The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-05-15

count which is 81 $50 900 and TODAY deposited at
the bank 100000 in cash to meet the present
| emergency.
special committee of the Clearing House sp-
pointed to inquire into the character and value of
the securities offered by the Metropolitan Bank
held session tonight and shortly after midnight
the following was given out for publication by
Superintendent Camp: "The Clearing House COM
mittee have made an examination of the METRE
commencing to the loan COMMITTEES to advance a n
amount to enable 1t Immediately to resume bust
ness"
The bank will be opened for business tomorrow
morning usual.
Advices received by the Associated Press from
every important point in the United States and
Canada; with Few exceptions noted, state that
although the New York failures caused consider
able excitement, business men and financial ms ,itu-
tons were not injured. AT all points the opinion
prevails That the disturbances will be confined to
the metropolis
To-mOrrow's World will say: VIM. A. Camp,
manager OF the clearing house. said: "The failures
in Wall street to-day cannot be called a panic
Prompt action of the clearing house has put an end
to tne excitement and no apprehension need be
felt" A high official of the West Shore railroad
said: There is pretty general opinion that if
half of the brokers doing busidess in and around
Wall street were to follow suit and go under like
the seven firms that did to day the country would
be better off," Francis A. Palmer, president of
the National Broadway Bank, said: "In my opinion
bank failures are over with for the present. The
failures undoubtedly caused by reaction of the
excessive gambling on Wall street,
The Tribune will say: DonRell, Lawson & Simp-
son were Luo nScal agents OF the state OF Kansas
and principal owners of the Kansas City water
works. The suspension of Golf g. Randle is due to
the fact that ex-President Emo OF the Second Ma
tional Bank failed to make good deficiency of
between $50 600 and S1OO 600 In margins, Hotch-
kiss & Burnnam sayftheir liabilitieI are about
$25O,OOO. The Tribune also says that Ferdinand
was insolvent in March, 1888. and that since that
time he had paid 20 per cent. for money.
lose by todays failures and that he was satisfied
that banks holding city funds other the Marine
Bank were sound.
MIR. Hurlbut, director of the Second National
Bank, said to-day that the defacation of President
Emo amounted to $4000,0o0.
Grant g. Wards Failure.
NEW YORK, May 14.-Reference in the suit
brought by Jno. H. Morris, against the firm of
Grant WARD was begun to-day before Referee
Cole. Ward was placed on the staAd and asked
regard to what he paid for property time place and
how he paid it. His memory was very defective and
when he remembered anything it was only in an in
distinct and indefinite way. He said that he paid
for property purchased in checks; did not know on
what bank he got the money from. but the rents
and dividends and check book would show this.
Re bought Brooklyn property at a receivers sale
and paid for it by a check. Gave $40 900 for it.
Bought an interest in Booths Theatre with Fish
but did not remember what he gave for it.
The Buffalo, New York and Philadelphia Rail
road has procured injunction restraining Julien
T. Davis, assignee OF Grant y Ward from disposing
Of its bonds A prominent official of the Erie road
said today that the second consolidated bonds for
June would probably be paid.
gentleman who had conversation with Fish
states that he is in very low condition of mind.
Fish told him that when checks of Grant &
Ward were certified for $4,000 on the morning
before the failure there in the vaults of the
Marine Bank about 81 ,000,000 worth of securities
belonging to the firm, but that Ward came TO the
bank Tuesday morning and took the securities away
saying he had good chance to. realize upon them
and would at once return the proceeds This he has
not yet done.
julien T. Davis, receiver of Grant Ward was
examined by the referee today. He said he had
not yet made complete inventory of securities
held by the firm, but he believed that Gen. Grant
and sons were ruined and that they had no part of
the firms property in their pc session. From in
vestigation he believed the firm owed about $12,-
499, 537 borrowed on cellaterals 81, 299,807 bor-
rowed money due depositors. according to ledger
accounts, 1927 ,223 balances of financial stock
transaction, 1854, 1863. due general creditors in
GLIDING the Marine Bank, making total of $l4,-
SOL ,53I. Their unsecured debts were between two
and three millions he thought. He knew nothing
in regard to the assets.