21413. Merchants Bank (Salt Lake City, UT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 4, 1920
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gpt-5-mini
Short Digest
ed789596

Response Measures

None

Description

Articles (June 1920) discuss the Merchants Bank in Salt Lake City being in receivership, settlements against former directors to recover alleged $800,000 lost through mismanagement, and payments to depositors. No article describes a depositor run. The bank appears closed and in receivership (permanent closure), so classify as suspension_closure. Significant OCR issues in articles corrected (e.g., 'Tourteen'->Fourteen), but bank name and city are clear.

Events (3)

1. June 4, 1920 Receivership
Newspaper Excerpt
Two hundred and ninety thousand dollars have been paid into the receivership of the defunct Merchants bank at Salt Lake, as a result of settlements of an $800,000 damage suit against former directors, out of court.
Source
newspapers
2. June 4, 1920 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership and subject of suit to recover alleged losses from former directors for mismanagement; court-supervised receivership leading to suspension of normal operations.
Newspaper Excerpt
Settlement of the receivers' suit against the former directors of the Merchants' bank at Salt Lake City
Source
newspapers
3. June 25, 1920 Other
Newspaper Excerpt
Permission to pay immediately to the depositors of the Merchants bank, at Salt Lake, a dividend of 15 cents in addition to the 50 cents that has been thus far paid, is asked of the Third district court by Stephen H. Lynch, receiver for the bank.
Source
newspapers

Newspaper Articles (3)

Article from The Sun, June 4, 1920

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Article Text

Trying to Settle. Settlement of the receivers' suit against the former directors of the Merchants' bank at Salt Lake City, is now in prospect with regard to Tourteen of the twenty-nine defendants. A second petition filed in the Third district court by the receiver asks for permission to accept settlement from nine in addition to the five named in the petition of last Saturday. The settlements in prospect will net the depositors $205,000, if they are approved by the court, the aggregate amount to be received from the five named in the first petition being $100,000 and from the nine in the petition just filed, $105,000. Hearing upon the first petition is set for 9:30 Thursday morning and upon the second for 1:30 o'elock Saturday afternoon. Trial of the suit, which is to recover $800,000 alleged to have been lost through mismangement, is to begin June 7th, before Judge P. C. Evans.


Article from The Pioche Record, June 18, 1920

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Article Text

UTAH budget The thirty-seventh anpual convention of the Utah Baptist churches was held last week in Salt Lake. Plans are under way for the Utah State Press association convention to be held at Salt Lake City, June 21 and 22. The annual old folks' summer outIng will be held Tuesday, June 22, at Saltair. Pioneers from every section of the state will attend. Brigham City is to have a real live musical organization-a brass band that can be depended upon to furnish good music for all occasions. Judge Tillman D. Johnson of the United States district court at Salt Lake, was elected president of the Utah Baptist state convention. Wheat and alfalfa have made rapid advancement because of the warm weather, according to the weekly weather, crop and range report. The total assessed valuation of Grand county, exclusive of the railroads, telegraph and telephone lines and other public utilities, amounts to $2,555,668. Mrs. S. F. Johnson of Salt Lake, suffered a broken leg at Pendleton, Ore., when an automobile in which she was a passenger was struck by a freight train. Seventeen cadets of the R. O. T. C. at the Utah Agricultural college have been appointed to attend the reserve officers' training camps. The men will leave in time to report on June 17. Captured in the bad lands west of Vernal while riding two horses said to be owned by citizens of Woodruff, Melvin Hackford and Philip Van, Jr., were arrested by Sheriff Wilson of Rich county. Negotiations tending toward a settlement of the dispute between the Utah Contractors' association and the Building Trades council at Salt Lake are again at a standstill, and the union workers are still on strike. J. T. Lake was convicted at Salt Lake on a charge of involuntary manslaughter as a result of the death of LeRoy Anderson, 9 years of age, under the wheels of an automobile driven by Lake, December 1, 1919. Two hundred and ninety thousand dollars have been paid into the receivership of the defunct Merchants bank at Salt Lake, as a result of settlements of an $800,000 damage suit against former directors, out of court. A lighted cigarette is believed to have caused the fire which destroyed the moving picture show at Soldier Summit, owned by William Eddie and valued at $4500. The theatre was covered by fire insurance to the extent of $1500. Land cases involving more than 65,000 acres of land in the Uintah basin how pending in the United States district court will probably be dismissed under a recent congressional act and referred to the secretary of interior for final action. A winter wheat production for 1920 in Utah of 2,912,000 bushels as against 1,722,000 bushels actually produced last year, and a spring wheat production of 2,998,000 bushels, as against 1,960,000 last year, are the predictions of the June 1 federal crop report. The National Geographic society, which numbers 800,000 members in the United States alone, will hold one of the most important meetings of the year in Salt Lake during the sojourn of the delegates to the meeting of the National Education association beginning July 4. The American School Citizenship league will hold its annual meeting in the tabernacle at Salt Lake, Friday, July 9. This is one of the associations that always meet with the N. E. A. and many people come to the national education convention for the express purpose of attending it. Recommendations for the curtailing of the road program in Grand and San Juan counties to the completion of work a


