New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-14
HEAVY SALES, BUT NO FAILURES.

SCENES IN THE STOCK EXCHANGE-ACIIoN OF TIE
CONTINENTAL BANK
Brokers and operators in Wall Street came to
their offices yesterday with a nervous feel-
ing. For short time in the early dealings at the
Stock Exchange there appeared to be some
ground foI reinsurance as few OF the stocks
recorded a slight rally from the hnal prices on
Monday. This impression was soon dlsslpated
by the development of renewed weakness Ill the
stock market and as the day wore on intense ex-
element was born out of the condition OF
the speculation. The height of the excitement was
reached in the last hour, when numerous
rumors were set ahoat on the Street, and the
brokers in the Exchange became bowling mob
that appeared to be throwing stocks overheard
reckless ofevery consideration
The sales of stocks at the Stock Exchange
reached a total that was officially placed at over
100000 shares but the excitement in the last hour
was so great that many transactions were not re-
ported. The largest business was done III Western
Union Union Pacific, st. Paul common and Chicago
and Northwestern. From 60 Western Union
fell to 54; Union Pacific declined from 90 to
457s and ST. Paurs drop from II was stopped
only at 734 when the gong sounded for
the close of business One Of the ex-
citing incidents of the day was break
in Canadian Pacific from 46l2 to 40 i'll few min
utes ON sales of only 900 shares. 1t quickly raj
he'd TO 443a but at that figure shows loss OF 8
per cent from Monday night Other sharp declines
were in Louisville and Nashville from AL
last night to 40; Missouri Pacific from
sOs4 in the morning TO rs; Texas and
Pacific from IA Monday night to 12l2; Central Pa
cifc from ~ to 3934, and Missouri, Kansas ana
Texas from 147s TO 1888 The outp9uring OF stocks
was only stopped when the hour for ceasing busl-
ness was reached. The bond market fully re-
Gto m ket
and sharp declines were recorded in many of the
issues The heaviest loss was borne by Erie second
d. consolidated bonds which sold down from 90 to
G3a63l2
MANY FALSE REPORTS IN CIRCULATION.
The.rumors of the day assailed several banks and
brokerage firms. Reports of failures, embarrass
ments and defalcations were thick No failures OF
Stock Exchange firms were announced, but aftei
The close of business it was learned that A. Dyett
g. Co in the basement No. 80 Broadway, were III
difficulties The officers of the Continental National
Bank where the firm has It's account, certined inc
checks of the firm up TO point where 1t was deemed
prudent TO stop. The firm was then Informed tha'
the bank could not certify its checks any
further. Whether this action will compel the mouse
to suspend to-day will depend upon what arrange
ments can be made before Clearing House hours
this morning 1t was hoped last night that the
threatened failure could be averted by assistance
given to the firm. The Continental Bank clalln'
that it is amply secured the CONGRATULATIONS
which amount 10 about $4,000. Securities were
sent by Mr. Dyett to the bank after it had declined
to certify the concerns checks, which
will protect the bank the firms over
drawn account Unless however, thest
can be taken up the uncertifed checks gwen by tn,
firm will be thrown ont of the Clearing House to
day. The firm is composed of Arthur Dyett and A
X. l.. Norton. Both have many friends in the Ex
change, and their fellow brokers have confidence II
their integrity. friend of the firm said late yes
terday II have seen both partners, and am fully
satisfied that if the worst has to their seats III
the Exchange alone will nearly pay the creditors IL
full"
William Heath, of William Heath a. Co., called
at the Continental Bank late in the afternoon, ac
companied by his counsel, for the purpose OF ex
planning his position In regard to some of the col
lateras which were given TO the bank to secure th'