Salt Lake Security & Trust Company (Salt Lake City, UT)

Episode Information

Episode UID
31005471292
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
3100547 routing
Routing Number
31-0054
Start Date
August 11, 1907
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
883d6567a81bfa70

Response Measures

None

Description

One article shows the bank acting as receiver in a civil suit; the other describes city-wide 30/60 withdrawal rules during the 1907 panic but no explicit reopening text is present.

Events (2)
1. August 11, 1907 Other
Newspaper Excerpt
Judge Armstrong appointed the Salt Lake Security & Trust company receivers for $54,000 due the defendants on a sale of the property to Patrick Ryan for $100,000, and payable at McCornick & Co.'s bank before Aug. 13. 1907.
Source
newspapers
2. October 30, 1907 Suspension
Cause
Macro News
Cause Details
City clearing-house banks imposed 30/60-day notice and limits on cash payments due to eastern funds shortage during the Panic of 1907.
Newspaper Excerpt
the new order of things announced ... limit payment on checks to $100 and to allow no disbursements of more than $200 in a week to one person ... At the Salt Lake Security & Trust Co. Mr. McGurrin said that ... the new rule gave a sense of security
Source
newspapers

Newspaper Articles (2)
1. August 11, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 11, 1907

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Article Text

FRAUD CHARGED IN MINING SUIT W. A. Twitchell and Lindsay Estate Sue Heirs of James McGarry. LARGE AMOUNT AT STAKE MINING CLAIMS IN IRON SPRINGS DISTRICT INVOLVED. A series of frauds extending over a period of seventeen years are alleged in a suit over the title to $100,000 worth of mining claims in the Iron Springs district, Iron county, Utah, brought in the district court yesterday by William A. Twitchell and Alice Lindsay, administrators of the estate of James R. Lindsay, against James C. McGarry, E. e. McGarry, Lillian M. Wilson, J. E. Harper, Elizabeth E. Harper, Edna S. McGarry, J. F. Younger, J. M. Wicks, Sherman McGarry, Sheridan McGarry and Elizabeth McGarry. As a result of the filing of the suit, Judge Armstrong appointed the Salt Lake Security & Trust company receivers for $54,000 due the defendants on a sale of the property to Patrick Ryan for $100,000, and payable at McCornick & Co.'s bank before Aug. 13. 1907. Claims Are Relocated. It appears, that in 1830 the property was located by Twitchell, Lindsay and James McGarry, deceased. McGarry, it is said, represented to Lindsay and Twitchell that he had procured a purchaser for the claims for a large sum of money and induced them to give him a trust deed in order that he might sell. In the event of a failure to self, McGarry was to still retain the trust and spend the option money in improving the claims. The sale was not consummated, but McGarry, it is said, violated his trust agreement and allowed the titles to over half of the claims to lapse by reason of failure to do the assessment work, and then relocated the properties to which, it is claimed. Twitchell and the Lindsay estate are still entitled to a one-third interest. McGarry died intestate in 1903, but prior to his death conveyed all his title and interest in the properties to the defendants named in this suit. The interest of the plaintiffs, it is further claimed. were known by all the defendants when they secured the alleged title to the property through McGarry. Sold for $100,000. In February, 1906, the defendants, it is said, agreed in writing to sell the claims for $100,000 to Patrick Ryan, which sum was to be paid in sundry partial payments at McCornick's bank. Of this amount $45,000 has already been paid and divided among the defendants, and there is still $54,000 due, and, according to the assertion made, must be paid before Aug. 13. It is for this amount that the plaintiffs ask the receiver until their rights in the properties can be adjudicated. The complaint goes on to state that the defendants, "as a part of said fraudulent intent to defraud the said Twitchell and Lindsay, concealed the fact of making the sale to Ryan until after they had secured $45,000. Then, as the story goes, the defendants, James McGarry and Ernest McGarry, "as a part of said fraudulent purpose," represented to Twitchell that they could sell the claims for a small sum of money, and represented that his share would be $1,000. Thus, it is claimed, they acknowledged his title. Before the alleged offer was accepted Twitchell discovered the scheme and the suit is a consequence. The value of the one-third interest held by the plaintiffs is placed at $75,000.

