The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-15
RUNS ON THE BANKS.
Exciting Scenes at the Metropolitan and Sec
ond National Banks.

Exciting Scenes at the Metropolitan and Sec
ond National Banks.
New YORK, May 1.-THE Post says that at
twenty minutes after II o'clock long line of
and boys stood in front of the paying teller's
window in the Metropolitan Bank, at Broadway
and Pine streets, of which George l. Seney 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 uncer-
tilted 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 had suspended pay
ment as matter of necessity and preeaution.
howl of dismay went up from the line of men
and a break was made for the door, where
number of depositors were met hurrying in to
get denial of the rumored suspension. In less
than five minutes the iron doors were
shut, and the policemen who arrived to
stand guard on the steps of the first story told
the depositors who arrived, breathless and indig-
nant, that the suspension had been ordered by
Mr.. Seney in order to prevent run for which
the bank might not be prepared. 1t was said by
Mr.. Seney that if matters quieted down in
the afternoon, the bank would open in time for
some business to be done to-day. This promise
was accepted by the group of depositors as of
small comfort and after IL o'clock crowd of
nearly one hundred persons gathered in front of
the bank bewailing their prospective loss of de
posits Two women, who had drafts upon the
bank, were in tears upon the bottom steps.
Among the depositors who appeared to know
anything about the suspension it said the
immediate cause was demand for more than
half million by the clearing house to make
good ips account.
The railroad speculatons of President Seney
generally supposed to be the real cause of the
suspension Mr. Seney is president of the East
Tennessee & Virginia railway, 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, as supposed, for account of
Seney, at IL or - for common and "a for pre-
ferred. The stock has been sinking since,
Notwithstanding constant support from what is
known as the Seney syndicate Ohio Central
is supposed to be anothe. of Seneys favorite
stocks, upon which large sums have been lost
The first rumors of Seney's difficulties came soon
after the announcement of the failure of Nelson
Robinson G. Co. As Robinson is a son-in-law of
Seney and one of Seneys sons is a member of
the firm of Nelson Robinson & Co., it is sup
posed that Seney would not have allowed the
firm to go under had he not been badly crippled
himself.
AT the office of Nelson Robinson & Co, Nelson
Robinson said the failure caused by calls for
money from all quarters, which could not be i'm
mediately met and by the general shrinkage of
securities. In the disturbed condition of the
market, and during the circulation of disquiet-
ing rumors. he was unable to furnish a state
ment of liabilities and assets. Most of their
loans were well protected, and all would be well
if holders did not lose their heads and want to
get their money in day.
REAssURING STATEMENTS, ETC
The Commercial says: "While the street was
much shaken by the failures, rumors were heard
that Seney's son-in-law Nelson Robinson, had
fed, and then the philanthropist's bank, the
Metropolitan, was struggling in a heavy sea,
with strong probability of going under, By
10 o'clock the depositors of the Sec Ond
National Bank had instituted a heavy run.
At IL o'clock the fight of Seney's
sonin-law was authenticated and simultaneously
there was an official announcement that the
Metropolitan Bank had closed. At the Second
National Bank many exciting scenes were wit
nessed but in all cases payments were made as
fast as the teller could hand the money out. At
one time 300 depositors in line, while Amos
r. Emo, the millionaire, stood by, smillingly assur
ing them they would receive every cent of their
dues"
The clearing-hous received the following from
National Bank Examiner Serbia: AFTER inves
tigation of the Second National Bank, l find it
absolutely sound"
The Express says: "Up to 11:30 A. NJ. the
Metropolitan National Bank promptly honored
all checks presented then, wher people became
panic stricken without adequate cause, and run
was threatenened the managers wisely
concluded to close the doors and stop all pay
ments. This action was justified by the
nervous condition of the street and the strngency
of the money market. The directors held
session Immediately, and were gratifed to be
able to announce that the suspension is only
temporary, and the bank will probably resume
this afternoon. There is no defalcation or def
icit, and it is an assured fact that the bank will
open as soon as the excitement is allayed. The
scene around the building exciting for
short time only, as deposit0rs came and went
away satisfied that their interests would be duly
protected. The rumors affecting the directors
personally gave way to expressions OF sympa-
thy
A representative of the Associated Press has
just interviewed a prominent director of the
Metropolitan Bank. who says, emphaticaly, that
the depositors will be paid in full The directors
have gone throug4all thesecurities and, throwing
out all classed as doubtful have more than sufi-
cient to pay depositors The suspension is solely
due to the fact that depositors throughout the
country having become scared through the at
tacks on Mr. Seney, had inaugurated a general
withdrawal of their deposits. This fact coupled
with the general distrust engendered from the
critical situation in speculative circles, caused
the bank to suspend 1t is stated that the bank
is not likely to resume
Solon Humphreys, director, states that the
president laid before the clearinghouse u full
statement Of affairs There would have been NO