The Portland daily press., 1884-05-16


he says that the action of the banks yesterday, in
deciding to pool their issues, has, in his opinion
decided the situation favorably. He does not an
ticipate any further failures either of banks or
banking firms, although he admits the possibility
that some weak stock houses may suspend Temporal
rily. The failure Of the latter he does not regard
as real misfortune, as tine wedding out of such
small dealers helps to give healthier tone to the
general situation.
complement of members in attendance, and by
$50 the crowd of Operators had gathered in knots,
waiting for the signal to be given to commence the
days business. just as the big clock of the Ex-
change marked the hour of ten, Chairman Mitchell
gave three raps of his gave and in an instant the
pent-up excitement of the brokers gave vent in
howl and five hundred hands were lifted in the air
and various pools we're formed in which the various
stocks were dealt in. Ere five minutes had elapsed
the gavel again was heard amid the din, and the
announcement was made that A. W. DImock q Co.,
of the United Bank Building, had suspended. MIR.
Dimock is president of the Bankers q Merchants
The stock market has been strong and higher this
morning in consequence of the resumption of the
Metropolitan Bank and the action of the Clearing
House yesterday. Prices rose 70 to per cent. The
failure of A. W. Dimock Il Co., announced shortly
after the opening, had comparatively little effect
stock in which A. W. Dimock 8 Co., were heavily
interested is offered at 20 against 119 sales yester
day. sale at g. seller So has just been recorded
Q0.15 A. NJ
Dispatches have been received this morning from
London houses by the leading foreign bankers CIV
ing orders to buy both stocks and bonds at the
market price, As it was feared that the foreign
orders to sell wonld be the chief factor in down.
ward movement to-day, this news is greeted with
great satisfaction and is regarded another break
In the clouds that threatened the financial world.
Q0.3O A. NJ
The street is gradually filling up with gaping
crowd. On each of the streets on which the Ex-
change faces mutitudes of sightseers have already
gathered, who 10 k up at the building as if they
could thereby gain an insight into the busy scene
enacted within.
The transactions in the board so far, under the
rule for the account of A. w. Dimock & Co.. have
been stocks bought in under the rule, and they
were short OF the general market.
Russell Sage is paying all demands on his privf-
leges this morning as usual The report that he
somebody ignorant of the ways of the street. The
only contracts he refused to take yesterday were
those on which the usual one days notice was not
on nearly every corner within four blocks of the
centre of operations are gathered knots of men in
earnest consultation, and passers-by can hear the
various comments on the state of affairs. As rule
the majority of those expressions Of opinion take
favorable view of the situation and such phrases as
market break are heard amid the din. Wells,
Fargo & Co. have notified Donnell, Lawson & Simp-
son that they will pay drafts on that firm drawn by
the Utah National Bank of Ogden, Utah, Fred j.
Kiesel & Co. of the same place, and of Anderson
Bros. of Eagle Rock, Idaho.
QO.45 A. M
The stock Of the Bankers and Merchants Tele-
graph, which yesterday sold at 119, is now down
to So. Mr.. Dimock Of the suspended firm was the
chief supporter of the company and is said to have
furnished the capital with which to build its lines
Q1.3O A. M
The foreign exchange market Is affected unfayor-
ably by the offering of loan bills in large amounts
as we'll as by the withdrawal of money by cable
from London for use in this market, the high rates
highly profitable. Brown Brothers have reduced
their rate for sterling bills to 81 for long and
A SO for short sight, a decline of cent.
The first hour of business is over and only one
failere has been announced, and this one has not
involved any other firms. Confidence is being grad
ually restored, and among tinancers fewer anxious
accepted fact that the worst is over and many
capitalists beginning to discuss the question
whether now is not the Tins for rise, and some
uation Of one of its most dangerous elements,
namely the Withholding of capital from the market.
Messrs. Hotchkiss u Burnham are engaged in the
work Of balancing their accounts and expect to be
able to resume business tomorrow morning.
Q1.45 A. NJ
Comparative quiet reigns on the Stock Exchange.
