sons is a member of the firm of Nelson, Robinton & Co., it is supposed Seney would not have allowed the fum to go under had he not been badly crippled himself. At the office of Nelson, Robin- son & Co., Nelson said the failure was d occasioned by calls for moncy from all quarters which could mot be immedately met and by the general shrinkage of sccurities, the disturbed condition of the tiues and the circulation of disquieting rumors. He was unable to furnish a stutement of the linbilities and assots, Most of the loans wore well protected if the holders did not lose their heads and want to get their woney in & day. A FINANCIAL GIBRALTAR, Cu1caGo, Mav 14,—There has probably sver been a day in the history of Chica- when reports were more industriously ulated with a view of breaking tno grain markets than the present one, but they stood the strain put upon them without wavering Interviews with eve- vy leading banker in the city tend to the view that the New York panic can have no lasting effect here, It is contended that banks which have failed in New York are what sre known as “gpeculation banks” and should have no bearing upon conservative banks even of the metropclis, Regarding the effect here, one bauker is quoted as declaring that Chicago’s banks have a plethora ot money, and that the city to-day is a fi- nancial gibraltar which can bo assaulted but not injured. THKEE LINES OF FRANTIC DEPOSITORS, New Yok, May 14, 2 7, v, —A tele- gram from 23 street reports three lines of depositors demanding money at the 21 National Bank, It is feared the a panic and will act promptly t most Jimit of hisauthority, At 12 to the custom houvse, He expresses a determination to use all } wower of the government to prevent | » ut- | who had drafts upon the bank, stood up- Wall | on the bottom etep. t was & mass of people from Trinity §tors who appeared bank will stop. . TWO WOMEN IN TEAKS, Among the deposi- to know anything Both side-"about the suspension, it was said the im- than half a million by the clearing house to make good its account. The railroad speculations of President Seney are gen- erally supposed to be the real cause of suspension, Mr. Seney is president of the East Tennessee \ Virginia railway, the stock of which is solling to-day at b for common and 9 for preferred, Large blocks of this stock were bought less than & year ago, supposed for the account of Seney, at 11 or 12 for common and 24 for preferred. The atock has been sink- ing ever since, CHAT OF THE CRASH, WaLt Streer, 3 v, M.—At 1:30 the excitement subsiaed to & groat extent, ud better feeling prevailed. but tho sit- uation is by no means settled. The gen- eral impression is THE END IS NOT YET. It in stated the largest dealer in privi leges on the street was compelled to re- coive 200,000 shares on ‘‘puts”. This large block must have called for a heavy drain even on his immonse funds. It is stated Sec'y Folger was invited to the meeting at the clearing house and the result of their conference is awaited with much interest. Drexel, Morgan & Co. received word from thoir Philadelphia house that they can have all the money they wanted. The board of managers of the stock ex- change hae posted an official notice that tho exchange will not close until the usual hour, Rumors affecting several National banks continued flying about the street but none are traced to a reliable source. WILL STAND BY EACH OTHER, WarL Steeer, — At the clear- ing house the bauk presidents are in ses- sion, It isstated on the best authority that the banks staud by each other as they did in 1 The resumption of the Maetropolitan is likely. At the stock ex- change the delivery hour was awaited with great anxiety. Mr. Simpson, of Simpson, Lawson & Co., being asked whether it were true the firmhad §2,000,- 000 deposited in the Metropolitan bank, refused either to confirm or deny the re- port. The ontrance to the Metropolitan bank is blocked by depositors, collectors and others. MONEY SIX PER CENT, 2:00 v, M.