The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1884-05-20
A Few Failures Result in Bos-
ton, Philadelphia and
Other Prints.
The Effect Upon Other Great
Trading Marts Of the
Union.
Missouri Banks Reported Solid
With but Few Excep-
tionS.
THE SITUATION IN WALL STREET.

New York, May l5.-A.- w. Dimmick
d Co.. brokers, suspended at 9:45 a. M.
The scene one the street at this hour is one
OF unwonied activity. Since early thus
morning The brokers offices have been
opened and the clerks busy getting their
accounts settled up. Many leading firms
kept their employees until midnight in
making general overhauling of accounts
so that on the opening of the exchange this
morning the affairs are in a better condi-
ton than for many months past, as a new
margin has been called for TO prevent The
rash sacrifice of good securities.
A representative of the associated
sier of thirty-6ve years experience.
He says the action of the banks in
DECIDING TO POOL THEIR ISSUE
he has decided the situation favorably and
does not anticipate any further failures of
either banks or banking firms, although he
admits that some weak stock houses may
suspend temporarily. The failure of the
latter be does not regard as a misfortune
as the wedding out of small dealers helps
to give healthier tone to the general sit
uation.
Ats a. M. the floor of the exchange had
more than the usual complement of buyers
and by $50 the crowds of operators had
gathered in knots waiting to commence
the days business. Just as the clock
marked 10 Chairman Mitchell gave three
raps of the gavel and in an instant the
pent-up excite ment of the brokers
GAVE VENT TO HOWL,
and FIVE hundred hands were lifted In the
air, and the various pools were formed In
which the different stocks were dealt in
Ere five minutes had elapsed the gavel was
again heard amid the din, and the an
nouucement was made that Dimmick &
Co., OF the United bank had suspended.
Dimmick is president of the Bankers and
Merchants Telegraph Co. At lois a. m.
dispatches were received from London
houses by leadi ,g foreign bankers giving
ORDERS TO BUY BOTH STOCKS AND BONDS
at the market price. AS it was feared that
foreign orders TO sell would be the chief
factor in the downward movement to-day,
the news was greeted with great satisfac-
ton snd regarded as another break in the
clouds that threatened the financial world.
At 1920 a. M, the street was gradually
filling up with gaping crowd, an on each
of the streets on which the Exchange faces
q multitude of sight-seers gathered who
looked at the building as if they could gain
an insight into the busy scenes being en-
acted within its walls. On nearly every
corner within four blocks of the center OF
operations were knots of men in earnest
consultation, and passers by can hear va
nous coments on the state OF affairs. The
majority of the expression of opinion takes
. favorable view of the situation, and such
shrases as
"THE WORST Is NOW OVER"
"The banks are all right" jay Gould
won't let the market break" are heard
amid the din. Wells, Fargo & Co. have
notified Donnell, Lawson & Simpson they
will paw drafts on that firm drawn by the
Utah National bank of Ogden, Utah
Fred j. Kiesel & Co., of the same place,
and of Anderson Bros, of Eagle Rock,
Idaho.
At 11:30 a dispatch from Boston an
nounced the
SUSPENSION OF F. A. HAwLEY & co.
This firm which although not heavy
dealers, are regarded in good standing.
Hotchkiss & Burnham are balancing their
accounts and expect to resume tomorrow.
There is now comparative quiet around
the stock exchange and it becomes more
apparent every moment that the crisis is
past, The suspension CT Hawley & Co., of
Boston, was caused by run on the bank
ing department OF the house. It is be-
lieyed it will be only temporary. For
money
IL PER CENT. PER ANNUM
is bid prime mercantile paper is nomi-
nal exchange is weak and demoralized,
owing to the lightness of money, and sell
lers are compelled to take what they can
get, and foreign capital is being attacked
BY the high rate. The Metropolitan bank
has resumed and is paying all depositors
presenting checks. Even before the hour
named for their redemption, the paying
teller opened the window and the first man
in the line received his money at noon.
The number in the line was not over