Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-31

sam FtancI-e1. oct 3O.--Thc of-
"details oft the California safe Deposit
a. Trust company. which closed MS
doors toda.. tonight issued the fol-
lowing statements
"Thc California safc Deposit q Trust
60. bias temporarily suspended. TINS
action WAS taken because OF the small
amount of money iu circulation. and be
cause the bank. uot being "a member or
The oleurur house. could not obtain
clearing house corlhcatos 90 tide Over
enc existing conditions. Tho bank Is per-
fDcuv solvent ana is making arrange
uouts Don tht east iOr assistance. which
DO confidently expects 90 obtain. The
bank wiu undoubtedly open Cts doors
within few days. An OF the depositors
Il1y bc assured that they VIII Doe paid Do
ulL"
j. DlIzen Brown the banks manager.
said The officials were unwilling to
make amy further statement Of the
banks snairs until after the state bank
commandments have made their exam
mst.u and issued thoir report. They
win begin the n,cstiga tion tomorrow
morning
GOV Giueu has decided To declare
tomorrow % logIl holiday and 20 CON
tuue that suspension from day 90 day
until Dee need disappears
This win not prevent the opening to-
morrow morning of such banks as de-
Sire tO accept deposits and cash checks
and 70 is generally thought tonight that
NOT ail OF the Us banks in the clearing
house. nor AN OF the trust companies
and savings Institutions outside Of il
viii avail themselves OF the state re-
spite.
Leading bankers. while admitting
frankly that actual money Is compare
lively worry scarce ln san Francisco as
result OF thc striugency IN the east
declare there is nothing In the COndi.
zion of the large majority of the local
banks to Justify general alarm.
AS they put 10, they would not be
greatly surprised TO "see a few Of tho
lesser weaker and speculative banks
hoist signals of distress. and privately
they mention one or two such; but they
are firm Geo the statement that almost
without exception the commercial and
savings banks and trust companies OF
the city "arc sound, solid conservative
ly managed. and perfectly capable OF
withstanding the stress"
They complain. however. against
their correspondents in New York and
other eastern ccntcrs who "offer moth
ing better than drafts I'm response 20
tclegr8phed requests for immediate
shipment OF the large balances due the
hanks Of san Francisco from them
The refusal OF the san Francisco sub.
iugs Of United states bonds they also
complain or
WAS no SPECULATION.
Manager j. Dalzell Brown. OF the
California safe Deposit q Trust COM
pguy and former Judge Charles W.
slack its general counsel. denied 20.
night that there was any truth in the
suggestion made I'm banking circles thai
speculation has been INDUCED In by
that institution. They also denied
that the paper Of the Western Pacific
Railroad company was IN any way in
NolXod in the banks suspension.
THE California Safe Deposit & Trust
company" said Air Brown has been
established since 1852 and has done a
conservative and strictly legitimate
banking business. II has four local
branches The reason we never APP
Piled for membership In the clearing
house was that we could clear as con-
Neniently through the nslo-Califor-
nian bank. and save the clearing house
charges. which are considerable. II
IS probably true that clearing house