—Money, which ruled yes- terday at three and four, is now six per cent, The tendency, is said to be to- ward further hardening. ANOTHER BRICK TUMBLES, Dounelly, Lawson & Simpson have an- nounced their suspension, They were largo dealers in county, water and city bouds. They are said o have two mil lion dollars with the suspended Metro- politan bank. The firmsay: “Owing to the gencral panic prevailing, we deem it best to suspend until we can see where we stand.” ® PuiLapeLrnia, May 14.—The drop in prices here this morning was solely due to sympathy with Wall street market. Philadelphia stecks listed at the New York board were the heaviest sufferers. Reading opened at 17 and dropped to 1G}; Pennsylvania fell off one dollar to ; Northern Pacific also felt the pres- sure; common fell 11jc, and preferred touched 43}, but quickly rallied to 45}, One failure is anuounced, C. M. Bayary, & small operator, whose holdings were sold out under the rule. It is not be- lieved his liabilities will exceed $70,000. Prominent banks emphatically expressed the opinion that Philadelphia banks, which are notably conservative, would in no wise be affected by the trouble in New York. ANOTHER SUSPENSION, WaLr Streer, 2:05 p, m.—Hotekiss & Burnham have just announced suspension at the stock exchange. WaLn Streer, 2:10 . M:—As the set- tling hour approaches the rush of boys delivering stocks adds to the excitement. District telegraph boys, clerks, and attaches of brokers’ oflices are all brought into requisition, and the scens on the strect is one of intense activity. CLEARING HOUSE ACTION, WarLLSrri 2:50p, m,—The Clearing House association has just adjourned, aftor adopting the following: Resolved, That in view of the presont crisis, the banks of this association, for the purpose of sustaining each other and the busi- nees community, hereby appoint a committee of four to receive from banks, members of the azsociation, bills receiva- ble or other securities to be approved by #aid commitiee, who are authorized to exchange therefor to such depositing banks loan certificates bearing interest at G per cent por annum not in excess of 75 per cent of the securitics, or bills receivable g0 depogited, excopt in the case of United States bonds, and ssid certificatos shall be received in settle ment of hulauces at theclearing house. THE METRG OSITORS, WaLL St,, May 14, 3 p. m,—A repre- sentative of the associated press has just interviewed & prominent director of the Metropolitan national bank who says omphatically the depositors will be puid in full, The directors have gone through all the securities and throwing out all classed es doubtful have more than suflicient to pay the depositors. I'he suspension was solely due to the fact of the depositors having becowe scared through the attack on the president of the bank, Mr. Seney, and had insugur- ated a general withdrawal of their depos- its. This fact, coupled with the general distrust engendered from the critical sit- uation in speculative circles, caused the bank to suspend, It is stated the bank is not likely to resume, Solon Humphreys, a director, states that had the president laid before the clearing house a full statement of affuirs, there would have been no need of sus- pension, as the associated banks would undoubtedly have come to its assistance, and helped it to tide over the crisis, THE UNITED STATES TREASULY, Wasuisaros, D, C., May 14 —The secretary of the treasury announces that the department is prepared to redeem the bonds embraced in the one hundre and twenty-seventh call, prior to th date of maturity, June 20, 1884, with terest to date of presentation, The con- dition of the treasury to-day is Gold coin and bullion. . Silver dollars an bullion Fractions] silvor United States notes 1,674 6,003,351 8428.310,918 30,864, 0603 00, Tatal) Certi silver, d 10,400 THE SECOND NATIONAL 0, K tes outstanding ,611; currency, 1 mediate cause was the demand for more national and investigate the rumorn of trouble, and received in roply the follow ing telogram from Seriba *‘A run on the Second National bank Have sccured guarantees for all defi ciency, and money will bo supplied the k until the run The capital intact with a small surplus, Particulars by mail.” THE METROPOLITAN BANK Tho comptroller snbscquently rocoived aprivate_telogram saying \o Metro politan National bank has closed its doors, There is the greatest excitement in Now York, but no goneral panic.” He thereupon telegraphed Scriba to go to the Metropolitan National bank. He roplied as _follows: “The Metropolitan bank has closed its doors. 