St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-16
when Wall street methods must be reformed, and
this was what it needed to do it,

when Wall street methods must be reformed and
this was what it needed to do it,
WHAT GOULD SAYS
Jay Gould being interviewed says: ssThis
disturbance is a senseless thing. 1t comes from
fear of each other by both banks and brokers'
l think, rather than anything else. The general
calling of loans is wholly unnecessary and fool
ish i suppose the banks are little more eau
tious than usual ON account of the loss accident
ally suffered by the First National bank last
week. But think the worst is over. The peo-
pie will regain their and there will be orders
here from all over the county from persons eager
to pick up bargains. The actions of the banks
is excellent. Everyone will see there can be no
panic while the banks stand together. / am sure
all this excitement is at an end.' Gould con-
timed: 81 never expected to see Western
Union sell below 80, however. The company is
certainly earning its dividends, and this trouble
only adds to its business, should suppose some
brokers might have realized that fact.
AMENDING CLEARING HOUSE RULES.
The following are the proposed amendments to
the constitution of the Bank Clearing House as
sociation:
In case of refusal on inability of any bank to
promptly refund to the bank presenting such
checks, drafts or other items retunled not
good, the bank holding such checks, drafts or
other items, may report to the manager or agent
of the and it shall be his duty with the ap-
proval OF the clearing house committee to take
I from the settling sheets of both banks the
amount reported and adjust the clearing house
statement accordingly. Provided such notice is
given to the manager before 1 O'Clock of the
same day.
The clearing house committee are empowered,
whenever it shall consider it for the interest of
the association, to examine any bank member
of the association, and require from any member
securities of such amount and character as said
committee deem sufficient for the protection of
the balance resulting from exchanges at the clear
ing house.
A meeting will be held shortly to act upon the
matter
RUSSELL SAGE.
Russell Sage is paying all demands for privi-
leges. The report that he had laid down on con-
tracts was started by somebody ignorant of the
ways of the street. The only contracts he re-
fused yesterday were those on which the usual
days notice had not been given. Yesterday he
received more than 100000 shares of mixed
stocks and paid out several millions in cash. To-
day he paid out checks up to 8 p. IN. without
wincing and will continue tomorrow.
OUR FoBEIGN COUSINS.
Dispatches were received this morning from
London houses by leading foreign bankers, Civ
ing orders to buy both stocks and bonds at mar
ket prices. AS it was feared foreign orders to
sell would be chief factor in the downward
movement to-day, the news Uwas greeted with
great satisfaction, and is regarded as another
break in the clouds that threaten the financial
world.
DID GOULD AND SAGE QUARREL.
The best opinions say Grant 81 Ward and the
Maine bank are not responsible for the panic, and
that the actual csuse was Il quarrel between
Gould and Sage. On Monday and Tuesday
huge block OF Western Union was mysteriously
thrown on the market supposedly by Sage, and
it dropped from so to 81 in twnkling. Gould
never for moment disappointed those brokers
who have been declaring that he had seen best
to liquidate his holdings.
LEARNING PRUDENCE.
The representative of the Associated Press
visited during the day most of the leading COM
mission houses of the street. They invariably
answer the query to whether the crisis is over
that there are now no dangerous clements in the
financial situation. Many expressed themselves
that the experience of the past few days would
Pio'o oeHShSial W IuG speculative community.
The street is beginning to realize the danger of
the rash speculations of some of the most daring
OF the fraternity and it is thought it will. prove
wholesome lesson to their brethren.
SAVINGS BANK RUN.
There was slight run this morning on the
Irish Emigrant Savings bank, Chambers street.
About 200 of the depositors have Withdrawn their
accounts. There are 53,565 depositors. The
president says, the bank would gain about So
900 by the Withdrawals.
AN ANNUAL. SUSPENSION.
Late this afternoon VIM. II. Sweeney, banker,
Nassau street, made assignment. The
amount involved is not large, but may embarrass
the small manufacturers in the neighborhood of
Nassau and Ann streets. The same house sus-
pended about year ago.