The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-03-07

compensation of the receivers and the
attorneys and others who were en-
ployed in the many complications
which arose in the winding up of the
estate
Mr. Dickson stated, on behalf of
Rea; that his client had the money
ready to pay over and wanted the
deal closed UP without further delay.
Rea had bought a great many of the
claims against the bank, and, of course,
the dividend on these would go to
himself, and the money to pay the
claims held by others would be handed
over just as soon as the amount could
be ascertained. There was plenty of
money on hand, about $4,000. and
such was admitted to be the case. TO
pay all the expenses without touching
the Sou.OOO Rea was TO pay for the re-
naming assets of the Bank of Salt
Lake and the First Bank of Mercur.
and there was no reason why the trans
fer should not be made without further
delay. Mr.. Dickson asked that the
order of transfer be now made and
the question of compensation gone into
at later date.
1t was stated by Judge Dey that
$4,000 was to be paid by Rea for the
assets of the Bank of Salt Lake, and
$4,000 for those of the First Bank of
Mercur. The liabilities of the Bank of
Salt Lake amounted to S201, 3OS10 and
$4,000 would enable dividend of 26is
cents on the dollar to be paid as soon
as the transfer was ordered.
Mr.. Critchlow, representing George
Arthur Rice and others, gave notice
that he desired to be heard as an OBJ
1ector TO the books of accounts and
other documents of the bank being
turned over to Rea as part of the as
sets, as these would be needed in the
prosecution Of the suits brought by
the receivers to have Bacons stock in
Canal company declared as part of the
assets OF the bank
Mr.. Varian objected to the order of
transfer being made until the matter
of CONDENSATION to the receivers and
others was settled.
Mr.. Knox, one of the receivers, was
examined. and stated that $4,000 would
be fair remuneration for the work
done and responsibility assumed by
himself and his co-receiver, Mr.. ia
co5S.
j. H. Bacon was examined about the
claim of his wife for 50, 1870, which the
receivers objected to allow. Mr.. Bacon
said that the claim was for money
which Mrs. Bacon had derived from
her fathers estate, of which the wit
ness was an administrator He had
years ago and had used 1t in his bust
ness. aid was to have paid her per
cent interest. 1t did not appear on
the books oe the bank, and was in
reality a personal debt of his own. He
made the assignment for the benefit of
all his creditors. His wife was at
present in Chicago, recovering from a
surgical operation, but was not yet
able to travel, hence could not be pres
m of har. Il air
Judge Henderson was examined in
regard to claim of his law firm for
81, 900 for professional services. He said
he had been employed by Mr.. Ross, the
assignee, and had rendered a good deal
of service before the affairs were trans
ferred to the receivers. The claim was
not disputed.
The court then took a recess until !
evening, when testimony was taken in !
regard to the compensation of the re-
ceivers.
Josiah Barnett thought $1,000 would /
be a reasonable remuneration for the /
services rendered.
]. NJ. Stout put it at $500
Receiver Jacobs thought the work |
and responsibility was worth $3.50
month fer the eight months he and /
Mr.. Knox had charge OF the estate.
Asked if he really thought he had I
earned $3.50 a month, he hesitated a /
little and replied that it was the great /
responsibility which counted and con-
fessed that since October the receivers |
had done very little work.
1t appeared they had employed an I
expert bookkeeper at a salary of SIPS /
a month, which was an additional /
charge, and it also appeared the book !
keeper had had very little to do.
The hearing was not concluded at /
IL o'clock. at which time court ad /
journed.