Park City Bank (Park City, UT)

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Bank Suspended SALT LAKE, UTAH, June 13.-The Park City Bank has suspended. Liabilities $130,000, assets as much. The assignees say that the depositors are to be paid 80 cents on the dollar.

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BANK FAILURES

Savings Banks at Omaha and Kansa City Close Doors. OMAHA, Neb., June 12.-The McCague Savings bank closed its doors this afternoon. The McCagues are the owners of the American National bank and the McCague Investment company. KANSAS CITY, Mo., June 12.-The People's Guarantee Savinge bank made an assignment today for the benefit of creditors. Its liabilities are supposed to be about $70,000 and assets between $50,000 and $65,000. The bank is said to have carried a line of deposits of $15,000. MANKATO, Kan., Jane 12.-The Bank of Burr Oak, Jewell county, closed its doore this morning. It is owned by Hurlburt Broe. and its liabilities are placed at $35,000. The assets are practically nothing. S. D. Hurlburt, one of the proprietora of the institution, has fled and his whereabouts is unknown. SALT LAKE, June 12.-The Park City bank suspended today, assigning to Edward Kimball. Liabilities, $150,000 assets as much, and the claim is made the bank will shortly resume.

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- AAT Salt Lake, Utah, June 13.-The Park City Bank suspended yesterday. Its liabilities are $130,000, and its assets as much. The claim is made that the bank will shortly resume. The assignee says that depositors are to be paid 80 cents on the dollar.

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ASSIGNED

Salt Lake, Utah, June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130,000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar.

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ASSIGNED

Salt Lake, Utah. June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130.000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid SO cents on the dollar.

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Eighty Cents on the Dollar

Salt Lake, Utah, June 14.-The Park City bank suspended yesterday. Liabilities, $130,000, assets as much. The claim is made that the bank will shortly reeume. The assignee says that the depositors are to be paid eighty cents on the dollar.

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The Park City Bank, the first banking institution that was established in Utah, has suspended and made an assignment.

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ASSIGNED

Salt Lake, Utah, June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130,000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar.

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THE PANIC AND THE BANKS.

A most comprehensive table of statistics, calculated to show the effect of the recent panic on the banks of the country, has been prepared by and published in Bradstreet's for September 23. This consists of a complete list of the suspended institutions, including national, state, savings and private banks and trust and mortgage investment companies, grouped by states, for the eight months of 1893, together with their assets and liabilities. With few exceptions these suspensions occurred during May, June, July and August, and it is very gratifying to note that a large number have already resumed—of the four Utah institutions, for instance, in the black list all but one, the Park City bank, having gone back to business again. The full list, however valuable for historical reference, would scarcely interest the general reader, but a summary and a few leading deductions cannot fail to be of value to every one.

During the eight months ending August 31, the total number of banks to suspend was 549, with assets of $176,794,417 and liabilities of $165,781,618. By states, these institutions were located as follows:

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Judge Merritt's Division.

Chief Justice Merritt had a very busy morning in dealing with the usual Saturday motions, which fell upon him thick as autumn leaves between 11 o'clock and 12:30. Among the orders made were the following: Wallace, Simon & Co. vs F. J. McLaughlin & Co.; heretofore argued and submitted. The court now ordered that O. C. Lockbart pay in to the clerk the sum of $2,000, in his possession as receiver of the Park City bank, to apply first on the judgment in favor of the Syms Utah Grocery Co., any surplus to be applied upon that of the plaintiff in this case.

Syms Utah Grocery company vs F. J. McLaughlin & company. It was herein ordered that E. C. Williamson deliver to the U. S. marshal 129 shares of stock in the Society Building association, with assignment thereof, to be sold upon execution and the proceeds applied in satisfaction of this judgment. Plaintiffs are also allowed to sue D. C. McLaughlin, receiver of the Park City bank, for any deficiency.

Alice Foreman vs Thomas Foreman; divorce; default and decree granted as prayed.

State Bank of Utah vs O. A. Woolley et al. Default and judgment entered against O. A. Woolley. Plaintiff allowed to proceed against the other defendants, Exception taken.

