Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-16
The situation Last Evening.

house"
The situation Last Evening,
New YORK, May 14-It was the opinion
this evening of the veterans Of the street that
bottom prices had been reached and that the
force Of the panic had been spent. The
rumOr that the Metropolitan bank would re-
sumo business within a short time had much
to do with the hopeful view taken OF the sit
nation. 1t was stated that the friends o.
President Seney had pledged themselves tc
furnish $4,000, 600 to enable the bank to re
sumo and that this amount had been placed
at bis disposal. A secret meeting was het
at the house of Jay Gould tonight
attended by Russell Sage, Frank
Work. Sidney Dillon aud c.
| j. Osborn, to discuss the situation and
devise means for avcrting further
panic Tomorrow and sustaining the market at
any cost. The special committee Of the
clearing house, appointed to injuire INTO the
character and value of the securities offered
! by the Metropolitan bank, held a SIX hour
session tonight. Shortly after midnight
the meeting broke up and it was given out
| for publication that 1.-THE clearing house
committee have made an examination into
the Metropolitan bank and fiud its assets
justify them in recon- mendiug the loan con-
mittee to advance the amount required to
enable 1t Immediately to resume business. "
The bank will be opened tomorrow morning
for business as usual.
The Effects oftae Panic ut other cities
CHICAGO, May 14-In relation to the
failures ia New York the bankers here are
quoted as saying that the Chicago banks
have plethora OF money and the city today
Is financial Gibraltar which can be assault
cd bat not injured.
The financial situation is not practically
affected by the troubles in New York. The
local banks here were never in better con-
dItlOn. They have no alliances at the East
which would involve them except sympathct-
ically in the failures. 1t was argued that the
failures of brokerage firms could have only
passing effect here The banking officials
could sec nothing to indicate a repetition
of the experience of 1878.
BosToN, May 14.-There is intense OK
element here, but no bank is much hurt by
the New York failures.
ClNClNNATI, May 1.-THE financial dis
turbance IN New York produced no cores
bonding trouble here. The general express
sion OF opinion is that New York failures
could not cause failures here.
WAsHINGToN, d. c., May "A. Great
interest is manifested here to-day over the
news from Wall street but outside the spec-
ulat'rs tGcrc is no excitement bCtokening
ptCunlary interests. There are no fears OF
unelsiness regarding the banks here Tec-
grams from New York to Comptroller Cam
non say that matters in relation to the Met
ropoIitan banl; look hopeful although I'M
certain.
SAVANNAH, Ga, May 14-There are a few
small depositor5 here in the Metropolitan
bank. The failures created no excitement
here.
BRDGEroRT, Conn, May 1.-THE bank
ing house Of II, l.. Watson " Co., of this
city has suspended payment owing to the
inability of The Connecticut National bank in
which they keep their deposit to honor then
drafts.
WAsHlHaTcN, d. G., May IA Hundreds
OF kilograms from New York have been
received by Members of Congress to-day
urging immediate legislative action to relieve
the financial strain.
In reference to the condition of the banks of
the country at large the comptroller says
they seem to be IN an exceptionally strong
condition. Most Of them are carrying I'M
usually large reserves. The condition Of
affairs is entirely different from that Of 1873
and lie does not think a general panic SIM
liar to that of 1878 is possible. The comp
roller has telegraphed the bank examiners
a Boston and Philadelphia to rcpcr. the
situation in those cities and advise him I'm.
media,cly of any trouble.
The ba"k examiner at Philadelphia tce-
graphs. 'N1 excitement, 10 uneasiness
here. 'IhcIComptrolers says receiver will not
bc appointed for the Metropolitan bank until
1t Is known for certainty the bank is in
solvent lie is in hopes the action of the
clearing house in issuing certificates will
enable The bank to resume
SAN FRAsol.oo, May 14.-No losses arc
expected here from the New YUrG failures.
LONDON May 1.-THE failures in New
York have caused great anxiety and excite
ment among Americans residing here and
having business connections or interests in
the United States. The anxiety is particu-
larly painful among travellers many of
whom have decided to suddenly terminate
heir trlgs and return to America.