Evening Gazette

              ■- 1 t. !R 898. PITTSTON. J5, 1884. VnIl Weekly Batafcllshed 1800 BLACK WEDNESDAY ■ad excitement exhibited by the struggling mass of sweating broken beneathl The crowd was eo dense on the floors that the men whose duty it is to gather the quotar tions from the various greupe found it hard work to make their way among diem, and the quotations were so rapid and so various that they were at times somewhat behind the market. Some stocks tumbled 10 per oent within an hour, and in this time of panic the longroom was perfect pandemonium.  brokers seemed to be utterly demented, and their voices, as they made bids to buy or fell, had a ring of insanity. There was a constant rush of wildly-exoited men all over the large room, and there were dense groups of struggling brokers who were so crowded and Jammed that they could scarcely record their transactions on the little stock pads they carried. On the outskirts of the crowd were a few of the staid old veterans of the street—men who nover come to the Stock Exchange except in times of panic— a ml it was noticeable that they were calm and quiet, but still obeervant of the stormy scene, and always ready to seize a good opportunity for investment. It is agreed by all witnesses that the scenes of excitement in and around the Stock Exchange equalled those of Black Friday or the panic of 1873. In the midst of the panicj however, a few cool headed" stagers" were observed to be buying large amounts of stock at around the lowest figures touched. One of these veterans remarked: "I have noticed that the Uofc time to buy is in a panic." The members of tho Clearing House association met early in tl:e afternoon, and in a few moments adopted the following resolution, which was immediately sent out over -lie stock instruments, and had a marked effect in checking the panicky feeling that was beginning to alarm the business community:Resolved, That in view of the present crisis, the banks in this association, for the purpose of sustaining each other, do appoint a committee of five to receive from banks, members of the association, bills receivable or other securities to be approved by said committee, who shall be authorized to issue therefor to such depositing banks, loan certificates lDearing interest at 6 per cent per annum not in excess of 75 per cent of securities or bills receivable so deposited, except in the case of United States bonds, and said qertiflcates ihall be received in settlement of' balanse at the Clearing bouse. had oh deposit with the Metropolitan bank when w# closed." left tSo hall, stating their Intention to nil for How York immediately. sot only been operating for many month*, but have beed«ee« to be in operation." BUTLER NOMINATED. The Post says: "The fiances of the country ire distinctly under a cloud, which must operate to retard the growth of confidence until either greater publlqtty or a more widely distributed responsibility is introduced into the management of great moneyed Institutions." - CHEW - When the news of the spreading panic reached the Brooklyn City Hall, there was a great sensation. Low darted over to the comptroller's office and wanted to know right away how the city funds were placed. He found that in the fourteen banks in the city there were public funds deposited to the dtaount of $1,000,000, and that nearly $100,- 000 were held by the suspended bank. Inquiries made his mind easier, however, the Atlantic bank and the other institutions giving proof that things were not so bad as they looked at the first glance. Financiers Interviewed. A.t t*e Anti-Monopoly Convention New York, May 15.—The following are the views, briefly stated, of the most prominent monied men, on the panic: at Chicago. Crash After Crash Among Wall Street Magnates. Secretary Folger was seen at the  house, but refused to give his opinions at length on the subject. "It shows want of monev," he said, "and that is all I will say about it." toaataraMoD»or HI* OaaClta«r far the Presidency— Will Ha Aeeeptt * The National Committee to Fill the |yoaC Flaee. » i V -'T* The Commercial Advertiser says: "If aught of comfort is to be found In a series of financial wrecks that will bring misery to many a happy home it will lie in the fact lat rsckless speculation has received a check t last, the lesson of which will not be forgotten in a day." The Telegram says: "Sober seoondthought should convince the business community that there are no real grounds for a panic, and that the gambling and Knees of a few reckless speculators cannot matftially affect the prosperity of the country at large, which is in an eminently satisfactory condition." Uncle Rufus Hatch said: "That shows what a lot of idle people there are about who ought to lie working. This panic has been gradually coming about 'Jay Gould Tias nrobably been preparing for it. But the worst is over now. The banks will stand by each other, and such as have failed will resume."-A STOCK EXCHANGE PANIC. Chicago, may 18.