Omaha daily bee., 1884-05-16
Kansas City Banks Pool on a
Plan for Preservation.
Complete Reports from oil Financia
Centres,
IN NEW YORK
A BRIGHTER DAY.

NhLL SlhEEl, MAY lcs Luz d.m'-
The foreign exchange market was affected
unfavorably by offering large amounts, as
we'll as by the withdrawal of money by
cable from London for use in this market,
the high rates for money on call here
rendering such transactions highly prof
table. Brown Brothers reduced the
rate of sterling bills to 81 81 long, 81 SO
short, a slight decline of one cent. The
first hour of business showed only one
failure announced, and this did not in
volve any other firms. Confidence is
being gradually restored, and among fin
anciers fewer anxious faces are met. 1t
seems generally accepted hat the worst
is over, and'many capitalists are begin
ming to discuss the question as to whether
now it is not the time to buy for a rise.
Some few are buying. This fact relieves
the situation of one of its most dangerous
elements, namely: Withholding capitalfrom
the market.
The stock of the bankers and mer-
chants telegraph, which yesterday sold
at 119, is now down to 65.
GRANT AND WARD.
Receiver Davies reports the liabilities
of Grant & Ward, as far as he is able to
ascertain, are $l4, 591, 531. Collaterals
held by creditors between $40, DOC, 00C
and $l2, 000, 900, leaving unsecured in
debtedness between two and three mil
lions.
Henry l.. Facquer was elected presi-
dent of the Metropolitan bank, in place
of George L. Seney, resigned.
A. M. Dimick says his trouble was
cased by his inability to raise money on
securities. All customers accounts have
been profitable. George Putnam Smith
was appointed assignee. Preferences to
customers.
A SAGE OLD DON
Russell Sage is paying all demands on
privileges. The report that he had ''laid
down" on contracts was started by some,
body ignorant of the ways of the street.
The only contract he refused to take yes.
terday were those on which the usual one
days notice was not given.
Transactions on the board so far, for
the account of Dimick, have been stocks
bought in under the rule. They were
short of the general market.
oENAloh ChAfEEE DANhhUfI.
A Washington special says: ''Friends
of Senator Chaffee, who was in Washing.
ton, say Chaffee wa one of the greatest
sufferers by the failure of Grant q Ward.
He lost every cent of his available re.
sources. Last year he considered him
self worth 5000, 900, of which $4,000,
900 were in Colorado properties, which
have since greatly deprecated and are
not now marketable. At the
time of the marriage of hif
daughter to Buck Grant he
had one million dollars in cashsecurities.
When his daughter married he gave hei
$500, 600 in bonds. These were all put
into the firm of Grant 81 Ward and every
dollar of them are lost. Chaffee himself,
in street speculations during the past
year, lost$i00, 900. A month orsiy weeks
ago he had half a million in cash secur.
ties. just before he made his last Wis
it west he took this money
and gave Ia to his son. in-laW
to keep for him during his absence. i
was not for investment or was it for tn,
purpose of securing any Investments. L
was simply deposited with young Gran
as a trust during his brief absence. Thu
uioicf II bOllS way TodCicu tHo uhiiuo "
Ward and it was lost. Chaffee is practic
ally penniless and in a most wretche'
state of mind. This friend of Chaffe
says it is by no means believed that War
could have lost the large sums charge
up to his failure. He believes SO, 000,C co
would cover the legitimate losses of tn
firm and hints directly at very scandal
Gus developments which will result i
rigid Investigation of what Ward ha
done with the money.
THE METROPOLITAN BANK RESUMES.
The Metr opolitan Bank posted a motto
of the bank examiner having made a
investigation and the bank will resum
business at IL o'clock.
A. w. Dimick & Co., bro kers, sus
pended.
At0:45 A. M. the scene on the stree
was one of unwonted activity. Sire
early morning brokers offices opened an
clerks were busy getting accounts Sc
tied up. Many leading firms kept en-
pIoyes until midnight. A general Owe
hauling Of accounts was mad
so on the opening Of the exchane
this morning affairs would be i
a better condition than for many month
past, as new margins had been called I
prevent a rash sacrifice of good securities
THE OUTLOOK.
A representative of the associate
press just talked with a financier of :
years experience. He says IL
action Of the banks in declining