The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1884-05-22
THE CRISIS PASSED.

Another Day of Excitement wall street
Concerted Action the Part of the
Bankers for Protection Stems the
Tide and the Crisis Seems to Have Passed.
NEW YORK, May Is.
The feeling of alarm and mistrust
IN financial circles continues undated,
and the opening of the Stock Exchange
this morning was awaited with even
more feverish anxiety than yester-
day. The announcement made last
evening that the banks have agreed to
pool their capital for the purpose of self
protection did little to relieve the anxiety,
at least so far as brokers and spectators
were 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
first-class security for loans. s'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
said well-informed broker this morning
sand fail to see how their action will
in anyway benefit the situation or stop the
avalanche of stock that is steadily
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 in the
vicinity of the Exchange began to fiji 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
n ut
think that night had elapsed since the
rampant, wild excitement of the prcccd-
ing day. When the Exchange opened
an excited crowd rushed in and@the
opening sales were watched with intense
interest. As stock came out it 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; ana before
the first hour prices were jumping up al
most as rapidly as they had declined the
day before. The Improvement ranged
from l-2 to per cent. Business was
hardly fairly under way, however, when
the gaveI of the chairman was heard
vigorously hammering attention. The
hubbub ceased for a moment and
a rush for the railing in front of the rOs-
trum ensued. When order was compar-
| atively restored, President Hatch an
nOunced 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 a wild yell, and a
rush on the part of some of the more
! timid operators to sell. The effect of
| their selling, except in the instance of
! stock of the company of President
| DimOck, was scarcely perceptiblc, and
| the Bankers & Merchants tumbled in less
| than ten minutes from ll9 to 40; but
! transactions were on comparatively
small scale. Several hundred shares
| of stock were also sold under the
rule for account of Dimock, and after
! a 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 adj
vance of One-half to four per cent.
The proposed amendments to the consti-
tuition of the clearinghouse Association
are as follows: "In case of refusal or in
ability of any bank to promptly refund to
! bank presenting such checks, drafts or
| other items and they are returned as not
! good, the bank holding such checks,
drafts or other items may report to the
manager the amount of same and it shall
| be his duty with the approval of
! the Clearinghouse Committee to take
! from the settling sheet of both
| banks the amount SO reported and adjust
the Clearing house statement accord
| ingly; provided that such notice be given
to the managers before one O'Clock Of the
same day. The Clearing house Commit
tee shall also be empowered, whenever it
shall consider it for the interest of the
association, to examine any bank mem
Der of the association, and require from
any member securities of such amount
and character as said committee may
deem sufficient for the protection of bal
ances resulting from exchanges.