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

ment of the failure OF Nelson, Rob-
lnson & Co. AS r ,binson ID SON
in-law of Seney and one of Senev's
SONS is q member of the nrm OF
Nelson, Robinson & Co., 1t ls sup,
posed 5eney would not have allowed
the firm to go under had he not been
badly crippled himself. .
at the effice of Nelson Robinson q
Co., Nelson Robinson said the fali-
ure was occasional by calls FOL
money from all quarters which
could not be Immediately met, by
the general shrinkage OF Sc
curities, the disturbed cOndI-
ton of the times, and the
circulation of disgusting rumors.
He would be unable to furnish d
statement of the liabilities and as
sets. Most OF their loans were well
protected, if holders did not lose
their heads and want to get their
money in day. Donnell, Lawson
s. Simpson have announced their
suspension. They are large dealers
in county, water and city bonds and
are said to have two millions with
the suspended Metropolitan Bank.
The firm say that owing to the gen
eral panic prevailing we believe it
best to suspend until we can ses
where we stand. The Supreme
Court to-day granite an Injunction
Ia favor of the Buffalo, New York
& Philadelphia railway restraining
u. S. Grant and others from dis
posing of bonds of the railroad COM
pany.
At l 80 the excitement has SUBJ
sided to a great extent and better
feeling prevailed, but the situation
is by no means settled. A general
is that the end is not
yet. The largest dealer in privi-
leges on the street was obliged to
receive 2O0,OOo shares On "puts."
This large block must have called
for heavy drawing, even on his
immense resources. 1t is stated
that Secretary Folger was invited to
the meeting at the Chancery House
and the result Of their conference is
awaited with much interest.
Drsxel, Morgan s. Co. received
word from their Philadelphia house
that they have all the money
wanted. The board of managers Of
tho stock exchange posted an Of
fetal notice that the exchange
would not close until the usual
hour. Rumors affecting several
national banks continue flying
about the streets, but none are
traced to reliable source.
AS the settling hour approaches
he rush OF boys delivering stocks
adds to the excitement. District
Telegraph boys. clerks and attaches
# brokers' Offices are all brought |
INTO Iequisition, and the scene on |
he street is one OF intense sctivity.
250.-The Clearing House Ass
ociation has just adjourned, after
dopting the following:
Res otoed, that in view OF the
resent crisis, banks OF this sssoeia-
lon, for the purpose of sastashinp
ach other ard the bhsfness of the
ommunity, S' Ss'< fss
ResolUed, That a committee CT five
q appointed to receive banks
members Of the association bills
eceiYable, CT other securi les, to
e approved by SAID committee, who
re authorized therefor, to such de.
ositing banks, to loan certificate
caring interest at 6 per cent. per
mum, not in excess OF Is per cent.
the securities or oils receivable,
o deposited, except in case of
United States bonds, and SAID Ger
Ifcates shall be resolved In settle
lent Of balances at the Clearing
louise.
The following gentlemen COM
rice the com mit,ee: F. d Tappin,
gorge S. Coe, J. D. Vermilye,
+rorge d. Williams, w. A Wall
nd Edward S. Perkins.
Hotcnkiss s. Burnsame, have just
nnounced their suspension on the
Jock exchange.
Additional notices posted on the
Metropolitan Bank say: "Dratts of
[oimes & Son, Pittsburgh, will be
xed by the Bank of America
Drafts of the Flour City Bank,
and Marshall, Field &
o., Chicago, by the Bank of Com
lerce." "Dratts by the Bank of
tica, Buffalo, by the Hanover
ank."
2.3O NAT the clearing house
ank presidents are in session. 1t is
ated on toe best authority that
snks will stand by each other as
ley did in 1878
The gong of the Stock Exchange
as sounded, and one of the most
loiGing days in the history Of that
stitution is closed. II
1t is reported that DrexelI, More
IN s. Co. had $1,000. 900 in the
Bank. A member of
lie firm denied this, saying 1t had
ithdrawn its large account In that
INK two years ago. Another report
that the Atlantic Mutual Insur-
ice Company deposited $1,000. 900
the Pheuix National Bank this
erning.
Grant s. Wards statement was
1t ready to-day.
The Atlantic State bank of Brook
n, closed its doors this afternoon, s
is bank is the Brooklyn CORES
'ndent of the Metropolitan Bank.
ipital, S6,200,000; surplus Sc, 100,
%; President, Geo. Peiffer. I
A representative of the associated