National Bank of the Republic vs John Farmer et al, Default and Judgment.

Thos Connell vs Chas. O. Farnsworth et al. Default and judgment.

Annie S. Kern vs Martin D. Kern. Motion for temporary alimony, submitted upon affidavits. Defendant was ordered to pay $25 per month, $25 suit money, and $50 attorney's fee.

Arthur Brown vs. the Tribune Publishing company. On motion of Judge Powers, an order was granted extending time to the defendants, till Dec. 20th, to file statement on motion for a new trial.

Thos. J. Anderson vs Julia A. Anderson. Order of dismissal of action by consent, at plaintiff's costs.

Utah National Bank vs Theo. Burmester et al. Motion for judgment on the pleadings argued and submitted.

Syms Utah Grocery Co. vs Herbert G. Button. Plaintiff granted permission to make Utah National Bank a party defendant,

In the divorce suit of Lens Hausworth vs John Hausworth, of which a good deal has been heard of late, Judge Merritt this afternoon allowed temporary alimony at the rate of $20 per month, $50 attorney's fee and costs.

EQUITY CASES SET.

A goodly portion of the foranoon was occupied with the setting of equity cases for hearing, and during this time the members of the bar were present in large numbers.

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M'LAUGHLIN VS. MULLOY,

The Judgment of the Lower Court Is Affirmed.

The supreme court also handed down an opinion in the case of David C. McLaughlin, receiver of Park City bank, vs Thomas F. Mulloy, appellant, which affirms the judgment of the court below. The opinion was written by Justice Bartch and concurred in by Chief Justice Zane and Justice Miner. The action was brought against the insolvent firm of George Kidder & Brother to compel Mulloy, the assignee of Kidder, to pay a dividend of 20 per cent to the plaintiff as such receiver of the bank on a note of Mason, Kidder & Co., from the assets of Kidder Brothers, the same to be paid to unpreferred creditors of the insolvent firm of Kidder. Judgment was rendered for the plaintiff for $1,608.66, from which this appeal was taken.

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A NON-SUIT.

In Fares Against Stockholders of Park City Bank.

The case of Henry Fares against the individual stockholders of the Park City bank was resumed before Judge Cherry and a jury yesterday morning. When the plaintiff's case closed a motion for non-suit made by the defendant's counsel was sustained. The plaintiff for himself and other depositors in the bank who had funds in the institution when it failed sued the stockholders individually to recover $2,200, the amount of their deposits, claiming that the stockholders were liable individually for double the amount of their stock.

The nonsuit was granted on the ground that two of the defendants, Kimball and Gregor, were stockholders of the bank and that no action would lie against them until the amount of the deficit had been established, and as the receiver admitted still having nominal assets in his hands of some $90,000, it was impossible to determine at this time what the deficit would eventually be. Thirty days' stay was given to prepare statement for new trial.

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Closing out!

Until OCTOBER 15th we will sell Sash Doors, Mouldings, AND ALL OTHER Building Material At Cost For Cash.

J. C. Weeter Lumber Co. Park City, Utah.

THIRD DISTRICT COURT.

Judge A G. Norrell, Presiding-The Proceedings. Judge Norrell and Stenographer Pike arrived in Coalville Wednesday at 1E o'clock and Court was immediately opened. The jurors were examined as to their statutory qualifications. Frank Tessman arraigned on the charge of rape, was given statutory time to plead. The following persons were cited to plead on Tuesday next: Henry Long, grand larceny; D. B. Muff and Charles Hayes, grand larceny. W. I. Snyder was appointed to defend Herbert Hulme on charge of rape, who took statutory time to plead. M. S. Aschheim Mercantile company vs. Martin McGrath; continued for the term: The two cases of Bromley vs. Neilson were stricken from the calendar. Case of Fisher vs. Evans; motion to dismiss appeal argued and submitted. Case of Ralph Maxwell vs. L. W. Smith, Jr., motion to strike out defendant's answer argued and submitted L. E. Ostein of Ogden was admitted to practice. Case of Thackeray vs. Hopkin; set for 16th inst. Case of Woolsey vs. Anchor Mining company; motion to dismiss case from callendar submitted and overruled. Case of Linden vs. Anchor Mining company; set for September 16th. Case of Thomas Cupit vs. Park City bank, demurrer to complaint argued to time of adjournment,

