It was through this help that the Metropolitan Bank was
enabled to resume payments on the 15th of May, the evening of the day
following its suspension. The Second National Bank was a loser through
the acts of its President, Mr. John C. Eno, but his father and the
Directors hastened to make good the deficit. At this moment the
excitement was intense, deposits were withdrawn, and 1 per cent. a day
was paid, and even more, to obtain ready money or credit; under the
influence of numerous sales of securities, exchange fell rapidly,
metallic money was secured in London even, to be hurried to New York.
Never could purchases be made under better auspices. Above all is this
true when we observe that the condition of companies was much better
known than in 1873. The year 1883 had been disturbed by numerous
failures. There had been no crash, but prices, far from advancing, had
held their own with difficulty. On the eve of the breaking out of the
panic there was complaint about the accumulation of goods in the
warehouses, and of the difficulty of making exports. No scheme worked
out, despite a very high protective tariff, and people were asking
themselves what was its effect under the influence of unfavorable
exchanges.
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