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THE BANK OF SALT LAKE Report of Messrs. Knox and Jacobs Filed Yesterday. WHAT RECEIVERS FOUND. The Condition of the First Bank of Mercur, A. Deficiency There of Nearly Five Thousand Dollars-Result of the Labors of the Experts, Who Have Been Going Over the Books For Some Time.
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The petition of Frank Knox and C. H. Jacobs, receivers of the Bank of Salt Labe, for an order of the court authorizing them to sell at public auction or otherwise the assets of the bank not yet disposed of, came on for hearing before Judge Hiles yesterday, and his honor granted the petition, and an order authorizing the sale was entered, the property of the Bank of Salt Lake and that of the First Bank of Mercur to be sold separately. It is provided in the order that the property, consisting of real estate, stocks and bonds, bills receivable, overdrafts, furniture and fixtures be sold at a price not less in the aggregate than the amount at which the said property was appraised and estimated by the receivers in their report.
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Judge Hiles held a night session of court last evening for the purpose of hearing arguments on the objections of certain creditors of the Bank of Salt Late and the First Bank of Mercur to the confirmation by the court of the sale of the assets of the banks to H. H. Rea for $60,000. The objectors, who are creditors to the extent of only about $6,000, are F. A. Muzzy, W. P. Lynn as administrator of the estate of the late W. H. Knox, and Lena D. Peasley. Amons the assets proposed to be sold are 600.000 shares of Dalton & Lark mining stock which were transferred to James Schenck by J. H. Bacon to secure an indebtedness of $52,000; 900 shares of stock of the Salt Lake Sanitarium comDany held by D. G. Tunnecleff to secure a debt and 824 shares of stock of the St. Anthony Canal company, also held by parties to sécure money advanced to Mr. Bacon. Attorneys John W. Burton and E. D. R. Thompson, representing the objectors, asked that these assets be not included in the sale with the other assets, but that the $60,000 be accepted for the rest of the assets. CONTENTION OF THE OBJECTORS. They argued that the receivers had begun suit to have the transfers of the properties named set aside and that the same be thrown in with the general assets of the bank. The receivers ought to prosecute the suits and if successful the creditors would receive 100 cents on the $1, but if the Dalton & Lark, Sanitarium and St. Anthony canal stocks are now sold, that ends the suits and all hopes of the creditors receiving anything but a small dividend on the amounts owing them. They also thought the private sale should not be concluded until after the assets had been offered at public auction to see if a higher bid would not be made. RECEIVERS EXAMINED. Messrs. W. H. Jacobs and Frank Knox, the receivers of the bank, were examined and they stated that in making their valuation of the assets they had not placed anything on the equity in the Dalton & Lark, Sanitarium and St. Anthony stocks for the reason that they did not think those stocks would bring more than the amounts which were against them and that if sold there would be no surplus. With regard to the suits started to recover those stocks for the estate, the receivers did not have much confidence that they could be made to stick. They had really been started more as a means of discovery than anything else and when the answers of the defendants were filed it became very doubtful indeed whether anything could be made by going to trial. Judge Dey, the attorney for the receivers, was also examined and he didn't think the outlook for. a favorable termination would warrant the receivers putting the estate to the expense of bringing the suits to trial. Attorney C. S. Varian, who represented Mulvey & Co. and other creditors of the bank, was willing that the offer of Ray be accepted. BACON IS WILLING. Attorney W. H. Dickson, representing the defunct bank and J. H. Bacon, was not averse to having those stocks excluded from the sale on condition that if the suits were prosecuted it be not at I the expense of the estate. There was a formidable array of attorneys present representing the principals, the receivers and various creditors. The more prominent of those present were Messrs. Dickson & Ellis, C. S. .. Varian, J. W. Judd, C. C. Dey, H. P. w Henderson, J. H. Moyle, John M. Zane, John W. Burton, J. H. Moyle, E. In R. t Thompson, W. R. Hutchinson and others After listening to brief arguments his b honor took the matter of confirming the sale under advisement and may render 1 his decision today or tomorrow.
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BANK OF SALT LAKE RECEIVERS Question of Compensation Argued and Taken Under Advisement. Judge Hiles yesterday morning resumed the hearing in the matter of compensation for the receivers of the Bank of Salt Lake and the First Bank of Mercur. Messrs. C. C. Dey, C. S. Varian and C. W. Bennett were examined and expressed the opinion that $6,000 would be a reasonable compensation. His honor took the matter under advisement and also the matter of authorizing the transfer to H. H. Rea of the assets of the banks, purchased by him.
