Delaware gazette and state journal., 1884-05-22
THR METROPOLITAN PAYING ALL DRposIToRs
ONLY SMALL GALL

checks. Even before the hour named for
resumption the paying teller opened his
window and the first man In line received
his money. This individual WAS an old
weather-beaten man who evidently
drew out his earnings, as the
pile Of greenbAcks handed him
made a goodly show and were carefully
slowed away in his inner pockets, after
many glanoes at his neighbors, of whose
honesty he WAS evidently by no means
certain. At noon the number in line was
not over rs, and WAS composed prinoi-
pally Of boys and clerks, some of whom
only required the oertiHcation of
checks. Only one lady was among the
list, she being attired in widows weeds.
Her qualification at recovering her money
was plainly written on her face. The
small number of those drawing out their
funds Is regarded as very promising for
the future of the bank.
| SECRETARY FoLagR STILL AIDING.
| WAsHIseros, May. 15.-The Secretary
of the treasury telegrsphed to the assist
ant Treasurer at New York at noon to-day
as follows:
"From this date to June Let you are
| authorized to pay bonds embraced on the
10th and 127th calls, with accrued
interest subject to discretion OF the de-
psrtment as to the regularity of the
assignments. Rxpresssge to the depart
ment to be paid as heretofore by the par
ties having the bonds redeemed.
[Signed] CHARLEsJ. FoLeER,
Secretary.
THE "MAIL AND BxPREss'' ON THE PANIC.
New YORK, May l5.-The Mni and
Erpress says: "There was greatly
improved feeling in financial circles at
the opening of business to day which can
be traced directly to the action Of the
banks yesterday--hrst in resolving to
issue clearing certificates based on the
deposit with loan committee OF bills re-
oeivable and securities; and second
In coming to the assistance of
the Metropolitan Bank after having
thoroughly examined that institution
and found II in better condition than
WAS generally expected. The bank has
Its capital surplus real estate and large
amount Of assets in shape of bills re.
ceivable and securities. The new clear
ing certificate reached that institution
lust before 10 O'Clock, and will be de-
livered to banks as they want them,
and deposit oollaterals that m set the ap-
proval Of the loan committee. Under this
arrangement the amount OF accommode-
tion the banks can obtain will be limited
only by the good bills receivable and
securities they may have on hand. Here
then is practical reliet to the financial
community at once, and all that ID now
needed to lay the basis for restoration
Of condolences ia liberal policy on the
part OF the banks towards borrowers
entitled to credit. That bank mana
gers understand the situation and
will act promptly and wisely
is clearly outlined by their actions of
Saturday. What We want now is calm
ness aud judgment On the part OF men
who direct the affairs Of the banks and
the business OF the Stock Exchange. This
In connection with the remedies n0x being
applied will carry I'd safely out OF depres-
sion and ultimately lead to much better
condition Of affairs"
The Mdil and Erpre,s editorially says:
"Only banks with speculative managers
get into trouble. In fact, it is to the
speculations of high bank officials that
nine-tenths Of the present troubles are
due. The great newspaper notoriety given
to the extensive real estate, msnufaotur-
ing, railroad building and other specu-
lstive operations Of Mr.. Seney and the
Seney syndicate have alone brought the
Metropolitan Bank into temporary
embarrassment"
THE COMMERCIAL ADVERTISER" PREDICTS
GOOD RESULTS FROM THE PANIC.
New YORK, May l5.-Tbe Commercial
Advsrtiser editorially, says: "The events
of the day will decide, If it be not already
decided, whether the financial furry that
visited Wall street yesterday like
Western cyclone is to be confined to
that locality or to extend it's
ravages into other regions. II 1t goes
no further the oommotion which has thus
far been oonflr ed to speculation in stocks
and to money dealers who are in more or
lees direct connection with them ia likely
to prove sslutory. II will sweep away
good many OF the mere parasites of COM
merce who contribute nothing of
enterprise or labor to the
wealth of the community and merely
prey upon the substance which the enter
prise and labor Of others have created.
Our conviction is that the real buainess OF
the country has settled down upon
pretty solid foundation. That after
swell which always follows q tempest on
the ocean, will continue to bs felt for
time, but the motiol will bs one OF sub
sidenoy, not of disturbance ard havoc"
The Commercial Advertiser says: "a
very general subject of discussion was
the remarkable position assumed by
| President Seney and the directors OF the
Metropolitan Bank, who had announced
early in the morning that the bank had
not Suspended because it had to but
because it chose to-"
PREFERENCE FOR SMALLER CREDITORS.
NEW YoRK, May ia. W. Dimook &
Co. have assigned to George Putnam
Smith. They give preferences in favor Of
depositors to whom they owe 81 900 or
| less and order the creditors OF each
partner to be paid cut OF. the individual
assets. The surplus, II any, of the indi-
vidual assets is to be applied to helping
in the reduction Of the oopsrtuership
debts. The firm consists of Anthony W.
Dimock and arthur Vaughn Dimock.
THE CAUSE OF PRESIDENT sBYBY's FAILURE.
NEW YORK., May IA prominent
| Wall street man who has been connected
| with G. |. Seney, the retiring preident
OF thu Metropolitan Bank, most Of his
operations, states that one Of the imme-
diats causes of his embarr, ssment was
that he WAS loaded with large blocks OF
Atlantic Il Pacific income and st. Louis
San Francisco securities on which he was
unable to realize. He also states that
Mr.. seney was as he calls it "stuck"
with a lot of Ohio Central which was
forced on him at high figures on repre-.
sentations which subsequently proved to
be false. His resignation from the
presidency OF the Metropolitan Bank ia
regarded as wise step as 1t leaves him
ireer to act tor the best interests OF his
personal affairs than he could have done
while allied so cloaely to great banking
institution.
CONGRESS- TAKING A HAND.
WASHINGTON, May 15.-In the Senate
to day a resolution was offered by Mr..
Morgan, which under the rule went over
one day, directing the committee on
finance to examine into the causes
of the failures Of such of the
national banks in the city Of New
York as have suspended business in
May, 1884, and report whether said
failures have to any and what extent re-
suited from any violation of the laws
regulating their management, or from
giving certificates upon drafts or by their
acceptance Of drafts as other commercial
papers drawn up on them directly or in
directly, in evasion or in violation
of the laws; and whether any OF the
national banks in New York city have
been engaged since July, 1882, In viola