Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-05-16
fmantiiaI

And the Various Ranks Pool Their Cap
ftai-ReassurinR EHect OF This Action
On the Market-Priees Advance Slowly
But Surely, TIL the Failure of Flax q
Hatch Plays Havoc Again -Fevertsh
and Excited he Close.
NEW YORK. May Is.
fsVer1sh excitement consequent upon the chapter
CT failures yesterday had but little subsidized over
hlent and this morning found the streets in the
heighborhood of the Exchange evan more crowded
than on yesterday. The announcement of the fail
ure OF Donnel. Lamson Simpson and of Hotch
kiss Burnham in the last hour of business yester
day led many to believe another batch of failures
We're in store for to-day The fact that several houses
were known to be in shsky condition tended to
intensity the apprehension The announcement that
the banks had agreed pool their capital for their
mutual protection viewed rearsuring as far as
the immediate interests CT these institutions were
concerned but bankers rule professed to rec ttI
II this arrangement tn the pressure
OF the market. As early as 8 O'Clock most Of
the brokers' offices were opened and the clerks
and members Of the firms were busily paving
over their securities and papers, stating balances
ana doing other routine work in preparation for the
days business The expression of their faces clearly
showed the anxiety and fear under which they
laboring. At O'Clock large crowd of brokers and
clerks were in front of the Exchange and awaited the
opening Of the doors. Around the Metropolitan
hotel and in front of the suspended firms were
and vainly seeking information Those who pressed
too close were cautioned of by officer. The doors
Of the Metropolitan bank opened at $50 and the
crowd cheered, evidently thinking it had resumed
ana soma of the depositors braced themselves for
rush, but they rereed by the guardians of the
peacs, who politely but firmly informed them that
they would net be to enter. clerk appeared
and passed notice that President Seney had re-
signed and Vice President Jacques been elected
president and that business would be resumed at
noon. The news spread and the belief began to
grow that the worst was over. When the Stock Ex
change opened there was the same excited rush
as characterised the opening of yesterday and in
a few moments the large room denrely packed
with brokers' the largest number probably ever
gathered at time. When the chairmans gavel
sounded there a rush to the various crowds in
which each separate stock is dealt, while others
scampered in excited manner between them in
vain efforts to keep track of the prices of severa
stocks at once The opening sales were watched with
great interest aud as the stock came slowly out q
sabdued murmur which broke into shout of de-
light filled the room. Prices advanced from the
opening sale, viii the pressure to sell showed fall
ing of. In the first few minutes of business prices
jumped up almost rapidly as they went down the
day before and the feeling became more hopeful It
was evident that strong hands had come to the sup
port of the market and the activity with which Of
ferings bought in caused many Of the shorts to
co yer briskly. There also good buying for
that class of Spectator take advantage Of
sions like the present to buy for turn. Business.
however, had hardly got fairly under way when the
omnous rapping of the gavel Of the chairman of tn
board caused rush in the direction of the rostrum
When order was restored President Hatch announced
that he had just received notice from AW. Dimock
Co. oftheir inability to meet their obligations: This
caused temporary check to the upward movement
and many tinnid holders rushed to sell, causing
some reaction, but the offerings were soon alb
sorbed and prices again took upward
turn In fact, with the exception of heavy break
in the price of Bankers and Merchants Teleg raph,
| of which comp my Mr. Dimock is the head, the an
nouncement of his suspension ad but little effect.
In ten minutes the stock sold down from 1l9 to As
very limited transactions. Several thousand sh ares
of the stock OF various comp 4nies sol out
der the rule for tbs firms account. Ihs rest of the
list, however, with the exception OF Louisville ard
Nashville, which reacted sharply from the opening
figures, steadily advanced until noon, when price
showed general Improvement ranging from 4 to 6
cent, the latter in Manitoba. The next great est
advances were: Michigan Central AZ, Missouri Pa
| cifc ~, Oregon TranscontinentaI O. Northwestern
preferred az. Northern PAcia preferred 2
| Union Pacific IN, Omaha preferred 2, St
Paul SO and Wester Union ~. The
| buyin of the morning accels rated to
great extent by the first announcement
| that the Metropolitan bank would resume. Abou
mi aday the stringercy of money, which was then
loaning at the exorbitant rates of to IN per cent
per diem in addition to per cent began to make
sslffelt. The banks absolutely refused to advance
money on any security whatever, which tended te
| make the situation more enb arrassi e. AS a conse
| Qusncs many holders of stock with not suf6 cient
| capital to meet their immediate wants were com
PEELED to SELL while those who bought for turn tool
advantage to realize. This selling reaction
| between noon and 1:S0 p. of tx to Az. Afte1
this hour the market less active, but the tone
oka x-ak-o
the greater part of the decline had recovered
and matters just about began to lock bright again
when runor5 Were circulated of the impeding fail
urs of another house. The rumors had been in cir
culation but short time when the name of the ole
and reliable firm OF Fisk & Hatch became Coupled
with them The reports caused great CONSERVATION
the street and the comparative quietness which
has prevailed in the board room during he greater
part of the afternoon gave place to of wild
| confusion which greatly intensified when tht
rapping of the chairmans gavel again heard and
the announcement of the failure of the was Off
ciay made. There general scramble to sell and
the noise and excitement prevailing wal
| nearly bad the feeling of yester.
| day. Prices went down at a rapid pacs despite the
efforts of of the larger holders to steady the list
and the market closed in feVersh and semfpsuicky
state at decline from the prices current at O'Clock
OH to per cent The closing figures com
| pared with last evenings figures were irregu
I larry cnaneeo, OUT the majority showed Improve
ment. feeling of great uncertainty has been
caused by the failure of Fisk Hatch and prediction.
| that other firms would follow tomorrow. Russell
Sage suspended payments his privileges early to-
| day, demanding twenty four hours notice. 1t was
said he had plenty of ready cash to meet these obiga
tonE but taking advantage of the high rates TO,
money and was lending it out The specaIities were
| irregular and the changes in some of them quits
| marked. Sales $4,000 shares. Mr.. A. s. Hatch OF
the firm of Fisk Hatch, is president OF the Stocl
| Exchange and after the announcement of the sus
pension of his firm Mr.. William Lum mis- of the firm
| of Lummis Day acted president
The money market worked very close througho nj
the day and rates for call loans ranged from \ to *
per diem in addition to the legal rate of per cent
| Exchange was weaker to day and rates were re-
duced. Posted rates were 4s7a4S9; actual rates 4s5
| 4a6 for sixty days, 4.88 for demand.
GClosing prices reported over private wires OF
| BUNNELL Il SCRANTON. Bankers and Brokers.l
| Bid Asked