The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-16
The Black Cloud Of Yesterday Blow.
Ing Over,
Hut Stlll Lingers Over Some Aching
Head.
Donnelj, Lawson 4 Slgpson Under
the Daisies.
Resumption OF tho metropolitan sri
Closing Of Others.
What Gould has 20 Say About the
Shake.Up.
II Is Probably n Cleaning Out OF the
Tares
From the Rich Fields OF Financial
Circles.
At tho Exchange.


At tho Exchange.
New YoRK, May 15.-Siocks opened bet
ter, Western Union 50, TBxss & Pacific
II 3.4, st. Paul 6s, Rock Island ll3, Read
ing 80. Nov York Central 100. North
weatern 10l, Missouri Pacific 72 l.2
Michigan Central 20, Lake Shore %, Erie
II l.s, Cbicsgo, Burlington & Quincy
ll5
Market strong and higher In consequence
OF the resumption OF the Metropolitan bank
and the action Of tho clearing house adj
yanced prices TO IL to 4per cent. The fall.
ure OF Dimick b 90, has comparatively
little effect.
10 a. m.-The floor Of the exchange had
more than tho usual complement OF buyers
and by $3.50 crowds OF operators gathered In
knots waiting the signal 10 commence the
days business. Just as the clock marked
10. Chairman Mitchell geya three raps of
the gavel aud In an instart tho rent up ex.
cltemen, Of brokers gave vent To howl
apd 800 hands were lifted and tho various
pools formed IN which tho different stocks
were dealt in. Ere five minutes elapsed
the gavel again wac heard smid tho din
and the announcement was made that
Di,nick e Co. OF the Uaited bank had
suspended. DImick Is president of the
Benk nkers' & Merchants' Telegraph company
ll:l5 n. headquarters ere received
this morning from London houses by lead
ing foreign bankers. giving orders to bu 20
both stocks and bonds nt market price, u
IL was feared forsign orders TO sell would be-
the chief factor in the downward movement
To. day. This news was greeted ith gregi
satisfaction in regard to another break IL
the clouds that threatened the financial
worlo.
1880 q. m.-The streets are gradually fill
ing up with gaping crowd.
Wall Street., ll:45 -Comparetive quie,
reigns at the Stock exchange, and IL wa
more apparent every moment that the cri.
sic had past. The suspension OF Hswley
Co., Of Boston, caused by the run on III,
banking department OF Tho house is believ
ed IN be temporary.
Wall Street. 10 m.--Money i2 per cont
per annum bid; prime mercantile pape
nominal; bar silver, II IA; exchange veal
and demorizsd. Owing to the tightness o
money sellers are compelled to take whs
they can get. Foreign capital being OF
tsactsd by high rates here. bills sold q,
4s5 l-2 to 4S9; sixty days. 4S7: demsn,
nominal; rates down 10 iAsJto 4S9. .,l
States dull.
Rail way bonds strong and higher.
Governments irregular.
Stocks strong and higher.
-i215 D. m.-Tbo Metropolitan bank re.
sumed, paying all depositors presenting
checks even before the hour named for re-
supption. Tue paying teller opened the
window and the first man In line received
his money. At noon the number 10 line
was not over twenty principally boys
and clerks, only one lady among the list.
Wall street, ~. ma representative oi
the Assoc ated Press visited during the day
most of the leading commission houses.
They invariably answer TO the question as
to whether the crisis Ia over, that there are
no dangerous clements Ia the financial sit
uation. Many expressed themselves that
the experience OF the past few days bad
proved benefit to the speculative COM
mupity, as this street was beginning to
realize the danger Of fover-specnlStior. The
rash ven ures OF some OF the most daring OF
the fraternity will, it 10 thought, prove q
wholesome lesson to their brethren.
Sd. III. Russell Sage, who has been paying
ont checks for stocks put him on privileg.
ss. stopped paying for the day a. 2:l5 Since
8 O'Clock this morning a line OF clerks have
been waiting their turn TO give notification
to put stocks under contracts, and they
have been cnt of for tie dav.
80. m.-Fisk & Heich the suspended
firm. 10 composed OF 4. S. Hatch and Har.
yey Fisk. Hrch was recen'ly elected
president of the Stock exchange by q
vote. Tho firm has been the
hesvIes. dealers In government bonds. On
the street they were considered staunch,
and reliable. Tho firm has
been recognized as the fiscal agents here
for the chesapeake Il Ohio railway snd Of
the Elizabeth Big Sandy d Lexington
ard have carried heavy amounts
of stock OF these roads while the market
was declining. They have SONS and sons
in.law In the stock business. Ths an-
Of their suspension came like
a thuHderbolt on the exchange. Willism
Lummins 10 now acting president
of the exchange, owing 10 Hsichs
II 10 surmised that his efforts
to aid his sons en- bsrrassed the firm Hatch
has been prominent IN religious matters
and philanthropical measures, and was fre'
quently heard % lecturer on religious sub
jtcts. Fisk has just returned from a tour
OF Europe. Ths immediate result VI the
failure nt the stock exchange was decline
Of TO points, the weakness OF govern
ment bonds. This firm went to the wall
during the panic Of 1873, hut re.
sumed shortly after. The suspension
vas not announced until few
minutes brfore..S O'Clock, the closing hour
Of the exchange, but the effect was an In
mens OF the failures.. A rush OF operators
was made to the offioe OF the firm and
Anxious inquiries made by b'oksrs as 10
how the firm stood. Fisk was seen by al
A ssocinted Press representative, but re-
used to say anything The doors were
closed and the crowd OUTSIDE increseed.
The suspension was SO unexpected that its
fleet was moro than double, snd the street
was agsln excited, brokers iusbing around
wildly aud the situation again assumes
.roublous aspect.
A. w. Dimick q Co., in assigning to
George Putnam Smith, gave preferences IN
svor Of depositors to whom they owe 81 oO
,r | IS. and order that the creditors of each
partner be paid out OF tie individual assets.
A su' 'lus. u any, OF their Individual Lssets,
s ts be applied to helping the reduction OF
be cc-partnership debts. 'he firm con-
lists OF Anthony w. Dimick ahd Arthur u.
Dimick
Cashier J. MoGouykey, of the Metropoli-
an, eaid: I'VE shall begin paying out at
2 o'clock, and shall continue until the last
dollar is paid ont 70 depositors, II they de.
The slight run on the Becker Street
Savings bank today subsided at noon.
Atihe Second National bank there was
40 excitement.
q. 8. Mott, general MANAGER o; the
Bankers and Merchants Telegraph CON-
Dany, says: THE suspension of Dimick
I Co., does mt involve the company"
IL 10 stated the Bank Of Commerce was
his morning .nJsbted to the clearing
house Tor one and ope- halt millions.
Henry L. Jacques hes been elected presi-
lent Of the Metropolitan bAak I'm pisce Of
seores I. ecney, rssiepsd.
sm The market.