The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-24

judge Hiles held a night session OF
court last evening for the purpose of
hearing arguments on the objections OF
certain creditors of the Bank of Salt
Lake and the First Bank of Mercur to
the confirmation by the court of the sale
os the assets of the banks to H. II. Rea
Tor $4,000
The DIRECTORS, who are creditors to the
extent of only about $1,000, are F. A.
Huzzy, w. p. Lynn as administrator of
the estate of the late W. H. Knox, and
Lena D. Peasley
Amon- the assets proposed to be sold
are $4,000 shares of Dalton & Lark min
ing stock which were transferred to
James Schenck by J. H Bacon TO secure
an Indebtedness of $52, 900; 900 shares of
stock of the Salt Lake Sanitarium COM
DcnY held by d. G.. Tunnecleff TO secure
g debt and S24 shares of stock of the st.
Anthony Canal company, also held by
parties to secure money advanced to Mr..
Bacon.
Attorneys John w. Burton and z. D. r.
Thompson. representing the DIRECTORS,
asl-ed that these assets be not included
IN the sale with the other assets. but
t.-t the $4,000 be accepted for the rest
OF tie assets.
CONTENTION OF THE DIRECTORS.
They argued that the receivers had be-
.un suit to have the transfers of the
same be thrown in with the general as
sets of the bank. The receivers ought
10 prosecute the suits and if successful
TIE creditors would receive 100 cents on
the 81, but If the Dalton & Lark. SAM
tarium and St Anthony canal stocks are
now sold. that ends the suits and all hopes
of the creditors receiving anything but
a small dividend on the amounts owing
them
They also thought the private sale
should not be concluded until after the
assets had been offered at public auction
to see if a higher bid would not be made.
RECEIVERS EXAMINED.
Messrs. w. H. Jacobs and Frank Knox.
the receivers of the bank. were examined
and they stated that in making fheir
valuation of the assets they had not
placed anything on the equity in the
Dalton & Lark. Sanitarium and st.
did not think those stocks would bring
more than the amounts which were
against them and that if sold there would
b. no surplus.
cover those stocks for the estate. the re-
ceivers did not have much confidence that
they could be made to stick. They had
really been started more as means OF
discovery than anything else and when
the answers of the defendants were filed
= became very doubtful indeed whether
anything could be made by going to
trial.
was also examined and he didn't
think the outlook for. favorable termi-
nation would warrant the receivers put
ting the estate to the expense of bringing
the suits to trial.
Attorney c. S. Varian, who represented
Mulvey & Co. and other creditors of the
bank. was willing that the offer of Ray
be accepted.
BACON is WILLING.
Attorney W H. Dickson, representing
tie defunct bank and ]. H. Bacon. was
not averse to having those stocks ex-
cluded from the sale on condition that if
tie suits were prosecuted IL be not at |
the expense of the estate.
There was a formidable array of at |
torneys present representing the princi- /
pals, the receivers and various creditors. |
The more prominent of those present |
were Messrs. Dickson & Ellis. c. S.
Varian, j. w. Judd. c. c. Dey. H. P. |
Henderson. ]. H. Moyle, John n. Zane, |
John w. Burton, ]. H. Moyle, L. z R.
Thompson. w. r. Hutchinson and others
After listening to brief arguments his
nonor took the matter of confirming the
sale under Amusement and may render
lis decision today or tomorrow.