1 have taken charge and swait instructions.” The comptroller instructed Scriba to remain in charge. In reference to the condition of the banks cf the country at large, the comptroller says they seom to be in ex- ceptionally strong ocondition, most of them carrying unusually large reserves. SUMMING UI' THE DAY, WL Strert, 280 v, w.— The settle- ments for the day have all been mado. Hotchkiss & Burnham have suspended. Hatch & Foote have made an assignmont to Henry W. Reighley, without prefor- ences, The rumor that the Metropolitan bauk ndebted to Dounell, Lawson & Simpson is untrue. The fact is the firm owes the bank $10,000, but has securitics pledged more than that. ONE PER CENT, 2:45 r. M.— Money is now loaning at 1 percent, per diem, WaLL STieer, 3 p. m.—The gong of the stock exchange sounded ono of the most exciting days in the history of that institution. oenses, A DAY, RUMORS, It is reportcd that Drexel Morgan & Co. had one million dollars in the Metro- politan bank, Members of the firm do- nied this, saying it withdrew ita large account with that bank two years ago. Another report is that the Atlantic Mu- tual Tusuranoe company deposited a mil- lion dollars in the Phwnix national bank this morning. Grant & Ward’s statement is not ready to-day. Stocks are firmer this afternoon on the announcement that the banks intend- ed t stand by each other, The failure of Hotcbkiss & Burnham had compara- tively little effect. The market was rag- ged at the close and can be called firm, All checks of the Merchants’ National bank of Kansas City drawn on the Me tropolitan bank will be paid by John Paton & Co. of this city. AT BOSTON. BosroN, May 14.—The decline in stocks in New York, was not fully felt on the Boston board until after the board, when_quotations gave way rapidly. No trouble is reported here in financial circles, and it 18 expected Boston will weathor tho storm in good conditions. Bankers and brokers refused to be forced into a panic. No heavy holders of raided securities have hLeen frightened into throwing the stocks upon the market. Shrowd investors are buying standard se- curities. ‘ PANIC AMONG CONGRESSMEN ‘Wasuincron, May 14,—The tumble in stocks in New York to-day causes quite a panic among congressmen. Many of them are personally interested in stocks, some carrying large lots, and others tak- ing small ventures frequently. Thero is a constant run of members from the floor of the house to the telegraph offico in the lobby, where the latest quotations are bulletined, and many long faces are seen among those returning. A BROOKLYN DANK COLLAPSES, New York, May 14,—The Atlantic State bank of Brooklyn ciosed docrs this afternoon. 'I'his bauk is the Brook- lyn correspondent of tho Motropolitan bauk; capital, $200,000; surplus, $100,- 000. President, Geo, S. Peiffor. THE PHENIX, At the Phawnix bank everything is quiet, and ofticers say that there is not the slightest trouble and no run. Presi- dent Baldwin, of the Fourth National bank, says his bank is all right, Hatch and Foote state their suspension is not caused by the refusal of the Pncenix bank to certify checks, but caused wholly by exhaustion of marging and refusal of cus tomers to renew them, and their inability to sell stock without undue sacrifice, THE METROPOLITAY Tn the statement issued by the clearing Itouse, April 24th (tho last issued), the full condition of the Metropolitan bank was as follows : Capital 'S CONDITION, £3,000,000 1,4 Duo banks Duo depositors Unpaid dividend Total......... Cortified chi The fc the Metropolitan bank door : drawn by the Msverick bank of Juston on the Metropolitan bank may bo pre- sented to the First National bank for payment. Al drafts drawn by First National bank of Utiea on the Metro politan bank, may bo presented thoe First National bank for payment.” A PHILADEL NSION, Piinanerriia, May 13, —The suspen- sion of Charles M, Bayard, stock broker, is announced; liabilities not heavy. 1A BUSI ALEX, MITCIIELL, Mitwavkee, May 14.