St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-16

A Globe Reporter Interviews III. L. HOr-
ton on the Situation.
THE DAY IN WALL STREET.
New YORK, May 15.-When Wall street came
down town this morning it with a feeling
that there would not be repetition of yester-
days pandemonium. So many of the country
lambs and city shrewd ones wee shaken out CT
their margins by the panic yesterday that there
was not so much room for excitement as on the
previous day. Then it wild rush TO unload,
no matter who hurt, the desire of the brokers
being 10 sacrifice the stocks of their
customers while there margin kenough
left to pay. the broker for his liabilities. The
way the country operators suffered by the tum-
bic will never be fully known, but the tumble
which will follow as the refrain of yesterday
work will be heard all along the line for months
to come.
The brokers and their clerks worked late last
night and began early this morning to find out
where they stood, and by the time the opening
hour for the exchange had arrived they were
ready for the coming fray though less excited
than yesterday. The announcement that the
Metropolitan bank would resume at noon in
spired confidence which the events of the day
showed had good foundation.
THE OPENING.
The floor of the exchange had more than the
usual complement of buyers, and by 30 opera
tors had gathered in knots waiting for the signal
to commence business Just as the clock marked
10 Chairman Mitchell gave three raps of his gavel
and in an instant the pent up excitement of the
brokers gave vent in howls, and 500 hands were
lifted in the air and various pools were formed
in which the different stocks were dealt in. Ere
five minutes had elapsed the gavel again was
heard amid the din and the announcement was
made that Dimici SEQ, of theUnited States bank
had suspended. pmick is president of the
Bankers u Merchants Telegraph company.
Prices rapidly rose from Il to per cent, the
failure of Dmick having no perceptible effect
the market.
THE METROPOLITAN.
At 80 Mr.. Serbia, bank examiner, stepped
outside of the Metropolitan bank building and
directed the many notices from correspondents
informing holders of their paper where to have
it cashed, should be taken down. ''I'Il take the
responsibility he said. 81 don't want this
crowd around here. The bank is all right now,
and will resume at 12 o'clock The pool of
clearing house banks sets the Metropolitan firmly
on its feet.''
ssWin reserves of all the national banks be in
quired nto?''
1T is unnecessary at present. Everything is
sound enough now.
Cashier j. McGourkey said: ''We shall begin
paying out at IL o'clock, and shall continue until
the last dollar has been paid out to depositors if
they demand it,
Geo. l. Seney rendered his resignation as pres
ident of the Metropolitan bank this morning and
it was accepted and Henry S. Jaques elected to
ill the vacancy. a notice was posted that the
metropolitan would resume at noon and few
minutes before IL O'Clock the teller opened his
window and the first in line got his money
The number in line not twenty-five,
principally boys and clerks. One lady was among
the list She was attired in widow weeds. Her
qualification on receiving her money was plain
The small number drawing out funds is regard
ed as promising for the future of the bank
THE SECOND NATIONAL.
There no excitement at the Second Ma
tonal this morning. The clearing house has ar
ranged to pay the Second National debts, and up
to noon there were 14S depositors No more
alarm is felt concerning this institution
THE DnIcK FAILURE.
Dimick & Co. short of the general mar
ket and their stocks have been bought in under
the rule. Dimick is president of the Bankers
& Merchants telegraph, and the stock of the
company, which was 119 yesterday, sold at 65 to-
day. One report says that Dimick's failure
will prevent the extension of the lines which
were contemplated but c. S. Watt, the general
manager of the company says the failure does
not involve the company at all. Mr. Dimick
says the trouble was due to his inability to
realize on his securities, as all his customers
have had profitable accounts. Geo. Putnam
Smith was appointed assignee with preferences
for customers having accounts less than 81 900.
OTHER SUSPENSIONS.
Hawy & Co., of Boston, bankers and brokers.
suspended owing to a on their banking de-
partment They were not heavy dealers but
stood well.
HILL stanwood & Co., brokers of Boston. cor
respondents of Goff Randall 81 Co., New York.
have suspended. Liabilities, 100000. The
failure has no significance.
sENEY's OPERATIONS.
A prominent Wall street man connected with
Seney in most of his speculations states that one
of the immediate causes of his embarrassment
was he loaded up with large blocks of Atlantic
& Pacific income bonds and St. Louis & San Fran
cisco securities, on which he was unable to real
ize Seney was also stuck with lot of Ohio
Central, forced on him at high figures on repre-
sentations that proved to be false. His resigna-
ton from the presidency of the Metropolitan
bank is regarded as wise, as it leaves him freer
to act for the best interests of his personal af-
fairs
The Commercial says: s'The general subject
of discussion was the remarkable position as
sumed by President Seney and the directors of
the Metropolitan bank, who announced early in
the morning that the bank had suspended not
because it had to, but because it chose to.''
George Scott, banker, said: ''There is no ex-
cuse for Seney pinch. He had ample notice of
the coming crash and could have tided over just
as well as not. can't see any excuse for his
bank to close its doors. do not think its capi-
tai is impaired. The increase in value of its real
estate holdings will cover its losses.''
''Do you know anything about the reported
difference between Gould and Seney on the ques
ton of Seney's action in the pool of East Ten
nessee bonds of 1882
Eyes, know all about it. I know Gould was
not in it, Gould and Seney were ALWAYS at
sword points,
1t is said on the street by several prominent
operators that the real members of the pool were
Washington t. Connor, General Thomas and Mr..
Brice Connor imagined Brice and Thomas, ac-
tions were otherwise than in good faith and bo
whirled them.
WHAT FIELD SAYS.
Cyrus W. Field said: ssThe worst is over and
1t is good thing this crash came just as it did.
1t will prove great benefit to the entire country
There is not man in the United States but feels
better at the unmasking and exposure of the
men who have been lsoked upon as examples of
financial honesty and shrewdness. Think of it.
presidents of banks speculating in railroad secu-
rites with money belonging to depositors Mr..
Caorpe 7 SeeDev sDecuIatad and cau cad +lo cr.oo.