The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-16

on call here rendering such trans
actions highly profitable. Brown
Brothers reduced the rates on ster
liz G bills to 4S7 long 4S9 short sgat
q decline IF l cent.
In the first hour Of business Onl.
one failure was announced, and thu
has not involved any other firms
Confidence is being gradually res
tored and among dnanciers few
anxious faces are met. 1t seems tt
be generally accepted that the wors
is over and many capitalists ar
BEGINNING to discuss the question 81
to whether now is not the time tC
buy for a rise; some few are buying
This relieves the situation Of one o.
it's most dangerous elements, VIZ.
Withholding capital from the mar
keG.
A dispatch from Boston reports
the suspension of F. A. Bawley 4
Co, q firm which, although not
heavy dealers, was regarded as good
Hotchkiss & BurnhaIn are bal
ancing their accounts and expect tt
resume tomorrow.
1145 am.-Comparstive quiet
reigns st the Stock Exchange. 1t Is
more apparent every moment thai
the crisis has passed.
The suspension Of Haw)ey & Co..
of Boston, was caused by run on
the banking department of the
house. It is believed to be only
temporary.
1915 p.m.-The Metronolii anBank
is reported as paying all depOsitOrs
presenting checks, even before the
hour named for resumption. The
paying teller opened the window
and the first man In line received
his money. At noon the number in
line was not over 25, principally
boys and clerks. Only one lady
was among the last. She was at
tered In widows weeds. Her gra-
LITIGATION on receiving her money
was plain. The small number draw
ing out funds is regarded as promis-
ing for the future of the bank.
The rush at the second national
bank has about stopped. There
were 14S depOsitors up to noon. The
clearing house has arranged to pay
all the second national debts.
Foreign purchases of stocks and
bonds are heavy. Cyrus W. Field
says, the worst is over and that it
was a good thing thi, crash came
just IS it did.
The general manager Of the bank
ers and merchants telegraph Co
says the suspension of Dimick u
Co. will not involve the company.
Fisk and Hat h have susps lded
It was stated that the bank OF
Commerce this morning was deb
tor at the clearing house for over
one and half million.
A representative of the Asscci-
ate0 Press visited most of the lead
ing commission houses on the street.
They invariably said there are no
dangerous elements In the financial
situation. Many think the expert
ence of the past few days will prove
beneficial to the speculative com~
Fisk s. Hatch were composed of |
A. S. Hatch, president Of the Stock |
Exchange, and Harvey Fisk. The
irm has been the heaviest dealers in |
bonds on the street. 1t |
vas considered stannch, conserva-
i've and reliable, and has been re-
as fiscal agents here OF the
Chesapeake s. Ohio Railroad sys-
EN-, and carried heavy amounts of
heir stocks. The announcement
# the suspension came like thun-
Ierbolt on lhe Exchange. William
4ummis is now acting as president
f the Exchange, owing to Hatch's
resulting from his failure.
there was decline of 1 to points.
The weakness Of government bonds
) explained by the suspension of
his firm.
The Supreme Court granted an
rider giving the Chicago & Atlantic
galway Company leave to prose-
ute an sction against Receiver
ulien T. Davis, jointly with other
arties, as the company may be adj
Used, for the purpose of obtaining
slief 10 which it was entitled res
ating to notes or O her seeuritie
sretofore belonging to the railway
and held, negotiated, or {
therWise disposed of. by the firm
f Grant & Ward. The complaint {
lakes Grant e Wsrd, John Hay s.
o., j.. w. Seligman & Co., Drexel,
lorgsn & Co, P. w. Faullandet &
o., Reed & Smith, Equitable Life {
-ssurance Society of the United {
tates, Orient Bank, Columbia
,ank, New York, Like Erie &
Western Railway Company, and
Their corporations and banks de-
,niants. The company al
'ges that ia September, 1888,
delivered TO the Farmers Loan I
Trust Company of this city and 8
gorge j. Blppus, Huntington, j
nd, as trustees, mortgage on its t
,ad to secure issue CT coupon bonds /
the corporation to the amount OF f
5000, GOO known as secured mort> |
age BONDS. In tho autumn Of last
ear negotiations took place &C. s
yeen the company and Grant & L
lard for negotiation for these 4
)nds, and it is charged upon in {
and belize, that Grant & i
ard in violation Of their agree S
ent have separated and divided +
10 notes into parcels, mix t
g them with other securities L
III usad miscellaneous Lotto in ro;o | i