The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-15

dressed ladies, some present from
motives other than curiosity. News
of the DISASTERS seemed to spread
with lightning rspldity. Private
carriages with liveried servants
from uptown are flying through The
stress Many now stand outside
the doors of the banks and banking
houses. The directors of nearly
all banks are either in SEES
zion or present in build
lnes ready Tor an emergency
The doors of the stock exchange are
guarded by pol cemen. The visitors
galleries are clear. None are now
admitted to the building except
members, clerks and messengers
because the crowd endeavoring to
gain admittance is too large for the
capacity OF the building.
There were sensational rumors
affecting the solvency of several
banks, but investigation proved
them false, except in the instance OF
the Metropolitan.
The oil exchange caught the inc
lection of the panic. Prices dropped
ten points.
Secretary Folger says the break is
due to reckless speculation by a few
men, The situation is not inhe-
rently weak. He will do everything
in his power to prevent stringency.
He stated there was plenty of
money in the country. 81 do not
anticipate any extensive panic; the
situation is not as weak as people
suppose. I shall do everything IN
my power to restore confidence"
A telegram from twenty sthird
street reports three lines OF deposit
tors demanding their money at the
Second National Bank. 1t is feared
the bank will stop. at Phoenix
Bank everything is quiet. The Off
GERS say there is not the Sigh test
trou ole, and no run. President
Baldwin, of the Fourth National
Bank. savs his bank is all right.
Hatch 81 Foote, state that their sus-
pension was not caused by the re-
fusal of the Phoenix Bank to certify
their checks, but was caused wholly
by the exhaustion of margins, the
refusal of customers to renew them
and their inability, to sell stocks
without undue sacrifice.
In statement issued by the clear
ing house on April "a, (she last is
sued) the full condition Of the met~ /,
ropolitsn Bank was rs follows;
Capital $3,OO0,O00; net profits ST.
49S, 900; circulation ST., 100000; due
banks S5,S15,000; due depositors,
So, 49,, 300; unpaid dividend $500;
Total $14,sl5. 900; certified checks
$755, 200.
Tie following notices were posted
on the Metropolitan Bank door:
"CEecks drawn by the Maverick
Bank, Boston, on the Metropo tan
Bank, may be presented to the First
National Bank for payment; all
i1sfts drawn by the First National
Bank of Utica, on the Metropolitan
Bank may be presented to the First
National Bank for payment"
Milwaukee, 14.-Alexander Nit {
,hell. president of the Milwaukee & {
st. Paul road, says he has received
10 word of the Metropolitan Bank,
New YORK, failing and cannot be-
ieve the runner. The Metropolitan I
g one OF the banks for deposit of the
& st. Paul funds, but {
hey have not placed a very large
inc of securities with the bank be. |
ause the latter allowed 20 interest. 6
even had the bank failed, Mr.. Nit {
he'll says, the Milwaukee & st. &
Paul Company would not be the
east affected. He added that it t
ould be only temporary suspen. I
ion anyhow.
The Post says: cat twenty min-
ties after 1 a long line of men and I
'oys stood in front of the paying
elIer's window in the Metropolitan {
Bank at Broadway and Pine streets, 8
f which Geo. I. Seney is president.
every person in the line held one a
II more checks to be certified, s
farming rumors as to failures in
very direction having made uncet-
fled checks Of no value, no matter !
y whom signed. Just at that mo- 6
oent the paying seller shut his 9
window with bang and announced, I
The Me ropelitan Bank has
payment as matter q
f necessity and precaution.'
l howl of dismay went T
.p from the lire of men, aud
reak was made for the door where b
number of depositors were met 8
urIying in to get denial Of the b
suspension. In less than t
We minutes the iron door was shut
nd policeman arrived to stand b
uard on the stairs. The first story e
Did to large depositOrs, who arrived il
reathless and indignant, was that
be suspension was ordered by G
eney in order to prevent run for n
'hich the bank might not be pre- Il
AIRED. It YVES said by Mr.. Seney "
nat if matters quieted in the after. b
DON the bank might open in time is
)r some business to be done to-day. a.
his promise was accepted by the II
roup Of depositors as of small conn., n
)rt, and after II o'clock a crowd of
early 100 persons gathered In front n
! the bank and bewaIled the pto>
oective loss of deposits. Two iy
omen who had drafts upon the Il
snk were in tears upon the bottom D
ep. Among the depo Sitors who G
Dpeared to know anything about Of
10 suspension, it was said the i'm.