St. Landry democrat., 1884-05-31
THE CRISIS PASSED.

<AhoCner Day OK excitement on W ali street
Concerted Action on the Part of the
Bankers for Self-Protectfon Stems the
Tide and the Crisis Seems to Have Passed.
NEW YORK, May 10.
The feeling of alarm and mistrust
in financial circles continues undated,
and the opening of the Stock Exchange
this morning was awaited with even
more feverish anxiety than yester-
day. The announcement made last
evening that the banks have agreed to
pool their capital for the purpose of self
protection did little to relieve the anxiety.
at least so far as brokers and spectators
were concerned, and many asserted that
while this arrangement would greatly
aid the banks, there was little
comfort to be derived from their action
by the speculative fraternity, lnasmuch
as the market would not be relieved, and
as the banks would insist on absolutely
t1rst-class security for loans. "The banks
continue to call in the loans on stock col
lateral, and this in itself is forcing blocks
OF stock on the market every moment.
saba Well-informed broker this morning,
sand fail to see how their action will
IN anyway benefit the situation or stop the
avalanche of stock that is steadily
pouring on the market Then, too, out
of-toWn holders have become demoralized.
and are unloading as fast as pos
sible. Better times cannot be
looked for until the selling and squeezing
out process ceases" The streets in the
vicinity of the Exchange began to fill up
shortly after eight O'Clock, and by nine
Wall, Broad and New streets were almost
impossible. The same scenes enacted
before the opening yesterday are going
on, and a casual observer would not
think that night had elapsed since the
rampant, wild excitement of the preced-
ing day. When the Exchange opened
an excited crowd rushed in and the
opening sales were watched with intense
interest. As stock came out it was
apparent at once that strong hands had
joined together for the purpose of sup
porting the market. The first few trans
action showed that values were not only
being held up, but advanced; and before
the first hour prices were jumping up al
most as rapidly as they had declined the
day before. The Improvement ranged
from IL to 2 per cent. Business was
hardly fairly under way, however, when
the gaVel of the chairman was heard
hammering attention. The
hubbub ceased for a moment and
a rush for the railing in front of the ros-
trum ensued. When order was compar-
atively restored, President Hatch an
nounced that A. w. Dimock, President of
the Bankers & Merchants Telegraph Co..
had notified the Exchange of his inability
to meet his engagements. The announce
inf I4y0C ta6 NxriE h T5-SIxl Ill
rush on the part of some of the more
timid operators to SELL The effect of
their selling, except i'll the instance of
stock of the company of President
Dimock, was scarcely perceptibIe, and
the Bankers & Merchants tumbled in less
than ten minutes from 1l9 to As; but
were on comparatively
small scale. Several hundred shares
Of stock were also sold under the
rule for account of Dimock, and after
1 momentary pause the advance once
more began. At midday the announce
nent that the Metropolitan Bank had
resumed materially, aided the hope
jul feeling, and greatly accelerated the
buying movement. At one O'Clock the
pest figures since the opening were
'ealized, current prices showing an adj
Iance of one-half to four per cent.
The proposed amendments to the consti
ution of the Clearinghouse Association
ire as follows: SIN case of refusal or in
Utility of any bank to promptly refund to
! bank presenting such checks, drafts or
other items and they are returned as not
good, the bank holding such checks,
Traits or other items may report to the
the amount of same and it shall
oe his duty with the approval of
he Clearinghouse Committee to take
rom the settling sheet of both
banks the amount so reported and adjust
he Clearing statement accord
ngly; provided that such notice be given
o the managers before one O'Clock of the
ame day. The Clearinghouse Commit
ee shall also be empowered, whenever it
hall consider it for the interest of the
association, to examine any bank mem
,er of the association, and require from
NY member securities of such amount
Ind character as said committee may
Leem sufficient for the protection of bal
noes resulting from exchanges.
WASHINGTON, D. c., May Is.
Secretary FoIger has returned and