—Less than 200 of the 1,600 delegates were present at the opening of the anti-Monopoly National convention. John V. Henry, in calling the convention to order, said that it had assembled at a time when a panic was raging in Wall street never before equalled except by Black Friday. Alson J. Streator, of Illinois, the temporary chairman, referring to the small number present, said that the delegates were too poor to pay their fares, and mo nopolistio railroads refused to give them the same rates which would be given to delegates to other conventions. He said that all the platform he waifted wast "We oppose all monopolies; we believe in Gen. Benjamin F. Butler." The city oC Brooklyn on the 1st inst. had $52,484.76 on deposit in the Atlantic bank to the general account, and $55,754.66 belonging to the public schools aooount. On the 1st of last January the Atlantic bank reported, besides its paid capital of $200,000, a surplus of $100,000, and undivided profits of $30,281. The following are the officers of the bank: George 8. Puffer, president; O. M. Denton, cashier. Directors—George I. Beney, Henry E. Shelden, John French, George W. Bergon, William H. Wallace, George 8. Puffer and Charles H. Raymond. The Metropolitan Bank of New York and Atlantic of Brooklyn Gloae. Mr Bray ton Ives said: "I think the panio has now to a greet extent spent its force. Probably matters will continue for several days in much the same condition as at present, but there is no reason to suppose that any other important firms will go under." SEVEN FIRMS ABB • INVOLVED. The Dial says: "With every wish to promote congdence, and without any desire to spread a feeling of apprehension, we feel bound to recommend a careful watching of events. Many of our large operators are sailing dangerously close to the wind, and the break of any eminent house or the mere rumor of any great moneyed institution be lng shaky may at this juncture lead to very serious complications." The Graphio says: "When shall there be a return to the old And safe mpthods! When, • rather, shall the man who is paid to take care of the money of others cease to become erased through avarice, through lust for illegitimate power, through-the sooUsssness that invites everything for himself and insists upon goverty and starvation for the larger portion of the worldf' The Mail and Express says: "There are few of our banks or prominent operators who regard the situation with any other feeling than that the process of eliminating bad methods of doing business must go on. Of course those immediately interested in recent failures do not feel very comfortable, but there is no reason for any general grief or excitement on that aocounb" Mr. Francis B. Palmer, of the Broadway bank, thought the effect of the resolution of the clearing house will be to inspire confidence among bank depositors VJn° ' Do\oJCntv" Pandemonium In Wall Street—Panic at the Stock Kxcbange—Account of the Failures—Prominent Financier* Interviewed—Comments of the IITetropoll- Other Failures. Worcester, Mass., May 15.—The looking firm of Rice & Whiting has suspended payments temporarily on account of the failure of tho Northwestern Manufacturing and Car company, Stfilwater, Minn. The film has been dealing in the stock for two years and a considerable amount, estimated at $1,000,- 000, was held by s*ne of tho most conservative people in this city. Tli© banking firm is embarrassed to the amount of $30,000. Tho City National bank is also somewhat affected and many of the prominent business houses. Mrs. Rebecca B. Wheeler, sister of ex-Gov. Bullock, loses $11,000. The people who lose are generally wealthy, and only in a few cases will there be any hardships. Mr. H. L. Brownell said: "Wall street ooght to hold a praise meeting right away, as George I. Seney is 'busted' and the whole market is"on the rally." The resolutions adopted by the executive committee of the Anti-Monopoly league of New York, to the effect that it was inexpedient to nominate a presldentiel candidate at this oonventfbn, but that the matter be delegated to the national committee or to another convention to be called after tie conventions of the other parties had been held, was tabled by a large majority* tan PreiCe—Pal In res Elsewhere. M. E. G. Shefman, cashier of the United States National bank, Baid: "I do not know why the Metropolitan National bank should not resume.' We are paying the drafts made upon it by the Jefferson National bank, of Watertown." New York, May 16.—Wall street was swept from top to bottom by a financial hur. ricano,that left wrecks and debris strewn on every hand. Only the strongest in the street could resist the stock successfully, and even these were terribly strained and battered like staunch old vessels in distress. The storm which burst into full violence on Wednesday had been gathering for weeks. And when the lull came and a rift of sunlight peeped through the clouds, the wrecks of the "Black Wednesday" of 1884 were found shattered, dismasted and utterly broken and helpless hulks. Mr. W. W. Sherman, cashier of the Bank of Commerce, said: " The banks in the clearing house have gone to the n§sistance of the Metropolitan bank. AVe are paying the drafts made by the Flour City bank, of Rochester." The oommittee on credentials reported that 21 states were represented by 158 delegates, and that each delegate would be allowed to oast one rote. The report was adopted. A. J. Streator, of Rock Island, 111., was elected temporary chairman. With considerable emphasis he urged the convention to abjure cranks and devote itself to practical sense. The hall rang with applause when he declared that the convention had met for one purpose—to nominate a candidate tor president, and that man w«s Benjamin F. pouct PliUG St. Joseph, Mo., May 15.