Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1884-05-15
nois Central dropped s, to 120. and ad-
yaneed TO 12I1f612I
Comments of the s<P0st'' and "Ex-
press, on the Metropolifan Rank

Faii1re.
NEW York, May 1.-THE Posi- says: "At
IL 20 o'clock long line of men and boys
stood in front of the paying teller's win
dow of the Metropolitan Bank, at Broad
way and Pine streets, of which George /.
Seney is president. Every persen in the
line held one or inote checks 10 be serti-
he'd. Alarming rumoys as to failures
are everywhere made; denials are of no
value, no matter by whom signed. Just
ct that moment the paying teller shut his
window, and annetpeed that the Metro
politan Dank mad suspended payment as
matter of necessity, and howls of dis
may went up from the line and break
was made for the door, where number of
depositors were met hnrrying in to get q
denial of the susphnsioh. In less tEan
I've minutes the iron doors were shut, and
a policeman arrived to stand guard on the
steps. The first story told large deposit
ors, who arrived breathless and indignant,
was that the suspension was ordered by
Seney in order to prevent q run for which
the bank might not be prepared, 1t was
said by Mr.. Seney that if matters quieted
in the afternoon the bank might open in
time for soiite business to be done to-day.
Of depositors as OF small comfort and
after II o'clock crowd of near
ly 100 persons gathered; in front
Of the bank and hewailed their prospect
I've ioss.'. Among the depositors were
two men who had drafts upon the bank in
tears upon the bottom step. Amans the
depositors who appear I'd to know anything
OF the suspension, it was said the imme-
diate cause was the demand for more than
S500,000 by the Clearinghouse to make
good its account. The railroad speculs-
l. tions of President Seney are generally
supposed to be the real eause o. the sus-
! peh5iol. mr. Seney is president of the
| East Tennessee and Virginia railroad, the
stock of which is selling day at for
| common and 8 for preferred. Large blocks
| of this stock were bought less than year
| ago, it is supposed Tor the account of
i Seney, at IL or II for common and "a for
preferred. The stock has been sinking
ever since, notwithstanding constant sup
port from what is known as the Seney
| syndicate. Ohio Central is supposed to be
another of Seney's favorite stocks, upon
which large sums have been lost in sus-
| tanning the stock. The first rumors OF
| Seney's difficulties came soon after the an
nouncement of the failure of Nelson Rob-
| inson. As Robinson is son-in-law OF
Seney, and one of Seney's sons is mem
Der of the firm of Nelson Robinson & Co.,
it is supposed Seney would not have al
| lowed the firm to go under had he not
] been badly crippled himself. At the office
| of Nelson Robinson & Co., Nelson Robin
/ son said the failure was occasioned by
| calls for money from all sources, which
| could not be Immediately met. 1t was
caused by general shrinkage of securi-
| ties, the disturbed condition of the times
and the circulation of disquieting rumors
| He is unable to furnish statement of LA
bilities, and most of their loans are well
protected, if the holders did not lose their
heads and want to get their money in 8
day"
WHAT THE "ExPREss" SAYS.
The Express says: "Up to IL 80 O'Clock
ann, the Metropolitan Bank promptly
honored all checks presented them, when
| the people became panic-stricken without
! adequate cause, and q run was threatened
The managers wisely concluded to close
the doors and stop all payments. This
action was justified by the nervous condi-
| ton of the street and the stringency of the
money market. The directors immedi
| ately met, and were gratified to be able to
announce that the suspension was only
temporarily, and the bank would proba
bly, resume this afternoon. There is nc
| defalcation or deficits, and it is an assured
| fact that the bank will open as soon as
| the excitement is allayed. This caused
excitement on the street. The scene
around the building was exciting for q
short time only, as depositors came ant
| went satisfied that their interests were
duly protected, and damaging rumors af
fecting the bank gave way to expressions
L Nf th,b