1t becomes more apparent every moment that the
crisis is past. Among those bankers who have re
ceived orders from London and the ContiRent to
buy American securities in this market Belmont
Co. j. ;.S w sslgma%H w., PTsSsl Morgan go Co.
Loeb g. Co., Ludwig, Halman q Co., j. H. Davis &
Co., j. d. Probst q Co.
Money IL per cent. per annum. Prime mercan-
camille paper nominal. Bar silver 11114. Sub
sdiary coin ~ discount buying selling par. Foreign
Exchange weak and demoralized owing to the tight
they GET Foreign capital is being attracted by
the high rates here Bills sold at 4.S51A94.S6 for
60 days and at 4.S4 for demand. One large cable
sold at 4.S512 The nominal rates are down to
4S7 and 489. State bonds dull. Railroad bonds
strong and higher. Texas are up per cent. Gov
srnments are Irregular; Stocks strong and higher
despatch from Washington says that the
Secretary of the Treasury has authorized the as.
sistant treasury at New York to pay bonds en-
crued interest subject to the decision OF the depart
ment as to the regularity of the assignment.
The decline in government bonds to 11U@110 IA
for registered four and halls, to 110@l12 liz fol
coupons, to 122 asked for four, registered and tc
120@121 for coupons, is due to the fact that
holders are anxious for cash and are selling Money
outside Of the Stock Exchange is six per cent pei
annum.
CEooN.)
The hopeful feeling which prevailed in Wal
failure Of the we'll known house of Fisk Hatch
The stock market although rather weak is in nc
way excited and business Is settling down TO its &C
customed steadiness.
The Metropolitan Bank is paying out to all de
positors presenting checks and even before the
hour named for resumption the paying teller
opened the window. At noon the number in lin,
was about twenty-five. Only one lady was anon,
the list, she being attired in Widows weeds. He
gSss On asd bag the BspS Of was ps
was this forenoon debtor to the Clearing House K
the amount Of over 81 ,O0O Money is loaning Al
1s01a per cent. premium per diem.
GAS P. NJ
The failure of Fisk 8 Hatch is announced This
Clearing House has already issued $4,000, 900 Of
loan certificates authorized to be given to banks
the association applying therefor. The stock mar
ket, although rather weak, is in no way excited
and business is settling down to its accustomed
steadiness. The commission houses report orders
from customers and room traders are beginning to
renew ventures. The Louisville and Nashville hai
sold down to 81 fall of seven points. The break
is due to the report of large defalcaton in the
company's Office. Pres G. G. Baldwin of the Louis
vile and Nashville denies the truth of the report
The suspension of A. W. Dimock q Co., it is said
will prevent the contemplated extension of the
Bankers and Merchants system.
Fisk q Hatch have been the heaviest dealers in
government bonds ON the street. and generally
have been considered stannch, conservative sn6
nized as the fiscal agents here of the Chesapeake
Ohio railroad, and of the Elizabethtown, Big San
| dy q Lexington road, and have carried heavy
amounts OF the stock of these roads while the mar
ket has been declining. They have sons and sons
in-law in The stock business. The suspension was
unexpected that its effect is more than doubled
and the street Is again in excitement. Brokers are
sumes troubled aspect.
EVENING.
There has been a semi-panic in oil in this city
The failure OF Fisk 81 Hatch and the suspension 81
Bradford Clark has created a dstrustful feeling
1t is rumored that several of the heavy capitalists
interested in oil are in trouble At BIS O'Clock
this afternoon, oil was selling at 49, but before the
close 1t broke to 73, and is now offered on the
street at ~. No failures have been announced
and II anybody has gone under, 1t will be given
out tomorrow, when the clearing is made.
The closing of the doors of the Atlantic State
Bank OF Brooklyn has embarrassed the depositors
and has caused feeling of uneasiness among the
business men. President Puffer stated last night
that the bank would resume business today, as
their securities were all good and their suspension
was caused by the effort to keep up the Metropolis
tan Bank: There was a gathering of depositors