Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1884-05-16
A TOTAL FAILURE.
The Suspension Of Donnell. Lawson {
Simpson Believed to re Petna.
nent-Statements Of the
Firm Regarding Its Connection With
the Metropolitan Bank Not Borne
Out by Facts.
Interview With Mr.. Simpson Regarding
His Condition-What an EN-.
p1ose Sass.

New YORK, May 15.-The New York
| Trib,.ne of Friday, will say; The state
| ments Of members of ponnell, Lawson x
| Simpsof1 Wednesday that theft suspension
| was due wholly to the suspension OF the
Metropolitan National Bank. were not
| confirmed yesterday The Metropolitan
having resumed, similar action on the
part Of banking firms is axiously waited.
Toward the close of banking hours
| it began to be whispered around
that their failure would be total The
bonds Of :. the Cleveland, Youngs-
town and Pennsylvania railroad we're
mentioned as the matter in which they
were iiiost crippled. This was the Security
over which the Bank of the Republic di-
rectors had a difference about a month
apo, which resulted ip President Fords
resignation. The Bank OF the, Republic
was one Of the two banks with which
Donnell, Lawson & Simpson did business,
| Simpson being a director in it. 1t was
also said that Seney had unloaded lot of
these bonds on the firm, and that their
dependence on the Metropolitan was such
that they could not refuse to be
thus used. At the firms office on the
second floor OF No. 102 Broadway a long
| list of notices from CORRESPONDENTS stating
| where drafts wodld hereafter be paid in
dieated how widely the firms business
was distributed. There were over 400
| banks for whom they transacted business
scattered through Georgia, Florida, Texas,
Missouri, Kansas, Arkansas, Nebraska;
Iowa, Colorado, . Utah and other Territories.
Over 100 bulletins were posted on the
| door. Inside Donnell and Simpson were
busy all day trying to see how they stand.
| Lawson is in Europe.
To a Tribune reporter late yesterday
/ Ice. 4. n
| and trying to get to point where We can
resume. We can't tell you anything until
| about to morrow evening. There is a
prospect that we will resume. That is the
point toward which our arrangements are
/, tending"
"Ifas an assignee or receiver been de-
c;ded upon2"
"No. sir, nothing of that kind has been
or will be done now. We will not make
an assignment unless satisfied we can't go
on or settle our business satisfactorily
| without It..
"What are your liabilities I"
1--WE ca,i't tell exactly about S3g0;OO0.
How much are the assets worth Z"
"They will be more than that. We
shall pay every dollar, | now think.
"Is there any truth in the lumor that
Seney unloaded Cleveland, Youngstown
and Pennsylvania bonds upon you y
Not a word of truth. President Seney
has unloaded nothing on us at any time.
"Hew much were your deposits with
the Metropolitan Bank %
at was good deal more than we co1ld
have wished" :; -,
"Can you not resume now that the
Metropolitan has done so?'
''That is what we are ttsing to find out
We shall know tomorrow" -
''1t is understood you have been offered
100000 to help you out"
Yes; S. B. Elkins offered that, but that
would have been drop in the bucket
We were offered several hundred thou,
sand dollars, but must see where we stand
first" r..
An attache of the firm told the reportel
that matters had gone so far that resump.
ton would be impossible. The S2O0,00(
offered by S. B. Elkin was made in gooo
faith, and may lead to the re-establish
| ment of the concern under a new name
The members of the firm are Missourians
| Robert w. Donnell, the head OF the firm
J came from st. Joseph, where he own'
large real estate, and he is large stock
holder in the Savings Bank. He is also {
partner in the banking firm Of Donnell
: Clark < Larabie, OF Deer Lodge, Mon.
the second member of which is a million
aire. Lawson and Donnell married sisters
} The former was a lawyer at Bonneville
: Mo. He is member of the Union League
: and Manhattan Clubs. Simpson lives il
!. Orange, N. j., and formerly resided il
Kansas City. The loans of the hous
} were all papers on or by him. The bank
inghouse was besieged all day with mes
sengers and clerks copying notices ant
persons to have signatures identified.