The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-05-13
A NEW BANK.
Salt Lake Launches Another
Big Enterprise.
BACKED BY SOLID CITIZENS
Zion commercial aud Savings RRnk
to Start with Capital Of
100000.
Another substantial enterprise.


This time it is no uncertain prob
ability of the future. comprised of east
ern gentlemen who wish their names
withheld for the present" or capital
field for investment who think Salt
Lake combines all the necessary quail
6cations." and who continue 70 think
with never move towards acting-but
an aggregation of sound, solid, sub
stantial Salt Lakers, with plenty OF
faith in their enterprise and plenty of
money to back it up.
There has been talk of establishing
another large bank in Salt Lake for
number Of years past by variety OF
parties; but no hing has ever come of it
until recently when the right men took
hold of the idea and reduced the talk
into something tangible.
The first thing resolved was that
there existed a decidedly favorable
opening hire tor new banking institu-
ton. Negotiations were then opened
with lions Savings Bank and Trust
Company. and preliminary steps were
taken, looking To the merging of that
institution iuto the new concern. Dur
ing the last week, We understand, q
meeting was held, at which all the de-
tails were perfected, and a committee
of three was appointed 10 draw up the
articles of incorporation, which they
are now engaged in doing. The new
bank will be called
zIoK's COMMERCIAL AND SAVINGS BANK,
and some idea of its stability and the
influence it will at once command, can
be gained from an inspection of the
following names of the prime movers in
its organization:
81. s. ELDREDGE.
II. DINWoODEY,
JOHN SBARP.
JAMES SHARP.
JOHN SHARP, JR.,
HEBER J. GRANT,
FRANCIS ARMSTRONG,
r. w. JENNINGS,
AMOS HOWR,
T. 6. WEBER,
T. W. Jennings,
JOSEPH A. JENNINGS,
E. A SMITH,
W. w. kITER.
H. ?. RICHARDS,
A. D. SMoOT,
JAMES z. FREEZE,
GEo. W. THATCHER,
GEORGE RoMEEY,
ADAM SPBIRS,
JOHN 3. WINDER,
JACOB WELLER,
JAMES WATsoN,
OF. WHITNEY,
LEGRANDE YOUNG.
The bank will incorporate with
capital of $2OO, 1000. We understand
that the project met with so much
favor from the start that the suhscrip-
ton list footed up $225 0C0. so that
there will have to be cutting down OF
stock to bring the amount down TO the
capital agreed upon. Twenty-Five per
cent. will be paid in at once, and the re
maindsr is pay able in monthly install
ments, the final payment to be made
within seven months.
The new bank owns the
THE VALUABLE CORNER
Just north Off. Q. NJ. l.. whore hand
some and substantial building will be
erected. 1t is probable, however, that
until this edifics can be built, the insti-
tuition will carry on business at the
stand now occupied by lions Savings
Bank and Trust Company, which will
go out of existence and be embraced in
the new institution.
As the title of the bank indicates, it
will not be restricted to doing a savings
business alone as Zion's Bank has been,
but it will transact a general
banking trade. The Savings Depart
ment, however, is to be made
q feature, and in view of the fact that
the old institution worked up so
thriving a business on that branch
alone, and that the Deseret National
announced q short time since that it
intended going out of the savings busi-
ness, the new concern has an open and
an irnmense field in this direction.
Who the officers and board will be
was not learned yesterday. 1t is said
to be settled, however, that Judge
Smith is to be given the position of
cashier-a choice which will be gensr-
ally commended.