gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4e0def6c2e17f77e
Response Measures
None
Description
Contemporary reports show a run and suspension with a short resumption, but later sources (1885) indicate the bank went down and a receiver handled assets.
Events (4)
1.May 1, 1884*Receivership
Newspaper Excerpt
Mr. Seney was president of the Metropolitan bank when it went down in the wreck of May last ... the collection was transferred to the receiver,
Source
newspapers
2.May 14, 1884Run
Cause
Rumor Or Misinformation
Cause Details
Widespread rumors and attacks on the bank's president (Seney) caused depositors to withdraw funds
Measures
Closed doors and stopped payments temporarily to allay panic
Newspaper Excerpt
the people became panicstricken without adequate cause, and a run was threatened
Source
newspapers
3.May 14, 1884Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension attributed to a general withdrawal of deposits driven by rumors and attacks on President Seney combined with market distrust
Newspaper Excerpt
The Metropolitan bank suspended and their doors are closed
Source
newspapers
4.May 16, 1884Reopening
Newspaper Excerpt
the resumption of payment by the Metropolitan Bank has had a reassuring effect; The Metropolitan Bank resumed business Saturday (May 17-20 reports show resumption).
Metropolitan Bank Directors Interviewed. NEW YORK, May 14.-A representative of the Associated Press interviewed a prominent director of the Metropolitan Bank, who says emphatically the depositors will be paid in full. The directors have gone through all the securities, and throwing out all classed doubtful, have more than sufficient to pay depositors. The suspension was solely due to the fact that depositors throughout the country, having become scared through attacks on the president of the bank, 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. He stated that the bank was not likely to resume. Solon Humphreys, director, states that had the president laid before the Clearinghouse a full statement of affairs there would have been no need of suspension, as the bank could undoubtedly have got assistance to help it tide over the crisis.
PITTBURG. The on Trade Completely Demoralized by the Failures. PITTSBURG, PA., May 14.-Rumors of heavy failures in New York and the report that the Stock Exchange had closed its doors completely demoralized the oil trade here, and intense excitement prevailed at the Petroleum Exchange. The market opened feverish at 91c and advanced tc, when there was a general stampede, caused by the reported Wall street disasters. Immense blocks of certificates were dumped on the market and for a few minutes prices dropped to 87c. Heavy buying by shorts had the effect of partially restoring confidence at this juncture, and prices rallied slightly, but telégrams announcing the failure of the Metropolitan Bank quickly destroyed the good effects of the short purchases. The trade became panic stricken and the market declined rapidly to 811c, closing at noon at 81 1c, with the feeling weak and unsettled. When the Exchange opened this afternoon the excitement of the morning had in a great measure subsided. The situation seemed reassuring, but the under tone is weak and panicky. The market opened at 814c, and under good buying the price rallied to 85c, then broke to 811c, and closed at 821c. No failures occurred to-day, and this evening a more confident feeling prevailed. The effect of to-day's heavy break, however, will not be fully known before to-morrow.
THE BANK. TheStory of the Rou-Depositors will be Paid in Full. NEW Your, May 14.-The Express saysUp to 11:30 o'clock the Metropolitan Bank promptly honored all checks presented to them, when the people became panicstricken without adequate cause, and a run was threatened. The managers wisely concluded to close the doors and stop all payments. This action was justified by the nervous condition of the street and the stringency of the money market. The directors held a session immediately, and were gratified to be able to announce that the suspension would only be temporary. The bank will probably resume this afternoon. There are no defalcation or deficits and it is an assured fact that the bank will open as soon as the excitement is allayed. This caused an easier feeling on the street. The scene around the building was exciting for a short time only as the depositors came, and went satisfied that their interests would be duly protected. A representative of the Associated Prees interviewed a prominent director of the Metropolitan Bank, who says emphatically that the depositors will be paid in full, The directors have gone through all the securities, and after throwing out all classed as.doubtful have more than sufficient to pay the depositors. The suspensión is to solely due to the fact that depositors throughout the country, having become 8, 0 scared through the attacks on the President of the bank, Mr. Seney, had inaugurated A general withdrayal of their-deposits. This fact, coupled with the general distrust engendered from a critical situation in speculative circles, cansed the bank to suspend. Solon Humphreys, a director, states that had the President laid before the Clearing HOUSE a full statement of the affairs of the bank there would have been no need of e. suspension, 88 the Association of Banks would undoubtedly have como to its assistat ance and helped it tide over the crisis.
