The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-16
Filed Petition For Voluntary Bank
ruptcy Yesterday.
LIABILITIES ARE $4,000
ASSETS OF TWELVE THOUSAND
THREE HUNDRED DOLLARS.
List of Secured and Unsecured Cred
itors-Janncs Iverson of Ogden
Goes to tie Wall With Liabilities
Of S11,S83 and Assets. Nil-Busi-
ness In the Federal Court.

George NJ. Cannon yesterday filed in
the United States district court pc
tition, asking to be adjudged volun
tary bankrupt The petition is in the
usual form, and contains an itemized
list Of the liabilities and assets of the
petitioner. The unsecured debts
amount TO $44, 50562, and the assets to
SD, 344. The secured debts figure up to
$i7,546.26.
The residence ard household goods
are claimed as exempt under the laws
of the state Of Utah. The homestead is
incumbered by & deed of trust for
s. Soc in favor Of lions Benefit Build
ing society, and is valued at $4,000 GIN
Guiding land occupied by the residence,
and a small tract On same block, COW
cred by a young orchard). The house
hold property claimed as exempt, in
Guiding library and furniture, is valued
at $500.
1t has been known among the init
mate friends OF Mr.. Cannon for a long
time past that he was financially en-
barrassed, and, in conversation with
him, a reporter of this paper learned
that the present situation is the out
growth Of financial investments, made
at the time of the boom in Salt Lake
City. Mr.. Cannon, who had made large
purchases, on part of which he was
indebted, was seriously affected by the
shrinkage in values, caused by the
panic of 1898. Since that time Mr. Can
non states that he has never felt justi-
fed, on account of his debts, in making
an investment of any kind not previous
~ entered into.
ONE CREDITOR HELD OUT.
In September of the present year he
decided to arrange with his creditors
for extensions on all loans for a, period
of years that would enable him to re-
gain in business what haG been lost in
the panic. OF those approached, about
nine-tenths Of his creditors, realizing
the situation, readily granted the ex-
tension asked on the terms offered
Some, however, hesitated, and one
party began suit, obtained judgment
and caused execution to be issued.
Feeling that justice to all his creditors
Cmany Of whom. in pursuance of the
plan proposed, had already accepted
new papers) would not permit him to
see any one creditors claims satisfied
to the detriment Of those who had
shown themselves willing to grant an
extension of time, Mr.. Cannon felt that
he could do nothing but turn over to a
court of competent jurisdiction his
property, and apply for a release from
his debts, in order that he might not
be at the mercy of any creditor who
might see fit to press his claim, after
refusing the extension agreed upon by
the vast majority of those interested
MIR. Cannon states that the greater
part OF the debts for which he is held,
We're originally incurred prior to the
panic of 1898.
He seems to have pursued a very
honorable course and endeavored in
every way possible to pay every cent
he owes; but circumstances were
against him, and he was forced to the
wall. He has a host of warm friends,
who sincerely sympathize with him in
his misfortune.