Morning journal and courier., 1884-05-17
finantiial

A Better Feeling on 'ChAnge-The Panic
 Believed to be Over-OnIy a Few Small
 Faflures-Stocks Selling With Light
 ming RapfdIts-The Market Closes
 With Good Promise.
 NEW YORK. May 16.
 Ths eyentI of to-day in financial circles have been efs ezcitiDg Although the market was feverish and uussttled throughout the belief that ths worst is over is hourly growing. It generally sup posed that the failure of Fisk Hatch. announced just befors the closs of the stsck Exchange yester day. would result In the renewal of the panic which broke in all it's fury the market on Wednesday but speculation sh ,ws that financial crALh which threatened ruin and distraction to thousands has spent force least for present With the e1 ception of the suspension of the Newark Savings bank. whose docrs were closed by Chancellor Run yon and the failure of the small firm of H. Hardy Sons, there was nothing in the situation to dsy that would tend the least alarm or apprehen sions of q renewal of the panic. Yet the fever1sh feeling had in wise abated and brokers were on the alert early in anticipation of mora failures which 1t wassbelieved inevitable conssdusnt on the shutting down of Fisk & Hatch. Early the streets near Stock Exchange began to fill with people for the most part drawn thither by pure curiosity. The Stock Exchangs the chief center of attraction and long before the doors opened large number Of ladies with escorts patiently awaiting admission to the v;sors' gallery The bustling throng of
 
 from broker to another, and everything was be- ing put shape business Precisely at 10 o'clock the chairman rappsd to order the chatteripg threng of brokers who flied the broad room and business was at ones begun. "hsra not less th1n two brokers the floor st the tme and sales of all sorts of shares went with lightning Iapdity' In the first few trades prices naed downward, but the offerings bought in with such avidity that those desirous to sell, fearing trap became more cautious and offerings fell of materially The result was sharp upward turn and before the first ha- hour of business had expired values showed an in- provsment from to 21f for all the active stocks. About this startling began to circulate and the confd snce 50 apparent during the opening transactions to and with it the price of stocks. The offerings became more fire equent, while the disposition to buy had sntireiy s'pstered out. The rumors had been in circulation but shoft tina when they followed by the announcement by ths cha1mAn that he had received notification fron H. c. Hardy sols to the effect that 1 they were unable to meet thetr obligations The announcement caused great excitement for . while resulted in decided ssurs to sell which con- tinued with but little interruption until l1:SO Lake Shore especially de presse3 being subjected to heavy rSid which said to be engendered by large bear house which took advantage of the pre- vailing excitement to force it down for the purpcsS | of covering it's shorts. The whole list more q
 sod but next to Lake Shore the greatest pressure was directed against St. Paul. Lackawanna, Western Union, Louisville an d Nashville, Union and Central Pacific The business in the shares mentioned was l mora in amount than all tho other stocks put to- gether. Shortly before prices showed decline of l to per ceat, the latter in Lske shoye. Nc stock coming the market for the account of Hardy
 Sons the belief began to grow that the failure wa not important and the selling of the morning gaveway to a scramble to cover. Stocks were. bough
 in actively as they were sold out and at 1:3O the decline had been almost recovered. In the nex half hour o'clock, Advicss from the other sid the effect that ssnn-panieky feeling prevailed or ths London Exchange and big drop in values has occurred, there another vigorous ceiling of tn list and sharp downward turn, but the hour fo
 delivery passed without further failures being an l nounced the market strengthened again and close 1 with decided dIy buoyant feeling with prices near the highest of the day in mest eases The ad
 compared with the closing prices of yeste1
 day ranged from 1 to 51S per cent, led by centrs l Pacific. Lake Shore recovered per cent. from tn lowest point but closed at decline of per cent
 compared with yesterdays closing. The specialize ! clesed generally lower. me days business close
 with better feeling than at any time since the az
 generally express themselves coRndsnt of furthe | iurrovement in values tomorrow. Sales 40 70 ' shares.
 ' Money continued to loan at high rates. All tn way from 1s to per cent. per diem in addition t ths legal rates psid for accommodations day ! The closing rates were 4a5 per cent.
 ! Exchange closed weak. Posted rat ss were reduce to 4s5a4s9 decline of 2 from yesterdays rates. l BUNNELL & SCRANTON. Bankers and I5rokexsl AsLs