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The Clouds Slowly Dispersing. Affairs More Hopeful-The Worst Over. NEW YORK, May 16. WALL STREET-The market shows rally of to 21 per cent. for some shares, but few stocks are heave New York Central selling at 108 against 110 this morning, while Lake Shore is back to 83. The first two hours of business, which are usually the most dangerous in the season of flurry, have passed with only one small failure which has had no great significance. Sub Treasurer Acton says there was brisk demand for legal tenders at his office yesterUp day, causing withdrawal of $3.500,000. to this bour today, one million legal tenders have been paid out and nearly another million of silver certificates. the latter being for payment to savings banks. The Produce Exchange Gloomy. Business matters at the produce exchange have rather a gloomy look. although no failures or rumors of failures are current. Trade is not disposed to operate to any material extent. Shippers' operations are materially checked by the extreme difficulty in selling Sterling exchange prices are all lower and tending downward Leading members are qaite hopeful that there will be no panici the produce exchange, but some members are discouraged at the outlook of financial affairs in Wall street At the Petroleum Exchange. At the petroleum exchange prices broke 84 or from 734 at the close of yesterday down to 65. There was some excitement, but prices afterward recovered about four cents standing at 12.13 P. M. at 69. No failures are reported. Savings Banks Run Nearly Closed. The run on the Emigrant Industrial Savings Bank has abated today, and business was being done as usual. About 8160,000 was paid out yesterday, but it was said that depositors were returning their money today It was thought that there would not be another rush here unless the Wall street pauic broke out afresh. There was no run today on the Manhattan savings institution. The Greenwich Savings Bank run ended today There a steady run on the German Savings Bank today. A large crowd composed mostly of women stood around it. The teller was passing nothing but gold to them. Washington advices state that the sub treasurer at New York reports only $100,000 of bonds were offered for redemption there. under Secretary Folger's call. The clearing house banks have agreed to advance $20,000,000 on government bonds necessary, to protect the market. Up to this hour it is said that $25,000,000 have been loaned in this collateral. Money is loaning at and 1 per cent. premium per diem. No quotation for money, prime mercantile paper nominal: exchange heavy and depressed at 82 84 long and 84 a 854 short governments weak and lower, state bonds merely nominal railroad bonds very regular Stocks have been better since 11.30 A M Lake Shore is up to 84. St. Paul to 68A. Missouri Pacific to 664. Union Pacific to 423 and Western Union to 521. At the subtreasury $3,500,000 in legal tenders have been paid out this morning This will strengthen the bank reserves, Brokers report more willingness on the part of bankers to make loans and a large amount of money has come from Canada and heavy transfers have been from the other side Walter A Trumbull of Newark. N. J. tel egraphed to the Associated Press from Chi cago follows **The statements published that had fled after making unwise endorsements are maliciogs falsehoods. I am on my way east to demand a retraction. After midday, stocks were strong and higher again. Buying for European accounts was large at the Erie office. The transfers of stock for this account is very heavy Lake Shore was the special feature of the market and rallied from 87 per cent. to 884 The action of the clearing house banks this morning has caused an improvement. The market for governments is much im proved. No New Failures Reported. 2.20 P. M -The hour of settling has been passed safely and no additional failures have been reported Consideraele Excitement in London, LONDON, Mav 16 The opening prices on the stock exchange were somew lower than last night's clos ing. It is stated that the relapse was caused by vices of yesterday from New York in regard to the financial situation, and especially by the news of Fisk Hatch's failure but shortiv after the opening a general firm. ness began to appear and has prevailed up to the time of this dispatch. 2.30 P M. This was brought about by the bears seeking to cover their short sales and by the purchasing of small investors. Since half past four strong downward ten dency in American stocks especially in Lake Shore. has prevailed. The street is crowded and there is much excitement. London Sending Gold to New York. At 5.30 P. M. prices of American securities on the streets were fluctuating. The closing prices, however, were better. There have been large remittances of government coupons to pay for stocks sold here. Large shipment of gold to New York are being arranged. Suspension in Atlanta ATLANTA. Ga. May 16 John H. James, banker. did not open his doors today He has real estate to the amount of half million dollars which will more than meet his liabilities. The other banks are confident and strong. and have organized for mutual protection. Another Bank Closed Its Doors. NEWARK. N. J. May 16 The Newark Savings Institution, which failed six years ago and has since been conducted under the direction of a chancellor by the old managers, again closed its doors, on account of the failure of Fisk & Hatch. The Fisk & Hatch bank officers say that they owe the institution $1,000,000. It said that the firm has a right. as far as the bank officers could give it to them, to borrow and use their securities substituting for them different bonds of equal value. and now at the end comes considerable loss, yet it is believed that in little while the securities now in the possession of the bank received by them from the firm will turn out equal to saving depositors from any lose. The chancellor saye that the closing of the doors was ordered by him to protect
