New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-08
SKETCH OF HIS CAREER.

George l. Scney born In Astoria, L. l.. on
MAY H. 1926 lie was descended from the Seneys Of
Maryland. Ills grandfather, Joshua seney, was
delegate to the Continental Congress I'm 1887 and
1853. and Member of Congress from Maryland
from 1889 TO 1872, being also PRESIDENTIAL
elector In the latter year. His fatherF the Rev.
Robert seney was a leading Methodist clergyman, and
was graduated from Columbia College. The Rev.
Mr. Seney WAS at one time pastor Of the Mulberry
street Methodist Episcopal Church, from which st.
Paul's afterwaM sprung. ON his mothers side Mr.
-eney was descended from the Nichosons, Of Mary
lind His cat-grandfa'her james Nicholson
the first Commodore in the United states Navy. ono
daughter of Commodore Nicholson the wife Of
Colonel william Few, United states Senator from
Georgia, In the Ist Congress Another daughter
the wife of James Montgomery, who was men-
Der OF the Ist Congress from Maryland. Another
daughter married Albert G2Qatin, the welknown
fnanc!er
Mr.. sency attended school White Plains, and
entered Wesleyan University at Mddletown. lie
aferward entered the University Of the City Of New.
York. from which he graduated in 1o47. when
Theodore Freinghuysen. the whig candidate for Vice
President on the ticket with Henry Clay, was chan
ceor. lie early showed an inclination toward the
banking business. and leaving college entered the
employ Of Brooklyn bank. lie was afterward con-
nected with the Ga.latin Bank and the Bank OF
North America In this city, and in 1853. he WAS made
paying teller of the Metropolitan Bank, then In tho
nected with this bank than thirty years, and
in it, management achieved high reputation rs .
Gnancier and amassed fortune. He resigned from
the presidency Of the bank IN 1884. after the crash
In which the bank suspended payments, and in which
his own fortune was mostly swept away.
Ills LIFE As A BANKER.
When Mr. seney entered the service Of the Metro
politan Bank, James Mccall was president, John G.
Williams uce-presdcnt, and Henry Meig,, jr Cashier.
In 1857 Mr.. Megs Retired TO engage I'm stock broker
age. and Mr.. Seney made cashier. He discharged
the duties Of the Office with ability and fidelity anA
the death of Mr.. Williams, who had succeeded Mr..
Mccall 10 the presidency, he became the official head
Of the bank. The original capital Of the bank was
s2.O0OO0O, which increased to $3,O0o,0OO The
bank did a large business, and under Mr.. Seneys
presidency regarded Of the strongest in the
city. II was organized state bank In 1851.
At that time the greater number Of the banknoies In
circulation hereabouts the Issue OF country
banks and were not received at the city banks. Do
fore this money could be- used at the banks. 1t had
10 be exchanged at n discount fixed by brokers, vary
Ing from "a per cent TO 1 per cent. forming a heavy
tax levied on the merchants for the benefit Of the
brokers.
Ii desirable for the banks to delay aS long 40
possible the return OF their notes. and Albany was
generally chosen the point OF redemption. The
Metropolitan Bank led Il reform movement by TO-
deeming It's notes In this city and also by receiving
cent discount and Of New England banks at one
tenth per cent discount This was opposed by the
country banks, particularly by tn, Albany banks and
by the brokers and other city banks But the in
creased convenience OF the system gained for 1t
popularity. and in short time the Exchange and
other banks followed the example OF the Metropolis
tan From 1851 to 1877 tn. bank redeemed
Si53OOO.OOO OF uncnrrent money. making a saving
to the public of over III 100000. VIXEN Federal
legislation provided for the whole county that which
the Metropolitan Bank had tried TO give this city,
n uniform currency the Metropolitan Bank. IN 1858.
became National bank Mr. Sency continued the
liberal and broad minded policy OF his predecessor.
and the bank became of TIE foremost in public
confidence
Mr.. seney's career railroad capitalist began
about three years before the Bank Panic' OF 1894
lie bought and organized the East Tennessee. Viz
ginia and Georgia Railroad Company and managed
the entire construction OF tn, New-York Chicago and
st. Louis Railroad. lie also at various times was
Interested in other railroad stocks. In the sp:ing Of
1854 occurred what l. known the Bank Panic
At that time many prominent firms failed and num-
Der CT banks Obliged to close their doors Tho
suspension OF the Metropolitan National Bank at that
time prccpitated by the failure Of the brokerage
firm OF Nelson Robinson & Co. This firm
posed OF Mr.. Robinson, sonin law Of Mr.. Seney.
and Mr. Seney's two sons. Robert and George
Seney, jr Mr.. Seney before tie failure, esti.
mated 10 be worth about Sj.00).O00 Immediately
after the suspension OF the bank he resigned from
the presidency ana conveyed to the bank bis house
and other property In Brooklyn. including his large
collection Of paintings, property valued In all at Nbout
81 100000. AT the request Of the directors, Mr.
Seney continued to be director Of the bank, and BY
his aid and that Of the Clearing House Association.
1t soon resumed business.
Since 1884 Mr.. Seney has lived quietly at his beats
ful country home, in Bernardsvile, summit,
~ j., where hc has raised blood,d horses and en-
ifc OF "A mi
months he has spent In this city, making his home ut
the Grand Hotel. Although IN partial retirement h
able largely to regain his fortunes, ana. II Is
said Possessed at the time OF his death large part
OF his former wealth.
GIVING Two MILLIONS DURING HIS LIFE.
During his most prosperous days Mr. scney wae
known as . patron Of art and liberal giyer -