Daily Kennebec journal., 1884-05-17
The Clouds Slowly Dispers-
ing.
Affairs More Hopetul-The Worst
Over.

The first two hours of business, which are
usually the most dangerous in the season of
furry, have passed with only one small
failure which has had no great significance.
Sub Treasurer Acton says there was a brisk
demand for legal tenders at his Office yester-
day, causing withdrawal of 90 500, 600. Up
to this bour today, one million legal tenders
have been paid out and nearly another million
of silver certificates. the latter being for pay
ment to savings banks.
The Produce Exchange Gloomy.
Business matters at the produce exchange
have rather a gloomy look, although no fail
ures or rumors of failures are current. Trade
is not disposed to operate to any material
extent. Shippers operations are materially
checked by the extreme difficulty in selling.
Sterling exchange prices are all lower and
tending downward. Leading members are
qaite hopeful that there will be no panic in
the produce exchange, but some members
are discouraged at the outlook of financial
affairs in Wall street.
At the Petroleum Exchange.
At the petroleum exchange prices broke So
or from 733 at the close of yesterday down to
65. There was some excitement, but prices
afterward recovered about four cents stand
ing at l2. l5 P. NJ. at 50. No failures are
Savings Banks Run Nearly Closed.
The run on the Emigrant Industrial Saw
ings Bank has abated today, and business
was being done as usual. About Sl60, 900
was paid out yesterday, but it was said that
depositors were returning their money today.
1t was thought that there would not be anoth-
er rush here unless the Wall street pauic
broke out afresh. There was no run today
on the Manhattan savings institution. The
Greenwich Savings Bank run ended today.
There was steady run on the German Saw
ings Bank TODAY. large crowd composed
mostly of women stood around it, The teller
was passing nothing but gold to them.
Washington advices state that the sub
treasurer at New York reports only 100000
of bonds were offered for redemption there,
under Secretary Folger's call.
The clearing house banks have agreed to
advance $40, 900, 900 on government bonds if
necessary, to protect the market. Up to this
loaned in this collateral. Money is loaning
at ] and / per cent. premium per diem.
No quotation for money, prime mercantile
paper nominal; exchange heavy and de-
pressed at SO 81 long and 81 SD short;
governments weak and lower, state bonds
merely nominal railroad bonds very regular.
Stocks have been better since 1l.30 A. NJ.
Lake Shore is up to 81, st. Paul to 6S5,
Missouri Pacific to 664, Union Pacific to 42a
and Western Union to 524 At the sub
treasury So, 100000 in legal tenders have
been paid out this morning. This will
strengthen the bank reserves.
Brokers report more willingness on the
part of bankers to make loans and large
amount of money has come from Canada and
heavy transfers have been from the other
side.
Walter A. Trumbull of Newark, N. j.. tel
egraphed to the Associated Press from Chi
cago as follows: The statements published
that had fled after making unwise endorse
ments are malicious falsehoods. l am on my
way east to demand a retraction.
After midday, stocks were strong and
higher again. Buying IT European accounts
was large at the Erie office. The transfers of
stock for this account is very heavy. Lake
Shore was the special feature of the market,
and rallied from S7i per cent to $50. The
action of the clearing house banks this morn
ing has caused an improvement.
The market for governments is much i'm
proved.
No New Failures Reported.
22OP p. The hour of settling has been
passed safely and no additional failures have
been reported.
Considerable Excitement i'm London.
LONDON, Nav l6.
The opening prices on the stock exchange
were somew hat lower than last nights clos
ing. 1t is stated that the relapse was caused
by advices of yesterday from New York in
regard to the financial situation, and espec
ally by the news of Fisk & Hatch's failure;
but shortly after the opening. a general firm
ness began to appear and has prevailed up to
the time of this dispatch. $50 p. VI. This
v as brought about by the bears seeking to
cover their short sales and by the purchasing
Of small investors.
Since half past four a strong downward ten
lency in American stocks. especially in Lake
Shore. has prevailed. The street is crowded
and there is much excitement.
London Sending Gold to New York.
At $50 P. NJ. prices of American securi-
ties on the streets were fuctuating. The
closing prices, however, were better. There
have been large remittances of government
to pay for stocks sold here.
Large shipment of gold to New York are
being arranged.
Suspension In Albania
ATLANTA, Ga, May l6
John II. James. banker, did not open his
doors today He has real estate to the
of half a million dollars which will
more than meet his liabilities. The other
banks are confident and strong. and have
organized for mutual protection
Another Bank Closed It's Doors.
NEWARK, N. ]. May l6.
The Newark Savi3gs Institution, which
failed six years ago and has since been con-
iucted under the direction of . chancellor by
he old managers, again closed its doors. on
account of the failure of Fisk Hatch. The
Fisk & Hatch bank officers say that they owe
The institution 81, ,0O0. 900.
II is said that the firm has right. As far -
he bank officers could give it to them, to
borrow and use their securities
,ubstituting for them different bonds of
.oual value, and now at the end comes con-
siderable loss, yet it Is believed that in little
vhile the securities now in the possession of
he bank received by them from the Arn viii
urn out equal to saving depositofs fron any
lose. The ehancellnr says that the closing
Of the deors vas ordered BY him 70 protect