Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1884-05-22
AFTER The STORM.
A Better Feeling in Wall
Street.
A Review of the Situation at Home
and Abroad.


one of unwonted activity. Since early
this morning brokers' offices have been
open and the clerks are busy getting ac-
counts settled up. Many leading firms
kept their employees until midnight. A
general overhauIlng of accounts was
made 80 that on the opening of the
Stock Exchange this morning affairs will
be in better condition than for many
months past, asSnew margins have been
called toprevent the rash sacrifice of good
securities. 81
1000 "A. M.-The. close of the Ex-
change had more than the usual COM
plement of buyers, and by $50 the
crowd of operators gathered in knots
waiting for the signal to commence the
days business. Just as the CLOCK
marked 1000 Chairman Mitchell gave
three raps with the gavel and in an in
stant the pent.up excitement IF the
brokers gave vent in howl and 500
hands were lifted in the air and the
various pools were formed in which diff
ferent stocks were dealt in. Ere five
minutes had elapsed, the gavel was
again heard amid the din and the an
nouncement was made that Dimlck &
Co. had suspended. Dimick is apresi-
dent of the Bankers and Merchants
Telegraph Company. ~ s''
1870 A. M.-The street is gradually
filling up with gaping crowd. On
each of the streets on which the ex-
change faces multitude of eight-seers
is gathered, who look at the building as
if they could gain an insight in
to the busy scenes enacted within
its walls. On nearly every cor
ner within four blocks of the center of
operations, knots OF men were in earnest
consultation, and the passers, shy can
hear various comments on the state of
affairs. The majority of the expressions
OF opinion take favorable view of the
situation, and such phrases as "The
worst is now over" "Ihe banks are all
right, jay Gould won't let the market
break" are heard amid the din.
HOO A. M The foreign exchange
market is affected unfavorably by the
Offering of loan bills in large amounts as
well as by the withdrawal of money by
cable from London for use in this mar
ket, the high rates for money on call
here, rendering such transactions highly
profitable. Brown Bros. have reduced
the rate on sterling bills to 4s7 long,
489 short sight, decline Of 1 cent.
In the first hour of business only
one failure was announced and
this did not involve any other
firms. Confidence is being gradually re-
stored and among fnanciers there are
fewer anxious faces. It seems gener-
ally accepted that The worst is over and
many capitalists are beginning to discuss
the question as to whether now is the
time to buy for rise. Some few are
buying. This fact relieves the situation
from its most dangerous elements, name
ly the Withholding of capital from the
market.
11:30 A. M.-Comparative quiet reigns
on the Stock Exchange. 1t is more ap.
parent every moment that the crisis is
past. The suspension of Hawley & Co.,
of Boston, was caused by a run on the
banking department of the house. It is
believed it will be temporary. Among
the bankers who received orders from
London and the Continent to buy Amer
ican securities in this market, are Bel
mont, Seligman, Drexel Morgan, Nor.
ton Bliss, Il. Won Hoffman, Kuhn.
Loeb; Ludwig, Thalman, J. 81. Davis,
J. D. Probst.
THE METROPOLITAN BANK.
New 'YoRK, May 15.-The Metropoli.
tan bank has posted a notice that the
bank examiners having made an investi-
cation, the bank will resume business Of
IL o'clock. Henry l.. Jacques has beep
elected president, vice Geo. I. Seney,
resigned.
The Metropolitan bank resumed pay
| ing all depositors presenting checks.
Even before the hour named for the re.
sumption the paying teller opened his
window and the first man in line re-
ceived his money. at noon the number
in line was not over twenty-five, princi-
pally boys and clerks. Only one lady
was among the list. She was attired in
widows weeds. Her qualification on
receiving her money was plain. :, The
small number drawing out funds is re-
garded as promising for the future OF
the bank.
The manager of the Clearing House
reports that clearing of the Metropol-
itan Bank has been effected.
THE DIMICK FAILURE,
A. w. Dimick & Co., in assigning tc
Geo, Putnam Smith, give preferences in
favor of depositors to whom they owe
81, 900 or less and order the creditors Of
each partner paid out of the undivided
assets. The surplus, if any, of individ.
ual assets is to be applied to helping the
reduction of the co-partnership debts,
The firm consists of Anthony w. Dimicb
and Arthur V. Dimick.
RUSSELL SAGE SOUND.
New YORK, May l5.-Russell Sage is
paying all demands on privileges. The
report that he had .'slaid down" on his
contracts was started by somebody ig.
norant of the street. The only contracts
he refused to take yesterday were on
those on which the usual one days no.
tice was not given.
THE CLEARING HOUSE CONSTITUTION.
New YORK, May 15.-Following are
the proposed amendments to the consti-
tuition Of the Bank Clearing House As.
sociation:
In case of the refusal or inability Of any bank
promptly to refund to a bank presenting such
checks, drafts, or other items returned as not
good, the bank holding such checks,
drafts, or other items may report 10
| the manager the amount of the same and il
shall be his duty, with the approval of the
Clearing House committee to take from the
| settling sheet of both banks the amount SO re-
ported and adjust the Clearing House state
ment accordingly; provided such notice is
given TO the manager before l o'clock of the
same day.
The Clearing House committee is empow-
cred, whenever it shall consider it for the in
terest of the association, to examine any bank,
a member of the association; and require from
any member securities Of such amount and
character as said committee shall deem suffi-
cient for the protection Of balances resulting
from exchanges atthe Clearing House.
sENEY's AFFAIRS.
New YoRK, May ia prominent
Wall Street man, connected with Seney
in most OF his speculations, states that
one Of the immediate causes of his en-
barrassment was that he loaded up with
large blocks of Atlantic & Pacific income
bonds and st. Louis & San Francisco
securities, on which he was unable to
Sealjze. Seney also was ''st1ck'' with q
lot of Ohio Central, which was forced on
him at high figures, at representations
which proved false. His resignation