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

. of those have Q6cl06O Suuuenly u
terminate their trips and return Il
America.
At the clearing house, new cert
ifcates were ready for delivery at al
, early our and banks svailed thsm'
, selves to the extent of $4,000, 900
The resumption Of the metropolitan
Bank also had a very favorab ef'
feet inasmuch as 1t completely sets
, at rest all fears that the Suspension
was of the Marine Bank character
, Buying for the European &C
count was special feature
ana every house with foreign
connections had liberal orders tC
purchase. At times during the day
when the market ssgged, these pur
chases turned the course OF specu
lation. The extent Of this foreign
buying movement was plainly
shown by foreign exchanges. There
was a larger supply Of bills than foi
a long time and the pressure to sell
caused a sharp decline in rates.
Twice during the day prime draw
ers reduced their rates the
last time to 1861 and 48812
The high rates Of money
at this centre attracted foreign cap
itsl, and leading English and Ger
man institutions telegraphed their
agents here 10 Draw on them for
any amount.
Buying of stocks for the home
account was also large, brokers'
offices being crowded with investors.
This is usually the case under 8
disturbance Ike that of the
past few days. The stocks sold
nd brought, it should be under>
stood, are paid for in full and taken
out of the street. This operation,
aside from reducing the amounts to
be carried on the street, brings in go
much fresh capital to aid the
money market. Investment pur-
cbases therefore naturally had an
important influence in the direction
of Improvement. Speculation was
strong till near 2 o'clock when
d report circulated that there
had been a defalcation in
the Louisville and Nashville
Offices. This President Baldwin
emphatically denied. and denounced
as false all stories of defalcatien or
Irregularities in the company's fins
ances. 1t was also rumored that
leading stock house on Wall street
was in trouble, but this was proven
untrue. Again purchases for the
foreign account turned speculation,
and the market became firm. Just
before the clio the suspension Of
Fisk & Hatch was announced, aud
the market sold off.
President Seney of the Metropolis
itan Bank has resigned and is I'M
derstood upon the advice of the in,
vestigsting committee of the clear
ing house. upon the ground that his
name was connected in the public |
mind with speculative railroad
enterprises. The new alpfeE-l
ident was formerly vics- president |
of the bank, but has not been en-
gagged in active business for Several |
years. He is wealthy and has
high reputation. The assignee of |
A. w. Dimock e company says the |
liabilities are large, but he expected |
the firm to resume soon.
After 2 pm. the feeling was gen.
ersl, and the day was expected to
pass without further disasters, and
when at 2 40 it was announced that
the widely known AMI honored
hou of Flax & Hatch was unable
to meet its obligations, there was
great surprise and much sorrow.
In less than five minutes
after che failure was made known
from the restrain Of the Stock Ex-
hange, Nassau street, from Pine
street to Wall street, was filled with
an excited crowd. The space out
sids the rallied enclosure ia
the large Office OF the firm was
filed with brokers, brokers' clerks,
and messenger boys, many with
checks on the firm. No explanation
IS to the cause of the failure is
given. The firm suspended pay
nents was the only answer given to
he avalanche OF questions. "Will
t resume," was asked by dtzans of
voices. No one in the outer
lfice was found willing to
answer the question. Inquiries
or members of firm failed to pro,
luce any result. In a ehort time
several detectives came in and the
ooms were slowly cleared Of the
hrong. Heavy iron door was
closed and policeman placed
n duty at s< Nassau Street
Intrsnce. Only those having
Urgent business with the firm were
admitted. For more than an hour
Nassau street in front Of the bank
vas almost impossible. The general
ceiling in the street was one of pro- :
ound sympathy with the firm. II
cted with marked liberality towards s
Is creditors in years succeeding its
in the panic of 1878, and
aid obligations nearly or quite in
ull, that it might have escaped {
aging.
London, 15.-An agent of the As
ociated Press this morning called
pom leading London bankers hav-
1g important American connec-
ions with a view to learning opin-
ons concerning the panic in Wall c
treet. The feeling generally ex~ e
ressed wac one of confidence that 9
be panic would be considered {
1erely local, but tLey were positive q
would 0ooosion M fajluroc - |