—It is under- stood Alexander Mite tolegraphed the Lnporters & Traders' bank of Now York to honor all his checks or those ol the Wisconsin Marive & Kire Insurance bank in case they could not be paid by the Metropolitau bank, whero the de- posits are, A MILWAUKEE SUSPENSION. Tho general excitement deprecisted wheat 80 much that A. K. Shepard & Co. suspended; liabilities, $60,000. T firm hopes to pay dollae for dollar and resume shortly. = There were soveral bull firms in Milwaukee that were called on for b avy margins but et them without difficulty, No other falures probable. AN TUE COLLAVSE, Curcaco, May 14 —The Guthrie compauy has assig Liabilities § 000; assots, $31,000, ALEXANDER MITOHELL SANGUINE, MiLwaukeg, May 14.— Alex. Mitchell said to-night that he had no personal funds in the Metropolitan bauk, and the The comptroller of the currency enrly | St. Paul road has less than they took in | thia morning telegraphed Bank Examiner | in single day. His bank, the Wisconsin | interested in the financial institutions of Scriba, in New York, to go to the Second{ Marine and Fire insurance, has a very | tha city feared lest they should be in-|age §660, OMAHA, NEB, THURSDAY MORNING. MAY 15, 1881, small amount to its credit, but he wished it had more. Ho feolt 8o suve they would vay dollar for dollar. He said D. Seney had not dabbled in stocks for over ayear. The country banks might bo seared momentarily, but all would biow over shortly. IN LONDON. Loxvox, May 14 —~There was one failure upon tho stock exchange to-day The panic in New York caused much oxcitement on thestreet after the ex change closed, Louisville and Nashville securities have fallen nine points, Othor leading railroad stocks have fallen from two to five points, AT KANSAS Kansas Crry, May 14.—No apprehen- sion of serious trouble is felt in this city though the susgensionof Donnall, Law & Simpson will be |felt somewhat, s two of the membors of the firm aro Missourt men and had quite extensive dealings in Missouri and Kansas. IN CHICAGO, INTERVIEWS WITH BANKERS, Spocial dispateh to The Bek, Omicaco, May 14,—A number of bankers were askod the probable effect of the New York failures on local Their answors aro sub-joined: L. J. Gage, vice president of tho First National bank,[which institution,together with the Union National bank, is a cor- respondent of the bursted New York Motropolitan bank, said: ‘1 don't think they will havo any large effect on our banks; sympathetically thay might have, I don't see any good reason why it should affect us. Tho standing of Chicago banks is a8 solid and firm as that of any in the country, S. W, Rawson, president of the Na- tional Union Trust, said: *‘1 don’t think theso eastern failures will have any effect. They're mostly BROKERS THAT HAVE GONE UNDER and New York and Chicagobanks do two ditferent classes of business.” John R, Walsh, president of the Chi- cago National bank, said: *‘It will have banks, no effoct on us. These fellows that have failed all carried stocks, and these have been going down very much. That's all thero is to it. 1 don’t seo why wo should be affocted at all.” George Schneider, of tho bauk of Tllinots, said: “I don't think wo will be at all affocted. None of the Chicago banks carry 80 largo a balanco as to affect them. The western banks are perfectly independent from New York banks, and we were never so strong in money mattirs as we are now."" Daniel Ullman, a member of the hrm of Edward L. Brewster & Co., sid: “The effect has_boen very disastrous on our market. We have received a severo shock, and one cannot tell how much worse things may get. Too much specu- lation is the cause of the curse.” Mr. Wrenn, of John H. Wrenn & Co.. and: “Itsa very serious thing, Prol ably some of our firms will GO TO SMASH T00,” Mr. Koith, president of the Metrop tan National bank, said : “I don't think these failuros will have any appreciable effect on Chicago, except on people deal- ing in Wall stroot. My bank has no connection whatever with the New York Metropolitan bank.” President Lombard, of the National Bank of America, said : “‘The failure of the Metropolitan in New York will ex- tond very far in its effects. Being an old bank, with many country connections, it will create distrust all over the coun- try ; but as far as Chicago banks are concerned, it will not hurt us much. The fuilure of theso stockbroking firms in New York will make no difterence here.” National NEWSPAPE b Onicaco, May 15.