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RECEIVERS' COMPENSATION. Fixed by Judge Hiles at the Sum of $3,200. In the matter of compensation for the receivers of the Bank of Salt Lake and the First Bank of Mercur, Judge Hiles yesterday delivered his opinion. He considered that $3,200 was a fair remuneration for the receivers, and that $4,000 was enough to pay the attorneys and other legal expenses, and made an order accordingly. He said the court was entirely satisfied with the manner the receivers and the various attorneys had managed the affairs of the defunct bank, but he did not think the estate would warrant the allowance of large fees. His honor in conclusion thanked the receivers for their services. The court made an order in regard to the turning over of the assets of the bank to H. H. Rea, but will probably do SO in a few days, after something is done in the matter of the suit in intervention brought by George Arthur Rice et al. His honor allowed the claim of Mrs. J. H. Bacon against the estate in the sum of $9,000. The hearing on the petition of the receivers of the bank for a reduction of the taxes levied on the property of the First Bank of Mercur was concluded before Judge Hiles yesterday and taken under advisement.
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Frank Knox and C. H. Jacobs, the receivers of the Bank of Salt Lake and the First Bank of Mercur, having transferred the assets of the banks to H. H. Rea, in consideration of a payment of $60,000, the purchase price agreed upon and approved by the court, asked through their attorneys to be discharged. Attorney E. B. Critchlow, representing George Arthur Rice and others, objected to the order of discharge being made, they having filed a suit in intervention in which they alleged that Bacon had not dealt fairly with his creditors, but had concealed and held back $95,000 worth of his assets and that he had paid some creditors in full and given others a much larger dividend than the rest; that he had given some creditors four shares of Dalton & Lark stock and others only two for each dollar of the amount of their claims. For these reasons they desired to be released from their agreement to accept Bacon's note secured by two shares of stocks for each dollar of the amount of their claims. They also wished that the receivers prosecute the suits instituted by them to have Bacon's Sanitarium stock and his stock in the St. Anthony Canal company declared a part of the assets of the bank,- free from the incumbrances on those stocks, and for these reasons Mr. Critchlow objected to the discharge of the receivers. The attorneys for the receivers urged that as the amount of the dividend of about 32 cents on the dollar on the claims of Rice was kept on hand and could be paid into court, there was no reason why the receivers should not be released and in the suits to recover the Sanitarium and St. Anthony stock other parties could be substituted for the receivers as plaintiffs. In these suits his honor ordered that H. H. Rea be substituted as plaintiff and the question of discharging the receivers he took under advisement.
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Real Estate Transfers. Abstract of instruments filed in the office of the county recorder of Salt Lake county, March 13, 1897, compiled by the Security Abstract company: H. B. Windsor et al. to Belle M. Schultz, part of lot 5, block 34, $ 4,000 plat F Robert Dickson to H. B. Windsor et al., part of lot 5, block 34, plat F 4,000 Frank W. Ross, assignee of James H. Bacon as Bank of Salt Lake, assignee's deed for all property conveyed by said James H. Bacon on June 23, 1896, being the assets of the Bank of Salt Lake, are hereby conveyed to H. H. Rea James Donnelly to J. W. Thomson, lot 35 and all of lot 34, block 1, 525 Bellevue Park Frank Knox and Charles H. Jacobs, receivers of the Bank of Salt Lake, the First Bank of Mercur and James H. Bacon, to H. H. Rea, receiver's deed for all the assets held by them of the Bank of Salt Lake, the First Bank of Mercur and James H. Bacon 60,000 Estate of John T. Conk to Edwin S. Kearsley, lots 16 to 19, block 384 1 East Park William H. Crawford to Monroe Salisbury, half interest in Mayflower in Bingham canyon 1,000 Monroe Salisbury to Albert W. Longley, half interest in May1,000 flower in Bingham canyon
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Court Notes. Charles E. Taylor, Thomas E. Tayfor and Elizibeth A. Pi got, have filed a suit against Marths B. Taylor, James H. Taylor, Harriet A. Taylor and Fannie May to recover threesevenths of the estate of Charles B. Taylor, deceased, and asking that a receiver be appointed to take charge of the property which is valued at $80,000. The receivers of the Bank of Salt Lake and the First Bank of Mercur filed their final report in the Thire district court yesterday, C vering B period from October 31, 1896, to date. It appeare from the report that they have received $21,686.20 since their former report, inclusive of $5,766.25 on hand on' November 1, 1896, all of which has now been disbursed. The report was re erred to Deputy Clerk Loomis, who will audit it.
