Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1884-05-21
THE GREAT PANIC.
Metropolitan Bank will Resume
Immediately.
Panic on the Pittsburg Oil Exchange
Heavy Break In Prices.

New YORK, May l4.-The Post says:
At twenty minutes after II o'clock long
line of men and boys stood in front of the pay
ing teller's window in the Metropolitan Bank,
at Broadway and Pine, Of which Geo. I. Sepey
Is president. Every person in the line held one
or more checks to be certified, alarming
rumors as to failures in every direction having
made uncerti6ed checks Of no value, no matter
by whom signed. Just at that moment the
paying teller shut his window with q bang and
announced that the Metropolitan Bank would
suspend payment as q matter of necessity
and precaution. A howl of dismay went up
from tho line of men and break was made
for the door, where number of depositors
were met hurrying into the bank to get deni-
al of the 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 a large depositor who had ar
rived breathless and indignant was that the
suspension was ordered by Sevey to prevent
lun for which the bank might
not be prepared. 1t was said by Mr.. Seney that
it 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 as small comfort, and
after 12 o'clock crowd of nearly hundred
persons gathered in front of the bank
and bewailed the prospective loss
OF deposits: Two women who had
drafts upon the bank were in tears upon the
peared to know anything about the suspension
| it was said the immediate cause was demand
| for more than half q million by the clearing
house, to make good it's account. Railroad
| speculations of President Seney are generally
| supposed to be the real cause Of the snspen-
oI0 Mr 10 oe kl>E NJ
| 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 &C.
count of Seney, at II or IL 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
| Seney's favorte 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 ason-in-law
Of Seney's, and one of Seney's sons is mem
supposed that Seney would not have allowed
the firm to 60 under had he not
been badly crippled himself. At the
Office of Nelson Robinson & Co., Nelson
Robinson said their failure was occasioned by
calls for money from al quarters, which could
uOt U0 lNlu6Olatcly m06 on account OF B general
shrinkage of securities, the disturbed condl-
ton of the times and the circulation Of dis
quieting rumo1s. He is unable to furnish q
statement of the liabilities and assets. Most
of their loans are well protected if holders did
not lose their heads and want their money in
q day.
ANOTHER NEW YORK SUSPENSION.
New YORK, May IA 4.-Donnell, Law
son & Simpson have announced their
suspension. They were large dealers in
county, water and city bonds, and are
said to have $2,OOO,0O with the sus-
pended Metropolitan Bank. The firm
say: Owing to the general panic pre-.
vailing, we deem it best to suspend until
we can see where we stand.
FLIGHT OF sENEY's SON 1N-1Aw.
New YORK, May 14.-The CONNER
cial says: s-.s--. .-.
While the street was much shaken by
the failures, rumors were heard that
Seney's son-in-law, Nelson Robinson,
had fled, and the Metropolitan Bank
was struggling in heavy sea with
strong probability of going under. By
10 o'clock depositors of the Second Ma
tional bank instituted heavy run. A;
II o'clock the flight of Seney's eon. in.
law was sauthenticateda and ndsimultaneously
there was an official announcement that
the Metropolitan Bank had closed. At
the Second National Bank many excit-
ing scenes were witnessed, but in all
cases payments we're 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 smiling'y assuring all that they
would receive every cent of their dues.
FEELING BETTER, THANK YOU.
WALL STRER9 May 14.-At 1:3O the
excitement subsidized to great extent
and better feeling prevailed, but the
situation is by no means settled. The
general impression is that the END is not
yet.. It is stated that the largest dealer
in privileges on the street was obliged to
receive 2O0, 600 shares on s*puts." This
large block must have called for a
heavy drain even on his i'm.
n ense resources. It 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 & Go. 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. . T..
THE COMPTROLLER SPEAKS.
WASHINGTON, May 14.-Comptroller
Cannon now says nothing more will be
given out by him concerning the affairs
Of the Marine 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