Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-05-16

owing to the annou aesment OF tbs
failure OF Dimmock d Co. This was sue
ceeded by strong buying for foreign and
home account. and there was a general
Improvement. Central Pacific rose IL
per cent, to 1924 /: Northern Pacific Pre-
ferred 81, TO 40; Oregon Trans-onti
mental 21<, to l41z Pacific Mail 3. e
l9; Central Pacific 3. TO ~; Western
Union ga. to 54l4. At tbs Clearing
House the new cersi6c4tes were ready
for delivery at an early hour, an thf
banks availed themselves TO the extent
of 100000. The resumption of tbs
Metropolitan bank also had favor.
able effect, inasmnch as IL com pletely
sets at rest all fears that the suspen
sion was Of the Marine bank character
Buying for European account Was 4
special fcatur., and every house witt
foreign come ction hid liberal orders Il
purchase at times during the day when
the market suggested. These pnr-
chases turned the course Of specula
ton. This foreign buying movement
was plainly shown by foreign ex
changes. There was larger supply of
bills than for a long time, and the
| pressure to sell caused sharp decline
In rates. Twice during the day prime
drawers reduced their rates. the last
time to 1854 aud 1864. The
high rates of money at this center
| attracted foreign capital, and leading
English and German institutions tele-
graphed their agents to draw on them
for any amount. In consequence the
pr-s'ure to sell cables was he.vv, and
sales wore n de down TO 1861. The
buying OF stocks for home acc ,unt was
also very large, brokers' offices being
crowded with invest rs. This il uSu-
ally the case after a disturbance like
that of the past few days The stocks
SO bought, it should he understood. are
paid tor IN eull and taken out of the
street. THIS op ration. besides feduc-
ing the amount OF stocks TO BIS car
RED on the sire I, brings in sd
much fresh capital to aid the
money market. Investment purchases
therefore naturally had an important
innuence In the direction of improve
ment, and speculation Was stron until
nearly IL, when this report wts circu
lat II that there had been a def lc4tiou
in the Louisviile Il Nashville Office.
This President b ildwin emphaticaiiy
denied. and denounced as falls. all sto
RES OF defaication or of other irregular
also rumored that leading stock hon "a
in Wall street was i'm trouble, but this
was proven untrue. Again purchase ( r
foreign account turned speculation, and
the market became firm. just before
the close the suspension of Fisk &
Hatch was announced, and the market
sold off 5 per cent for Central Pacific,
for Pacific Mail. and x 20 2 for other
active shares. There we're evidences of
strong support in the final dealings. As
compared with last night, the closing
prices are a per cent higher for Norta-
ern Pacific, 2 for preferred, Ia for
Union Pacific and 24 for Western
Union, and Pacific Mali il 2 per cent
lower. Bankers and Merchants tele.
graph broke to 45sI. the break being
due TO the failare of A. w. Dimmock d
Co. Dimmock is President of the tele-
graph company. American Gable de-
clined 2sI TO sou. Railway bonds were
irregular, some issues showing a decided
decline AID 9th r. marked improve
ment. Union Pacific declined III to
log.
NEW YORK, Nav 15-The Bankers
and Merchants Telegraph stock. in
v hich Dimmoek d Co. are heavily inter
est, d, IL offered at 81 against 49, sales
Yesterday "a 65, seller 81. have just BEEN
recorded.
Dispatches were received this morn
ing from a London house by leading
foreigs bankers. giving orders to buy
both stocks and bonds NJ market prices.
As il was fesred that fore On orders tn
sell W uld be the chief factor in the
downward movement today, this news
created great satisfaction, aud 1t IL re-
garded AS another break in the clouds
that threat the financial world.
NEWSPAPER COMMENTS.
New YORK. May 14.-From the Com
merciaI advertiser: The firm of .. NJ.
Bogart a. Co. has long been known as
one of the most important note broker
houses of the Steck EXCHANGE. IN the
failure of Duncan, Sherman Il Co., they
were heavy endorsers, and lost much
money in the collapse, but survived the
crisis. and continued in the hazardous
business of dealing in privileges. The
members Of the hrm are Orlando M.
Bogart, Richard w. Bogart, w. III. Boz
CART aud Alonzo NJ. Wilcox. w. Ii. Boz
CART ia the Stock Exchange member of
the firm. The house Was badly embar
raised by the failure last year of Orange
Judd failed for $4,000, with assets of
only $4,000.
CHIcAao, May l4.-rhe Inter Ocean
will conclude an editorial pointing out
the danger of bank officials induigiRe
in speculation ~ follows: There has
been an unhealthy state of the stock
market for two ,etrs, and 1t Was about
time for clearing mp OF tine storm
The great grain producing and cst
tie growing West is prosperous. The
farmers are having gosd seeding time.
aud everything in the agricultural line
looks better nov than it did twelve
months ago. The East must get down
out of the clouds n d b. content To
read solid ground. Kite fiyisg il dan
eerous business and above all, bank
err, whether IL be Ward, Fish, Emo.
Seney, or any other m VA, should steer
clear of speculation. all OF whtah Is
outside legitimate banking operations. :
TSrsgvrHw wIrH GEORGE NJ PULLMAN
From tue Nv York World IL Thurs
dny: George NJ. pu taan. President 1T
the Pullman Palsce Car Company, said.
.It does n, q seem to m- that an excite
ment sucA IA IL row rcigning on Wall
street caa spread thr 'ughout the couu
try. In my official capaaty rs head OF
a company whose cars are on almos,
every railroad throughout the United
States and Mexico, am in position to
kn.w something about the general con-
dit,op Of the country. From reports
made me l tind that trade and con-
merce everywhere are prosperous, and
that there ase more men in actual em
ployment than at any previous tirue. IL
seems t. me that the prosperity OF the
country depends more upon this state
Of AFFAIRS Than on what 10 being done IN
Wall street.
THE METROPOLITAN.
NEW York. May 1.-THE Metropol'
itan bank directors accepted the resie
nation OF President Ssuey. and elected
vice president Jacques to sacceed
him. The manager of the clearing
house reports the clearance of the Me-
tropoiitan bank effected.
NEW CLEARING HOUSE RULE.
Nrw YogK, MAY lathe following
are the proposed amendments TO the
constitution of banks OF the Clearing
House Association In case Of the re-
fusal OF inability Of any bank promptly