St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-15

nearly 100 persons gathered in front of the bank
| and bewailed their prospective loss of deposits.
Two women who had drafts upon the bank were
In tears upon the bottom steps among the de-
postors who appeared to know nothing about
the suspension. 1t was said the immediate cause
was the demand for more than half a million by
the clearing house to make good its account The
railroad speculations of President Seney are gen
orally supposed to be the real cause of the sus-
pension. Mr.. Seney is president of the East
Tennessee Virginia railroad, the stock of
which is selling to-day at for common and 8
| for preferred. Large blocks of this stock
were bought less than year ago and
it is supposed on account of Seney at II 12 for
common and "a for preferred. The stock has
| been sinking ever since, Notwithstanding the
constant support from what is known as the
| Seney syndicate. Ohio Central is supposed to be
another of Seney's favorite stocks, upon which
| large sums were lost in sustaining the stock.
The first rumors of Seney's difficulties came soon
| after the announcement of the failure of Nelson,
Robinson 81 Co., as Robinson is a son-in-law of
Seneys and one of Seney's sons is member of
| the firm of Nelson, Robinson s. Co. 1t is sup
| posed 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 that the failure was caused by
| call for money from all quarters, which could
| not be Immediately met by the shrinkage and
disturbed condition of the times and the crcula-
ton of disquieting rumors. He was unable to
furnish statement of liabilities and assets.
Most of their loans are well protected, if the
holders did not lose their heads and want their
money in day,
The Commercial says: While the street is much
shaken by the failures, rumors were heard that
Seney's son-in-law had fled and the philanthro
pists of the Metropolitan bank struggling
heavily with the strong probability of going
der. By 10 O'Clock the deposltors of the Second
National instituted heavy run. At II o'clock
the report of the fight of Seneys son-in-law was
authenticated, and there was an official announce
ment that the Metrop olitan bank had closed. At
the Second National many exciting scenes were
Witnessed but in all cases payments were wit
messed, but in all cases payments were made as
fast as the teller could hand the money out. At
one time 300 depostors were in line, while Amos
r. Emo, the millionaire, stood by smilingly as
surfing all that they would receive every cent of
their dues.
| The Express says Up to II 80 a. M the
Metropolitan bank promptly honored all checks
presented to them, when the people became
panic stricken without adequate cause, and q
run was threatened. The managers wisely con-
cluded to close the doors and stop all payments
This action intensified by the nervous condi-
ton of the street, and the stringency of the
money market. The directors held a session i'm
mediately, and were gratifed to be able to an
nounce the suspension would be only temporary,
and the bank would probably resume this after
noon. There is no defalcation or deficit, and it
is an assured fact that the bank will open as
soon as the excitement allayed. This causes an
easier feeling on the street.
! The scene around the building was exciting
for short time only, as the depositors came and
went away satisfied that their interests will be
| duly protected. Rumors affecting the directors
personally gave way to expressions of sympathy.