New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-16
CONDITION OF THE BANKS.
THE METROPOLITAN RESUMES BUSINESS.

is ELECTED IN HIS PLACE.
That the Metropolitan National Bank would re-
suue business yesterday was known at Midnight
of Wednesday. The directors had assured thcln-
selves of the solvency of the bank before tue sus-
pension and some of them consented 10 IL WIN
great unwillingness Among those WHO assIsteu Ill
the examination of the securities and the lnves'ga
ton of the banks condition was Henry H.
James. n ,tockholder and former vice-presi-
dent, who enjoys in marked degree INC
confidence of banking officers in this city The
plan of resumption provided for the plac'i'e VI
funds at the disposition of the bank through the
medium Of Clearing House certificates, and also Tor
the placing of Mr. Jaques at the head of the bank
in place of Mr. Seney The plan was carried out at
a meeting in the directors room at a. m. yeSter-
dav. This meeting was attended by the directors
including MI. S-ney. Mr.. Jaques, Man
ager Camp, of tho Clearing House
Association the Clearing House Committee ana
Bank Examiner Serbia. The results of the exam
nation on the previous night were made known.
and action was taken loo'-ng to the resumption oil
business at noon. Within half an hour the news
paper statements that the bank would go on were
confirmed by the posting Of the following notice on
the bank door:
An examination Of the bank having been made 1t will
resume business ut II m to-day. - -, ,,
National Bank Examiner.
The doors were closed and policeman stood
guard before them but this notice served to prevent
the nlace from becoming centre of excitement.
Mr. Seney now offered his resignation "a president
of the bank it was accepted by the directors and
Henry l.. Jaaues was elected in his stead. Mr..
Jaoues was dsposedto avoid the responsibility and
labor which the post involved, out Of consid-
Grafton for his health but was hnai-
lv persnaded of the necessity that
man of his known conservatism should take the
helm and consented. STIMULATING however that MI
S,.0ey should remain member of the Board Oh III
rectors in order that bis knowledge and experience
might be drawn on.
THE DOORS REoPENED.
few minutes before noon the doors were thrown
oman and number of dcrositors hurried gcrly into
tie hank TO draw their money. Everything passed
off ouietly and in an orderly manner. The bank 5
officers had provided against run, but the ez-
perieuccs Of the first hour showed that there was
no need of being apprehensvo. From IL III Z
there was n steady demand at the paying tclier ;
window, but the depostOrs who were waiting lor
their money never reached half II hundred. Al
2:15 the only persons in front OF the Dahk desks
were a few who werc making deposits At 1850
S177. 900 had been deposited $3S3 900 certified III
checks and $4,000 paid out over the counter.
CONDITION OF THE BANK.
REGARDING the condition of the bank nothing new
was divuIged yesterday. Neither the new presi-
dent nor any % the directors would tell OF tho
nature Of the securities found by The investigating
Committee. From high authority it was learned,
however that the bank holds a large amount of
securities which are not marketable at present.
The loss on them it is thought, viii not be large
llr Senev CONVEYED to the bank his Brooklyn
house and other real estate and his collection OF
pictures to secure it against any possible loss on
his account The property is estimated by DIT.
Scney to be worth 81 100000. II IS not supposed
by those Intimately acquainted with the
banks affairs that its losses will approach TINS
ann. Itls understood. however, that Mr.. Seney
will make still further personal pledges even II IN
the end they should have to be returned to him.
The character of this security has not been re-
yealed.
In accordance with the action of the Associated
Banks and the report of the special committee ap-
ponted TO investigate the affairs of the bank, its
clcarances were made without difficulty. large
amount of acceptable securities was taken to the
Clearing House and loan certificates were issued as
fast 2, they could be signed. The bank received
about 81 900 900 BY the aid of which IL made its
exchanges Tie deposits during the day exceeded
the payments and certifcations by small amount.
They amounted to $1,000. while checks were
was paid out over the counter.
CAREER OF The BANKS NEW PRESIDENT.
Henry l.. JaqueS, the new president of the Metro
polItan Bank, is a man of spare figure apparently
about sixty yearsof age, with features OF thought
full and rather nervous cast. His face Is smooth
shaven except his upper lip, on which grows n
brstling mustaohe of the same siyery witness rs
the wide fringe around his head. Ills manners are
precise: his conversation Is pleasant in tone, but
confined strictly to the matter IN hand. 1t is plain
from his appearance that his health Is not robust.
His whole business career has been connected with
banking interests and his name has been associated
with the Metropolitan Bank either officer
or stakeholder ever since its organization.
The Metropolitan was formed for the purpose OF IN
Producing IN this State the system of country bank
redemption which had been established in New
England. Under this system all the New England
banks were compelled to redeem their notes at the
SnIfolk Bank in Boston In this bank Mr.. Jaques
was raised, his father being It's president He was
stIll n Young man when the management of the re-
demption branch of The banks business was placed
in his hands After the excellence of the plan had
been amply demonstrated under the administration
of Mr. Jaques the Metropolitan Bank was formed in
this city for the purpose of enforcing the same
system here, and Mr. Jaques was invited to comc
| from Boston and take charge of the redemption de-
partment He accepted the invitation and Tor five
or six years acted superintendent of the incur
rent money department, making complete success
of the system. AT the expiration of the period
mentioned, being broken down in health, he re-
signed his position and went to Europe. When
President Mccall died, J. L. Williams, then vice
president was made president and Mr.. Jaques
was prevailed upon to take the place thus
vacated This was twentysseyen years ago.
and the record made by Mr
ia cues in his rev position put him among the
foremost financiers the city. Again, after seven
wears of service his health failed him and he re-
tired TO remain out of active business until called
to the rescue of the Metropolitan IN its present
rectors and the investigating committee of the
| Clearing House Association.
Mr.. Jaques has an independent fortune and IS