was a reaction to 85 cente. followed imme. diately by R decline to 813. At the close of the day 82g was bid. Pittsburgh on Market Demoralized. PITTSBURGH, May 14.-The rumors of the heavy failures in New York,. and the report that the Stock Exchange had closed its doors completely demoralized the oil market here, and intense excitement provailed at the Petroleum Exchange. The market opened feverish at 91 and advanced one quarter, when there was n general stampede caused by the reported Wall street dieaster. Immense blocks of certificates were dumped on the market and in a few minutes prices dropped to eighty. seven. Heavy buying by the shorts had the effect of partially restoring confidence at this juncture, and prices rallied alightly. But telegrams announcing the failure of the Metropolitan bank quickly destroyed the good effects of ehort purchases and trade became panic stricken and the mar. ket declined rapidly to 81}; clos. ing at noon at 811c with the feeling weak and unsettled, Sofar no failures are reported here.
5.May 15, 1884The Daily Cairo BulletinCairo, IL
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Article Text
Donnell, Lawson & Simpson Failed. NEW YORK, May 14.-Donnell, Lawson & Simpson have announced their suspension. They are large dealers in county, water and city bonds. It is said they have $2,000,000 with the suspended Metropolitan Bank. The firm say, "Owing to the general panic prevailing, we deem it best to suspend until we can see where we stand."
6.May 15, 1884St. Paul Daily GlobeSaint Paul, MN
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MILWAUKEE. Special Telegram to the Globe. I MILWAUKEE, May 14.-The stock and grain markets have been wildly excited all the morning and at noon wheat was dodging around 89 cents with a downward tendency. The decline in St. Paul stocks, to the present figure-a shade over 70-has created the greatest excitement in this city. At an early hour this morning reports were circulated on 'change of the failure of the Me-ropolitan bank of New York, almost causing before noon the a panic. Shortly report of the bank's failure came by the associated press causing the wildest time on 'change ever witnessed. The Metropolitan is the New York corrrspondent of Alex. Mitchell's bank, and it is said all of the St. Paul bonds and a great deal of Mr. Mitchell's wealth is in the bank. The GLOBE'S correspondent asked Mr. Mitchell about the report, and the great financier said: "I heard of the rumored failure two hours ago. I at once telegraphed to New York, and ascertained that the report was groundless. The associated press lies, if it says the bank has failed. It is one of my New York correspon dents and I would know You can take my word that the Metropoltan with its $3,000,000 capital and $1,500,000 reserve is safe and sound. It has not and will not suspend." A few minutes after Mr. Mitchell's emphatic denial of the bank's failure he re ceived a New York dispatch. "The bank is in trouble" he said, and that is all that could be gotten out of him. There is hardly a doubt that a large amount of Milwaukee money is in the bank, including the most of Mr. Mitchell's and the St. Paul's funds.
7.May 15, 1884Weekly Chillicothe CrisisChillicothe, MO
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Article Text
WALL STREET COMPLETELY DEMORALIZED. Eight Big Failures Reported To-day. THE METROPOLITAN BANK AND DONNELL LAWSON AND HATCH & FOOT. Flight of Robinson, the Son-in-Law of George I. Seney. THE CLEARING HOUSE APPOINTS A COMMITTEE OF FIVE BANKERS TO STEM THE TIDE. Shrinkage of Nearly $62-000,000 in Stocks in Thirty Hours. The Seney Syndicate Involved Secretary Folger Comes to the Relief of the Banks Wall Street & Mass of Excited Humanity - A Dark Financial Day. Such are the headlines of the last evening's Post-Disputch Among the firms that suspended yesterday was that of Donnell. Lawsen & Simpson.
THE WORST OVER. The World will say to-day: Wm. A. Camp, manager of the New York clearing-house, said: "The failures in Wall street to-day cannot be called a panic. One bank suspended and a number of brokers' firms failed; that is the extent of the damage thus far. The prompt action of the clearing house to-day in passing a resolution that one bank shall sustain the other has put an end to the excitement and no apprehension need be felt. I believe the Metropolitan bank will resume operations to-morrow, and I do not apprehend any other bank or firm will go under." "What was the cause of trouble?" "It began with the failures of Grant & Ward and the Marine bank. These occurrences created a feeling of general distrust for which there was no occasion. It was fostered by wild rumors, set afloat on the street and which were reproduced by the newspapers."
