The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-16
A Number of Failures Yester-
day.
CyruS w. Field Says the Worst
is Over.
The MethOdists Indulge in a
Grunt.
News of the Nation From Vari.
GUS Parts.

New York, 15.-From the Worl
OF Thursday, SIT was learned from
trustworthy sources that in tn
Second National Bank the defici
discovered on Monday last vii
amount to 100000 caused by tn
reckless speculation of q forme
PRESIDENT Of the bank, Johr G.. Emo.
Amos r. Emo politely refused t.
be interviewed by reporter: how
ever, later he had eignifed a will
lingness to deposit 100000 il
ready cash in the bank each DAY fo
two or three days to come, or a
long as the money should b,
needed. Amos Ri Emo openly de
clared that he would not see tn,
bank want for a penny. Tn,
bank has about 1000 depositors
but by the securities given bv Emo
their assets amount to 81 900, 600, OF
more, over the amount deposited
with them. Among the deposits
made yesterday was one OF sic 0O(
by Park q Teller, and a large sum
by Herter Bros. Besides these
many private individuals deposited
sums ranging from 81 600 to $4,000.
Panchat, 8 member Of the Union
League, entered the bank 8bout 3o
pm, bearing in his han Is a flour
sack filed with bank lotes. which
he deposited, at the same time re-
marking to the cashier that he
thought the bank needed ready
money. A number of merchants,
anxious to draw their deposits, en-.
gagged telegraph boys to hold places
IN the line. One Gentleman, who
refused to give his name, sent a
messenger boy with a check for
$3.50 to have it certified. Four hours
later the man declare at the bsnk
that the boy had not returned. He
thought the boy had drawn The
money and ran away.
The Metropolitan bank kosted
this notice: sThe bank examiners
having made an investigation. the
bank will resums business at II
O'Clock.
A. w. Dimick & Co., brokers,
have suspended.
945 am. The scene Oh the street
at this hour is one of unwoptet
activity. Since early morning
brokers' Offices were opened, and
clerks were busy getting accounts
settled up. Many leading firms
kept employees until midnight. a.
general overhRuling of accounts
was made, 30 on the opening of the
exchange this morning affairs could
be In a better condition than for
many months past, as new margins
have been called to prevent the rash
sacrifice Of good securities. A rep
resentstive of the Associated Press
has just talked with a financier of
thirty five years experience. He says
the action of the banks in deciding
to pool issues has decided the situa.
ton faVorably. He does not antici- |
pate further failures, either of banks
or banking firms, although he admits |
the possibil ty that some weak stock |
houses may suspend temporarily.
The failures of the latter he does
not regard as a misfortune as weed
Ing out small dealers helps give a |
healthier tone to the general situa, |
ton.
1915 a. m. Bankers and mer.
chants telegraph stock, In which
Dimick 81 Co. were heavily inter
ested, is offered at seventy-five
against 119 sales yesterday. A sale
At %, seller so, was just recorded.
Dispatches were just received this
morning from London houses by
leading foreign bankers, giving Or
ders to buy both stocks and bonds
at market prices. As it was feared
foreign orders to sell would be the
chief factor in the downward move.
ment to-day, this news was
greeted with greaG satisfaction. and i
ls regarded as another break in the
clouds that threatened the financial
world.
Henry L. Jacques was elected
president of the metropolitan Bank, Il
u place OF George |. Seney, VINO re,
signed. l.
A. w. Dimiek says his trouble
was caused by an inability to raise
money on securities. All custom ers'
accounts have been profitable: Geo. l.
putnam Smith was appointed as,
'ignee. The preferences are to Gus !
toners.
On nearly every corner within
our blocks of the centre of opera.
ions, knots of men are in earnest /
and the passers by can h
lear various comments on the state '
f affairs. The majority take a "a =
'orable view OF the situation, and +
UGH phrases as: "The worst is now &
ver," "Banks are all right" "Jav 3
fou!d won't let the market break - i
re heard amid the din. 7
Wells, Fargo & Co. notified Don, j
ell, Lawson s. Simpson that thew lb
ill pay the drafts on that firm q
rawn by the Utah National Bank 7
: Ogden, Utah, by Fred. J. Kiesel D
Co.. of the same place, and of q
-nderson Brothers, OF Eagle Rock, II
taho. S
The manager of the clearing n
ouse reports the clearances of the Lin
-etropoIitan Bank are effected. r;
Receiver Davis reports the liabili- In
es OF Grant g. Ward, so far as he is 81
Bile to ascertain, at $14,5G1, 53I /; a
% coIlaterals held by creditors.
The foreign exchange market was 7
f0afQ6 nnfoxy0rah1- -