The Panola weekly star. (Sardis, Miss.) 1882-18??, 1884-05-24
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The feeling ~ alarm and Hlatfad
IN financial circles continues unsbaied,
and Che opehlna of The slock Exchange
this morning was awaited With even
more tcvefsh anslpty than Jester
day The announcement made last
evening that the banks have agreed 10
pool their capital for the purpose Of self.
protection DID little torelicye the anxiety,
~ least ~ far ~ brokers and spectators
were concerned, and many asserted that
while this arrangement would greatly
aid the hanks, there was little
comfort ~ be derived from their action
by the speculative fraternity, inasmuch
~ the market would not he relieved, aud
rs the banks would Insist On absolutely
iirst-class security Tor loans "1hc banks
continue 10 call IN the loans on stock col.
lateral, aud this In itself Ia forcing blocks
OF stock ON the market every moment"
saida well-lni0rmed broker this morning,
'and fall 10 src how their action will
In anyway benefit the situation or stop the
avalanche of stock that IA steadily
pouring on the market. Then, too, out.
Of.town holders have become dcmoraliEcd
and are unloading as fast as pos.
sible. Better times cannot be
looked for until the selling hnd squeezing
out process ceases.n The streets In tho
vicinity Of the Exchange began TO iill up
shortly after eight O'Clock, aud by niue
Wall, Broad and New streets were almost
impossible. The same scenes enacted
before the opening yesterday are going
on, aud casual observer would not
think that night had elapsed since the
rampant, Wild excitement Of the prcced.
Ing day. When the Exchange opened
an excited crowd rushed In aud the
opening sales were watched with Intense
interest As stock came out IL 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; aud before
the first hour prices were jumping up al
most as rapidly as they had declined the
day before. The Improvement ranged
from ~ to2 per cent, business was
hardly fairly under way howeyer when
the aaycl of the chairman was heard
vigorously hammerIng attention. The
bubbub ceased for moment and
A rush for the raIllnn I'm front of the ros.
trum ensued. When order was compar.
atIyely restored. PresIdent Hatch an.
nounced that A, w. DImock, President Of
the Bankers 4 Merchants, Telegraph Co.,
had notified the Exchange of hIs inabllIt,
to meet his enpaaemcnts. The Announce.
ment was greeted with a Wild veil. and A
rush on The part of some of the NOR,
tImId operators 10 sell. The effect Of
their selling. except I'm the instance o
stock of the company OF President
Dlmock, was scarcely pcrceptIble. AM
the bankers a Merchants' tumbled in les,
than ten minutes from llp 10 as, bul
transactions were on n colnparatiyel,
small scale. Several hundred share,
of stock were also sold under IN,
rule for account Of Dlmock. and aftel
a momentary pause the advance one,
more began. A midday The announce
meut that the Metropolltan Rank hat
resumed materiaIly. aided the hon,
fui feeling. and greatly accelerated In,
buylng movement, Al one o'clock m,
I la Et hs faTl