YESTERDAY'S SESSION. The entire time of Judge Norrell was consumed in hearing the law and motion calendar yesterday. The jurors were all excused in the morning until 2 p. m., and at that time were again excused until 10 o'clock this morning. In the two cases of David C. McLaughlin, receiver of the Park City bank, vs. John M. Harrington, Sheriff, and Thomas Capit; and Thomas Cupit vs. the Park City bank and D. C. McLaughlin, receiver, the motion of defendant in the former case for continuance and the demurrer of defendant in the latter case to plaintiff's complaint were argued together by W. I. Snyder and C. S. Varian for Cupit and Arthur Brown for the bank, Submitted and taken under advisement. Ralph Maxwell vs. Lewis W. Smith; motion of plaintiff to strike out defendant's answer was allowed in part and overruled in part. Ellen Connor vs. Sam Raddon et al motion for new trial argued, submitted and overruled. Estate of Margaret Rees, deceased; decree of partial distribution entered, also decree directing executor to execute conveyance. Estate of Chester Snyder; order of sale of real estate entered and annual account of administrator allowed. The hearing on demurrer in the sheep-license cases was continued to September 16th.

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DEMURER IS SUSTAINED.

Decision of Judge Hiles in the Case of Hunter vs McLaughlin.

Judge Hiles rendered a decision today on a demurrer to the complaint, In the case of Absalom V. Hunter vs David C. McLaughlin, receiver of the Park City Bank, sustaining the same. The complaint alleged that in May, 1893, the Park City Bank, for value, 'drew its bill of exchange for $450 on Wells Fargo & Co., making the same payable to the order of Oscar Allison. The latter sold the bill to the Carbonate National Bank of Leadville. In June, 1894, the Leadville bank presented the bill to Wells Fargo & Co. and was refused payment. The complaint further alleged that at the time the draft was drawn the Park City Bank had no funds with Wells Fargo & Company.

The court holds that the latter allegation was not sufficient excuse for the lack of diligence in the presentation of the bill for payment. The court also finds that the bill was not presented within a reasonable time; that no legal excuse was offered for not presenting it earlier, and then orders that the demurrer be sustained.

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Park City Bank Stockholders Sued.

C. McLaughlin, receiver of the Park City Bank, vs. W. B. Doddrige et al., was next taken up by Judge Hiles. The plaintiff sued to recover $27,200, alleged to be due by the various defendants upon their stock liability, they having been stockholders in the defunct bank at the time it failed.

Messrs. Brown and Henderson were for the plaintiff; and Messrs. A. Howat and A. C. Ellis for the defendants.

The hearing was proceeding when court adjourned until today.

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FIREMAN'S FUND.

Estate of E. Kimball, in full on hotel $1,500 00 James Farrell, in full on barn, harness, wagon and feed 1,500 00 Mrs. Henry Fares, in full on millinery 500 00 P. McPherson, in full on dry goods 2,000 00 D. C. McLaughlin, receiver Park City bank, in full 2,500 00 Washington school building, damage to paint on roof 90 00

HOME OF NEW YORK.

W. V. Rice, Park City bank building, in full 2,500 00 P. McPherson, in full on dry goods 2,000 00 (The first loss paid.) Estate of E. Kimball, damage to cottage occupied by Frank Foster 40 00

LANCASHIRE, LONDON & GLOBE.

William and Daniel Frazier, in full on building occupied by Bates & Kimball 200 00 D. C. McLaughlin, receiver Park City bank, in full 2,500 00

NORTH AMERICAN INSURANCE CO.

W. Mont Ferry, in full on residence 1,000 00

PHOENIX, OF HARTFORD.

W. Mont Ferry, in full on residence 1,250 00 W. V. Rice, Park City bank building, in full 2,500 00 George Bettinger, damage to residence 12 50 Berryman & Rogers, in full on groceries 2,000 00

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Supreme Court Cases.

