The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-05-15


miles of line; it has an IN
debtedness of probably 500 or $500, and
had such indt btedness ia March, 1887;
in my best judgment. could not arrive
at any definite conclusion as to its value;
it is an old line, having been in use
since 1862; it pays expenses, some
years; the value 81 anything is what it
will bring on the mar ket, and no new
company would care to buy an old line,
but would build new one; do not sup
pose, take the line right through, we
could sell it for more than $25 mile;
sume sections would bring more than
that, of course-others less. Besides
the Salt Lake Stake. other Church As
sociations received stock. Utah Stake
got $50 shares; which was transferred
on the ID of March TO H.. B
Clawson, agent: my stock book
shows, theistock receipted for by',H. B.
Clawson, agent. and he Immediately
turned it over to me as his agent: l do
not remember whether l handed the
stock to A. o. Smoot, as President of
the Utah Stake, and took his receipt for
it; do not know where John Taylor
was when he signed the certificates as
president of the telegraph company.
Cache STAKE received 800 shares, and
these were delivered in the same man.
ner as the others; Weber Stake re- eived
800 shares; Davis Stake, $50; Saupe,e
Stake. 440; Millard Stake, $50; Beaver
Stake, $50; Kanab Stake, 100; have no
receipt for This latter, but II. B. Claw
sons, and l still hold it; he was es
pecially appointed agent on the 18th of
February, believe; Parowan Stake, 200;
st. George Stake, 350; Sewer
Stake. 100; Box Elder Stake, Isl;
l think you will find that this
totals the amount; John Taylor owned
one share individually; that was trans
ferred in August 1887. | have no copy
of any dispatches that were sent by
James Jack TO the various stakes about
the I'd of March in reference to the ap-
poinment Of 81. =. Clawson as agent.
We keep copies only six months. l
want to say, i'll reference 10 those re-
ceipts from Mr.. Clawson. ahat l got
them about the q of March.
MR. sCHETTLER
said lions Savings Bank and Trust
Company had capital stock OF 5000 .000'
about $50 900 Of which was paid up; he
himself owned twenty-five shares, and
some of the stock was owned
by John I. Game, Angus NJ, Cannon,
George Q. Cannon, l.. J. Nuttall.
and, think, MILFORD Woodruff, but l
am not quite sure; considerable of the
stock was held by James Jack-sbout
one half-On a note. Up to the time of
John Taylor's death, did not receive
any notice that he had disposed Of his
stock.
To Mr.. YoUNG-The bank was organ
lied in July, 1873, and commenced
doing business the following October;
Brigham Young never had any stock
in the bank; James Jack had most Of
OF The shares, by note; it was under
stood he held 1T for the Trustee-in-
Trust; there was no stock issued-;t
was simply o note; when President
Taylor died, ! destroyed the Jack note
aid received one signed by him.
for S25 900; on the original
orga lization there was no money paid
in. An order was made by the board a
year or so ago that the shareholders
must pay up the interest on their notes
or give up the stock; quite q number
refused Or neglected to pay and the
stock was forfeited; the reason the
sto k appreciated was b cause
The stockholders were told that
the bank had no leaal existence;
thai they We're all partners and
equally liable; President Taylor for
felted his share with the rest, and it
was divided among those who remained.
To Mr.. President Taylor's
note is. l believe, still in the bank:
do not know that tbs reason the Brig
ham Young heirs refused to take the
stock was because it belonged to the
Trustee-in-T