Show CASHIER HILLS defalcation commercial national bank failed to open FINANCIAL CIRCLES NOT PHASED girdens bank have money to throw at tho birds runs smoothly and no alarm Is caused when banking hours arrived yesterday morning the commercial national bank failed to open its doors and upon alie glass panel of alie front entrance was posted the following notice this bank is closed on account of the of the all creditors will be pala in full J C president As predicted the people of ogden biad too much cense to create a panic and run on the other banking institutions of the city but had they dona so alie banks would have been amply able to have handled all of the depositors who desired to withdraw when 10 arrived yesterday morning every bank in the city had on hand enough money to have met all demands and as the business of the day began the officials of two of the institutions placed great stacks of currency and sacks at gold on their paying tellers tables in readiness for the threatened runs the other banks also had their cash handy and had demands been made streams of gold silver and currency would have poured out to the anxious depositors afie runs did not come and but for the fact that the closing of the commercial was discussed disc used in every business mart those on the outside would not have known that ono of heaviest financial institutions had been crushed to the wall on account of the defalcation of its cashier there was no change in the aspect of business affairs people deposited in the various banks as heavily as ever and a feeling of general financial safety prevailed showing that the banks of this city have the fullest confidence of alie citizen it ia true that several cases were recorded of depositors becoming panic stricken and demanding their money but in every instance the amounts withdrawn were small and the with drawers were ashamed of themselves for their foundationless ti fears before the day was over and were willing to again trust their money to alie banks from which it was withdrawn financial institutions without exception aie in splendid shape and have enough money on hand to meet every legitimate people realize this fact and will be slow to make demands they realize that then savings arc more safe in the fiands of experienced and honorable financiers than in their own cashier L B adams of alie utah national bank was yesterday afternoon appointed special examiner for the commercial national by alie comptroller 0 the treasury at washington and last evening took possession of the bank in the name of the government today he will with the aid of an able corps of experts make a complete examination of the books of the institution and make a report of Us condition to the treasury department at ington until that report is made it will ho impossible to give the exact amount of alie defalcation of hill but alie bank people now say it will crowd several additional deficiencies having been found yesterday upon an examination of alie beoka of alio bank during the day a number of meetings were held by the directory of alie commercial and the attorneys of the corporation and a line of action was mapped out but as yot nothing regarding such contemplated action has been made public today however some sensational results may be expected the etory of how alie defalcation became known leaked out yesterday it seems that saturday morning president armstrong went to the bank soon after 10 was his usual custom and found thai biad not put in an appearance 8 time later the cashier readied the bank and armstrong remarked upon alio lateness of alio hour hill explained that he was not feeling well and had remained at home on that account the president then took up the daily report which showed that alie bank biad on hand cash owing from other banks and against this to outride and local banka the report also showed that was on hand 48 per cent of the deposits which is considered a good working capital the aboa ing satis fed mr armstrong and alion tho lunch hour camo ho went hame with a light heart after dinner he prepared for his regular afternoon nip but hardly had ho dozed off before he was awakened by his wife who stated that mrs hill desired to see him tipon going into the reception room mr armstrong was met bv mrs hill who stated that her husband was very desirous of seeing him at once in company the lady mr armstrong went to the hill residence where he was received by oruill himself and before lie left alie house ho was the possessor of alie story of alio cashiers wrongdoing and downfall when questioned as to where the money biad gone mr fiill admitted in a very cool manner that he had made some loans and also done considerable speculating in real estate in butali and idaho just what the amounts were ho could or would not state but it was discovered that one of thu loans had been made to edward and amounted to thia loan was made in his own and either purely out of accommodation r or with some motive tn hiscoch not tell of all the money lie biad taken but while examining the boks yesterday it was discovered that there were still a number of deficiencies unaccounted for tho defaulting cashier lias deeded all of his ogden property and transferred nil securities held by him to the bank and in this manner made up for part of the missing cash his criminal work is sari to have covered a period of six yeara and out of alio amount taken from tho bank the beautiful residence mccu pel by his family jg eald to have been built r for the purpose of ascertaining just bow alio closing of the commercial had affected or would affect the other banks of the city a man was detail ed to interview the principal bankers on the subject cashier II 11 11 of the utah loan and trust company when seen by the reporter said we have not experienced perien ced uny other effects from the failure of alie commercial than that some of the former customers of that bank have opened accounts us we have taken in more money today alian we have paid out and there are no indications that there will be any run on any bank in this city wo are fully prepared to meet any calls that can possibly be made upon us so far as the citizens bank is concerned said cashier brough been amply prepared for bome time for any emergency eliat might occur either through the failure of any bank or tear and alarm of the people alio deposit us wo have received up to this time more money alian wo have paid out and no further alarm among the people ie apprehended we dont think the monetary situation in ogden warrants president bigalow of the ogden state bank said the unfortunate closing of the commercial national was evidently taken by the public in a common sense way that is that it was not caused by any adverse financial conditions obtaining in ogden and while all the banks no doubt were prepared to meet any calls that might bo made upon them they have not been put to the test so far as our bank is concerned the amount of deposits baye been in excess of our check we have more cash on hand tonight than we had this morning cashier adams of alin utah national wore a pleasant smile on his face which gave evidence that lie had no fears for the outcome of the present financial condition this is the first simein my knowledge said mr adams that the failure of such an institution as the commercial has not caused a flurry in financial circles that it has not shows conclusively that the people have every confidence in the ogden banks all of are on good financial footing we were not affected in the least depositors po continue to come in and this afternoon our gain is as largo as on any previous day for some time past we are amply prepared for any emergency cashier pingree of the first national said do not think there is any cause for alarm the first national is not affected by the failure of the commercial national bank at all our deposits materially increased today later last night between the hours of 9 and 10 deputy marshal exum arrested hill and held the lip faulter in his custody last night in ide fault of bonds required by corn missioner gideon before complaint sworn to by president arm strong and charging hill with clement was filed early in the evening hill had been under dose surveillance during the entire day and it would havo been impossible for him to have given the officers when the warrant was placed in the hands of deputy exum that officer biad a most delicate matter on his handisf but with his usual good taste the deputy carried out his official instructions and made the arrest hill kept a stiff upper lip until his wife broke down and alien lie too realized his position the preliminary examination will probably take place this morning |