The Superior times. [volume] (Superior, Wis.) 1870-1912, 1884-05-24
THE GREAT PANIC.
Metropolitan Bank will Resume
Immediately.
Panic ON the Pittsburg Oil Exchange :.
Heavy Break In Prices.

NEW YORK, May 14.-The Post SAYS
AT twenty minutes after II o'clock a long
line OF men and boys stood in front of the paw.
ing teller's window in the Metropolitan Bank
at Broadway and Pine of which Geo. l. Seney
is president Every person in the line held on.
or more checks to be certified, alarming
rumors as to failures in every direction having
made uncertitied checks of no value, no matter
by whom signed. just at that moment the
paying teller shut his window with bang and
announced that the Metropolitan Bank would
Suspend payment as matter of necessity
and precautlon- A howl of dismay went uI
from the line of men and break was made
for the door, where a number of depositors
were met hurrying into the bank to get deni
al OF ths rumored suspension. In less than five
minutes the iron doors were shut and police
men arrived to stand guard ON the steps. The
first story told large depositor who had ar
rived breathless and indignant was that the
suspension was ordered by Sevey to prevent
a run for which the bank might
not be prepared. II was said by Mr. Seney that
If matters quieted down in the afternoon the
bank might open IN time for some business to
be done to-day. This promise was accepted by
| group OF depositors small comfort and
after II O'Clock a crowd Of nearly hundred
persons gathered in front of the bank
and bewailed the prospective loss
Of deposits. Two women who had
drafts uron the bank were in tears upon the
bottom step. Among the depositors who ap-
peared to know anything about the suspension
1t was said the immediate cause was a demand
for more than half million by the clearing
house, to make good its account. Railroad
speculations of President Seney are generally
supposed to be the real cause of the suspen-
sion. MIR. Seney is president of the East Ten
nessee Virginia Railroad, the stock Of which is
selling to-day at for common and for pre-
ferred. Large blocks of this stock were
bought less than year ago, supposed for ac-
count OF Seney, at IL or II for common and "a
for preferred. The stock has been sinking
ever since, notwithstanding constant support
from what is known as the Seney Syndicate
Ohio central is supposed to be another of
Seneys favorite stocks, upon which large
sums have been lost in sustaining the stock.
The first rumors of Seney difficulties came
soon after the announcement of the failure OF
Nelson Robinson. AS Robinson is son-in-law
OF Seney's, and one of Seney's sons is a mem
Der OF the firm of Nelson Robinson Co., it is
supposed that Seney would not have allowed
the firm to go under had he not
been badly crippled himself. At the
office Of Nielsen Robinson & Co., Nelson
Robinson said their failure was occasioned by
calls for money from all quarters, which could
not be immediately met on account of a general
shrinkage of securities, the disturbed condl-
ton of the times and the circulation of dis
quieting rumors. He is unable to furnish a
statement of the liabilities and assets. Most
Of ther loans are well protected if holders did
not lose their heads and want their money in
day.
ANOTHER NEW YORK SUSPENSION.
NEW YORK, May 14.-Donnell, Law
son & Simpson have announced their
suspension. They were large dealers in
county, water and city bonds, and are
said to have S2,000,O00 with the sus-
pended Metropolitan Bank. The firm
say: sowing to the general panic pre-.
vailing, we deem it best to suspend until
We can see where we stand"
FLIGHT OF sENEY's soN-IN-LAw.
NEv YORK, May 1.-THE CONNER
cial ssys:
While the street was much shaken by
the failures, run1ors were heard that
Seneys sop-in-law, Nelson Robinson.
had fed, and the Metropolitan Bank
was struggling In a heavy sea with
strong probability of going under. By
10 O'Clock depositors of the Second Ma
tional bank instituted a heavy run. At
IL O'Clock the flight of Seney's son in
law was authenticated and simultaneously
there vas an official announcement that
the Metropolitan Bank bad closed. At
the Second National Bank many excit-
ing scenes were witnessed, but in all
cases payments were made as fast as the
teller could hand the money out. At
one time 800 depositors were in line.
while Amos r. Emo, the millionaire,
stood by smilingly assuring all that they
would receive every cent of their dues.
FEELING BETTER, THANK YOU.
WALL STREET, May 14.-At 1:3O the
excitement subsidized to a great extent
and better feeling prevailed, but the
situation is by no means settled. The
general impression is that the end is not
yet. 1t is stated that the largest dealer
in privileges on the street was obliged to
receive zoo, 900 shares on ''puts." This
large block must have called for a
heavy drain even Il his i'm
n ense resources. 1t is stated that
Secretary Folger has been invited
to the meeting of the Clearing House,
and the result of their conference is
awaited with much interest. Drexell,
Morgan & Co. have received word from
their Philadelphia house that they have
all the money they want. The board of
managers of the Stock Exchange have
posted an official notice that the Ex-
change will not close until the usual
hours. Rumors affecting several ma
tional banks continue flying about the
streets but none of them can be sub
stantiated.
THE COMPTROLLER SPEAKS.
WASHINGTON, May IA Comptroller
Cannon now says nothing more will be
given out by him concerning the affairs
of the Merine National Bank of New
York. All information hereafter must
come from the receiver. He has not re-
ceived Bank Examiner Schriba's report.
and does not expect any. At any rate
he has nothing more to say about The
bank and it will be useless to expec,
from him a statement of the condition
of the defunct institution.
STREET GOSSIP.
WALL STREET, May 15.-The Com.
mercial says the general subject of dis
cussion was the remarkable position as.
sumed by President Seney and the
directors of the Metropolitan Bank, who
announced early lu the morning tna1
the bank had suspended not because il
had to but because it chose to.
George Scott, the banker said: "'There
is no excuse for Seney's pinch. He ha6
ample notice. The coming crash could
have been tided over Just as well as not
/ can't see any excuse for his bank clos
ing its doors and do not think its capita
impaired. The increase in the value O.
its real estate holdings will cover its
losses 8" Do you know any
thing about the reported differ
ence between Gould and Seney
on the question of Seney',
action in the pool of East Tennessee.
bond1 of 1888 ?'' Eyes know all abou
it. / know Gould was not In it. Goulo
and Seney are always at swords points.
1t is said on the street by several prom
inent operators that the real members o
the pool were Washington E. Connor
Gen. Thomas and Mr.. Brice. Como
| imagined Brice and Thomas actio
otherwise than In good faith and b
"whirled" them.