Article from The Pioche Record, June 25, 1920

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Article Text

UTAH budget Fifty boys have left Ogden for Morthing up ein pre 01 county uss beets, Juans Suje Motormen and conductors of the Ogden street railway system have been granted an increase in wages. While engaged in cleaning windows, James Harrison, aged 48, of Salt Lake. fell 25 feet when the books on the side of the scaffold broke, and escaped 'WIE broken B THE At their convention, held at Salt Lake, the Utah Elks went on record as favoring Eureka for the next meeting place. This means that the 1921 convention will be held in Eureka. Plans are in the making to trans. form Antelope island, the largest in the Great Salt Lake group, into the finest cattle growing and cattle-fattening country. ranch in the entire western Fall wheat on dry land has been at St. George and the Irrigated crop cut is ripe; fall wheat is coming into head and thriving in the more northerly val. leys, though showing the drought effects on Levan ridge. Thomas Dugger, who has been located at Fort Douglas war prison since the military authorities learned he was wanted in Nebraska by Sheriff Morrill on a charge of cattle stealing. escaped from the sentry. A restraining order has been issued forbidding the Providence town board from proceeding with the construction of pavement, which It is alleged by T. G. Rowland, local contractor. was fraudulently awarded. Heavy shipments of steers are reported by the La Sal national forest supervisor, and cattle, sheep and swine shipments from Price have been heavy. The range was never better and stock are fine at Laketown. News has been received at Salt Lake of the accidental death at Colonia Juarez, Mexico, of Alma Platte puu ese JO 02 Spills pioneer of Utah. Mr. Spillsbury a came to Utah with his parents in 1850. a Mrs. Louis Dobbs may lose an eye as the result of an accident at her o home in Bingham. While burning a -xa ив rases 8 uj Jedud waste some o plosion occurred, presumably caused settles Aum emos up dep Blant B &q o into the waste. While working with an emery wheel di weighing twenty-two pounds and about ten inches in diameter, Franklin a N. Lohr, of Salt Lake was painfully cut in the head and bruised in the 18 stomach when struck by pieces of the J wheel, which broke. p Permission to pay immediately to the a. depositors of the Merchants bank, at e Salt Lake, a dividend of 15 cents in U addition to the 50 cents that has been à thus far paid, is asked of the Third si district court by Stephen H. Lynch, receiver for the bank. u Taxation-inheritance taxes, income taxes, federal taxes, mine taxes, proba lems of the local assessor-taxation in Its many phases, will be thoroughly discussed by experts from the United 4 States and Canada, meeting in Salt Lake September 6 to 10 next. SU The third trial of Dennis F. Terrel A for assault with intent to commit mur& e der and assault with a deadly weapon pc in the alleged shooting of Ray Cowan -1 on the night of May 17, 1918, when the & youth was found on Terrell's premises, à is to be held in Salt Lake this week. up Utah business men will vote on the twelve principles of industrial relaJO tions recently prepared by a special É committee of the United States Chamse ber of Commerce. This platform is & intended by the committee to include the tions. fundamentals of employment relasu 14 Figures which are now available 1t. show that the taxpayers of this state -d pay $2.42 for every $1 spent in actual 10 labor on roads. In other words it is charged that the "overhead" expenses are eating up all of the road money and leaving but little with -Ip which to buy labor. 16George H. Watts, for himself and lle 273 others, has filed a petition with up the public utilities commission of su Utah, protesting against the "zone" Pt. system, as applied to Murray, as being an in contravention of the franchise au under which the Utah Light & Traction company is operating in Murray. Representatives of the press asoq.n pus sochations 'A' covered the Republican national con41 vention and who were en route to reuo port the San Francisco convention of Me the Democrats, paused in Salt Lake su acquiritid uo 102 01 ySnou> Suoi 9t runs jo with tions. the city and some of its attracJO uos 'eSu JO Years 9 'Sunox uqSnuA Lettle Howard Young, died at BrigSJe ham City as the result of eating bread ue containing arsenate of lead. William pm Young, 3 years of age, died and seven