The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-05-16
Early In the Day.


NEW YORK, May 15.-The Metropolitan
bank has just posted notice that, the bank
examiner having made an investigation. the
bank has decided to resume business at Il
O'Clock
The scene on the street at this hour Is one
of unwonted activity. Since early morning
the brokers' offices have been openedsand the
clerks been busy getting accounts settled up.
Many leading firms kept their employees until
midnight, while general overhauling Of ac-
counts was made, so that on the opening Of
the exchange affairs would be in q better
condition than for many months past, a
new margins had been called to prevent the
rash sacrifice of good securities.
The stock market opened better: Western
Union at So, Texas Pacific 11%, st. Paul 6S,
Rock Island ll3, Reading 81, New York Cen.
tral 100, Northwestern 104, Missouri Pacific
7214, Michigan Central TO- Lake Shore 80,
Erie 141s, and Chicago. Burlington &
Quincy rs.
A Wall street financisr of thirty-flve years
experience says the action of the banks il
deciding to pool issues has decided the situa
tion favornbly. He does not anticipate any
further failures either of banks OF
banking firms. although he admits
the possibility that some weak stoch
houses may suspend temporarily. The
failure of the latter he does not regard as g
misfortune, as the wedding out of small deal
ers helps to give healthier tone to the gen
eral situation.
Jay Gould said to a reporter: "This dis
turbance is q senseless thing 1t comes from
fear of each other by both banks and brokers
Think, rather than anything else. The genera
calling of loans is wholly unnecessary, anC
foolish. | suppose the banks are a littit
more cautious than usual on account of the
loss accidentally suffered by the First ma
tional last week But | think the worst i
over The people will regain their sense
and there will he orders here from all owe
the country from persons eager t.
pick up bargains. The action o
the banks is excellent Ever
hanks stand together. | am sure all this ex
citement is at an end"
81 never expected to see Western Unior
sell below 50, however" continued Gould
"The company is certainly earning its divi
dends, and this trouble only adds to its bust
ness. should suppose some brokers nigh
have realized that fact"
LATER-Bankers' & Merchants telegrap
| stock, in which Dimick & Co. are heavil
interested, is offered at rs, against 119 q
which sales were made yesterday. A sale a
IS "saller SO" has been recorded.
Russell Sage is paying all demands on hi
| privileges. The report that he ha
Hlaid down" or his contracts wa
started by somebody ignorant of the ways q
| the street. The only contracts he refused {
take were those on which the usual one day
notice was not given.
| II A. M--Transaction on, ..he board so fal
for or on account of Dimick, have bee
| stocks bought in under the rule. tn
firm was short of the general marke
| A. W. Dimick says the trouble was caused b
inability to raise money on securities. A
customers accounts have been profitabl,
George Putnam Smith has been appointe
assignee. Preferences are given to Gu
| toners.
Henry L. Jaques has been elected presider
of the Metropolitan bank in the place {
George L Seney, resigned.
STILL LATER-A few minutes before moo
the Metropolitan bank resumed, paying a
depositors presenting checks. Even befol
the hour named for resumption the payin
teller opened his window and the first ma
in the line received his money. At noe
the number in line was not over twent
| five, principally boys and clerk
Only one lady was in the row. She was a
tired in widows weeds. Her qualification {
receiving her money was plain. The sma
number drawing out funds is regarded
promising for the future of the bank
/ At the produce exchange there was no e.
citement. The market was firmer and bui
ness comparatively light. At the petroleu
exchange but little was doing. Oil open
| higher but lost the advance, and is no
steady at yesterdays prices.
Confidence is being gradually restored, al
among financiers fewer anxious faces a
met, It seems generally TO be accepted thl
the wasst is over, and many G. s;- a
beginning to discuss the qnestien as
whether now is not the time to buy for
rise, which some few are doing. This ia
will relieve the situation OF one Of its mo
! dangerous elements-that of withholdiI
capital from the market.
There is run on the Becker Street Sa'
ings bank. At noon the lines of deposito
intending to withdraw deposits extend,
many feet on either side of the bank. Fro
appearances heavy ,iraw my be expecte