—The State Savings bank of this city closed its doors yesterday afternoon on receipt of a tjlegram announcing the failure of Donnell, Lawson & Co., of New York, and an assignment was immediately made in favor of James M. Wilson. The last statement made by the badk showed deposits of $1,700,000. The excitement consequent upon Jthis collapse was augmented by the failure of the Dr. S. A. Richmond Medical company, with liabilities of $150,000 and unknown assets. Of the liabilities $100,000 is due on advertising in country papers. Mr. James A. Garland, of the First National bank, said: "We are paying the checks and drafts of the First National bunk of Utioa and the Maverick National bank of Boston, drawn on the Metropolitan National bank of this city. I think the suspension of the Metropolitan National bank was more a matter of precaution than otherwise, and it may be able to resume." The Brooklyn Eagle Bayi: "The trade of the country is not In a healthy condition. On the contrary, it ia hi a decidedly bad condition. The country ia not, in any right sense, prosperous at the ysasnt time, and has not been so rinoe 1880. There ia that in the case which amply warrants us In saying nay, which requires all honest observers to declare that a time of stringency is at hand, that a great maqy shaky enterprises are sure to fall, and that it is an Imperative duty to examine the foundations of the country's tartness." London. May 15.-The Tims* belittles the panic in New York, oonsidsrs it doe to the reckless conduct of a few operators on the Stock Exchange. It say* that the curtailed area of the trouble testifies to the general soundness of bnslnsss and the prudence of banks thrbaghont the anion. Although not as widely disastrous in ita results oa the famous "Black Friday" of 1860, or the- general panic which followed four years later, the day will stand in history as one in which scores of established business houses and half a dozen financial institutions were crippled in addition to those that actually went down on the rocks of speculation. The actual suspensions yesterday were as follows:The usual committees on credentials, permanent organisation and platform were then appointed. "This is no Grant & Ward business," said Mr. O. M. Bogarl, of the old-established house of O. M. Bogart & Co. "Our suspension is caused by legitimate losses in business. We have lost largely by the constant shrinkage in securities, and in some cases by the failure Several speeches were delivered, all eulogistic of Butler. Fogg, of Michigan, declared that although he had been called by the press of that Sta&elhe "cock-eyed son of destiny,1' he was, nevertheless, the only man who could rally to his support the Anti-Monopolists, the Greenbackers, the labor element, and the liberal thinkers of the Republican and Democratic parties, while he was ffltewiss the only man of whom political hacks and dead beats were eternally afraid. The committee on permanent organisation presented Jehu T. Henry of New York for permanent chairman, and Mean. B. F. 8M relay, Michigan, and M B. Killmer, of New York, as permanent secretaries The report was adopted and a recess was taken. When .the prompt and efficient action of the associated banks became known on the streetjthere was a decided firmer feeling, and many operators, who had feared to do so before, started for their homes. The action of the associated banks was universally commended. In speaking of the work of the investigating committee,Superintendent Camp said: "In 1878 we made the fatal mistake of not appointing a committee on the first day, deferring our action, and this was disastrous. I hope that all this trouble will be over shortly, and we are doing our best to end It." Nelson, Robinson & Co., No. 18 Wall street. The Crash In Philadelphia. of our customers to respond to calls for more margin." O. M. Bftgart & Co., No. 106 Broadway. Hgtth & Foote, No. 18 Wall street. Donnell, Lawson & Simpson, No. 100 Broadway. Hotohkiss & Burnham, No. 96 Broad street J. C. Williams & Co., No. — Broad street Goffer & Randle, No. 6 New street. Metropolitan National bank, New York. Philadelphia, May 15.