The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-07
MONEY PINCH IS
STILL GENERAL
Arnold Print Works, Employ
ing 5000 People, in the
Hands of a Receiver.
BIG FAILURE AT PORTLAND
SAN FRANCISCO STATE BANK ON
THE ROCKS.

e. Warner OF Boston was appointed re-
ceiver of the Arnold orinr works of
this city, one of the largest textile con-
Germs in the country. by the United
States circuit court at Boston today.
The corporation has a large printing
factory here, with offices in New York
and Boston. and owns the Beaver &
Eclipse cotton mills of North Adams
the Williamstown Manufacturing COM
pany's mills of williamstown and the
North Pownall Manufacturing compa-
ny's mills of North Pownall, Vermont
The corporation has liabilities of
50, 500. 900. and assets estimated at $15.-
000, 900. OF the liabilities $500, 900 is
represented by promissOry notes and
obligations to banks. The corporation
is declared TO be solvent, but owing TO
1.-The stringency of the money market
was obliged to have a receiver appoint
ed in order to conserve its interests.
The mills and print works have been
doing an immense business, and, ac-
cording to the receiver, will continue in
operation. The print works and allied
mills employ 5000 hands.
Portland, Ore, Nov. 6.-The Title
Guarantee & Trust company of this
city this afternoon passed into the
hands of a receiver. Judge Charles NJ.
WOlvertOn, in the United States circuit
court for the district of Oregon. ap-
pointed George H. Hill. vice president
of the institution, as it's receiver, and
fixed his bond, returnable in five days,
at 500, 200. The usual restrictions for
the protection of depositors in such
cases are to control the acts of the re-
ceiver, who is directed by the court to
conduct and manage the business and
property as in his judgment will pro-
duce tho most satisfactory results.
Could Not Stand a Run.
The receiver was appointed on the
complaint of H. Coy, who gives his
place of residence as Massachusetts,
and claims to own 592 shares of the
capital stock of the corporation. In his
complaint Coy estimates the liabilities
of the concern at s.. SAC. 900. and the as
sets at s2.5000e0, and states that should
the day-to-day holidays proclaimed by
Governor Chamberlain be discontinued
that the bank would be unable to with
stand a great and sudden demand for
ready cash. owing to its inability
quickly to raise funds on its securities.
1t developed late this afternoon that
State Treasurer George A. Steel has
on deposit in the Title Guarantee some
thing over $4,000 of the states money
This money is said to be we'll protected
by surety bonds and collateral.
Would Not Help.
The Portland clearing house associa-
ton was appealed to several days ago
TO extend aid TO the Title Guarantee,
but the association declined TO come to
fits succor.
The Title Guarantee & Trust compa-
ny engaged heavily in real estate and
was the depository for immense sums
of trust and savings deposits. Its Of
ficers are ]. Thornburn Ross. president;
George II. Hill, vice president; T. P.
Burkhart, treasurer; John f. Aitchison,
secretary. The bank is capitalized at
$3.50. 900. in $500 shares.
The failure of the Title Guarantee &
Trust company did not come as a great
surprise TO those on the inside of finan- |
cial affairs. 1t apparently has been |
known for some time that ii was in |
trouble owing to the quality and guam |
tity of it's securities, which are of such /
character as to make them hard to |
realize upon in such times as the pres
emit.
Further Failures improbable.
While the failure of the bank may
have somewhat depressing effect, 1t |
is not thought that any serious harm
will result, as the principal financial
Institutions of the city are operating on
the clearing house certificate plan. the
actual coin issued being in but small
quantities to large employers Of labor
and TO large users of money. The gov
ernor's day-to-day holiday proclama-
ton will also act as an impeachment to
any concerted run against the banks:
IN fact, a run in the true sense under
the present banking arrangement is
impossible.
The banks of Portland are taking
every precaution to keep matters on a
firm level, and as several millions in
gold have been imported from Europe
and the east, it will not be long before
there will be plenty OF money to meet
ordinary requirements. The fact that
Portland is the banking depositary of
The northwest and has been supplying
numerous banks in other cities with
arge sums of money has helped the
banks of this city in their present state
If financial embarrassment, and While
hey have been keeping their oorre-
ipondent banks up have themselves
lid partially over the brink.
1t is the consensus of opinion among
bankers in this city tonight that the
worst is over and that the other banks
# Portland are amply able to take care
If their business.