- imes says, editorally,: ** The Times advises its readers in Chicago and the west, who may think they sce signs of grave danger in the news from New York, to keep cool. There is nothing in the business and industrial situation of the country to justify serious apprehensions. The failure of & dozen moroor less disguised gambling shops and their backers in New York is not in itself a circumstanco that should or can materially affect any legiti- mate interest. The country possceses to- day all the elements of wealth and pros- perity it hnd a month or a year ago, The farma and factories, their products, and the strong cunning that produced them, cannot be destroyed or removed hence by any perturbation in Now Yo KEEP CAUTIOUS, The Daily News, in an editorial, after saying it is_inevitable that the efloct of the heavy decline in stocks and produce cannot be confined to Wall streot and that the assertion that it is a brokers’ panic cannot be true, proceeds as follows: “Inconclusion,while we again draw atten- tion to the confidence of our moneyed men, we feel it our duty to warn our readers against indulging in over fi- dence and we cannot close without giving expression to our fears, which wo believe to be well grounded, that the failure of yestorday will not close the list of com mercial disasters,” CRITE FLYING DANGEROUS BUSINESS,” TVhe Inter Ocean will concludo an edi torial pointing out the danger of bank officials indulging in_ speculations us fol lows: ‘*There has been an unhealthy stato of tho stock market for two years and it was about time for the clearing up of tho storm, The great grain producing and cattlo growing west is prosperous, farmers are having a good seeding time; cverything in the agricultural line looks hetter now than twelve months ag Iho east must get down out of the elouds and by content to tread on solid ground, Kite flying is o dangerous business, and above all bankers, whether it be Ward, I"isk, koo, Seneyor any other man, should steer clear of speculations, all of i ADVIOE, which are outside of legitimate banking operations,” 444 PANIC AMONG STOCK GAMBLERS,” New York, May 15, wmorning willsay: *Yesterday's panic on Wall siroet was emphatically a panic among stock gawblers- nothing else. 1t didn' proceed from failures among mer- hants nor from the withdrawal of credits in mereantile circles. 1t began, culmi uated snd ended in stock speculations and went 1o further,” THE BROOKIYN BANK ¥rom the Tribune this morning: *The news of the excitement and failures in Wall strogt caused much alarm and those volved in ruin. Only one Institution, however, seriously suffered. This was the Atlantic State bank, in which Mr. Seney had one quarter of the stock. 1t ared throngh the Metropolitan bank and had sent over its funds for the day beforo the elosing of the Metropolitan was reported, In order to avoid a run on deposits and to realize upon its secur- ities the Atlantic Stato bank decided to close 1ts doors at 1 p. m," THE BEA The Tribune says s the news of tho failures on Wall streot roached the produce exchange, the boars made a dos- porate effort to break tho market. There was scarcely & firm or bank which was not reported to have failed or abiut to suspend. Whoat foll 2} to 3 cents, corn | to {o, and oats A to jo. At the close of the market it rallied, and it clesed firmly, strong, while the wildest excitoment was raging among speculators, Brokers on the tloor who do an actual business were not disturbed. No failures reported.” CHIOAGO MARKETS, BRAVING THE STORM, ial dispateh to The Boo, Cicaco, May 14 --The market sen- sibly folt the shock of the panicky intel- ligence from New York, but braved tho storm in good style, and whilo the gener- al list is lower to-night, the decline in prices has not beon such as would ocea- sion any marked commont, but for vhe situation in the metropolis. Wheat closed 1} to 1} under the latest prices of yosterday, while corn shows very little if any decline. Trading was on an enor- mous scalo and the total decline of the day really