The Indianapolis journal., 1884-05-17
Only One UnimpOrtant Failure Reported Dur
ing Business Hours, and 1t Is Certain the
Worst Point Has Been Passed
DOnnell, Lawson & Simpson Ask the
Indulgence of Their Creditors.
Senator Sherman Sees No Reason for a
General Panic, and Thinks the Recent
Failures May Result Beneficially.
THE STOCK EXCHANGE.
Generally Uneasy Feeling, but the Day
Passes Without Additional Failures.

A GeneraIiy uneasy teellng, put Jne DAY
Passes Without Additional Failures.
New YORK, May 16.-At an early hour there
was every indication of a brisk day. The Office
of Fisk & Hatch was open, but no business was
transacted beyond receiving claims and fixing
basis of settlement. Mr.. Fisk said that many
depositors and other creditors had expressed
tire confidence and notified them that their claims
would not be pressed.
At 10 o'clock the gong sounded and the days
business began. There no appearance of
furry on the floor of the Exchange and although
the various pools appeared larger than usual, the
number of offers appeared equal to the demand
Talks with few members of the board brought
out the fact that they believe higher prices will
prevail to-day unless there are new failures.
The clearing house committee have loan certi-
fcates ready for instant delivery, and express
determination to use them literally with view
to relieving, without delay, any stringency in
the money market.
The wild talk about closing the Stock Ex-
change is treated with ridicule, as no necessity
exists for such action, speculation being in no
sense paniclly. An old member of the board
says dealings are less flurried than on many oc-
casions when no particular reason existed for ex-
element
An officer of the Exchange stated that he was
informed by Russell Sage that he had met every
''put" sent in, but must proceed slowly.
At 1030 the street had settled down to work.
There was an absence of idle gazers, and the vi
cinity was no longer numbered with masses of
curiosity seekers. The visitors galleries were
we'll filed, a majority of those looking being
elegantly dressed ladies Russell Sage is not
taking stocks privileges this morning but is
making settlements by giving checks for differ
ences-that is instead of paying for the stocks
in full he gives holders his puts" for the profits
aecruing on the transaction. This saves him
paying large amount of money, but his action
will compel brokers to sell stocks which they
bought, expecting he would, as has been his Gus
tom, receive them on his puts.
Vanderbilt's brokers say their chief will reach
London on Monday when they expect to receive
heavy orders from him to buy
The suspended firms are all busy Strengthening
their affairs Goff e. Randle will not have
statement ready before next week. Dimock &
Co. state that it will require some time to adjust
their accounts; Hatch & Foote, Bogart & Co.,
Hochkiss & Burnham and J. c. Williams cannot
give anything definite as to the state of their
affairs: Nelson Robinson & Co. expect to resume
in short time; Donnelly Lawson & Simpson
are not disposed to say anything.
The first two hours of business, which are
usually the most dangerous in a season of furry,
passed with only one small failure, which had no
depressing influence.
Sub-teasurer Acton says there was brisk de
mand for legal tenders at his Office yesterday,
causing the withdrawal of So, 500 900. Up to
this hour to-day 100000 in legal tenders has
been paid out, and nearly another million silver
certificates-the latter for payment to savings
banks.
Business matters at the Produce Exchange
have rather gloomy look, although no failures
or Iumors of failures are current. Traders are
not disposed to operate to any material extent,
and shippers operations are checked by the ex-
treme difficulty of selling sterling exchange.
Prices are all lower and tending downward
Leading members are quite hopeful that there
will be no panic on the Produce Exchange, but
some members are discouraged at the outlook
At the Subtreasury large amounts of green
backs and silver certificates were paid out to
savings banks. The excitement at the several
Brooklyn banks has Gained down. There
was nothing that could be called
a run on any of the savings banks to-day. The
Atlantic State Bank, of Brooklyn, opened to day.
but no business was transacted The bank ex-
aminers got through last night, and found every
thing all right, and the capital Of the bank unim
paired.
The speculative day ended peacefully, and all
evidence goes to show that the semi.panic is
over, and that monetary affairs will gradually re-
turn to their accustomed condition.
The only failure announced during the day
was that of Hardy & Sons, whose contracts,
it was stated, were provided for.