9.May 15, 1884The Salt Lake HeraldSalt Lake City, UT
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GENERAL NEWS. The Oil Market. Pittsburgh, 14.-Rumors of heavy failures in New York and a report that the stock exchange had closed its doors, completely demoralized the oil trade here, and intense excitement prevailed at petroleum exchanges. The market opened feverish at 91 and advanced one quarter when there was a general stampede, caused by a reported Wall street disaster, Immense blocks of certificates were dumped on the market and for a few minutes prices dropped to 87. Heavy buying by shorts had the effect of partially restoring confidence at this Juncture and prices railied slightly, but telegrams announcing the failureofthe Metropolitan Bank quickly destroyed the effects of short purchases. Free trade became panic stricken, and the market declin ad rapidly to 811, closing at noon at 811/2 with the feeling weak and unsettled. So far no. failures are re ported.
10.May 16, 1884St. Paul Daily GlobeSaint Paul, MN
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TRANQUILITY, Was, by Comparison, the Presiding Genius of Wall. Street Yesterday. The Resumption of the Metropolitan Bank Restores. Confidence, Failure of Fisk & Hatch Mars the Harmony of the Occasion. Clearing up Matters From the Wreck of the Panic. Cheering Reports From the Country at Large Mixed With a Few Failures. A Globe Reporter Interviews H. L. Horton on the Situation.
11.May 16, 1884New-York TribuneNew York, NY
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AUGUST BELMONT SANGUINE. August Belmont said last evening: "I think we have seen the worst of these troubles. Some of those Western railroads may be compelled to pass a dividend; but there is UO danger that the financial prosperity of the country will suffer. The banks are all in a sound condition, and the business of the country is in good shape. The action of the Clearing House. and the resumption of payment by the Metropolitan Bank has had a reassuring effect that cannot be offset by any failure such as that of Fisk & Hatch. I have heard several reasons assigned for this failure. I believe that they were carrying a large amount of Government bonds, and the condition of the market was such to-day that although a man were worth $1,000,000 he would have found it almost impossible to obtain a comparatively small loan."
12.May 17, 1884The State JournalHarrisburg, PA
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THE BULLS AND THE BEARS. THE FORMER SEEMINGLY RECOVERING THEIR GROUND. Another Day of Excitement and Turmoil in the New York Stock Exchange-The Metropolitan Bank Paying OutAnxious Americans in LondonFisk & Hatch Suspend-&c.
13.May 17, 1884The Milan ExchangeMilan, TN
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mote it be. Last Wednesday was a day of wild excitement and panie in New York, when it was announced that the Metropolitan bank and several brokers had failed. The Atlantic State Bank of Brooklyn also went under. Geo. I. Seney, of the East Tennessee, Virginia and Georgia railroad, a philanthropist who has given millions of money to public institutions north and south, was among the number. Railroad stocks dropped rapidly, and it was feared a general crash would come. But it seems that the trouble was confined to speculators, and that legitimate business is not involved. The country is generally in a healthy financial condition, and it is not thought that there will be much distress outside of Wall street.
14.May 20, 1884Semi-Weekly South KentuckianHopkinsville, KY
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Article Text
The panic excitement on Wall street has about subsided and confidence has been restored. Several other gambling establishments collapsed last week, but the failures at other points were not as numerous as was feared. The Metropolitan Bank resumed business Saturday.
The most startling sensation of the week was caused by Ferdinand Ward, of the late firm of Grant & Ward, brokers, appearing on the witness and testifying that he, Fred Grant and all the other Grants, including Gen. U. S. Grant, as well as several other prominent business men associated with them, had been conducting a wholesale swindling establishment for two years and that the firm of Grant & Ward had been insolvent all that time and that fictitious dividends were declared to humbug the public.
The panic on Wall Street has ended. It has been confined to a few Wall Street stock gambling concerns and outside money centres are not in the least affected; indeed outside of New York City it has scarcely caused a ripple. It only had the effect of creating a little more conservatism and as such will teach a valuable lesson, which, however, will only be heeded for a while. Stock gambling has grown to be such a fever that it will never end as long as there are sheep to be fleeced. The resumption of the Metropolitan Bank ensures the resumption of Donwell, Lawson & Simpson. It has demonstrated that there is plenty of money in the country and plenty of confidence. We give the latest news obtainable in reference to the panic.
16.May 22, 1884Weekly Phoenix HeraldPhoenix, AZ
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CLOSED THEIR DOORS. NEW YORK, May 14.-The Metro, politan bank suspended and their doers are closed; George I. Seney is president. O. M. Bogart & Co. ass signed to John Wheeler; preference $86,000.
