Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-05-15
THE CRISIS Is PAST.
GOOD NEWS. FROM WALL STREET.
CONFIDENCE BEING RESTORED
THH METROPOLITAN BANK RESUMES
ONLY ONE FAILURE-THAT OF DIMOCK l. Co..
TO-DAY.
The Worst Believed To he Over.


had been seen. The action OF the clearing house In
aiding the Metropolitan bank to resume to-day was
do much to restore confidence. operators declined
to express any opinion to the probable course OF
prices prices to-day as much depends upon out-oi.town
have upon the country at large
Activity i'm the BrOkers' Offices.
The scene on the street at this hour Is one Of un-
Wonted activity. Since early this morning the
been busy getting accounts settled up. Many Of
the leading firms kept their employees at work until
accounts has been made, 50 that on the opening
OF the stock exchange this morning affairs will be
In better condition than for many months past,
as new margins have been called for SO as to pre-
vent any rash sacrifice OF good securities
Views Of = Financier Of Thirty.ffve
YearS' Experience.
The representative Of the Associated Press has
just talked with q hnancier OF thirty-fve years
experience on the street, who has been through all
the upheavals Of that period without having had
and he says that the action OF the banks
yesterday, in deciding to pool their issues, has,
In his opinion, decided the situation favorably He
does not anticipate any further failures, either OF
DahkS or banking firms, although he admits the
possibility that some weak stock houses may sus-
pend temporarily. The failure Of the latter he does
not regard as real misfortune, as the wedding out
OF such small dealers helped to give healthier
tone TO the general situation.
DimOck & Co. Suspend.
WALL STREET, 10:15 a m.-Dimock & Co have
A. NJ. Dimock says the trouble has been caused
by the inability to raise money on securities All
his customers accounts have been profitable. Geo.
lerencts to customers
Stock Market Opens at an Advance,
But Is Slightly Depressed by the Dim.
Ock & Co. Failures.
WALL STREET, 1920 a m.-Stock market opened
strong at an advance extending to per cent. The
ST. Paul and the coal stocks are buoyant After
the announcement OF the failure OF D1mOck, prices
STaggen T a per cent ana 6 the market was irregular
fever1sh.
The Metropolitan Bank Resumes.
1880 am--The Metropolitan bank has posted no
tice on its doors saying that the bank examiners
having made an Investigation OF It's affairs the
bank will resume business at IL O'Clock to-day. 1t
Is stated that the Metropolitan stockholders agree
be foreclosed not paid within thirty days. and is
per cent cash.
Good News from London.
Kienans agency reports that Messrs. j; q. Davis
stock and bonds Their correspondents report the
market for American securities advancing, with
strong feeling and no failures
The DimOck Failure Has But Little
Stock market higher this morning in conse-
quence OF the resumption OF the Metropolitan bank
tae aes9a een Of the s
had but comparatively little effect
Big Drop i'm BANKERS and Merchants'
Telegraph Stock.
10:45 a. m.-The Bankers and Merchants tele-
graph stock, in which A. w. Dimock & Co. were
heavily interested is offered at s5 against l19 sales
Yesterday. sale at Is "seller 81" has Just been
recorded.
More About Dimock 4 Co.
NEW YORK, May Is, Wall Street, 11:O7 a. m.-The
transactions In the board SO for the account OF
A. W. Dimock & Co. have been stocks bought In
under the rule, and they were short OF the general
market.
Russell Sage Paying all Demands.
Russell Sage is paying all demands on his priv
leges this morning, as usual The report that he
had "laid down" on his contracts was started by
somebody ignorant OF the ways Of the street. The
only contracts he refused to take yesterday were
on those on which the usual one days notice was
not given
Another Break i'm the Clouds.
1918 a. m.-Dispatches have been received this
morning from London houses by the leading foreign
bankers giving orders to buy both stocks and bonds
at the market price AS 1t was feared that the for
eign orders to sell would be the chief factor In down
great satisfaction end is regarded as another break
In the clouds that threatened the financial world.
Gaping Crowd on the Street.
1890 m.-The street is gradually filling up with
the exchange faces multitude Of sghtseers have
already gathered, who look up at the building
they could thereby gain an insight into the busy
scene enacted within its walls On nearly every
corner within four blocks OF the center Of opera
tons are gathered knots OF men In earnest consulta
ton, and passers-by can hear the various comments
on the state OF affairs AS rule, the ma jorty of
these expressions Of opinion take favorable view
OF the situation, and such phrases as
1.-THE WORST Is NOW oyER,7
''Tne banks are all right, Jay Gould won't let the
Fargo Co. have notified Donnel, Lawson Simp-
son that they will pay drafts on that firm drawn by
Kiesel & Co, Of the same place, and Anderson
Bros, OF Eagle Rock, Idaho
10:45-The stock of the Bankers and Merchants
70 g. Mr. pmSes ne a1 q
firm. was the chief supporter OF the company, and
is said to have furnished the capital with which to
build Its lines.
Proposed Amendments to the Constftu.
ton OF the Bank Clearing House
Association.
The following are the proposed amendments to
the constitution Of the Bank Clearing House Asso-
citation: 'sIn case OF the refusal or inability OF any
bank to promptly refund to the bank presenting
such checks drafts or other items returned as not
same and it shall be hts duty with the approval Of
Ting sheet OF both banks the amount SO reported
and adjust the clearing house ststement accord
ingly; provided that such notice shall be given to
clearing house committee Is also empowered when
ever 1t shah consider it for the interest OF
the the ASSOCIATION, and require from rom any msmber e
securities Of such an amount ana character as said
committee may deem sufncient for the protection
OF the balances resulting from exchanges at the
clearing house,
meeting win be held shortly to act upon the
matter.
Lively scenes as the Opening Of the
Stock Exchange.
= II a 1.-THE noor OF the exchange had more
than its Usual complement Of members In attend
ance, and by $50 the crowd OF operators had gath
cred In knots waiting for the signal to be given to
commence the days business. Just as the big
clock OF the exchange marked the hour Of 10 Chair.
man Mitchell gave three raps OF his gayel and In
an instant the pent-up excitement Of the brokers
gave vent in q howl, and dye hundred hands were
lifted In the air, and the various pools were formed
In which the different stocks were dealt In. Ere
i've minutes had elapsed the gavel again was heard
amid the din, and the announcement was made
that A. w. D1mock Co, OF the United Bank build
ing, had suspended Mr. Dm0ck Is president OF the
Bankers and Merchants Telegraph Company.
The EOHeign Exchange Market Affected
UnfAvOfAbly.
II M-The foreign exchange market Is affected
unfavOranly by the Offering OF loan bills In large
amounts as well as by the withdrawal OF money 6y
cable nom London for use In this MARKET the hirh
rates for money on call here rendering such trans
actions highly profitable. Brown Bros hare re-
duced their rate Tor sterling bills0 lS7 for long and
$50 for short sight, . decuae OF one cent.
New President Of the Metropolftnm
Rank
henry L Jacques has been elected president OF |
the Metropolitan bank In place Of G. I Seney, re-