occurred within the first half hour, and after that, although rumors camo fast, and fluctuations were rapid, still tho general courso of the markets was one of strangth instead of woakness under tho circumstances. The financial outlook hero was roprosented as ono of the best, and many operators contended that grain and provisions were already ON BED ROCK, and could not bo moro than tomporarily affocted by the courso of the stock mar- kots. Wheat opened 1 to 1} lower, ral- lied under fair buying about &, but with soveral fluctuations broke oft 1§, rallied again 1§ under good demand, with shorts covering. Later eased ofl 1o, advanced near the close, fluctuating some, and closed 2} to 2dc. Undor the olosing pricos on ’change yesterday, the lowest prices of the day were 44 cents under the highest prices of yesterday. May closed at 86 to 811; Juno 87 to 87); July 88§. On the atternoon board prices were a shade easier; June closed at 86G{; July 88}, Spe conn rulod unsottled, The market opened { to i lower, ralliod Jc, declined §, advancod 1, ensed off {, and closed about 1 under yestorday. June closed at 557 to 56, and July HIf. On tho afternoon board, firmer ; Juno closing at b6}, July 67% to 58, OATS 4 lower ; June and July closed at remained unchanged on the board. PROVISIONS were sharply lower early, but recovered a portion of the lost ground. Mess pork cleared at 17 26 June, 17 37§ July. On afternoon board a decline of 74c occurred. Lard closed at 8 25 for June, 8 374 for July. On the afternoon board July ad- vanced to 8 40, CATTLE, Trade generally rather slow. There was not that sharp demand for fair to dull at 3, afternoon good cattle that there was on Monday and Tuosdsy. Buyors for the dressed boof trade and shippers ncemed to want to fill their orders out of the plentiful supply of distillery cattlo on sale, pussing by corn fed, Taken altogether, however, thero was littlo or no chango in prices. There was an export order or two on the wmarkot, and big_cattlo that would suit seemed to bo in bettor demand than yes- torday. Butchers’ stock remains stoady and unchanged, Businoss in sockers and feeders continuo light and prices un- changed. 1068, There wes a_brisk on_both packing and shipping account, and the best heavy sold at a slightadvance during the merning, but later the demand eased off and at the fimsh prices wero not as strong as at the opening; yet about all had been once sold, left over wore in the hands of speculators. Sales were bt $5.50 to 6,16, for packers and shippers. A doublo deck of Philadelphias were sorted out of tho $06.15 lot that 1d cost about § assorted light, 5,00 to 6.05; skipsand pigs 5.00 to b.5b, SUELP, The market remains in about the same uneven and unsatisfactory condition as previously roported; raceipts, especiully of scalawags and poor stock, are incroas- ing and there vas o weak side to the market to-day; should the receipts in- cronse, prices are liable to drop 50 to 7be per hundred, as no factor is likely to keop up the present high prices. Sales to-day include 100 clipped scrubs, averaging 82 pounds at &4 00; 188 common clipped, averaging 74, at b 00; 90 common wooled, averaging 80, at b O7) to b 9; good clipped, averaging 82, av 3 40 ditto, aveduge 86, as — Base Ball prday At New York Baltitaore, 2; lyn, 4. At Altoona—Koystone, At Toledo—Toledo, At Now York—I 1 Brook- i Altoona, 2. i Louisville 9. Juffalo, 0; New York, Chicago Unions, 8; ons, 2. Liouis:—St. Louis Unions, 7; The Sun this | Baltimore, b, At Indisuapolis: Louis, 3, At Ft, Woyne—Ft. Wayne, 2; aw, 9. At New York—Alleghany, 2; Motro- politan, 4, At Providence [ndianapolis, 2; St. Sagin- Providence, 2; Detroit, At Boston—Boston, 4; Chicago, 2. At Columbas, O.—Cincinnat, 2; Col- umbus, 8, At Cincinnati—Oincinnati Unions, 10; Boston Unions, 11, At Washington. letics, 12, et Sale of Thoroughbred Uolts, Lexixarox, May 14.—A, Surgert sold at Elmdorf, near here, to-day, 47 tho roughbred colts and fillies for §40,280, an avorage of $857 ; 24 colts, $25,100 averago 81,010 23 fillics, $16,180, av Washington, 8; Ath. NO.