Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-03-29
CHANGE OF U. S. DEPOsITARY.
The Government Funds Trans
ferred from the Deserct TO the
Union National Bank.

The Deseret National Bank to-day re-
ceived from the Secretary OF the Treasury
at Washington an order requiring ali i'm
mediate transfer OF all U. s. disbursing
funds to the Union National Bank, and
shortly after ~ O'Clock the balance on
hand amounting to about $4,000, was
taken to the handsome vaults OF the new
Depository. For something over eight
years the United States depository has
been with the Deseret National Bank,
and it is understood that the utmost sat
siaction has been given the Government
in respect to promptness, and, in fact, in
every other respect and those acquainted
with Cashier l.. s. Hills and his admir-
able bank system will not stop to question
this. OF course, in the very nature OF
things, it was to be expected that such a
change would some day come, but the
bank itself knew nothing whatever of the
matter until the order referred TO was
received.
This morning Colonel o. j. Hollister,
the Governments agent, examined the
accounts of the disbursing fund at the
bank, and found everything in apple-pie
order, and the balance on deposit of about
$4,000. For this amount he gave the
bank receipt, duly certifying to the con-
dition Of the books also.
A DEMOCRAT reporter was informed by
Assistant Cashier j. T. Little that the
incident was perfect surprise to them,
and that they had received no intimation
OF any kind of the proposed transfer. He
was sure that it resulted from no fault or
dissatisfaction in regard to the manner OF
the banks transaction OF the business, as
everything had received the promptest
kind of attention. He was Individually
OF the opinion that political influences
had accomplished the change, but knew
nothing about it. AS soon as Colonel
HOLSTERS certificate is received at Wash
ington, our $100.0 900 bond will be released.
The balance we have just turned over to
the Union National is about an average
OF the amount kept on deposit here. 1t
rarely exceeds $4,000, and seldom gets
below 100000.
Cashier Raybould, of the Union
National Bank, was seen shortly after
the actual transfer of funds had been
made. He stated that their bank had
received notification some three weeks
ago that the transfer would he made as
soon as the necessary deposit of 100000
in 4 per cent government bonds could be
placed with the Secretary of the Treasury
at Washington. 1t very naturally took
us several days to provide these bonds,
and perfect the incidental arrangements,
so that the issuing of the transfer orderin
all probability was effected Immediately
on the receipt of our bonds at Washing
ton and has just been received by the
Deseret National people. In respect to
the cause of the transfer, said Mr.. Ray
bould, know very little further than
suppose that the Treasury Department
preferred to do business with our bank
There certainly could be no fault found
with the manner in which Mr.. Hills has
conducted the governments business, for
| look upon him as an eminently efficient
banker, and II perfect gentleman as well.
The transfer OF the government deposit
tary, when it became known, called forth
not little comment, and some persons
were ready with the opinion that it was
| due to the conduct of Messrs Eldredge,
Little, Sharp and Armstrong in the Can
non matter This is all SO much nom
sense, as the action has been in contem-
| plation, it is understood, for some time
past, as it is known that the Messrs
| Walker Brothers have been figuring foi
it. There can be no question but the
government will find the Union National
Bank in every particular the equal o.
any other of its depositaries in the LAND
as regards efficiency.