—The scene on Third street when the reports of tho failures In Wall street came in was one of great excitement, and a multitude of failures wero given out only to be soon followed by pronounced denials. In the board room of the Stock Exchange there was a sccne of wild confusion. Every one seemed to have fears of something dreadful being about to happen, and each was uncertain as to where the lightning would strike. The volume of business was greater than for a long time, by reason of the liquidation which was going on everywhere. Mr. Donnell, of the firm of Dennell, Lawson & Simpson, 100 Broadway, genetal bankers, said: "We closed our business to-day on account of tho failure of the Metropolitan bank, in which institution we had a large sum of money." 0HEVIN6 tobm&o "The street is lively," said 8. V. White. "1 can't tell the cause of the panic. In regard to Georgo L Seney, however, I think it is a persecution." FOURTEEN MEN KILLED. Atlantic State bank, Brooklyn. The great question asked on all sides was: "Whan and where will the matter end f' The alarm at one time in the day was so great that a proposition to temporarily close the Stock Exchange until the storm was over was discussed. Mr. Morgan, of Drexel & Morgan, said! "Really we do not know anything about it. No one knows how tho panic started or where it will ond." Terrible Oallleloa •» Iks Baltimore ' and Ohio Railroad. On reconvening John W. Rooney, of New York, nominated Benjamin F. Butler. Fogg, of Michigan, seconded it J. Blanchard, of Vermont, nominated Gen. Jas. 8. Weaver ,Jof Iowa. Mr. Weaver said he was not a candidate, but Was heartily in support of Butler. John 3. Barnes, of Nebraska, nominated Allen G. Thtfrtnan. Upon the voto being taken the rwOlt was found to be sa follows: Butler, 139; T&urman, 7; Solon ChaM, of Maine, 1. Those who saw Wall street on Black Friday and in 1878 noticed a marked difference in the popular temperament Then anxiety was in the air. It pervaded everyone and everything. Yesterday "I told you so," was in all mouths. Connells villi, Pa., May 15.—A frightful railroad accident oocurred at a point on the Baltimore and Ohio railroad, about a mile east of this little city, bstwesn 9 and 10 o'clock Wednesday morning. It was caused by a collision between a west-bound freight train and the navel train which been employed near hers ballasting the track. A number of laborers, variously estimated at from twelve to twenty,were killed, and many more were injured. The soene of the disaster is on a sharp curve just west of the Bpssr Band works The freight train was heavily laden with are, and the gravel train consisted of five cars. It contained about fifty man who had just been transferred from the Pittsburg Southern road, and were on their way to Ohio Pjrle falls to work on the grading for a double traok on the east end of this division. Both trains were going at a high speed and came together with a terrible crash. Ths engines remained on the track and telescoped each other into the si—Ins stacks, bat the heavy tenders Jumped into the air and fell, the freight tender upon Its engine and the gravel train tender bade upon the first car in the rear of it The s\|spension of Charles M. Bayard, stock broker at Walnut street, is announced. Liabilities not considered to be very heavy. Mr. George S. Coe said: "I have every reason to believe that this is the end of the financial excitement, althqugh in this weather it Is very difficult to predict anything. There are no elements present to lead me to believe that this will result in a Black Friday panic." Rumors of the night before concerning the Second National bank had given a stir to the men of the street, and yesterday there was a general movement on the brokers. Gould and the bull clique had been making a resolute effort to stay the tide and hold the market, but yesterday the avalanche of stocks was too great for them to take, so they stood aside and let the market rush on its course to ruin. When the banks'began to wince under the pressure, refusing to corns to time in certifying checks, and consequent failures of varieus firms began to be heard of, the street became a pandemonium. The thoroughfares about the otoney market were blocked with surging, excited mobs, agitated by the most intense excitement Wbsre William street opens into the financial thoroughfare it was evident that a circus The president of the Metropolitan bank is George I. Seney, whpee liberal charities have made his name familiar everywhere. He has been largely interested in the Southern railroad system which bore his name, and was also a party in the Nickel Plate road before it went into the possession of the Vanderbilta Among conservative bankers the vast railroad operations engaged in by Mr. Seney in recent years have caused a feeling of distrust as to the management of the bank's affairs, and last January an effort was made to elect a new president As Mr. Seney and his followers held a controlling amount of the stock of the bank, this effort was unavailing. The following are the offioers and directors of the Metropolitan bank: George L Seney, president; George J. Mc- Gourkey, cashier; Henry L. Pierson, Solon Humphreys, Henry A. Hurlburt, Augustus C. Richards. Isaac H. Bailey, William H. Lee and Samuel Shethar, directors. Its last report, dated April 24 last, was as follows: Chicago, May 15.