The Supreme court listened to arguments in the following cases today: C. E. Brubaker, respondent and cross-appellant, vs J. H. Bennett et al, appellants and cross-respondents.

Thomas Cupit, appellant, vs The Park City Bank and David C. McLaughlin, receiver.

J. Golden Kimball et al, appellants, vs Salisbury & Lewis.

O. J. Stillwell vs the People's Building. Loan & Savings association.

Application of James J. McKee for writ of habeas corpus; arguments in progress at press time.

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PETITION FOR HABEAS CORPUS.

Submitted On Briefs In the Supreme Court.

The application of J. J. McKee for a writ of habeas corpus came up before the supreme court yesterday and was submitted on briefs. McKee was convicted of grand larceny in Uintah county and on Aug. 26, 1897, was sentenced to eight years imprisonment in the state prison. He was tried by eight jurors and it is now urged that an eight-man jury is unconstitutional, hence McKee prays to be released.

The following cases were argued in the supreme court and taken under advisement: C. J. Stillwell vs. the People's Building, Loan & Savings association, appellants. C. E. Brubaker, respondent and cross-appellant, vs. J. H. Bennett et al. Thomas Cupit, appellant, vs. the Park City bank and David C. McLaughlin, receiver. J. Golden Kimball et al., appellants, vs. Salisbury & Lewis.

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and instructions given to dismiss the suits at the cost of the receiver. Facts Brought Out. The facts brought out in the first trial were that the property of the Park City bank was. on June 12, 1893. assigned to Edwin Kimball for the benefit of the bank's creditors. Kimball was engaged in winding up the concern's affairs until his death, Oct. 10, 1893. Three days later Cornelius MeLaughlin instituted an action in the Third district court, alleging the insolvency of the bank, and asking the appointment of a receiver. He demanded a judgment for $20,000 on a certificate of deposit. On the same day D. C. McLaughlin was appointed receiver. Nov. 1, 1893, Cornelius McLaughlin died, and the action was revived in the name of his executor, Edward McLaughlin. A judgment ras rendered in his favor for $21,358.70. On Aug. 12, 1894, Edward McLaughlin filed another complaint against the bank. alleging that after exhausting all the assets of the bank there would still remain $75,000 due to the creditors. He claimed that under the state law the stockholders were liable for the full amount of stock held by them. D. C. McLaughlin was then appointed special receiver and as such instituted the actions against Mrs. Kimball and Gregor. The lower court found that the former had forty shares. and the latter fifty shares, and judgment was accordingly rendered for $4,000 and $5,000 respectively. Creditors Must Sue. The supreme court in deciding the cases held that the special receiver had no right to bring the suits in the interest of any one creditor. Summing up, the opinion says: "Unless the necessities of the occasion require, individuals and not the officers of the court should bear the responsibility of litigating their own claims. "If a receiver should be appointed in such a case, where can the line be drawn. unless drawn by the statute? If several creditors are entitled to a receiver to collect their dues from several stockholders a receiver could be appointed in any other cause where several plaintiffs are seeking recovery against several defeendants. While perhaps not so convenient a remedy, the creditor has means of complete relief in a creditors' suit against the stockholders."

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Supreme Court Reverses Park City Bank Cases.

THE PROCEDURE NAMED

SUITS ORDERED DISMISSED AT COST OF RESPONDENT.

Decision Handed Down Yesterday By Judge Hart With Justice Baskin and Judge McCarty Concurring—Appellants Were Mrs. Geneva Kimball and Gilbert D. Gregor.

In the supreme court yesterday an opinion was handed down by Judge Hart, Justice Baskin and Judge McCarthy concurring, in the suit of D. C. McLaughlin, receiver of Park City bank vs. Geneva Kimball, administratrix, and same vs. Gilbert Desiegor. Both suits were tried together in the lower court and the same procedure was adopted in the upper, the defendants taking the appeal. Justice Bartch and Justice Miner, having been employed in the suits, were disqualified from passing on the cases, and Judges Hart and McCarthy were called in. The judgment of the trial court is revised