Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1884-05-22
THE CRISIS PASSES.

!
Dir Of ExcItenent on wan strese
pft<4 Action ON The Part % the
Benfs - self-Protsca1pn xeenz sl,s
Tds1nd the Crisis Seems ~ H]S Rnose6s
NEMX or M16 IS
The 1eeiins Of alarm md mfufru661
h rnancis1 circles cvntix les anat6te}I.
am thez ening of the Seek Exchange
this morning was awaited with even
more feyerish 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 Iit5le tofeIleve the anxiety,
- least 50 far IS 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
nrst-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, -
saba 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
pouring on the market. Then, too, out
ofstown lders have become demoralized
and are unloading as fast as pos
sible. Better~@~timeS-4 cannot be
looked for until the selling and squeezing
out process ceases' The streets in the
vicinityof 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
befpresthe gopening yesterday are going
on, and q casual observer would not
think that night had elapsed since the
rampant, wild excitement of the preced-
ing day. Nv hen The Exchange sopened
an excited crowd rushed in and the
opening sales were watched With Intense
interest. As stock came out it was
apparehtSat 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 il-2 to 2 per cent. Business was
hardly fairly under way, however, when
the gavel of the chairman was heard
vigorously hammering attention! The
hubbub /, ceased for q q moment and
a rush for the railing in front of The ros-
trum ensued. When order was compar-
ativeiy restored, President Hatch an
nOunced that A. w. Dimock, President OF
the Bankers Merchants Telegraph Co.,
had notified the Exchange of his inability
10 meet his engagements. The announce
mentswas greeted within wild yen, and q
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 perceptible, and
the Bankers & Merchants tumbled in less
than ten minutes from l19 to IS; but
transactions were on q comparatively
small scale. Several hundred shares
of stock were also sold under the
rule for account of Dimock, and after
. .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 sinceu 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 Clearing House Association
are as follows: y.tIn 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
1,ov kad 81
the Clearing house statement accord
ingly; provided that such notice be given
to the managers before one o'clocksof 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 safacient for the pro lection of bali
ances resulting from exchanges.
~ lfEIf&BeWAsHrNGToN ID. c. May Is
Secretary FoIgers has returned and
was seen at the Treasury Depart
ment this morning. He said he took
q hopeful view OF the situation. and
believed the worst was over, and that
the Department would probably take
further actioa to relieve the financial
situation. : 49,
Conner, Comptroller Of the Currency,
received a number of private dispatches
this morning, all of which are of hope
full and reassuring nature, and he conf
IDENTIFY predicted that the panic was SUBJ
siding. ~ E
A Plucky Dakota Boy.
BIsMARK, d. t., May 16.
Treasurer Anderson, of school district
hear this city, drew $500 to bniId a
chool-house. While away from his home,
where he left his. wife and little boy,
two men of suspicious appearance called
at the house and IS demanded en-
trance, which was refused by Mrs.
Anderson. The door was closed and
locked, but the intruders succeeded
in prying it partly open, and pointing re-
volvers in the opening said they had
come for what money there was in the
house, and requested that it be handed
over. The little son, with commenda-
BILE pluck, grabbed the shotgun, which
was loaded, and discharged its contents
into the right breast and shoulder of
one of the robbers, and was about to give
the other vagrant dose of lead when his
mother prevented him. The wounded
man fell into the arms of his chum, who
made hts escape without ceremony. The
body Of the robber was found near the
spot, haYlng died soon after being shot.
8 O. - = - - - -
Ths Cumberland Presbyterians.
McKEEsPORr, PA. Nay L.
The General Assembly of the Cum
bertrand Presbyterian Church met in
delegates present from all parts of the