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EFFECT OF THE HEAVY DECLINES IN THE MARKET-TALK OF CLOSING THE EXCHANGE. The distrust at the Stock Exchange aroused and by failures of the Marine National Bank firm of Grant & Ward was the the recent brokerage yesterday increased about the by the published statements Second of John C. Eno, `president of the In addition to the firm was in serious operations x-brokerage Bank. known difficulty fact Mr. that on account of its connection that other houses would less by the it one Tuesday National more was or expected directly complications. would with be lose Although affected noth- Eno, on it known that the bank itself excited the were at their offices scanning their accounts and ing, morning, hensions. Most was the brokers developments obligations. liveliest calling early in appre- loans, the In or preparing to protect their own of stocks of the general fears, the prices from weak and lower at material figures on the preceding than ten or fifteen minutes closing more after the that the announcement was made consequence opened the not ing when unable declines day. to It open- meet was the Nelson Robinson & Co. was The failure had not been its firm contracts. of others, expected, alannouncement was the signal for the others were in no sense in failures of Goffe & Randle and it. though the The succession, consequence of and O. and M. & Co. followed in quick afterward it was learned that The National Bank had closed its shortly politan Bogart doors. the Metro- state Stock Exchange was plunged at once into a of excitement that has not been equalled since brokers the panic of 1873. All stocks fell rapidly and seemed eager to sell at any price. WILD RUMORS SET AFLOAT. It presumed at once that the failure of Robin- the in of that of of because Mr. Robinson is a bank & was was Co., consequence Nelson son-in-law and his only son president of the bank, are two sons of Mr. Seney. the entanglements might be partners George spread I. Seney, could How were only wide- be and, therefore. the wildest rumors The failures of Hatch & and Lawson & Simpson were he Williams stated in reply to afloat. guessed Donnell, C. inquiries announced, Foote the that and set of send notice of his suspension to later in the day. Within an one and six brokerage houses had declined in some instances over 10 per 5 as a rule the declines were not over although J. should bank had change hour failed. Stocks under large cent, and ExA large number of transactions for the account of the 6 per cent. rule suspended and firms was difference between cash was at no time large, and generally was at a decline. It was at this some discussion Exchange. There was no Exmade. stock chase there the the Stock The was about meeting time each the regular closing of pur- that Committee or of the officers of Governing suggestion came the It is understood that the outside of the it. a few brokers were disposed to first change. though from persons Exchange, accept who althe leading members of the theexperience of 1873, membered Some of protested Board, consider against the resuch action. President Hatch did not emergency such as to justify it, and the Exchange remained open to the close of business. THE EXCITEMENT GREATLY ALLAYED. absence of further failures, the reassuring of the The made by some of the directors of statements Bank, and the prompt contradiction about other institutions intense excitement. It was allay Metropolitan the rumors the did stated much at 1:30, that to Clearing House Association would meet relief. the announcement seemed to proof the banks in uniting for and The the action very before mutual give in 1873, as they had done once worst as an assurance was The general encouragement was tection, was over. accepted that when the the shown failin the prices of stocks, and a of Hotchkiss, Burnham & Co. was ure minutes before the close, Even by thirty rally excitement. there announced, was only return of the a stringency the slight extraordinary of premium money, 3 cent which at the close commanded a a day in per of addition 212 to and the legal rate of interest, was not the suffi- accheck a sharp recovery in most of that While it was feared by some was be a few fresh failures tive cient there stocks. to might to-day, bank officers it general opinion amoug prominent banks the brokers that the action of the associated panic. and insurmountable barrier to a serious This was an action was considered likely to prevent banks hav- any heavy correspondents withdrawals of funds in New-York. by country Indeed, the ing action of the Clearing House was regarded further as prompt wise measure which would stop any disturbance. LARGE DEALINGS IN STOCKS. The recorded business in stocks was not larger busion several days before, but the actual than probably exceeded that on any previous reports day in the ness history of the Exchange. The official but it the total transactions 621,341 shares, actual was estimated made by careful observers that the shares. business did not fall far short of a million made in The largest decline was Pacific, which steadily fell after hour from 78 to 6712, from to 6734. Union Pacific was and it declined from 45 14 at active but in the last hour touched 39. stock, only 43 the to at 41 'regular." Western rallied and ing Missouri the first closed which Union the point opened cash," to open- most 49, it of 1 per cent at 54, and, conat a to The granger decline stocks dropping were to weak, St. Paul tumbling Both Northwestern from 10634 to 65, made subsequent railies of over of the recovery in the spicuously recovered and 5012 from 3 100. per 7234 10612, cent. minNew-York Central yielded 3 per cent to lost part last after few and Lake Shore, cent to 882 closed at only 12 per cent, and at 1334 utes. stocks closing but nearly tuated 4 within at per 10712, Northern 9018. closed Erieflue- Pacific falling than it did on Tuesday. fell 6 per cent to 43, closing a preferred 1g lower with Transconti- final of 53g per cent, while Oregon and final denental, loss which was more active, suffered a cline of failure 3 percent. of the bank caused a heavy decline Railroad in The Tennessee, Virginia and Georgia at East The 5s fell from 72 to 554, rallying securities. to 57 and 56. 1 he transactions amounted 3 the to less close than $150,000, but the decline was made and 4 per cent at a time. *THE TROUBLE IN THE BANKS. THE METROPOLITAN TO RESUME.
