The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-05-15
Some Banks Suspend Pay
ment.
And the People Go Wild.
Full Particulars of the Scare
and Its Results.


dent Sidney Dillon. of the executiv
committee, deny there is any move
ment to put the Wabash temperate
in the hands Of receiver.
Senator Sabin left last night 70
st. Paul. He says with assets tire
times the liabilities nobody will
suffer from the Northwestern Ca
Co.'S, failure, The loss from tn
suspension will be light. If anything
Telegra22s from st. Paul advised
that the affairs were even bette
than anticipated.
The national bank examiner hal
announced that the second Second
National Bank is solvent.
A. M. Bogart & Co., bankers, have
suspended. Nelson, Robinson & Co
announce that all active stocks car
ried by them were sold yesterday
and people carrying them on loans
need not be alarmed, as they VIII
show their books, proving the
money, was obtained before them
C. Williams, Broker, "a, s he viii
announce his supervision latsr in the
day. Several stocks wera Ought in
under the rules this mCrDing for his
account.
Hatch and Post snnouuce theil
suspension at the ST. OK Exchange.
The Metropolitan Bank has sus-
pended, and its DOCS are closed.
George [. Seney is president.
o. M. Bogart and Co. have as.
signed to John Wheeler; preferences,
$4,000.
Oil Sto ks guarant, ell by Nelson,
VI '"son and Co. are a good dsliv-
cry.
Secretary of the Treasury Folger
is in town, and teIegraphed to ASH
ington ordering the immediate pay
ment of the 127th call f9r bonds. If
necessary he will order another call
call for S11, 200,
The failure of Ha oh s. Foote was
precipitated by the Phe1ix Bank
refusing 20 certify checks.
meeting of the clearing house is
called for 100 p. M, to-day, to cons
slider the financial situation. Banks
are crowded by anxious depositors.
1t is impossible to gat near anyone
in authority. The financial COM
plicatiops of the past week, supple-
by the revelations regarding
the management of the Second Ma.
tional Bank, which resulted in the
resignation Of the President, brought
about such feeling of uncertainty in
the financial situation that at the
opening of business in the stock ex-
change this morning, it was felt
that disaster was imminent. Before
long one failure after another was
until five stock firms
suspended, and the Metropolitan
Bank closed its DOORS. Its presi-
dent, George l. Seney, has been one
of the most prominent spectators
on the exchange, and was rated
high. The failure of Hatch s. Foote
is likely to involve country firms,
ss they held accounts of many pri
Vate bankers outside of New York,
as well as individuals west and
south.
The Metropolitan Bank was
$780, ZOO debtor to the clearing house
this morning. George I. Seney,
president of the Metropolitan Bank,
was a partner in Nelson, Robinson
s. Co. Seney's sons are also part
ners. In last weeks statement to
the clearing house the METROPOLITAN
Bank figured following: Loans, S1O.-
977,000; specie, $1,779,00O; legal
tender, $491, GOO; deposits, $S,425, >
300.
: B5gart & Co.'s failure is consii /.
cred important, as they were large
dealers In commercial paper and
dealt somewhat in privileges. They |
we're considered solid.
Wall, Broad and New streets,
surrounding the Stock Exchange, |
are filed with surglng masses, and |
the galleries overlooking the trading
room are crowded to repletion. The |
excitement on all sides is almost un.
pTecedeL ted. On the floor Of the |
Exchange all is confusion, though |
there is little or no business done.
The sales on account OF suspended
firms make a show of business. The
situation is decidedly panicky. |
uTGuOF IdlluIcS are looked for.
Distrust is the most eminent fea.
,ure and banks are carefully scrutl.
liZing accounts. Phoenix Bank re-
used to certify checks Of Hatch &
Foote, and this was the immediate
cause OF the suspension. a meeting
# the clearing house has been called
o discuss the situation which is re,
,arded as one of great peril. Secre-
airy Folger has Teen at the sub
reasury all the morning and
-isited by almost all the prominent
nanciers of Wall Street. He ex-
ressed a determination to use all
be power of the government to
gevent a psnic and will act
to the utmost limit of his
Il
at 12 Is Wall street is mass of
eople from Trinity Church to the
ustom House. Both the sidewalks :
nd carriage way are impossible. {
{ the doors Of the suspended I
suses the masses of humanity are s
,nse. Many diseonsolste faces Y