Omaha daily bee., 1884-06-03
GEORGE I. sENEY's PICTURES.
How They Came To Re Transferred
to the Metropolitan Bank, and
Were Afterward Passed Over
to the loan Committee of
the clearinghouse.
New York World.


New York World.
On the face of one of the most impos.
ing stone fronts on Mon ague terrace,
Brooklyn, hangs a ''for sale" placard.
The heavy oaken storm.doors are doubly
bolted, and the most frantic pulling at
the bell fails to elicit any response. The
shades were drawn close to the stills of
the windows and the inside blinds were
closed yesterday. The stone balustrades
leading up the steps and the carving to
the doors were covered with dust. Tho
The family had left the house for the
country; not as a matter of a summer so.
journ, but because the creditors of the
ruined bank president, George |. Seney,
demanded its vacancy. AT Barnside, n.
j., is Mr.. Seney's country villa, which is
said to embrace fifteen hundred acres of
titled sell and numerous elegantly.fur
nished residences and substantially erected
buildings. All that wealth and civiliza.
ton could suggest for the pleasure Of a
summer retreat have been lavished up
on this Now jersey country home. 1t is
said that here Mr.. Seney had gathered
the rare collection of works of art, enum-
Grated in yesterdays World, which he
sacrificed to cover claims involved in the
suspen sion of the Metropolitan National
bank, the consideration filed in the bill
of sale being $500, 600.
"When Mr.. Seney resigned the presi.
dency of the Metropolitan bank" said q
bank officer in Wall street yesterday, she
transferred this gallery of pictures as ad.
ditional protection to the bank from any
possible or contingent loss that might be
sustained from any securities held by the
bank, owned by him, or deposited by
| other persons in the shape of railroad
cnllaterals for loans advanced by the
bank through him. The assignment of
large parcels of unincumbered realities,
representing in aggregate values of over
81 1000, 600, was made by Mr.. Seney at
the same time. The transfers, contrary
to the general %supposition, were included
in one transaction, which occurred at the
time Mr.. Jaques assumed the presidency
of the bank"
"Was not the assignment of all this
real estate sufficient to cover the value
represented by these securities2"
Eyes, more than sufficient"
"Then, what occasioned Mr., Seney to
part with his valuable collection of pic
turesl'
"Mr. Seney acted entirely at his own
volition. There was every reason to be-
that the losses sustained by the bank,
leading to its suspension, would be made
good, and Mr.. Seney desired to act in a
manner that would leave no doubt in the
mind of the public that the bank had
been amply secured. 1t was not ~calcula-
ted that this collection of art was neces-
sary to cover the Deficiencies"
"And what course was taken by the
bank pursuant to these transfers with re-
gard to these pictures2"
"a assignment was made to the loan
committee of the clearing. house of all that
Mr.. Seney. had handed over to the
bank. The committee did not ask for
the transfer of these paintings"
"What disposition will be made of
them by the clearing house,
"The probability is that the claims
covered by this assignment will be fully
satisfied by the bank, without ecourse to
the assigned property, and all of iG, in
cludiug the pictures, will be reassigned to
the bank and again returned to Mr..
Seney. The bank has already organized,
and there Is no reason why its resump-
ton should not be continued with in
creasing prospects for a bright future.
The work of adjusting the books has
been completed. There may have been
no permanent injury to its financial con-
dition, as it proposes to 60 on and
transact business as usual"
"What is it's present standing in the
clearinghouse"
"That is q question which I do not
look upon as bearing any interest to the
public. It's a question wholly between
the bank and the clearinghouse"
lis it true that since the doors were
frat closed and continuing to the time it
resumed payments over $9,000,0 900 were
drawn out2'
"Like the preceding question, this has
no significance that l care to recognize
by answering for public print"
"ls there any reason to suppose that
the Metropolitan is likely again to go in
to liquidation2"
Il do not see any reason why it should.
It's losses have been amply covered.
Everything is moving along smoothly 30
far as its affairs in the clearinghouse are
concerned, and except for the daily SEES
sion of the loan committee, ono would
hardly suppose that Wall street had been
recently struck with a panic"
"Will you tell me how much money
Mr.. Seney did draw from the bank, or
how much of the funds did he permit
his sons to use?'
''That's a question Mr.. Seney can an
swer better than l."
ITO what extent was he responsible for
the tailure2'
81 decline TO advance any opinion on
that subject. It's a responsibility be-
longing to Mr.. Seney.'
JAY GOULD'S PERSONAL LOSSES.