The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-16

(exhibit ''H''5 .................. S,511 O5
exhibit "I'J..............-....... 6.2O1 60
hibit :.J'O......................... So, 4Ss ss
Cashiers check exhibit -'K'O.... S.lo2 4
Certified checks ................. 500 90
Total liabilities .......S24 5, 29S 81
To this might be added the capital
stock, $780, 10000.
SUMMARY.
Total indebtedness of the Bank
of Salt Lake ....-...-..--.-.......S2 45, 29S "a
Total possible assets exclusive Of
stocks and bonds mentioned on
page !, not appraised by u.s.. 50,910 So
Leaving a deficiency of........... 194,SSS 90
The books of the Bank of Salt
Lake show that when the bank
closed on June the 22nd 1896,
the day prior to the assignment,
the cash on hand, in specie and
and currency, amounted to-. S9o, 0S6 10
Out of which the following dis
bursementS appear to have been
made after bank closing hours,
on June 22nd, 1896: Returned TO
individual depositors on account
OF deposits made after u, noon,
June 22nd, 1896, and drafts pur-
date .................................. 6,2O6 %
Returned to bank employees on
account OF previous Deposits. As 90
j. SchenclTs check on Bank of
Salt Lake cashed. ................ 1870 90
Dalton and Lark Mining company,
per ]. Schenck. Mgr, check on
Bank Of Salt Lake cashed $500 90
Salt Lake city corporation, war
rants returned to ]. L. May,
treasurer. and charged to Salt
Lake city corporation account 6.O69 70
salary, attorneys fees, etc. $40 90
Total disbursed .................$1 9, 40 81
safe ................................. 80 65
$50, O51 40
Leaving a deficiency in cash Of .S75.Os5 %
Represented by Jas. H. Bacon's
memo. ticket ......................$75 . 600 90
And H. NJ. Bacon's memo. ticket 50 90
The general ledger represents stocks
and bonds as an asset Of the Bank OF
Salt Lake worth S125 337 90 while the only
discover are those mentioned in this re-
port. The records show that $25,000.O0
was paid in cash on April 1st, 1896, for
SO, coo shares of the Dalton and Lark Min
ing company, and that on April End, 1896,
James II. Bacon took credit on his per-
sonal account for $4,000, charging stocks
and bonds with the same amount for So
000 Dalton and Lark, making in all 100,-
goo Dalton and Lark which were the prop
erty Of the bank at the time of its as
Segment. These shares have not been
found by u.s. nor can we trace them.
Bills receivable account is represented
on the general ledger IS amounting TO
U,34172, while the total face value OF
notes found by U.s. inclusive of alleged
copies of notes and memoranda of JudG
ments, as shown on exhibit "A is $!69
1u.66 leaving a deficiency in this account
of S. 1905.
James H Bacon's account shows that
he has taken personal credit at various
times for large sums of money these
a oh. 10
and stocks and bonds. Among the bills
receivable representing some of these
credits, we find instances where notes
which were retired and marked paid
on the register on February 2Sth, 1894,
are subsequently put in as assets of the
Bank of Salt Lake; notably amongst
which are the Hopkins and Mcdowell
Co.'S notes, aggregating S12,179.20 Cwithin
| five months of being outlawed at the
time James H. Bacon took credit for
them), the Groesbeck notes amounting to
$10,6S5.59 and the Salt Lake Sanitarium
association note for $33T7.50. This last
note is dated November Sth, 1890. marked
on the register as paid February 9th, 1891
and was outlawed four months when
James II. Bacon took personal credit for
its full face value. The above mentioned
| notes are now admitted by James H
Bacon to be practically worthless. He
also took credit and charged bills re-
ceivable with William Sharp and w. H
| Rowe's twelve notes for $4,000 each, in
I
from October 10th, 1905, to Octcber 10th
1916
We do not find any stocks and bonds
to represent the large credits James H
Bacon has taken, except those mentioned
on page 1 of this report.
Against these credits James H. Bacon
has drawn his personal checks.
We find records of a number of first
class real estate loans, amounting &c
many thousands of dollars, the mortgag es
| and trust deeds pertaining to same stand.
| ing in the names of various individuals
| James II. or II NJ. Bacon is usually desig-
! mated as trustee or agent for these secur-
! tiles.
On February 10th, 1896, interest account
is increased 5,297.50 by charging stocks
and bonds with this amount. The debt
| slip representing this transaction read,
| ''sundrieS," with no explanation as tt
| what these stocks were. The Bank o.
| SAT- Lake has, apparently, no secured Of
! unsecured loans Except overdrafts) upor
which interest is being or has been regu
| larly paid to any appreciate amount.
For period of thirteen months, from
/ September 22nd, 1894, to October end, 1895
| the Third National Bank of New York i.
| flctictiously represented Oh the books a.
| a debtor of the Bank of Salt Lake fol
various amounts ranging from $4,000 Il
! 100000 These debts had no real exist
ence, as evidenced by the reconcilemen
! Of statements.
On July End, 1895, a cashiers check fo
! S5,O0000 in favor of James H. Bacon wa
! issued by the Bank of Salt Lake ant
| bills receivable charged with same amoun
| on this date 1t does not appear that tn,
! Bank of Salt Lake discounted any DaDe
on that date for this amount. The debi
! Slip for the entry reads Errors 6/29.'
] On June 18th, 1895, bills receivable accoun
i was credited with $5.000.00. but no actua
| payment of $5000.00 appears to have beer
made on account of bills receivable upol
| that day. On April Sth. 1856, this cashier
| check is credited to James H. Bacon
( personal account. We cannot trace tha
| James H. Bacon was in any manner en-
titled to the credit and presume thi
$4,000 item forms part of the deffcienc.
previously referred to, of SS,170.06, in bill
receivable account.
The assignment papers of the Banl
| of Salt Lake dated June 23rd 1885, stat
that L. NJ. Bacon is a creditor of tn
bank for $9,17S.70. The books do not shov
| L. NJ Bacon either as creditor or debtor
With reference to the AS shares of San
itarium stock mentioned in assignment
papers as held by the Third Nationa
Bank of New York, as collateral security
! they report to US that they have thi
stock. AS to the 900 shares of Sanitar1ur
stock stated in assignment papers to b
held by D. G.. Tunnicliff, we have no dat
whatever showing that it is so held O
that it is owned by either James Il
Bacon or the Bank of Salt Lake. IN
records of the Bank of Salt Lake do no
indicate any loan from D. G. TunnicIit
to H. NJ. Bacon of $1250OO.OO and Their