—The effect of the New York panic did not seem as disastrous* to values yesterday as many apprehended. Early in the session when reports of war in Wall street began to come in, there was a rush to sell wheat and corn, but Oon siderab'.y more of the former, and offering! were so heavy as to break the market. Wm. Yount and Co. and Norman Reim, however,, took everything offered and sustained prices. The markets bore up wonderfully Well under the tremendous strain and wheat scored a decline of less than 3 cents, while oorn was evn more fortunate. The excitement and uproar on the floor all day was great, but it proved to have been a battle with blank cartridges. Little Effect on Chicago. Mr. Emerson, of Hatch & Foote, said thit their customer's margins had run out, and, as they did not remargin, they thought that for the safety of their oustomc -s and themselves they had better sell their stocks and suspend. Butler's nomination was made unanimous. D On motion of Mr. Rooney, of New York, it was decided to make no nomination for vice-president, but to refer the matter to the national committee. The chair authorised a committee ef three to notify Qm. Butler of his nomination. yo J DO tyf* Jay Gould said: "The failures are simply an accompaniment of the clearing np. People will laugh at this flurry toon." CHARLES O'OONOfl'8 FUNERAL. dst o^y President Bidney Dillon said: "I see no adequate cause for fear, and no reason to believe there *ill be any widespread trouble." O. D. Baldwin, Fourth National bank, said: "Measures will be takan by the clear ing house to calm matters and restore confidence."The InlMM Lawyer to k* Biritd fro as the CMkdnl «a PrM*rD Njcw Yoar, May 15.—The fttneral of Charles O'Conor will taha place Friday morning, at 10 AO o'clock, at the cathedral, on Fifth avenue, in one of the veetlbalee of which the remain* now lie. The solemn high mnr- of requiem will be celebrated by XrvhblshAp Corrigan, and Cardinal McOoskey will pronounce the absolution The pallbearers (elected by the family are Judge John R. Brady, Frederick Coudei\ Chief J initios Daly, James C. Carter, J-idge Pea body, Gen. F. C. Barlow, Eastman Johnson, Col. Chalfln. Samuel J. Tilden, Eugene Kelly, Mayor Edson, ex-Mayor Grace, A H. Green, John Kelly, W. H. Feckbam and B. Lit Barlow. PoucePlJg was on show. The the road way —were jammed. Away toward Broadway both were a solid mass of jammed humanity, while some of th» 8toope were packed with men striving upward with anxious faces or downward-with smiling countenances. They had got their money. Mr. Dowd, of the Bank of North America: "This is the clearing storm, and matters will be quiet in a day or two." Boatoa Quiet. Boston, May 15.—"One of the most remarkable features of the day," said one of the beat-known of Boston brokers, "is this— not a word has been spoken, so far as my experience 'Toes, against any banking firm or institution in this city. There doesn't seem even the semblance of distrust, and the standing of our bankers and brokers was never more solid than to-day, while there has been such great excitement in Wall street. I have seen a good many exciting times in finance, but don't remember one where there was shown such implicit confidence in the stability and soundness of Boston financial instltn tions." This is the universal verdict. Boston will make money out of the scare, as many capitalists took occasion of the fall in prices to purchase heavily of standard securities to lock up and wait for the rise sure to come. The universal opinion here is that the panic in New York is due to an unfounded lack of confidence, and that it will all blow over in a day or two. RESOURCES. Mr. Musgrare, of Musgrave ft Co.: "People hare lost their head. My experience in Wall street teaches me that people get easily excited over their securities." Here was the aoene *f death. Six men wn killed outright in the oar, and tour others who were fastened down by the broken timbers were roasted to death, as the oar caught Are Immediately from an overturned store, and was enveloped into flames before the stunned and atupified su/rtrers could comprehend the awful situation at their shrieking companions. Three man only escaped from the oar. On* of them said that the lira could bare been extinguished had water been applied in time. The wreak itqelf presented * ghastly sight. The tender of the freight engine stood thirty feet in the air at the side of the Iron car that was burned, and there could be seen sitting amid the glowing embers, twisted iron rods and three grinning skeletons, one sitting bolt upright, apparently peering into the flames that had smothered out his life and that of his companions. Loans and discounts 17,808,171 91 8,084 88 A few minutes after 10 o'clock the first signed of impending trouble was heralded in the Stock Exchange by the sharp stroke of the chairman's gaveL Above the half-suppressed din alert ears caught the announcement of the suspension of Nelson Robinson & Co. • Overdrafts U. B. bonds to secure circula- TV BEST * lation  Other stocks, bonds and mort- 1,450,000 00 Mr. Daniel T. Worden: "The flurry will stop here. The waters of the financial sea will become smooth and we shall have plain sailing." gages  Due from other national banks. 