17.May 23, 1884Barbour County IndexMedicine Lodge, KS
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12:45 p. m.-Donnell, Lawson & Simpson have announced their suspension. They are large dealers in county, water and city bonds. They are said to have two millions with the suspended Metropolitan Bank. WALL STREET, N. Y., May 14, 2:50 p. m. -Hotchkiss & Burnham have just announced their suspension. The Atlantic State Bank of Brooklyn, also closed its doors this afternoon.
18.May 28, 1884The Indianapolis JournalIndianapolis, IN
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The Metropolitan Bank. NEW YORK, May 27.-At a meeting of the Metropolitan Bank directors this morning the president stated that the deposits had diminished about $9,000,000 since the suspension, but show no further diminution this week. Many letters had been received from former depositors leading to a belief that they would again become depositors. Some new accounts had been opened.
19.May 28, 1884The Salt Lake HeraldSalt Lake City, UT
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Miscellaneous. New York, 27.-J. E. Simmons, of the firm of Grant & Co., was nominated for president ofthe stock exchange. At a meeting of the Metropolitan Bank directors this morning, the president stated the deposits had diminished about $9,000,000 since the suspension, but shows no further diminution this week. Many letters were received from former depositors leading to the belief that they will again become depositors. Some new accounts were opened. Washington, 27.-Mrs. U. S. Grant has sold the house in Cor> coran street which was in her name, to John R. McLean, editor of the Cincinnati Enquirer, for $6,500.
20.May 30, 1884Iowa County DemocratMineral Point, WI
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The Metropolitan Bank. NEW YORK, May 27.-At - a meeting of the Metropolitan bank directors this morning, the president stated that deposits had diminished about $9,000,000 since suspension, but show no further diminution this week. Many letters were received from former depositors, leading to the belief that they are again to become depositors. Some new accounts were opened.
21.March 16, 1885The Rock Island ArgusRock Island, IL
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Fine Art Collection for Sale. NEW YORK. March 10.-The fine art collection of George I. Seney, of Brooklyn, made up of 285 famous oil and water-color paintings, was placed on exhibition Tuesday, previous to being sold at auction by the New York clearing-house. The collection cost nearly $400,000. Mr. Seney was president of the Metropolitan bank when it went down in the wreck of May last, and to secure the bank for certain rather delicate loans made to him the collection was transferred to the receiver, who in turn gave ft to the clearing-house as collatoral for the bank's debts. The sale begins March 31.
22.March 18, 1885Morris TribuneMorris, MN
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Fine Art Collection for Sale. NEW York, March 16.-The fine art collection of George I. Seney, of Brooklyn, made up of 285 famous oil and water-color paintings, was placed on exhibition Tuesday, previous to being sold at auction by the New York clearing-house. The collection cost nearly $400,000. Mr. Seney was president of the Metropolitan bank when it went down in the wreck of May last, and to secure the bank for certain rather delicate loans made to him the collection was transferred to the receiver, who in turn gave it to the clearing-house as collateral for the bank's debts. The sale begins March 31.
23.September 28, 1886New-York TribuneNew York, NY
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GEORGE SHELFORD PUFFER. George Shelford Puffer died on Sunday at his home No. 178 Livingston st., Brooklyn. He was president of the Atlantic State Bank of Brooklyn, until it was swamped by the failure of the Metropolitan Bank in this city and of George I. Seney. He was born in England in 1800, and came to this country when a young man. He was for a time in the drug business, and served in the Union Army in the war. He was afterward the teller and the cashier in the Atlantic National Bank, which became the Atlantic State Bank, and he was its president for several years. He never recovered from the blow caused by the suspension of the institution. His death was caused by a complication of diseases. He left a wife and three children. The funeral will take place to-morrow.
24.March 4, 1897The Morning NewsSavannah, GA
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in 1873; it failed in 1884, the Marine Bank and the Metropolitan Bank going under in New York; it failed again in 1890 on the Barings suspension in London; again in 1893, and again in 1896. "I do not say that the national banks, or any great number of them, failed, but I do say that the reliance of merchants on their banks failed them at each of those times, and that the fault lies in the provisions of the national bank act as now in force. "The time for a change has come."
25.March 4, 1897The TimesRichmond, VA
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gaged in commerce who base their operations on securing from their banks lines of discount commensurate with their average deposits, the system has failed wherever seriously tested. "It failed in 1869-Black Friday; it falled in 1873; it failed in 1884, the Marine bank and the Metropolitan bank going under in New York; it failed again in 1890 on the Barings' suspension in London; again in 1893, and again in 1896. "I do not say that the national banks, or any great number of them failed, but I do say that the reliance of merchants on their banks failed them at each of these times, and that the fault lies in the provisions of the national bank act as now in force. "The time for change has come."
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
