Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1885-04-23
UPS And DOWNS OF SPECULiToRs,
xns Case OF ssney, the New York I'm.
nam Prssidsnt-spsculasors VINO BE
come Insane,

Sne Ease OF ssney, the Few York En-
sank Prssident-spsculators wno ne
come Insane.
New York Letter in Utica Herald
What an instance of the ms anf
downs OF life is found in George /
seney. 1t is hardly a year since tn,
press was eloquent in his praise. He
had built churches, assisted college,
and endowed a hospitable. Hence hi,
lame as a benefactor had extended from
America to foreign lands. 1t now an.
pears, however, that his greatest work
was the destruction Of the Metropolitan
bank, CT which he was President.
tins bank had a capital of SO. 600
700 and the shares were at one
time quoted at 60 per cent. above
par. Now, however, the Metropolitan
has gone ont of existence-ruined by the
man tha should have been its guardian.
IL is really a case of robbery. for ne was
not placed at the head of that bank for
the purpose OF investing its funds in
paper railroads. Seney's splendid house
is In the hands OF his creditors. His
picture gallery is to be offered AT
auction in a few weeks, and his
mode of life at $50, 900 a rear is
changed to poor folks scrimpape,
such is the condition of the man who
last year was n of the kings of fl.
nance.
Seney could not content himself with
n mere routine of banking. His
ambition craved distinction. He want
ed to be a railroad king, and here
he is a ruined man, spreading a wide
train OF ruin for others. The worst
feature In this general wreck is the loss
OF character. The former philanthropist
Is now charged with swindling. This.
In fact, is the basis Of the action
brought against him by John S. Stan
ton in the Brookly court. How strange
it seems that this disclosure is to be
made in that very city which once con-
sldered him n of its highest honors.
Stanton is a holder of Ohio Railroad
bonds (River Division) which were
issued by the road to Seney and his as
soclates. The amount was S., 900. 900,
and the object was the finishing of the
track, including a bridge, which would
give an important outlet. The plaintiff
now intends to prove that Seney, instead
OF using these bonds for the above pur-
pose, turned them to private benefit.
He and his bank were heavily loaded
with other bonds of the same road, and,
IN order TO shove them off on the I'M
~suspecting public, be paid the interest
on them, and thus kept up quotations
until they had unloaded as far as posi-
BILE. The special issue of 81, 600, 900
was thus absorbed, and the improve
ments for which they were intended are
untouched. Hence the plaintiff brings
action, and if a verdict be obtained
against Seuey there is enough fraud to
render him liable to Imprisonment.
William j. Hutchinson, the once sue
cessful stock speculator, Is now insane,
and it would not be surprising If Seney
should reach the same unfortunate CON
dition. General Eagan has Just died at
the Wards Island Asylum, and so has
DIR. Shine, late surgeon of the elevated
roads. Wards Asylum is the "Bedlam"
of this city, and it may be added that
this term, 80 often applied to lunatic
asylum, is merely a corruption of Beth
lehem, which was the name of the old
eet establishment of the kind in Eng
land. Insanity is rapidly increasing.
and the Wards Island institution must
soon be enlarged. The ratio in this coun-
try is one in 750, while IN England it is
one in 1888. The total number of lura-
ties in Europe and America is lS9,i02,
of whom l40,007 are confined in asy-
lums. What an immense number to be
supported by charity OF this number.
England contains 80, 26l and the
United States 81 1882. Scotland con-
tains 4,57l, while poverty-stricken Ire
land, whose population is not double
that of Scotland, is burdened with 10, 1914
lunatics. The earliest medical writer on
this subject was Hippocrates, who lived
40 BIC. Lunatic asylums, however, are
comparatively modern. There are sew
enty-four lunatic asylums in the United
States, and to show how this disease
rapidly follows civiliza lion, it may be
added that institutions of this kind have
been required in Oregon and Washing
ton territory. The number of pauper
lunatics in this city is 1920, of whom
two-thirds are females. There is an asy-
lum for each sex, and both institutions
are crowded to an unwholesome and
unsuitable degree. The increase of in
temperance and other vices indeed
leads to a degree of mental malady
which may awaken us to the danger
which threatens society.