Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-17
NO DANGER OF A PANIC.
BUSINESS RECOVERING FROM
WEDNESDAYS STARTLER.

/ "
| Yesterday Marked by but One or Two
UnimpOrtsnt FaiIures-An Upward
Leap the Feature of the Day on
'Change-American Securities Irregu-
lar in London.
NEW YORK, May 16, 9:3O A. M.-The
street has been alive for fully half an hour,
and at this time there is every indication
Of brisk day in this financial centre.
| The office of Fisk & Hatch is open for the
admission Of all who desire to see or con-
suit with members of the firm, but of
course no business is transacted beyond
! the receiving of the various claims against
the house, and the fixing of the basis of
settlement of its contracts. Mr.. Fisk was
interviewed by representative of the
! Associated Press, and said that beyond
the statements contained in the circular
to their creditors issued last night he
could at this moment say but little. Many
of the depOsitOrs and other creditors of
the firm had expressed their entire conf
dence in them, and had notified them that
| their claims would not be pressed to the
detriment of the house.
BEARS COVERING.
NEW YORK, May 16, $3.50 A, Mt is
stated that leading bears have covered
their short lines, and in some instances
| have changed their position on the
market. Foreign bankers continue to re-
port large buying orders from England
1 and the Continent for bonds and stocks. 1t
is also stated that there has been good in
vestment buying for out of town parties.
| 1t is reported that large amount of
! stocks had been paid for and withdrawn
! from the street. The obligations OF Fisk
| a. Hatch on the Stock Exchange are Yerv
| small.
WORK BEGUN.
! NEW YORK, May 16, 10 A. M.-The gong
| has sounded and the days business has
| begun at the Stock Exchange. There is
/ no appearance of furry on the floor, and
( although various pools appear to be larger
| than usual the number of offers appear to
4 be equal TO the bids. A talk with a few
| members of the board brought out the
/ fact that they believe in higher prices to-
/ day, unless some new failures are an
/ nOunced, and no one has so far expressed
an opinion that more are very probable,
| but at this writing it is ImDOssibIe to pre-
! dict what the day may bring forth.
! THE CLEARING HOUSE READY.
NEW YORK, May Is, 1915 A. M.-The
/ clearing house committee have loan GER
| tihcates in readiness for instant delivery,
| and express determination to use them
| literally with a view of relieving without
delay any stringency in tho money mar
! ket. The wild talk of closing the Stock
Exchange is treated with well deserved
rldicule, as no necessity exists for such
action, speculation being in no sense
| panicky. An old member OF the board
| says that dealings are much less f1urried
! than on many occasions when no particu-
lar reason existed for excitement. An
officer of the Stock Exchange states that
| he has been informed by Russell Sage
! that he will meet every putt sent in.
! but must proceed slowly.
| THE STREET LESS CROWDED.
! NEW YORK, May 16, 1O:3O A. M.-The
street has settled down to work. There
! is an absence of idle gazers and the
! vicinity of the Exchange is no longer
| numbered with masses OF curiosity seek
| ers, who only serve to breed excitement
and hinder the progress of those who had
! business on the street. The visitors gal
leries are still well filed and the doormen
| are obliged to discriminate as to those ad-
mitted. A majority Of these looking down
| on the brokers are elegantly dressed
! ladies.
HOW STOCKS OPENED.
WALL STREET, May 16, 1926 A. NJ
! The share market opened weak and fever
| ish, except for Western Union and Union
| Pacific. st. Paul opened IL lower at
| 67%, Northwest a at 1917, Lackawanna
| u at 109Z, Lake Shore 214 at 81, Reading
| = at 31%, and Omaha II at 2415 This
was succeeded by better feeling and a
general advance of 4 to per cent. in
| prices. Bankers are buying extensively.
The sterling exchange market cOntin-
ues weak and rates have been reduced to
! 81 $50 and 81 87L5. Stocks lent at fiat to
3 per cent. for carrying. Rumors of fail
ures continue, but no announcement has
! been made up to 1882 O'Clock.
GOVERNMENT BONDS WEAK.
NEW YORK, May 16, IL A. M.-GoVern-
ment bonds are weak and depressed; AIS.
! and As, which closed at 1100112 and
| 120@122 on the street last night, are
now 10SH@1C934 and 116@119. A bank
President says that the weakness is
caused by fear that Fisk & Hatch's hold
ings may be marketed
HARDY e SONS SUSPEND.
WALL STREET, May 16, 11:O5 A. NH.
c. Hardy & Sons have just announced
their suspension to the Stock Exchange.
STOCKS DEMORALIZED.
NEW YORK, May 16, 11:15 A. .M.-Stocks
are heavy and demoralzed on the Hardy.
failure. Lake Shore is down to 81.
THE MARKET RALLIES.
NEW 1Ohh3 MAY TO- II lsZU A. Ms-lQc
market shows a rally of y to ~ for some
shares. But few stocks are heavy. New
York Central is selling at 10S against 10
this morning while Lake Shore is back to
SO. Manager Camp, of the clearing house,
says that banks are availing themselves
more freely of the new certificates. He
would not be surprised if 81, 900, 900, were
taken to-day.
$3,5000,00 IN LEGAL TENDERS.
NEwA ORK, May 16, 12:45 P. Nat the
| Sub-Treasury $4,000 IN legal tenders
had been paid out up to noon. This will
! strengthen the bank reserves.
THE CLEARINGHOUSE DECISION.
NEW YORK, May 16, 2:3O P. M-The
meeting of the Clearing House Loan Com
mittee has resulted in the decision to loan
| to members of the association all the
money they may require at par on the
! pledge of government securities. This
! will, it is thought, help materially to ease
the prevailing stringency in money.
THE RUNS IN BROOKLYN.
NEW YORK, May 16, 6P. M.-The runs
| on the Brooklyn savings banks to-day
were confined to few small depositors
among the foreign population. The doors
| of the Atlantic State Bank of Brooklyn
were thrown open to-day, but there was
| 10 business transacted. 1t was said that
| l0G Dduk got through b0elF
work last night and found everything all
right and the capital of the bank unim-
paired. A meeting of directors. is to be
called to determine what is best to be done
next.
EXAMINER SCRIBA's REPORT.
The Comptroller of the Currency to-day
received a telegram from Bank Examiner
Serbia, at New York, saying that the Sec
Ond National Bank paid out $2,412,00O
during the run on the 14th and 18th insts.,
and is considered to be in good condition.
The examiner also reports everything go
ing on smoothly at the Metropolitan Ma
tiOnal Bank, and says that he considers
the trouble over so far as the associated
| banks are concerned.
VANDERBILT EXPECTED TO BECOME A
BULL.
NEW YORK, May 16, $3.50 p. M.-The
/ Nnrndnl.kilt hrnlEcrc thnt thnir IL 20