New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15
rCxv vopK DAILY TRIBUNE, THURSDAY, MAY 49, 1884,

summer home. He Is the son OF Nelson
Robinson, formerly partner Il Daniel Drew IN the
firm of brow, Robinson g. q His uncle was Alan'
son Robinson. a prominent director OF the Lake
Shore and other railroad companies during tDe ie-
time of Commodore Vanderbilt The senior partner
of the suspended firm is about thirty years old
and while he was brought at times in some coniiict
with the Governors of the Stock Exchange III con-
nection with the listing at times of the various Seney
securities, ho won much popularity by his pleasing
manners and address. The other partners are
sons of President Seney. Robert Seney has been IN
Europe some time.
The firm soon became known as the principal
Seney brokers after it entered the Stock Exchange
and in recent years the members have been neaVy
operators. They acted for the Seney syndicate III
negotiating the placing of the securities OF the ONO
Central, the Richmond and Allegheny, the Nickel
Plato and the East Tennessee, virginia anu
Georgia railroads and in manipulating them IN the
stock market For the last six months however
the firm has been operating only TO small extern
III the market. The cause of the failure Is DeileNeu
TO be due to its having purchased many OF the Sc
curites some months ago, after their hcaVy ueclno'
in the belief that they had touched bottom prices
and would undergo rally. Some close observer
think that part of the purchases may have been
for the securities Whichever explanation be ac-
cepted. the result is the same. The securities
have continued to decline, legitimate business
IN them came to an almost aOsPlute
standstil and hence it became virtually Impossible
for money to be borrowed on them.
ITS RELATIONS WITH THE sENEY OPERATIONS.
A well-informed and prominent stock broker SAID,
in speaking of the relations between the firm and
the Seney operations:
Mr. seney's first appearance prominently In railroad
operations was the purchase OF the Selma, Solue emu
Dalton and the Erie and Western railroads our OF
the latter scheme the syndicate made great 1e 9i
money After this road had been well st0ched ana oOhu
ed after the syndtcaes usual methods, II passed ON OF
the hands OF Mr. Seney and his friends Ihen the O9
with the Columbus and Hooking Valley road 1t was also
proposed connection with this 10 JOIN the Foau W
Richmond and Allegheny the ultimate pan ngS nons
tabsh system reaching Chicago ana Otler pT, ~
in the West and Southwest. The OHIO central - ar III
lustraton Of the railroad methods that for so lohg ear
development OF the sy STEM including the acquiring OF
coal lands in the Hooking Valley previously ekstlns
t svsen stood bnrlened with 800 600 900 stock $40
600 900 mortgage bonds, 100000 terminal ppus s
400 miles long The syndicate got out OF Ohio Central az
op prices and tho sequel was the default on the River
Division bonds within about O year carried sdos re-
a successful end by the sale OF INC nd iTS
to Mr. vanderbilt at big prom mrCmpent In the East
Tennessee Virginia and Georgia Railroad, which WE
bought from Robert T. wilson and other southern Eene
men and to t WAS united the Selma home ana DaIton.
This Last scheme however has probably been TOO heaV
for syndicate to carry on account OF tag cnseo
virginia and Georgia securities have, for alarge part
not been negotiable
The Senev people are also SAID to have los1
81 900 600 by the failure OF Al0nIo oe'l hoo'
broker about two years ago, and about an equt
amount through investments IN the Atiahuc "h'
Pacific Railroad.