2. October 30, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 30, 1907

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Article Text

Salt Lake Business Public at Once Falls Readily Into Line. THE COUNTRY BANKS FOLLOW Pay Rolls Will be Taken Care of in Cash as Hitherto-All Bankers Interviewed. Salt Lake's business public today gave another exhibition of the strong common sense which has always distinguished it in times of financial trouble A representative of the "News" at noon made a visit to all the banks of the city and found that the new order of things announced in last night's issue was not only being accepted with entire equanimity on the part of people doing business with the banks but that 11 was the quietest Wednesday that the banks had experienced for a long time past the receiving tellers' windows where deposits are taken in were in fact more busily patronized than the windows of the paying tellers and AT every institution visited the same report was given that there was no trou ble whatever and but little inconvenlence everyone recognizing that the measure adopted to limit payment on checks to $100 and to allow no disbursements of more than $200 in a week to one person, was the sane, safe and reasonable course to pursue under existing circumstances The funds of Salt Lake banks which are on deposit in eastern cities are obtainable only in the form of drafts, cashier's checks or exchange and untill this order of things is changed It is universally conceded that western cities will have no other recourse except to fall into line Under the clearing house regulations, banks are allowed a certain leeway in cases of exigency and pay rolls will be met as usual in cash 50 that the working classes will not be inconvenienced. At Zion's Savings Bank & Trust Co. Cashier o C. Beebe stated that the new rule was working smoothly and without apparent inconvenience to anyone Those people desiring money were allowed to draw out any amounts under $100. but on second withdrawals the notice provided for under the rule of the bank which is 30 days notice on amounts of $100 or under and 60 days' notice on amounts between $100 and $2,500 will be enforced This pre vents any hardship on depositors as it gives them money for urgent needs at once and provides for the remainder in 30 or GO days. At the State bank. Asst Cashier McEwan stated that everything was running smoothly; the new rule was being accepted and deposits were about normal At the Deseret National bank, Cashier H S. Young said that busi ness was even quieter than usual and people generally accepted the ex planations of the bank in regard to eastern conditions, acquiescing in the view that the best thing possible was being done under the conditions At the Desert Savings bank Cashier E A Smith said that that bank had always maintained the rule of requiring notice of withdrawals so that no change had been necessary for that Institution The business of the day was no different from that of previous days At MeCornick & Company's W. S. McCornick in answer to a question as to what effect the new rule in mak ing payments had had on his depositors, laughingly directed the reperter's attention to the condition of the banking room, where there were not half a dozen people present and 11.08t of them were at the receiving teller's window. Mr. McCornick said he thought the public generally had accepted the situation philosophically and that the present system would be only of short duration At the Utah National bank Cashier Nelson said that conditions were normal and no trouble whatever has been experienced in putting the new rule Late working force Their depositors had agreed with them that it was the one thing to do to protect the supply of currency new in the city At the Commercial National bank Asst. Cashier Shearman said that there was nothing whatever to report Every thing was peaceful and the new rules were working well At the National Bank of the Republic the cashier's report was much the same as that given at other institutions there was no sign of anything except the ordinary quiet conduct of business in the bank chamber At the Utah Savings & Trust company Cashier Heber M. Wells was not in. but Asst. Cashier Sloan said the deposits and withdrawals were about normal considerable amount of cash having been received with the deposits during the day At the Utah Commercia) and Savings bank cashier Groo said that no trouble whatever had been experienced Most people to whom the matter had been explained took an intelligent view and said that it was the one thing to do and that it ought to have been put into effect before At Walker Dros Asst Cashier Howard said the course met with unanimous approval on the part of the busi. ness public There was no stoppage to circulation drafts on the east could be bought as readily as before Country banks would have to give their deposit. ors checks on Salt Lake instead of the currency and these checks for the time being would have to take the place of currency with the stores, farmers, railroads, tax collectors etc. At the Salt Lake Security & Trust Co. Mr. McGurrin said that as fai as his experience went the new rule gave a sense of security rather than otherwise to the business public and many of their customers had expresse d the opinion that the action of the banks would relieve B. great deal of ap. prehension in fact the course now being followed would Insure the continuation of business whereas if people were allowed to hoard money busi ness would soon feel the effects of 11. Advices to the Salt Lake banks state that the country banks are adopting to the same precautionary measures guard their currency supply that the parent institutions in this city have put into effect In Davis county there are four banks and Hon John R Barnes of Kaysville states that at meeting held this morning measures