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RECEIVERS' FINAL REPORT. Finale in the Bank of Salt Lake Affairs. Frank Knox and C. H. Jacobs, receivers of the Bank of Salt Lake and the First Bank of Mercur, yesterday filed the final report of their receivership in the district court and the same was referred to Clerk of the Court Loomis to audit and report upon. The report shows for the Bank of Salt Lake: Cash on hand Oct. 31, 1896, as per previous report, $5,766.25; receipts up to March 24, 1897, $15,919.95. Total, $21,686.20. Disbursements-Dividend of 291/2 per cent, $10,439.24; compensation to receivers and attorneys, $7,300; taxes paid, $2,090.95; other expenses, $1,856.01. Total, $21,686.20. First Bank of Mercur-Cash on hand Oct. 31, 1896, $4,570.62; receipts up to March 24, 1897, $498.92. Total, $5,069.54. Disbursements-Balance transferred to Bank of Salt Lake account, $5,069.54.
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MERCUR RIGHT IN IT Prosperity Surely Making I self Manifest in the Camp. BUSINESS BOOM IN EVIDENCE. Dern and Airls to Start a BankComing to the Front-Brokers Will Call a Halt. That the waves of prosperity are n W deshing against the shores of the at Merour district, 10 the informa1 on given to a NEWS reporter today by Mr. Joseph G. Jacobs, vice presicent and general manager of the Salt Lake and Merour railroad. Mr. Jacobs has occasion to spend the greater portion of his time in the camp referred to and he is thus placed in a fair position to watch the evolutions of the camp, whether progres. sive or otherwise. story to this paper is in ffect thats boom is on and that there is a great flurry in Mercur real estate with more building going on than at any time during the last eighteen months. This he attributes to the thorough and systematic development of the mines, which have shown greater ore bodies in the last three months than ever before. The West Dip country has also developed into a heavily mineralized area and with the opening up of many good properties there and the building of a new mill, the present condition 01 affairs is thus partially acceunted for. Another cause for approaching properity is the impression among mining men that Captain De Limar has resolved to erect a mill. These all have their tendencies to create 24 better feeling and beyond question are the prime reasons for t: e anticipated b om in Utah's great gold camp. Mr. Jacobs yesterday purchased for Messrs. John Dern and E. H. Airis the property recently occupied by the First bank of Mercur, which closed 1 B doors on the failure of the bank of Salt Lake. H. H. Rea, receiver of the de. funct concern, was the seller, and It is said that the property, which includes the bank building and fixtures, was sold for a mere bagatelle in comparison with its real value. It is understood that Messrs. Dern and Airls have in contemplation the starting of a beare in the near future, and as they are sutstantial and conservative business men, their efforts in that direction will no doubt be traught with good results. Tomorrow Mr. Jacobs will go out to the camp with a party of eastern gentlemen who are here for the purpose of looking up investments. They have several properties in view and may not leave this locality until they have tied up one or two of the district's promising propositions. Railroad business is also good in the camp, Mr. Jacobs stating that the tonnage of the road under his management, will be greater this month tuan at any like period in its history. It will probably reach 12,000 tons.
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The Edwards Case. The trial of Charlotte E. Edwards for the grand larceny of a quantity of silverware, lace curtains, rugs and so forth, was resumed yesterday morning in Judge Norrell's court. It dragged along slowly and tediously all day, and General Taylor made a gallant fight on behalf of his client, Mrs. Edwards. The prosecution rested early in the afternoon and the defense was proceeding when court adjourned. As far as could be gathered, General Taylor's line of defense was that it was a case of mistaken identity, both as to Mrs. Edwards and the goods in question. Object to Knox and Jacobs' Report. Messrs. Moyle, Zane & Costigan, on behalf of James H. Bacon, yesterday filed objections to the supplemental report of Messrs. Knox and Jacobs, receivers of the Bank of Salt Lake and the First Bank of Mercur. The report is objected to on the ground that the accounting is insufficient, the report failing to show $1,300 disallowed by the supreme court for attorney's fees. It is also claimed that the report shows attorney's fees of $3,000. when in reality the amount was $4,300; that $36.75, claim of the Star Printing company, $151 supreme court expenses, and $300 attorney's fees on appeal to the supreme court, are illegal charges against the estate. It is also alleged that the report shows $1,300 less money on hand than there actually is. Mr. Bacon asks that the account be not approved and that the receivers be compelled to account for $3,300 on hand, instead of $2,000.