1,047,712 98 725,480 85 Due from state bankt aid bank- A member of the firm of Blake Brothers & Co., bankers, said that it was like putting things through a sieve. The finest had to go first. vellas^vwT The import of the few formal lines in which that firm expressed its regrets at being unable to meet its engagements was quickly caught The firm has always been identified with the president of the Metropolitan National bank, Mr. George I. Seney, the partners being his son-in-law and two of his sons. In an instant the street appreciated the magnitude of the failure, and that it meant more than the embarrassment of the firm. 448,848 76 Among the prelates who will attend the funeral are Bishops Wigger, of Newark: McNeirney, of Albany,, and McQuade, oi Rochester. There will also be in attendance Monaignors Quinn, Preston. Farley and Duoey of this city, and Monsignors He ton and Duane, of New Jer. y. Very Rev. fames H. Corrigan, President of Seton Hall college; Kev. George Corrigan and Chancellor McCartie will also be president from the diocese of Newark. As Mr. O'Conor was one of the most intimate friends of the late Archbishop Wood, of Philadelphia, that archdiocese will also be rt presented. The remains will be interred in the vault at the old cathedral in Mote dbrea. Real estate, furniture and fix- 970,858 11 tures. Current expenses and taxes Col. George W. McLean said: "It resembles the panic of 1857, and has been growing for the past two years. To-day the mercantile community are riah, and all corporations conducted on sound business principles are in a good condition, financially. It Is only a Wall street panic." paid Ohaoks and other cash items... 62,888 15 Exchanges for olearing house.. 1,161,502 48 Bills of other banks 542,499 00 85,424 75 Uaf Fractional paper ourrency,nick- els and pennies. 783 42 1,074,042 75 - 21,800 00 Mr. Havens, a broker of many years' experience, said: "The general feeling on the street among the best informed brokers is to the effect that the present crisis was inevitable, and had to come Sooner or later." Before the shock of the failure of Robinson & Co. had been spent the sound of the chairman's gavel again echoed ominously over the heads of the brokers. He announced that O. M. Bogart & Co. had closed their doors. A stampede followed. The exchange became a partdimoniuiu. Howling and yelling, the brokers threw themselves upon each other in their wild haste to sell. Speoie Legal tender notes Redemption fund with U. S. It is impossible at this writing to get a complete list of the dead and wounded, but it is known that John Neville, John Ward, John Carey and John Hughes were burned. Pat Cassadv, who was in the second oar, was instantly killed. Another named Shay, who was injured, has slnoe died. At noon a large force of hands were on the ground clearing away the wreck and rescuing the charred remains of the victims. The burned trunks of four men wen taken out during the afternoon. Across the breast of one the white unslnged flesh oontrasts. strangely with the blackened surroundings. That spot was where the heavy timbers caught him, holding him in the grip of fate until the flames left nothing but a headless trunk. lation) treasurer (5 per cent of circu- 65,245 00 Milwaukee Excited. I tfi. W. Gladwin, of Gladwin & Co., said that the firm of Gladwin & Co., had not failed, and that the rumor that their suspension was announced on the Stook Exchange was untrue. t Total $16,012,742 94 Milwaukee, Wis., May 15.—The stock and grain markets have been wildly excited all day, and the decline in St Paul stocks created the greatest excitement in this city. At an early nour reports were circulated on 'change of the failure of the Metropolitan bank, of Hew York, almost causing a panic. Shortly before noon the reports of the bank's failure came by The United Press, causing the liveliest times on 'change ever witnessed. The Metropolitan bank is the New York correspondent of Alexander Mitchell's bank, and it is said all of the St Paul funds and a great deal of Mr. Mitchell's wealth is in the bank. When a few urgent cases had been disposed of in part H of general seesions, Robert A. Livingstone, a nephew and law papU of the deneaeed lawyer, moved as adjournment of the court for the day, oat at rsepect to the memory of the lat Hon. Charles O'Conor. Judge Cowing granted the motion in a feeling tribute to the geniua and intellect to the dead lawyer. The several'trial parte of the city oourt were also adjourned eariy in the day as a mart: ot rmpmt to Mr. O'Conor, likewise the trial parte of the supreme, superior and common pleas oourte, In nearly all of which laudatory remarks were tnada. In directing an adjournment of the supreme court. Judge Doaohue dwelt upon, several of the celebrated oases in whioh Mk  achieved wonderful suooesa . Speeohee were also mads by Chief Justice Davis, ex-Judge Arnoux, Counsellor John Graham and