The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-05-10
An Anxious Crowd Gather at the
Worlds Fair Branch.
THE SIOUX CITY FAILURES.
Liabilities of the Union Loan and Trust
Company ss,OOO,OOO.
Comptroller of Currency Eckles Will Have
Banks Examined Semi Annually
No Two Successive Exami-
nations by the Same Man.

CHICAGO, May 9.-As soon as the news
of the trouble in the affairs of the Chemi-
cal National bank became known on the
Worlds fair grounds this morning, an
anxious crowd gathered around the
branch of the bank, which is the official
bank OF the Worlds fair and is located in
the administration building. The doors,
however, were tightly closed, and nobody
could learn anything as to the prospects
of getting money, though simultaneously
with the notice of the difficulty in which
the bank is placed it was said the deposit
ors in the branch had been fully secured.
1t was quiet crowd, most of the depos-
itors being American, but some of the for
eign depositors animadverted somewhat
severely on the exposition management
Tor giving official sanction to bank
which they took for a guarantee.
Most of the foreigners had deposited
money with the bank and their letters OF
credit were honored at that institution.
AS soon as it became generally known
that the bank was closed a crowd gath
cred around the doors and waited pa
tiently for the appearance OF Cashier
Brayton.
That gentleman did not put in an ap-
pearance, having been summoned down
town to consult with officials OF the bank.
Strenuous efforts were made by the de-
positors to get in but the clerks kept the
doors locked. Considerable excitement
prevailed for time but things quieted
down when it was stated that the bank
expected to pay in full. Some of the de-
positorS, however, refused to be COM
forted, as great many of them from out
OF town had no means to replenish their
exchequer at short notice.
At a meeting of the national commits
sion this afternoon the matter was brought
up by Commissioner Cannon of Okla
homa, who offered a resolution reciting
the fact of the failure and asking the APP
pointment of committee of six to invest
igate the matter and report as to the adj
visibility of permitting the bank to
resume business on the grounds.
Several dissenting voices were heard to
the effect that the commission had no
right to Investigate the affairs of the bank
but an equal number were positive it
had. After a lengthy debate the resolu-
ton was adopted and the committee ap-
pointed.
AS anticipated the main bank has
closed. The capital of the bank is 81 Geo.,
coo. 1t has deposits amounting to some
thing over 5000. 0L0. 1t is expected the
depositors will be paid in full. The bank
was not member of the clearing house.
The failure had no effect in financial
circles. Poor Judgment in making loans
and the monetary stringency are the
causes of the failure.
President Higgin botham of the local
Worlds falr directory and President
Palmer, of the national commission, de-
clare that the management has done
nothing to make the Worlds fair respon-
n5h 20. f1o 1913 0f h4
National bank.
A telegram from Washington says
The failure of the Chemical National
bank, Chicago, was not unexpected here
in view of the recent report of the ex-
aminer.
Bank Examiner Sturgis said it is not
bad failure, but from what he knows so
far he thinks it is complete one, and to
such a point that resumption of bust
ness is not at all likely. He gave assn
rance that depositors would not lose any
thing. President Curry said depositors
would receive one hundred cents on the
dollar, and that within four or FIVE days
they would be paid at least one-third of
their claims. The heavy runs of Satur-
day and Monday were the cause of the
suspension. Had they had two days
more they would have tided over the diff
Guilty. The general opinion among finan-
cial men is that the trouble came through
bad management and poor investments.
The Worlds fair directors have made
ample provision for the payment of all
foreign commissioners and foreign ex-
hibitors who had deposited funds in the
World S fair branch of the bank. They
will be paid in full at once from the as
sets of the bank. In addition to this
thirty Chicago men representing as many
millions OF capital have personally
guaranteed the payment of all moneys
due foreigners.