Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-17
THE WALL STREET PANIC.

OF His Eailure-Facts ABOUT OA~
Ward.
The Wall street panic appears TO be
about over and confidence is partially, II
not wholly, restored. At one time
| { Wednesday,, however, the situation
looked very threatening. One OF the ugly
features Of the day was the ruthless man.
ner in which the names Of banks were
banded about. Scarcely bank within
a radius of half mile Of the stock tx
change escaped suspicion, and ineipient
runs" were started in half dozen In
| situations that proved to be perfectly sol
! vent. DepOsitOrs, each in more or less
| feverish state of anxiety, presented them
! selves at the tellefs' windows OF the ne
nix, the Union, the Wall Street and the
/ Gallatin National Banks, but they were
! speedily treasured as to the soundness OF
| those institutions. Reports were IN cir
! culatiOn about noon that runs. were De-
| ing made on the Fourth National and
United States National Banks, but Ofncers
! Of those two banks laughed the state
ments to scOrn. President Baldwin, OF
| the first-uamed institution, said that his
| bank was not only as firm as rock, but
/ that there had not been an excited custo-
mer inside of it during the day.
AMONG THE MANY EXCITING RUMORs
| of the day was one that Jay Gould had
| been driven to the wall and had been
/ obliged to open his famous strong box,
which he keeps in the vaults OF the Mer-
camille State Deposit Company for the
| purpose of raising money by using all his
! securities as collateral. Mr.. Gould had
! been unable-so the story went-tO raise
| as much money as he needed on these
! securities. Mr.. G.. p. Morosini, Mr..
| Gould's assistant. said that the report
concerning Mr.. Gould was not true.
''If Mr.. Gould has failed" said MI.
Morosini, with a pleasant smile and in
charming broken English, II wish that l
might fail also, in the same way. He is
| as solid as-what you call-rOck.V
! Mr.. Washington E. Conner, Mr.. GOuld's
| broker, said the report was one of the
widest and most absurd Of the day. ''He
has not borrowed a dollar" added Mr..
Conner. "The securities were taken out
of the vault this morning, but they were
taken back this afternoon. That is an
every day occurrence, and is done in the
usual course Of business"
IT WAS APPARENT THAT THE RECENT
FURRY
in Wall street had frightened the de-
postOrs of the Metropolitan National
Bank. The deposits have ranged as high
as eleven millions of dollars. The last
statement showed that they had run down
to a little over three millions, and within
the past few days there had been heavy
| depletiOns. The bank had become in
| vOlved in the heavy operations OF Nelson
Robinson Il Co, whose checks were large
! " certified and not made good on Tues
| day. Mr.. Robinson is a son-in-law OfPres-
| ident Seney and two of Mr.. Seney's sons
| are partners in the firm.
| But the most serious matter presented
| was the embarrassment of the President,
George /. Seney, who is largely connected
| with many railroad enterprises. Last
| summer Mr.. Seney was the holder of about
$4,000, 600 of East Tennessee, Virginia and
| Georgia Railroad income bonds, which
! cost him and the other members of the
| syndicate about 40 cents on the dollar.
| They are now selling for about 10. The
| bonds have been as high as %, and Mr.
Seney had great confidence in them. They
| constitute large part of the assets of the
bank. When the demands of depOsitors
and other creditors became pressing, it
| was, of course, impossible to realize any,
thing on such assets without a ruinOus
| sacrifice.
Some of the Directors, among whom
were Isaac Il. Bailey, were 10th to sus-
pend, and up to the last minute urged the
possibility Of obtaining aid from other
banks.
MIR. sENEY AND HIS ENTERPRISES.
The bulk of the responsibility for the
failure of the bank was on all sides placed
with President Seney. He was born at
Astoria, l.. l., in 1926, and was the son Of
a Methodist clergyman who occupied sew
eral pulpits in this city, including the
| Mulberry street and Allen street churches.
His grandmother was a daughter Of Com
mOdOre Nicholson. One of his aunts was
the wife of Albert Gallatin. Mr.. Seney
was educated at Wesleyan University
| aud Co1uYnbia ColTaOo opd was orrq6ua tod
from Columbia in 1S47. He was
made paying teller Of the MetrOpOl-
itan Bank IN 1877, and cashier five
years later. On the death of John z.
Williams he was made President, and
since he reached that position his will has
been really the law Of the bank. Mr..
Seney negotiated what is known as the
Nickel Plate Railroad enterprise. and is
said to have realized about a million and
half out of his sale of it to the Wander
bits.
GIVING FORTUNE AWAY.
Then he doomed out as one of the mil
lionaires Of the metropolis, and about ten
years ago astOnished even his most init
mate friends with his princelY gifts to
various educational and eleemosynary in
| situations. He began with a gift of $1,000
to the Long Island Historical Society, and
followed it up with valuable books and
manuscripts. He gave 81, 500 to the Young
| Mems Christian Association Gymnasium,
and 81, 900 to the Wesleyan University at
MiddletOwn. Conn.,, where he received his
early education. He gave sixteen lots in
Seventh avenue, Brooklyn, and S200,000in
cash for the purpose Of constructing a
new hospital, which is not yet finished.
His total gifts to the Long Island HistOri-
| cal Society amounted to So, 900. He gave
$4,000 to the Industrial Home in Butler
street, $50, 600 to a Emory College in Ok
ford, Ga, and 100000 to Wesleyan Fee
male College at Macon, and other benefac-
tons, most of which were unsolicited.
| In explanation Of these gifts he said he
regarded them as hostages to the Lord -
that he found it better to give than to re-
ceiYe: that he took pleasure in parting
with half million dollars in this way
that he preferred giving in his lifetime to
waiting until death for a Request which
might be defeated by a contest over his
will. He used to talk of the bad effects
upon a mans disposition of boarding
wealth, and took pride in saying his
gifts did not 90 to the idle, the dissipated,
or the undeserVing.
Yet at the time most of these gifts were
made, while many who had long known
him were surprised at these unexpected
evidences of wealth, others who knew
something of his real situation, and the
immense resources required by his extern
sive enterprises. demonstrated with him.
He was warned that he could not afford
it: that he might get his affairs into seri-
Gus complications. But he replied with
great ardOr and enthusiasm that he could
well afford it, and that it was his right
and pleasure to do what he chose with his
own. He at the same time disclaimed
any desire for nOtOriety in the matter, and
did not give ostentatiously. but rather
quietly. He prided himself upon being
governed by business common sense in
his gifts.
MIR. SENEY's HOME AND WAYS.
Mr.. Seney lives in the splendid mansion
built by j. 5. Rockwell, on the crest of the
hill opposite Wal street ferry in Brook
Ign. His neighbOr across the street is A.
A. Low. The house, which was fitted up
at great expense a model in sanitation,
proved fatal to Mr.. Rockwell, and after
| his death it was discovered that the man.
sewer. Mr.. Seney. since purchasing it,
has added to it an art gallerya containing
| the choicest collection of paintings in
Brooklyn. He was a domestic man, re-
ticent in habit, and was but little known
by sight in Brooklyn. Like Ferdinand
Ward. he was an attendant Of the Church
Of Pilgrims. The responsiveness of the
Rev. DR.. r. S. StOrrs was potent in Open
ing his purse strings, especially for adj
ditions to the book treasures in the Long
Island Historical Library, OF which he
was a most liberal patron, buying
classics, engravings, and rare things
| which cOnnoisseurs recommended 70 him.
He was for a time so Systematically lib
eral to charities that one of his bright
| dam tiers once said to him. ssPaDa I wish