The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-16
SIMMERlNG DOWN.
THE RECENT WALL srRIET r. uRay
rikrsA rarn aad Stness Have slisa. Baost-Fhh
sai Hatch Suceumb to tho Prsmure-rha Nat.
rcpslllAn Tank Opens it, Doors to it, De.
posturs-Situaiion at Other Points.

Nk" loHK, May l0.-Ihe opening {
tho Stock Exchange this morning va
awaited with even more fsveriRh anxiet
than yesterday. The announcement mad
late late lust evening that tho banks ha,
agreed to pool their capital for the purpos
OF selt-protection did but little to reliev,
the anxiety, at leas. so far as brokers an,
spectators were concerned. Many asserted
TINT while tho arrangement would greatly
aid the banks, there was but little com!or,
to be derived from the action by the specu
lative fraternity, tnaamuch as the money
market would not be relieved and as the
hanka would iuaist On absolutely frat class
securities for leans. 1.-The banks continue
To call in their loaug On their stock cullas.
erol and this IN itself Ia forcing blocks of
stocka on the market every moment" said
q well informed broker this morning, ..ant
| | fail TO see howtheir action will In any way
benefit the situation or step the avalanche
ofatcck that il pouring in on the market,
Then, too, out of town holders have be.
come 80 demcral!zad that they are unload
my as fast as possible, and better times
cannot be looked for until the selling and
squeezing out process has ceased." The
atreeta IN the vicinity of the exchange bs.
gan to ill up shortly after 3 o'clock, and by
nine Wall, Broad and New streets we're
almost impassnble. Tho same scenes as
we're enacted before the opening Of the
exchange yesterday we're going On and the
casual observer would not for moment
think that night had elapsed since the
rampant excitement Of the preceding day.
A MAD scgSE.
Men and boys scampered along bywaYs
or jcstlsd along through the crowds in
their mad haste to and from brokers'
Offices, while groups Of men gathered along
the sidewalks and in The middle Of the
roadway excitedly discussing the situation,
Some OF the more sanguiue brokers ex-
pressed the belief that the criais had been
passed and when the exchange opeued
matters would be found in butter staue.
They a!so asserted that prices would be
Better supported and no further decline
permitted. When the exchange opeuet
the zane excited crowd rushed in and the
opening sales we're watched with intense
interest. Az the stock came out it was an.
parent at once that strong hands had
lolned Tor the purpoae OF supporting the
market. The frat few transactions showed
that values we're not only being held up
but atya1cet, and hefore the first hour
prices we're jumping up almost as rapidly
as they had declined yesterday. Oa the
first lew Ealea Union Pacific showed an al
vance OF two percent over lust evenings
c.oaing: Lackavaaua ., Northern Pacific
preferred x. Northwestern 81, Oregon
TranacoatiuenIal ., Missouri Pacific II,
Western Union y, Louisville & Nashyi.!e
~, and The res. oI TIE iigt, except in tsw
apec;alties, showed still greater adyanca.
IMPROVEMENT IN srccKs.
The Improvement ragged from . to .
percent .-Business had hardly got fairly
under way, however, When the gayel Of the
chairman WIS heard vigorously .hammeriug
for a.taution. The hub-buh ceased for u
moment, and rush icr the railing il front
Of tie rcstruu, arsued. When order had
been comparatively restored, President
Hstch announced that A. W.. Dimock,
President Of the Bankers and Merchants
Telegraph Company, had notified the Ex-
change OF his inability to meet his engage.
ments. This announcement wAs greeted
with wild yell and rueh on the part Of
soua ct the more timit operators to sell,
but the effect Of their selling, except IN the
inntance CT the stock Of the con-
pauy OF which Mr.. Dimock is head
was scarcely perceplible. Bankers and
Merchants stock tumhled down in less
than ten minutes from 1l9 20 IS, but the
transactions were On a comparatively
small scale. Several hundred shares Of
stock we're sold urdsr the rule for the ac.
count Of Dinoctr, and after momentarv
pause the advance was once more got fair
ly under way. At midday the announce.
uent was made that the Metropolitan bank
had resumed. This 1ews materially aided
the hopeful feeling and accelerated the
buyinv movement. ..-.