Show 1 I 1 IMPORTANT FINANCIAL the first national bank of provo suspends I 1 depositors WILL ALL BE PAID weber county treasury depleted all ogden banks A aro r a in a sound I 1 condit condition 0 o n etc the announcement came from provo yf yesterday esterday that th first national bank of that 1 at city had closed its doors tins this I 1 action on tho tile part of tho the bank hank occasioned I 1 considerable surprise for tho the officers were well known to be financially strong I 1 this latter fact had bad tho the influence of 8 suppressing eup pressing tho the excitement that otherwise might have followed the bank opened as usual in in the morning but at 1130 11 30 the doors were closed and a notice put up that all I 1 depositors will bo be paid in in full the bank is entirely solvent and the suspension may bo be only temporary tempora r y the assets of the bank amount to while the liabilities a aggregate r agate but ut according to casele cashier r W I 1 II 11 I 1 dusenberry I 1 who was asked for the cause of tho the suspension and said it is the general cr alery cry impossible collections and a ff gradual r a loual melting away of depositors the h e people were drawing out their I 1 money because of tho the dull times the I 1 bank is not insolvent but all depositors I 1 will n ill be paid in in full A APeci special alfrom from provo to alie deseret news NOW of last contains the following I 1 cwi ng additional particulars TI the 1 following notice was posted first rational National bink bank closed temporarily 1 depositors depo ditora will be paid in full the directors are sanguine that the bank will resume business at an early date the assets are largely in excess elcess of the liabilities The assets a amount mount to upwards of and the liabilities 1 1 leaving eavia out capital stock of and MI surplus of fund of are less than iho the difficulty with the bank for sometime some time past has baert in in faili failing n to collect on paper as ithell it fell duo many thousands of dollars in notes etc have within the tile last few weeks fallen due but it has been entirely out of the question to obtain the money money without seriously busl u y affecting many of of the most vital interests n of provo the people and institutions tj owing this money have been I 1 itterly unable to meet th the obligations ey were under to the bank and there wa 1 no other re recourse courso t than ian to continue carr mryr ng 9 ti them 1 em without involving them in filia finati cia al 1 ruin the directory directors for fora a neck week or two past hae have been endeavoring inato to rediscount some of tins this samo same paper to enable them to tido tide over the present crisis but no matter how gilt edged tho the securities offered were money I 1 could not bo be obtained from any source the bank might have hav continued bus ness but for several days past de depositors t bavo have been quietly withdraw ing g the their 1 r money from the bank until tins morning the entire cash on hand was exhausted the failure of the provo bink bank had n no 0 effect upon any ogden bank as it had ino io correspondent here some time ago the first national transacted sonic business for tho tile colla collapsed sed institution but its books are now cylear clear weber treasury 19 depleted e de vt and is is very likely to remain jal in t that j condition until the taxes begin to come 11 in which will probably be some time in in november the depletion of the treasury is s working a hardship upon a great number of the holders of county warrants and in many instances they have been forced to dispose of the paper at a discount tins this discount ranges all the way from 5 to 12 per cent and of cour course in makes kes tho warrants worth that much sefe less than par withstanding noth the fact that they are interest drawing at the rate of 8 per cent the county is now advertising for bids for morth odthe of the issue ma mida delast last year ear itis hardly probable however that any bids I 1 ids will be a receive received ed by the time mentioned in in tho the adae advertisement if tho the present financial conditions exist then as now county treasurer surer boyle has lias written to a large number of eastern east ern pond vond houses lio among them being the tile companies which lavo have aurelia purchased sed ogdon and weber county bonds in t the he past and from all ho lie has received replies to the effect that financial concerns of the east cast are hedging just at present and it if tho the situation does not become brighter no bonds whatever no matter how bow gilt edged will bo be purchased tins this year car the bouse of N W llama company of Chic chicago igo tho the purchaser of the recent issue of ogden city general I 1 improvements in prove ments bonds advises the county authorities to wait w ait for sixty or ninety days before nutting putting the bonds upon the F markenas mar market ketas as by bythan that time the financial 1111 1 A condition of tho the country will no doubt be improved Dur during ingall all tins this financial depree depression sion f the banks of ogden have held their heads high and all are upon tho the very best of financial footing those in in a position to know say t that hat a run upon any I 1 of this financial institutions could be met without tho the slightest effort one gentleman noted for his level in matters of finance suggested test aday that as the eastern financiers are doing all in their power to squeeze the very lifes blood out of the west the people should retaliate and refuse to pay their eastern bills ea promptly but on the other banda a r their local bankers bani cers and clear oft off all a overdrafts should this course be followed lie said there neer never will be the slightest difficulty it in this or any other city where the financial institutions are I 1 upon as sound a footing |