-285 THE TRAGIC TRACK. Horrible Aceident in Pennsylvania on the Baltimore & Ohio, Fatal Collision Between a Freight and a Gra’ Tain, From a Dozen to' & snty Laborers Instantl; < filled. A Oar Gets Afl & and Roasts the Wound-"™ 5 Death, Hoadless, Armless and Logloss Trunks Taken from the Wreck. Sickening Scenes Wreok at tho Ghastly A RAILWAY HORROR, MANGLED AND BUIRS Prrrsiuna, May 14,—A west bound froight collided with gravel train on the Baltimore & Ohlo ono mile east of Con- nollavillo, botween 9 and 10 o'clock this morning. A number of laborers, variouze ly estimated at from 12 to 20, were killed and many wero injured. The scene of tho disaster is on a sharp curve, just west of the Speer sand works. The irai&ht train was heavily laden with ore. The camp train consisted of six cars and con- tained about fifty men from the Pitts- burg Southern road, who were on their way to Ohio, Pyle Falls, to work on a grading for a double track on the east end of this division, Both trains were going at a high rate of spoed and camo together with a fearful crash. The engines re- mained on the track and telescoped each other into the smoke stack, but the heavy tenders jumped into the air and fell, the freight tender upon its engine, and' the gravel train tender back upon tho first car in the rear of it. Hore was A SCENE OF DEATH, Six men wore killed outright in this\ car, and four others fastened down by the timbers and were rosted to death, the car catching fire from an overturned stoveand burning up before the stupefied survivors could comprehend the awful situation of their shrieking companions, Threo men eacaped from tho car. The wreck itself was a ghastly sight. The tender of the freight engine stood 30 feet in the air, at the side of the iron car that was burned and could be seen sitting amid the glowing embers, twisted iron rods and dead ashes, IREE GRINNING SKELETONS, ono sitdng bolt upright, apparently peering into tho flames that had smoth- ered out his life as well as that of his companions. 1t is impossible at this writing to get a list of the dead and wounded. At noon a large force of shop hands were on the ground extinguis the flames and & wrecker was at waoy) pulling the debris away and rescuing the charred remains. The burned trunks of four victims have just heen taken out. Across the breast of one a white un singed spot contrasts strangely with the blackened surroundings, The spot was where the heavy timbers had caught him and held him in the grip of fate un= til the flames left nothing but HEADLESS, ARMLESS AND LEGLESS TRUNK. The remains were reverently placed on a board, carried aside, and laid down up- on the green grass spotted with purple forest flowers. A lean and hungry look- ing mountain dog snuffed the roasted flesh, and licking his chops, descended upon the remains; fortunately he was dis- covored and driven nway. 1t is expected will be cleared up this evening. The officials decline to say who is to blame, but the popular opinion puts it on the train runners, It may have been a mistaken understanding of orders, The true cause will not ba known for a day or two. Meantim , an investigation has been ordered. FIFTEEN VICTIMS, Prersnura, May 14, When the wreck was cleared away it was discovered that 12 porsons had been injured and 14 mora missing. The bodies of ten of those mia- sing wore recovered. The others are supposed to have been complotely con- sumed. Of those recovered only two were partially identified. The others wero burned to shapelessnoss. One of tho injured died on the way to the hos- pital, making 15 deaths, Denver, May 14 —The war on east passenger rates continues. Crowds throng tho streets in front of all the uptown oftices. The following rates were bul- letined this morning : *‘Missouri river, south, distance 635 miles, $3; St. Louis, §5; Chicngo, 87; New York, 825, Pro- portional rates to other eastern points.” 1t is stated scalpors are selling New York at §20. Dexnver, May 14 —10 ©, s, —Passen- ger rates on all the roads will be restored to-morrow morning, RY G 10 HOLD OV’ PEARLBAKING POWDE | TAMBOUNDTO RISE ARING CHEP Mé’ A 61600, A 4 o e |.ug|juxllu;h:;l:ham‘l;mmfiunm found in Androws Ben IV PURE.. Joing cndtecd et s stmon £ Trom b chemists ns 6. D Hays, Bos: i, Dciafontaing, of Chicagos wnd Gusiavas vanec. Noversold i btk oA e otef S i 20 Lake 27,2