Stephco P, Nash. In the superior court the trial at the New England Iron company against the Metropolitan Elevated Railroad oompany was adjourned by Judge O'Gorman, who spoke feelingly of his long and intimate association with the dead jurist. The adjournment in common pleas was moved fay Algernon 8. Sullivan and granted by Chief Justice Daly. A preliminary ineeMag of the members of the bar was held in the supreme court, general term room, to take steps for a more formal and general mlWIiig in honor of Mr. O'Conor. Ex-Judge Joeeph Boeworth presided, and David MoClure acted as secretary. After several eulogistic speeches the following committee were appointed to arrange for a meeting: Ex-Judge William Fullerton, Aaron J. Vanderpoel, Charles A Peabody, ex-Judge William H. Shipman, United Btatoe District Attorney Elihu Root and Clarence A Seward. Then through the street like fire over a dry prairie shot the news that the Metropolitan bank had closed its doors. In quick succession followed the failure of Goffe & Randle, who were dragged down by John C. Eno's speculations; Hatch & Foot®, large government bond and stock brokers, and J. C. Williams. All this happened within an hour and a half Capital stock paid in  Surplus fund  Undivided profits  National bank notes outstand $3,000,000 00 1,400,000 00 134,013 05 Mr. Jesse Seligman: "I don't care to talk. One thing you may say is, that no bank can keep in its vaultB all the money deposited and make any money." 1,804,900 00 ing  Dividends unpaid  Individual deposits subject to 5,060 00 Mr. Henry IT. Been said: "I think the panto started with Grant & Ward. There also ia too much reliance placed by officers of institution* on employee." check 8,816,558 66 Demand certificates of deposit. Jft,917 66 Certified checks 7OT,190 75 Cashier's checks outstanding... 13,108 55 Due to other national banks... 4,412,555 40 Due to state banks and bankers 1,602,439 87 Prices dropped with marvelous rapidity. By 1 o'clock Missouri Pacific had fallen to 10 points; Union Pacific, 5; Western Union, as much; St. Paul, 7; New York Central, 4; Pacific Mail, 6; Louisville and Nashville, 7; Northern Pacific preferred, 7; Lackawanna, 4; Northwestern, 7; Central Pacific, 4; Oregon and Transcontinental, 4; and other stocks in proportion. The good went with the bad. It was as if a bankrupt merchant had rseolvsd to close out at any price. Mr. Henry Clews said: "Really I have not a minute's time to talk to the papers, but I think thia will see the end of it" The officials decline to tar who la to blame, but popular opinion puts it on on* of the train runners. A thorough investigation has been ordered. Washinotok, May 15.—The flnanolal situation in New York excites the greatest Interest here. Senators and members watch the tiokers closely, and telegrams have been received from Wall street urging the immediate passage of a bill authorizing the investment in United States securities of the national banknote redemption fund, amounting to $40,000,000. Its immediate passage cannot he had. In. Washington. $10,018,742 04 Mr. George L Seney, was born in Astoria, L. L, on Hay 18, 1B9B, his father being a Methodist clergyman, belonging to the New York oonferenoe, and a leading minister who had gained distinction as a divine at the MuHniiy Street Methedlst church and the Allen Street Methodist church. Mr. Seney's grandmother wm the daughter of Commodore James Nicholson, United States navy. One of his aunts was the wife of Albert Gallatin, and it was under the tutelage of the great financier that Mr. Seney imbibed his first ideas of finance. Part of Mr. Seney's college day* was passed at Wesleynn university, in Connecticut, but subsequently he Went to Columbia college, where he was graduated in 1(67. He entered the Metropolitan bank in 1853 as paying teller; five years later he was chosen cashier. He succeeded John E. Williams as president. Total New York, May IB.—Following are some of the utterances of the Metropolitan press on the situation: Prcaa Criticisms. Richmond, Va., May'IB.—At the Democratic state convention about 600 delegate* and alternates were present. Ex-Congressman Harris was made temporary chairman. A permanent organisation was affected by electing 8. R. Watts, of Portsmouth, chairman, and Haln Bheppard and J. Bell bigger, secretaries. Mr. Watts made a speech in which he mentioned Tiiden's name, at which there was great enthusiasm. Hon. J. 8. Barbour, Richard F. Bierne, John L Harris and Page McCarthy were elected dalegates-at-large to Chicago. The platform arraigns the Republican party far the greatest crime of the age—the theft of the presidency; denounces as false that the Danville riot was instigated by Demoonts; demands immediate abolition of internal revenue system, and adopts the Ohio tariff plank. Though the convention was strongly in favor of Tilden, a motion to instruct for him was voted down, his friends opposing auch action as inexpedient at this time. Virginia Democrat*. The Herald says: "Fortunately there was a large conservative element that did not lose confidence, and