Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1884-05-21

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caused great distrust during the past two
days Now we shall have better times. Young
Emo will not have . chance to speculate again.
The time has arrived when Wall Street meth
ods must be reformed, and that was what WAS
needed to do it.
At $50 Mr.. Serbia stepped outside of
the Metropolitan Bank building and
directed that the many notices from
correspondents informing holders of
their paper where to have it cashed
should be taken down. ''In take the
responsibility" he said II don't want this
crowd around here. The bank is all
right and will resume at IL o'clock. The
pool of the Clearing Houses banks sets
the Metropolitan firmly on its feet"
"Will the reserves Of all national banks
be inquired into?' 'tThat is unneces.
sary at present. Everything is sound
enough at present" 80.
Gas hier J. McGourkey said, "We
shall begin paying out at - o'clock and
shall continue until the last dollar is
paid out to depositors, if they demand
it." -.. e. .s-
It is stated that the Bank of Com
merce was this morning debtor to the
Clearing House of over one and half
millions.
BANKS COOPERATING. -.
WALL STREET, May 14.-2:5O P. NJ
The Clearing House Association has
Just adjourned, after adopting the fol-
lowing: = ~a.z 5,..--
Resolued, That in view of the present crisis
among the banks of this association, for the
purpose Of sustaining each other and the busi-
ness community
Resoloed, That committee of five be az
bers OF the association. bills receivable and
other securities, to be approved by said COM
mittee who are authorized therefor, to loan to
such depositing banks, certificates bearing in
terest at per cent. per annum not in excess of
Is per cent. of the securities or bills receivable
so deposited. except in case of o. 8. bonde,
and said certificates shall be received in the
settlement balance at the Clearing House.
The following gentlemen comprise the
committee: F. d. Tsppen, Geo. s. Oce,
j. D. Vermilyer, Geo. G Williams, w.
A. Wall and Edward 81. Perkins.
WILL RESUME.
NEW YORK, May l4.-The Express
says:
Up to 1880 A. N. the Metropolitan Bank
promptly honored all checks presented them.
When the people became panic stricken without
adequate cause, and run was threatened the
the doors and stop ali payments.
This action was justified by the
nervous condition Of the street and the strin-
gency OF the money market. The directors
held session Immediately and were gratlied
to be able to announce that the suspension will
be only temporary, and the bank will probably
resume this afternoon. There is no lefal-
cation or deficit and IT. 10 an as.
,sured fact that the bank viii
open SIS soon as the excitement
is allayed. This las caused an easier feeling
on the street. The scene around the building
was exciting for short time only as deposit.
ors came and went satisfied that their inter. sts
would be duly protected. Rumors affecting
the directors personally gave way to express
sions Of sympathy.
WALL STREET, May 15.-Fisk & Hatch
have sons and sons. in.law in the stock bust
ness. The announcement of their suspension
came like . thunderbolt on the exchange.
VIM. Lummis is now acting president of the
exchange, owing to Hatch's disability. It is
surmised efforts 70 aid the sons embarrassed the
firm. Hatch has been prominent in religious
and is frequently heard as a lect-
urer on religious subjects at tee
Macauley CremOrn Mission. Fisk has Just
returned from tour through Europe. The
immediate result OF the failure, on the stock
exchange was decline of four to five points.
The weakness of the government bond market
is explained by the suspension of this firm, al
though reporter Of the Associated Press who
called there two hours ago for an explanation
of the decline was informed that there was no
rational cause for it. VIM. Lummis
vice-president Of the Stock Exchange,
is now $500 P. n.y. acting as president.
Fisk h Hatch went to the wall during the panic
of 1873, but resumed shortly after. The sus-
pension was not announced until q few minutes
before o'clock, the closing hour of the ex-
change, but the effect was instantaneous]y de-
pressing. On the announcement of The failure
q rush of operators was made to the Office Of the
failed firm, and anxious inquiries were made
by brokers as to how the firm stood. Fisk was
seen by an Associated Press representative,
but refused to say anything. The doors were
closed and the crowd outside increased. The
suspension was SO unexpected that its effect
was more than doubled, and the street ia again
excited. Brokers are rushing around wildly
and the situation again assumes troubled
asDoct.