Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-08-20
m, President Of Tho lDSOlYtnt Bank
Communicates With Airs.
WANTS THE rxCnASGETO ACCEPT
Ills Proposition Of sttil'm'nt with His
Cndror-Ref,rs TO Ia hport
Of the Il ivers.

tho time Of tho dissolution Of tho Bank
Of salt Lake, and had deposited In the
hank to tho organizations credit the
,um Of 81 1916. The letter was dated
tbe laih snd read az iollowg
Dear sir:--I presume you have seen
the receivers report " my property as
abolished tn tho last Sunday'a Tribune
and Herald. 1 desire ~ call your ht-
tention 10 the danger there "a Of hRv.
ing the property sacrificed aui wasted.
1.-THE receivers honestly tclIcve that
the property IL only worth the values
stated ny them, thon they nro hhzo.
lutely sure 10 dispose " the property 10
A very great sacrifice. IL, on the
other hand, their valurs arc not
honestly made, then there must
he eome interior and einls-
ter motive for placing such
values, because every ono who knows
anything OF the values OF property,
must know that their prices arc no.
surdly low, aud now that they have
named such low pficoa,it will " course
10 dlflloult, II not impossible, Tor them
10 raite their own prices In dispOslng
Of the property. i am Informed that
the report was mostly prepared by MIR.
jacobs and his attorney, Who 10 also
tho attorney for most Of toe attaching
CREDITOR. tbink you will agree with
mo that receiver ought not 10 tm.
uloy tho Attornuy OF any party inter.
tstod adversely 10 the majority Of tho
creditors for whom such receiver Ia
trustee. know inatancos since my
residence In Utah where tho courts
have ordered the receiver 10
employ counsel who was not 90.
tangled BY aliiancta with any Of the
Interested parties. The receiver Ia pre-
sumed 10 DO guarding the trust fund Ia
his possession iof tue benefit OF each
and every beneficiary thereof, and II
10 not 10 DO supposed that no IL there
simply o. an engine OF oppression for
four or i've creditors who arc trying 10
dissipalo the trust funds through their
attachments.
Twelve oases .ooly have been
brought aided by attachment, anu
there arc about ave hundred other
creditors who have not taken any pro-
c6edings whatever About nvc.siXtha
OF my creditors have now accepted my
proposition OF settlement, aud n II IL
accepted by all before too much prop.
erty has been sacrificed, each creditor
will got every dollar owe them anu
Elk per cent inloreai; but ~ the proper.
~ IL TO DO sacrificed at the prices
placed upon II by the receivers, the
creditors will get comparatively moth.
ing.
My proposition puts the property In
the hands OF two trustees who will
serve without pay until the creditors
arc paid IN full, which will leave tho
property absolutely tree from any OK
penaer, while a. II " now, the EXPENSE
Of receiver, courts. attorneys, etc, are
simply APPALLING. Mt. Jacobs mas stated
that he could not lose much by his
depobit berouse his salary would be
81, 900 n year" aud OF course n that 10
his salary, Mr.. Knox'a salary viii DO
tue same, which, with the expert
bookkeopor, atenogIapher, rents, etc,
will be- at least Sl2, 900 per year.
You will see that the prices put upon
the properly are ridiculously low. The
prices placed upon the stocks, real
estate and fixtures are on about the
same ratio as the values put upon the
other property.
There was bid elghty-hve cents per
share for the Geyser stock the
very day the receivers tled their
report, which for my s,s2o shares
would amount 10 s7,bOl,2b. The East
Golden Gate stock was held at 10 cents
Per share, which would make 81, 100
for my III 900 shares. IL tho strike ia
the East Golden Gate reported last
night proves 10 DO the regular vein,
before the frst note natures under my
proposition, that stock will he worth
seven dollsfs per share; and II II Ii
now sold at u few cents per share, II
h..
and Colorado River Gold Miuing Co.'s
stock was selling at 20 cents per share
the last quotation | had on II, making
my &, 900 shares OF that worth $1,000
This gives US n total OF sl0,00l.2 rs thai
their "brokorl" value at 81, os8.76.
The real estate that they put In NJ
''possiblyp $50. 900, l can show by som,
OF the best Judges OF real estate In the
city, TO DO worth over 100000.
The bank fixtures that they put II
at 700 are worth at the least possible
calculation 5000. These fixtures In
clude one OF the best steel safes II
Utah, full set safe deposit boxes, vaul
fixtures, complete set OF mahogany
furniture, desks. etc, etc.
They have reduced the other good
nsaets In about the same OF greater pro
portions.
You can certainly SEQ from these feu
Items that II will be much better FOL
you 10 get tho properly Into tho hand
Of trustees (wisheut pRy), and have tn
property free from all expenses unit
tue depositoGs are paid. than 10 leave
where II IL bell II degraded and do
based az much as pOseiblei which
combined with the present onormou
expenses, will very soon sacrifice ant
consume II all. IL Is our mutual inter
eat 10 protect the properly, ana have
pay every zone, which II Will DO
properly taken care Of.
II my proposition OF settlement Il
accepted by all soon, and | can get 4
work, win be hble 10 help the trustee
and from new business will soon max
moro than my expenses aud every dol
lar | get from new business love
actual living ,xpenees) VIII 10 TO m.
creditors In addition TO the proceed
derived from the assets placed viii
said trustees. II have personn
Interview with you, can very Aool
o1nvlnoe you that II Ia for your Intel
tal TO accept my proposition, ana this
the quicker II Ia done, the better u VII
% Tor you, na we'll rs tho other dop0i
llon ReSpeoliull you're,
lSlEnelD j. II. BACON.
Address Room 90 Commerclr
Block or II. o. Box go Salt Lake City
~ you accept please dotach an
tlRn the following and IN III n To me.