Salt Lake Herald | 1908-01-19 | Page 15 | Found Banking Business Poor

FOUND BANKING BUSINESS POOR I Leading Financial Institution of Toronto Compelled to toGo toGo toGo Go Into Liquidation PLENTY FOR DEPOSITORS SHAREHOLDERS MAY GET SOME SOMETHING SOMETHING SOMETHING THING BACK Toronto Jan 18 The Sovereign bank opened Its doors today to only nor normal normal mal business There was no run Pres President PresIdent PresIdent ident Jarvis stated today that there will undoubtedly be surplus assets for dis distribution distribution to shareholders who when liquida liquidation liquidation tion Is completed President Jarvis ex explaining explaining the causes that led to the liquidation today said Other chartered banks have been able abic to demand commercial and other loans but the Sovereign beginning business In the boom time was not nol notable notable able to pick ick its customers as well as the older institutions Some bonds of the United States corporations have become almost worthless owing to default of or interest and thc tho th shrinkage of ot the values through the recent rHent remarkable financial stringency stringency gency In the United States Dispatches from different parts of the provins show that the banks U n created crated no excitement No Interruption to Business When customers of the head office in Toronto and seventysix branches throughout Canada called at the Sov Sovereign reign bank of Canada today toda they found other banks in possession as a result of the transference of all business bus bun busIness iness mess of the Sovereign bank to the Bankers association n of Canada conse upon tho he decision of the tho Sovereign Sovereign eign bank to go into liquidation There will b no Interruption to the bank so 1 far as the thc Sovereign banks customers and depositors are concerned Tho The branches of th bank have been as assigned assigned signed to to tf different banks each of which will Ul ill take Like charge harge of the accounts in the branch In which It is en engaged engaged engaged Serious difficulties may arise In ip II till the tape ase of borrowers from the Sow Sov Sovereign So bank The present pre nt condition of the tlE financial market may render it ex extremely extremely difficult for some firms to place their loans and rumor is busy with the Ilm of several that may be forced to ton assign af n sIgn Meting Meeting of Bankers From early carly last evening until early this morning meetings were w re held in all ail allt ailt t ic c bd to discuss the situation cre create create creatI ate atI 1 by the liquidation The officials of ti th t banks interested in th the financing o of the arious branches of the c an hank bank were engaged in making ar to obviate any panic which Ii 1 ii i follow announcement Th heaviest shareholders are the bank of Berlin BerUn Germany German I