before night a much easier condition intervened, Tne banks determined to stand by one another, u they did in 1878, and as this decision will allow the Metropolitan bank to again open its doors, it did much to restore a better feeling. There may be, and doubtless will be, more failures and suspensions, but we do not see that there is any reason for a widespread alarm." - WM, M- FIW&Y, At 1:30 the situation was farther aggravated by the suspension of Donnell, La Ween & Simpson, brokers, 102 Broadway. Though the tlrm were not members of the Stock fixchange, this failure was not without effect, because of known ramifications of the firm throughout the oountry. Comptroller Camion has ordered four of the best bank examiners in the service to report at once to Examiner Scriba, at New York, to assist him, as other suspensions are anticipated.  Under these circumstances the market closed weak and feverish, though at a slight recovery from the lowest prices of the day. Over 000,000 shares of stock had changed Jiands. When the gong sounded at 8 o'clock th ; strained and exhausted brokers poured out of the exchange and scattered to their offices to do the serious work of adjusting. The K fleet at Tltusvllle. The Sun says: "Yesterday's panie in Wall street was emphatically a panic among stock gamblers and nothing else. It did not proceed from failures among merchants, nor from a withdrawal of credits in mercantile circles, tt began, culminated and ended in stock speculation, and went no further." Trnysvrms, Pa., May 16.—The soene on the Oil Exchange was wholly wltKout a parallel in the history of trad*. When reports from New York were confirmed a general selling began, and in half an hour nearly two million barrels of oil had been sold. Reports are in circulation outside of this region that several large oil firms have failed. So far there has not been a single failure in oil trade, and the prospects are there will not be. AND BOARDING STABLES Foot at hrmwlt., UPPKB PITT8T0N. Orders by telephone proaspMy attended to. 1 The scene in what used to be called the *'Long Room" of the Stock Exchange at 2:80 o'clock, as viewed from the strangers' galleries, was one of the most exciting ever , witnessed, even excelling the excitement of the panic in 1178 and that which made Black Friday a monumental day in the records of *ho Stock Exchange. The floor was jammed ■with roaring, yelling, struggling brokers,and the groups generally seen separate were almost indistanguiakably mingled in the grand excitement of the panic. The noise was deafening, and the many ladies who had obtained admission to the gallaries laddered with fear at the ragf A Brooklyn Bank Suspends, Brooklyn, IV ir,. - At 1 o'clock the Atlantic State bank on Fulton street, opposite Hicks street, closed its doors. This institution is a correspondent of the Metropolitan bank and the failure caused the suspension of the weaker oonoern. The World says: "The great bulk of our financial institutions'are sound and solvent No harm can come to such. It ia only the gamblers and .speculators of the financial world who are being forced into liquidation, and the clearing away of this diseased fungus will leave the general body in a most healthful condition." DtTlfei fc WA' HOUSE, SIGH & CARRIAGE P*HTER5 Paper Hanger* and Kakamkmt A Fatal Accident. Brooklyn,May 14.—Ten o'clock yesterday morning while six Italians were at work on the roof of the Remsen house, corner of Remsen and Clinton streets, the jihimney fell, knocking out the supports of tile roof, which tell, carrying with it the workmen. They were completely buried in the ruins, one killed,„ two seriously injured and the remainder escaped with alight injuries. CONOEN8EO NEWS. REASONABLE PRICES A SPECIALTY. 17 Mukel »etai "Tlx* Atlantic State bank oloaed its doors because the trmnsaotJoni with the Hetropoli- — . i M J —* 2 * • London, May 15.—The failures In New York have created intense excitement among Americans here. Mr. Lawson, of the firm of Donneli, Lawson & Simpson, first heard of the failure of his house while attending Mr. Henry YVelloome's rsoeptlon at Prince's Jtiall, Piccadilly. Several American capitalists, who were present, instantly Mow London Heard the News. A number of member* of the Salvation trmy protected to the Federal council against the expoWom of Mies Booth, their leader, from Bwit—leml The Times says: "The difficulty in financial circles so far is confined mainly to those , who have brought it upon themselves, and, for whom it has been for some time expected. It was shre to come, and it was sure to give rise to a good deal of excitement when it did oome, but it ia the result of causes that have - tan bank of K«w York rendered it advisable to do so temporarily," said Mr. &. S. Puller, president. "We will be able to get on oar feet again, I hope, and reeume business. Our cajtftal If 9300,000, and our surplus (100,000. I would not tell ya how muoh w* Senor Zorilla's aecretary hw been Arrested in Parla with manifestoes which be IntencMtl to distribute In Spain. The government expalled him from France.