The daily Cairo bulletin., 1884-05-16
The New Suspensions More Than Balanced
By the Resumptions-Folger
Comes to the Rescue.
Effects OF the Panic at Other Points
The Kansas City. Mo-, Banks With
stand Heavy Run.
Bradford, Pa, Contributes Failure to
the General Fund Of Disaster
From an English Standpoint.
At the Stock Exchange.

NEW YORK, May l5.--Money continues
to loan at six per cent. sharp. Exchange
weak and lower; rates reduced to 487 to
489. Governments firm. Currency, G's,
1923 bid AS, coupons, 120 3-4 bid; l-2's,
do, 10 bid. The feeling of alarm and
mistrust in financial circles continues un-
abated, and the opening of the Stock Ex-
change this morning was awaited with
even more feverish anxiety than yester-
day. The announcements made last
evening that the banks have agreed to
pool their capital for the purpose of self
protection did little to orelieve the anxiety,
at least 80 far as brokers and spectators
we're concerned, and many asserted that
while this arrangement would greatly
aid the banks, there was little
comfort to be derived from their action
by the speculative fraternity, lnasmuch
as the market would not be relieved, and
as the banks would insist on absolutely
frst-class security for loans. "The banks
continue to call in the loans on stock col
lateral, and this In itself is forcing blocks
of stock on the market every moment"
"and fail to see how their action will
In anyway benefit the situation or stop the
avalanche Of stock that Is steadily
pouring on the market. Then, too, out
of-town holders have become demOralized
and are unloading as fast as pos
sible. Better times cannot be
looked for until the selling and squeezing
out process ceases" The streets i'm the
vicinity of the Exchange began to fill up
shortly after eight O'Clock, and by nine
Wall, Broad and New streets were almost
impossible The same scenes enacted
before the opening yesterday are going
think that night had elapsed since the
rampant, wild excitement of the preced
ing day. When the Exchange opened
an excited crowd rushed in and the
opening sales were watched with intense
interest. AS stock came out 1t 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; and before
the first hour prices were jumping up al
most as rapidly as they had declined the
day before. The improvement ranged
from 1-2 to 2 per cent. Business was
hardly fairly under way, however, when
the gavel of the chairman was heard
hammering attention. The
hubbub ceased for moment and
a rush for the railing in front of the ros-
trum ensued. When order was compar-
atively restored, President Hatch an
that A. w. Dimock, President of
the Bankers Merchants Telegraph Co.,
had notified the Exchange of his inability
to meet his engagements. The announce
ment was greeted with wild yell, and o
rush on the part Of some of the more
timid operators t0 SELL The effect of
their selling, except in the instance of
stock of the company of President
Dimock, was scarcely perceptlble, and
the Bankers Merchants tumbled in less
than ten minutes from 1l9 to As; but
transactions were on comparatively
small scale. Several hundred shares
of stock were also sold under the
rule for account of Dlmock, and after
q momentary pause the advance once
more began. At midday the announce
ment that the Metropolitan Bank had
resumed materially, aided the hope
full feeling, and greatly accelerated the
buying movement At one O'Clock the
best figures since the opening were
realized, current prices showing an ad.
vance of one-half to four per cent.