The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-04

in mercantile circles, as is usual at this
period. The volume of business has fall
len away Sharply. owing to the new
years holiday and the quiet in trade
circles at a time when stock taking and
preparing samples for commercial traV-
elers are taking the attention of job
bers and commission houses.
a SlGckening activity in some import
ant manufacturing lines is also notice
able. Telegrams from mercantile center5
report Slow orders the exception being at
a few points in southern states, Jobbers in
leading lines at many centerS are conn
dent as to the outlook for trade in the
near future, although in instances fears
are expressed of an unfavorable effect,
due to inability TO secure necessary leg
lslation on financial questions.
Exports Of wheat and flour. both
coasts of the United States this week
amount to 5,965,73l. compared with D.
$4,000 in the corresponding. week last
year, and 3,196,000 in the week two years
ago.
considerable increase IN the number of
business failures in the United States,
the total reaching 403 this week against
9l6 last week, S72 in the week one year
ago, $50 Two years ago, and 313 in the
week three years ago.
BIG FAILURE.
Philadelphia. Jan. 3-The Solicitors
Loan and Trust company, of which
Richard w. Clay is president, made an
assignment today to Colonel 7. Dewitt
Cuyler, one of the directors.
The trouble came through the outside
operations of J. r. Ritter who has charge
Of the company's real estate department.
he is said to have foated a series OF drafts
in the Tradesmans National Bank for a
New York man.
Two weeks ago President Clay gave the
IradesmanS bank a. bond of $Io0,UO0 to in
demnify it against loss This bond was
Wlfh0HT Hura nf
rectofs and when the board learned it,
they repudiated the action and decided
10 make an assignment in order to
learn the true condition of the company.
The examination of the bank shows that
the assets are all right,
The assignment was made jointly to
Efhngh2m &. Morey, president of the
Girard Trust company, and Colonel Guy
Ter. Mr.. Ritter is said to have been deal
ing IN stock of the Indianapolis Traction
company, which declined recently from 5o
10 2la.
It IS rumored the cashier of the big
banker who was operating with Ritter
was forced to resign
The Solicitors Loan and Trust com
pany has assets OF about SI2OO,00O most
of which is tied up in western mortgages.
1t was founded in 1886 with a full paid
capital of S5G0000. The stock recently
dropped about 81 d share
The former cashier, j. A. Mckee, OF
the TradesInen's National bank, is SAID
to have caused Ritter's drafts for S29S,ooo
TO be cashed- In consequence OF MS con-
nection with the latter's speculations he
was recently compelled to resign. Ritter
is lying at the point of death.
7. d. Cuy1er stated that MI HITTER
was using his own money in his specu-
lative ventures, but Mr.. Cuyler was un-
able 10 say in view of this statement,
why President Clay gave the $l50,OOO
bond 10 the Tradesmen's bank.
After the board of directors had re-
pudiated the bond, the Tradesmen's bank
threatened to bring suit to recover the
money. and this, the assignees state,
caused the assignment. 1t was stated at
the office of the trust company today,
that Mr. Ritter is i'll in his home in this
city. Neither he nor President Clay could
be seen.