18580. Bank of Salt Lake (Salt Lake City, UT)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
April 1, 1900*
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gpt-5-mini
Short Digest
0316b677059f8d5a

Response Measures

None

Description

Articles (1901) state that the Bank of Salt Lake suspended operations and was defunct/subject of a receiver's report tied to James H. Bacon's bankruptcy and alleged concealment of assets. No article describes a depositor run; the suspension appears linked to bank-specific insolvency/misconduct and led to closure/receivership.

Events (2)

1. April 1, 1900* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Linked to James H. Bacon's voluntary bankruptcy, large liabilities, and alleged concealment/mismanagement of bank assets and securities tied to Bacon's dealings.
Newspaper Excerpt
the Bank of Salt Lake and First Bank of Mercur suspended operations.
Source
newspapers
2. July 19, 1901 Receivership
Newspaper Excerpt
Sensational Disclosures in a Receiver's Report That Was Never Published... Bacon's Alleged Wealth. A. T. Moon, one of the creditors of the defunct Bank of Salt Lake ... The Bank of Salt Lake discounted the notes and took the stock as security. A large portion of the stock eventually found its way into the vaults of the Bank of Salt Lake, and consequently into Bacon's possession.
Source
newspapers

Newspaper Articles (2)

Article from Deseret Evening News, April 26, 1901

Click image to open full size in new tab

Article Text

IN BANKRUPT COURT AGAIN. Bacon Testifies That the Charges of Moon Are Untrue. ALLEGATIONS OF FRAUD. Affairs of James H. Bacon Have Been Heopened-Examination on Before Referee Baldwin. The further examination into the affairs of James H. Bacon, brought on by H. T. Moon, was began this morning before Referee Baldwin. Attorney James H. Bacon, on April 5, 1900, filed a petition in the federal court in voluntary bankruptcy. His petition stated that his liabilities amounted to $528,426.24, of which $129,462.73 was secured with Dalton and Lark, valued at about $13,454.48. The remaining $398,963.51 was unsecured. His assets were put down as amounting to $5,209.50, of which $5,000 was in a life insurance policy, and all was claimed exempt. He had between 530 and 540 creditors and the Bank of Salt Lake and First Bank of Mercur suspended operations. On September 10th last the petitioner was discharged from bankruptcy, but the bankruptcy act provides that a case may be reopened for examination within a year from the date of discharge, providing that a proper showing be made by creditors of the bankrupt. A petition was filed on Monday last by A. T. Moon, a creditor of Bacon to the extent of $8,000, part of which is assigned claim, and the court adjudged the petition to be of such weight that a further examination should be made before Referee Baldwin. Mr. Moon is represented by Attorney H. J. Dininny, and in the petition some rather sensational allegations were made and a further examination of Ba. con, Jeremiah Schenck, D. H. Schenck, Charlotte Hoadley of Chicago and H. H. Rea was asked for. The petition alleged that at the time James H. Bacon filed his petition in voluntary bankruptcy he was in possession of property to the value of $25,000 and over, above the amount stated It in the petition as his entire assets. was further alleged that this property, consisting of stocks and real estate in Idaho and Utah, was concealed from his creditors and held in secret trust for him by the above named parties, who it is asked shall be further examined. In the petition it is alleged that Bacon owned large interests in real estate in Idaho, probably of a value of $20,000, also at least one-half the stock of the American Mining and Trust company a corporation organized under the laws of Wyoming, and that this property was held in secret trust by Jeremiah Schenck and H. H. Rea. The petition states that all these facts may be proven by an examination of the books of the American Mining and Trust company. The Bank of Salt Lake, and the First Bank of Mercur, which have been kept by Bacon. It is further stated that at the time of the former proceedings nothing was known by the petitioner about these assets but that recent transfers of the stock of the trust company by the Schencks to Bacon confirm the allegations. The proceedings were begun "this morning before Referee Baldwin. Twomey and Twomey, representing Ba. con. H. J. Dininny, Jeremiah Schenck. D. H. Schenck, Charlotte Hoadley and H. H. Rea were present at 10 o'clock, and after preliminary marks by Judge Twomey, the examination of Jeremiah Schenck followed. and was continued for two hours when a recess was taken until two o'clock this after. noon. Nothing of a sensational nature occurred and the testimony of the wit. ness tended to show that the allegations made by A. T. Moon were untrue. The examination of Mr. Schenck was continued this afternoon on the affairs of the American Mining and Trust company and Mr. Bacon's connection with that company. He was cross examined by Attorney Dininny and there was quite a discussion concerning the cutting out of a page in Mr. Bacon's private book of expenditures, etc. It


Article from The Salt Lake Herald, July 19, 1901

Click image to open full size in new tab

Article Text

# BACON BANK FAILURE # WILL AGAIN BE PROBED Federal Court Suit to Set Aside Bacon's Discharge From Bankruptcy. Sensational Disclosures in a Receiver's Report That Was Never Published-Bacon's Alleged Wealth. James H. Bacon's checkered career as a financier is again to be placed under the calcium light. Suit will be filed in the federal court today accusing him of concealing from his creditors property worth at least $145,000. A. T. Moon, one of the creditors of the defunct Bank of Salt Lake and therefore The Bank of Salt Lake discounted the notes and took the stock as security. A large portion of the stock eventually found its way into the vaults of the Bank of Salt Lake, and consequently into Bacon's possession. This is a portion of the stock which it is alleged in the present suit that Bacon retained through various transfers and concealments.