Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-15

which endeayored in vain to get some
information in regard to the situation.
George 1. Seney is President of the Sus.
pended Metropolitan Bank. He is also a
partner in the firm of Mason, Robinson &
Co. Mr.. Seney's sons are also partners in
that firm.
A representative of the Associated Press
has interviewed prominent Director OF
the Metropolitan Bank, who said EN-.
phatically that the depositors of the bank
will be paid in full. He says that the Di-
rectors have gone through all the securities
OF the institution, and that after throwing
out all that may be classed as in anv way
doubtful have more than sufficient to pay
the depositors. He says further that the
suspension is solely due to the fact that
deposltors throughout the country having
become scared through attacks on the
President of the bank, George /. Seney.
mad lnaugurated general withdrawal OF
their deposits.
CLEARING HOUSE RULES.
NEW YORK, May 14,5P.M-The following
was issued from the clearing house to-
day to the Presidents of each of the banks
of the association:
NEW YORK CLEARING HOUSE, Nav l3. 1884.
DEAR SIR am instructed by the Special
Committee appointed on the 9Th inst, to in
close herewith two amendments TO the Con-
stitntion OF the Clearing House Association
when Inc committee recommend for adop-
ton. A meeting will be held at an early
date to take action on the same.
lolgneuI Il. ID. TAPPAN, Chairman.
The proposed amendment to section Is
is as follows:
In the case Of the refusal or inability of anv
bank to promptly refund to the bank present.
ing such checks. drafts or other items return -
ed as not good, the bank holding such checks.
drafts or other items may report to the Man
qrnFs no 81 I fI,, I
his lthe Managers duty, with the approval
of the Clearing House Committee, to take
from the settling sheet of both banks the
amount SO reported and adjust the clearing
mouse statement accordingly, provided That
such notice shall be given to the Manager be-
fore O'Clock Of the same day.
The addition to section eight is as fol-
lows:
The Clearing House Committee is also en-
powered, whenever it shall consider it to be
Tor the interest of the association, to examine
any bank, member of the association, and
TO require from any member securities of
such an amount and character as said COM
mittee may deem sufficient for the protection
OF the balance resulting from exchanges at
the clearing house.
THE TROUBLE IN BROOKLYN.
NEW YORK, May IA, p. M.-The doors
OF the Atlantic State Bank of Brooklyn
were closed about 80, ard a number of
persons who tried to gain admittance
went away without effecting their object.
The cashier said
All | can say is that we were going on
splendidly, and there was no trouble and no
reason for trouble except that the Metropoli-
tan, which was our clearing bank has our
funds locked up there. We have plenty OF Sc
curltles to borrow on We can't realize on
them to-day, because we had no intimatioD of
their closing till y O'Clock. Our money went
over there before the suspension occurred.
You see we got our exchanges to-day from
the Metropolitan, the same as other Brooklyn
banks did, but all our available money was
put over there and locked up. and of course
when 1t suspended it was too late to get it out
again to-day. We have plenty of Securities
on which we could realize-$500, 600 if neces-
sary-but not to-day. We expect to open to-
morrow.
GOULD AND SAGE'S TILT.
The Commercial Advertiser saws: "It is
reported on excellent authority that a Sc
riOus rupture took place yesterday be-
tween Jay Gould and Russell Sage. In
consequence Of this q large block of
Western Union stock was thrown on the
market and so broke the price from 60 to
54. The bad feeling between the two
great hnanclers continues, and tO-day's
catastrophe is believed to have been
largely induced by This circumstance. II
is certain that no conference has taken
place between Messrs. Sage and Gould. as
there has on previous occasions been ru-
mOrs OF somewhat similar nature.
sENEY's RAILROAD sPECULATIoNs.
The EreniHg Post, speaking of the fail
ure Of the Metropolitan Bank of Nelson
Robinson Il Co., says: "The railroad
speculatiOns of President George 1. Seney
are generally supposed to be the real
cause OF the suspension. Mr.. Seney is
President of the East Tennessee. Virginia
and Georgia Railroad, the stock of which
is selling to-day at for common and 8
for preferred. Large blocks of this stock
We're bought less than year ago, sup
posed to be for the account of Mr.. Seney,
at IL or II cents for the common and "a
cents for the 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 Mr.. Seney's fa-
vorite stocks, upon which large sums of
money have been lost in sustaining it.
The first rumors Of Mr.. Seney's difficulties
came soon after the announcement of the
failure of Nelson Robinson & Co., AS
Mr.. Robinson is sOn-in-law of Mr.. Seney,
and one of Mr.. Seney's sons is member
of the firm of Nelson Robinson & Co.. it
was supposed that Mr.. Seney would not
have allowed the firm to go under had he
not been badly crippled himself. At the
office of Nelson Robinson 81 Co., Nelson
Robinson said that the failure was occa-
stoned by calls on them for money from
all quarters, which could not be imme-
diately met by the general
shrinkage of securities, the
disturbed condition of the times and the
circulation of disquieting rumors. He
was unable to furnish any statement of
the liabilities and assets. Most of their
loans, he said, were we'll protected. if the
holders did not lose their heads and want
to get their money in day.
THE EFFECT ON EAST TENNESSEE, VIR-
GINA AND GEORGIA.
NEW YORK, May IA, 9P. M.-The first
sale this morning of East Tennessee, Vir-
ginia and Georgia stock was at 53I. The
price then ran steadily down, sales being
made in order at 8, AZ, 43, Al. In all
910 shares were sold. The lowest price
prevailed at the close. There IS no talk
tonight regarding the effect on the road
of Seney's failure.
UNPRECEDENTED EXCITEMENT.
NEW YORK, May IA, 10 P. M.-The ex-
element manifest on all sides is almost
Unprecedented. On the floor of the Stock
Exchange all was confusion, and though
there was but little new business done
the sales for account of the suspended
firms made a show of business. The stu
alton was decidedly panicky. Distrust is
the most prominent feature and the banks
are carefully scrutinizing all accounts.
Secretary Folger was at the sub-treasury
all the morning and has been visited by
almost all the prominent fnanciers of
Wall street. He expresses his determina-
tiOn to use all the power of the govern
ment to prevent a panic, and will
act promptly to the utmost limit of his
authority. Well-dressed ladies. some of
whom PQmp from mOtiVaG nfhar ba,
osity, were present. The news of the dis
asters seemed to have spread with light
ming rapidity. Private carriages with
liveried servants from the uptown dis
tricts were soon flying through the streets,
and many stood outside the doors
of the various banks and bank
ing houses. The directors of nearly all the
banks were either in session or present in
their buildings ready for any emergency.
The doors of the Stock Exchange were
guarded by policemen, and the visitors
galleries were cleared. No one was
afterward admitted to the building, except
members, clerks and messengers. This
was done because the crowd endeaVoring
to gain admittance had grown toe large
for the capacity of the building. Large
numbers of depOsitors gathered at the
Second National Bank building this
morning. The directors of the bank each
PNe ~ q W UAAh uHlOuuG W CON6I Iue ue-
felt, but just what the exact proportion
that each contributed Is could not be
learned.
THE BOGART CRASH.
NEW YORK, May IA, 1870 P. M.-The
firm OF o. NJ. Bogart & Co. has long been
known as one of the most important note
brokerage houses OF the Stock Exchange.
In the failure Of Duncan, Sherman & Co..
they were heavy indorsers and lost much
money in the collapse, but survived that
erisis and nnntin11nd in thn -