The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-07-19

$4,000 10
These credits. together with the amount
advanced by d. q. TImnicIiff. increased
the capital of the Bank OF Salt Lake to
100000. The inference IS unavoidable
by d. O. Tunnicliff, the capital of the
Bank of Salt Lake was fictftiously Gre
ated. in order to give its owners false
financial rating.
The following extract from Jas. H Ba-
cons letter to F. l. Holland, under date
of AnrfI 18th 1885 Cnearly one month
after above entries were made). confirms
this view; IT don't think We can do any
thing. comparatively, on ten thousand
dollar capital, but believe on twenty-five
thousand we can do something. and #
can get Mr.. T to let US have fifteen
thousand dollars more, by you VIII
Harve and l signing note. payable in five
years, with s OF 9 per cent. and you come
here to help run the concern. am willing
TO do the great act OF giving 1t a trial
Further on in same letter he says, Let
rs get to work and see about money.
that's where I fear the rub viii come
know Mr.. T. IS out of money at present.
but he might be willing TO borrow. and
might not: I will try, though, and see
what I can do. Would be folly for us to
start on less than S25,000-00"
The bills discount register shows that
on Marth 18th. 1885. the Bank of salt Lake
possessed notes amounting 10 $500.
while the general ledger calls for debit
TO bills discount, on that Gate, of $40
At the time the American National
Bank was being formed to succeed the
Bank Of Salt Lake namely, on Sept oath.
1885, Jas. H. Bacon balanced the above
mentioned capital Of S50,O0000 by crediting
same to his personal account
American National Bank.
The American National Bank succeeded
the Bank Of Salt Lake, according to the
books, on October 18th, 1880. with a capital
stock of $3.50, 10000 and a profit and loss
balance of $6397-17- This represented the
profits made between Sept. 18th. 1880 the
day James II. Bacon credited himself
with the undivided profits of the original
Bank OF Salt Lake, and October 18th, 1890,
of che amount S5,307.H was credited to
deposit slip for this entry reads.
Charged 3. D. per CT Sheet S5,3G.I,
this amount being debited to bills dis
count on that day through general ledger
The bills discount register, however does
not indicate that such note passed
OF the S250.OO0.0O capital stock OF the
American National Bank
James H Bacon took --..-....-..Sl0l 900 %
p. G.. TUnnicliff took ...... ..--.- 5000 %
II. NJ Bacon took --------..--.... 1900 %
+. L. Holland took .......-.-...... 10. CO.. 20
las II. Bacon Daid for his and II. NJ.
BacOn's stock. Sl1l, 0J0OO, by crediting his
account as follows
Sept 18th, 1890, undivided profits
of Bank of Salt Lake .....-..--S 20.06 s.
Sept 18th, 1850, debiJing D. O..
Tunnicliffs account -.----.--.-. a. 10 %
Sept. 24th 1890, capital stock Of
Bank of Salt Lake -.....--.-...- 71.ooo U
Total $500 ------ $4,000 .-----.- sll4.54z %
f. L. Holland paid for mis- stock in the
Gave note for $4,000 on Sept. Is 1880.
On Nov. 10th, 1880 this note was substi-
tuted by note signed Edw. BOlander and
endorsed by WltcneT Jones, J. A ALoIlall,
L, Holland. This was taken up on
February 9TH, 1891, by note signed Witen-
er Jones and J. A Morl2n slO,5D3D0 Re
nswed MAY 9Th. 1871. Sl0,5gG00- Renewed
Sept md 1891, S109l8-00- Renewed NOV
It'll 1891. 1855 Substituted March
10th 1892 by note signed J. A. MOrlan,
only S11 ,245.55. Renewed May 10Th, 1SS-.
81. S0S.3 30. Renewed October 9th, 1&Z, sllt-
$3.50. Substituted on January 9Th, les3'
by note signed Jas. A. MORAN ana en-
dorsed by PhilO L. Holland, 3lo-0SOel On
March 10th, 1923 bills discount account IS
ere lifted with the last mentioned note anu
oebited with new note, $51Z5-01, signed Dy
James a and Kate l. M0rian and en-
dorsed by Philo 7. Holland, while PAL
anca of note. $4.S75.00, is debite0 TO JAS
A. Morlans account. The records are
not clear as to nature OF credit received
by Jas a MoIlan 70 oILset TINS entry;
on the note OF S5,1z5-00, $3.50 was endorsed
on date Of discount leaving paiance OF
s. O61 so which was substituted on sept
list 1893, by note signed F. J. Holland
s. O6I 5O this last note being retired Oh
FEBRUARY 2Sth 1894 the date of change
from American National Bank TO present
w 3. Holland obtained his stock by
for E5r'iit $4,000 the American National
Bank receiving credit Tor $500
of this The records do not lndi-
ere Vbat the balance 81 ,80069 was given
for Renewed Dec. 9th. 1890 Sc 5000 Re
uaved Feb 18th 1891. s7.oo0.OU- Renewed
Nav 9Th 1891 S7.200eH Renewed AUG y,
1901. 10000 Renewed Nov. 18th, 1921
& GO 90 Renewed Feb. 18th. 1872, Ai-UflVf
Rene we'd May 18th 1892. $1,000 re
nevged Aug 18th, 1892. 10000 Renewea
Nov. 18TH 1892. $4,000 Renewed teD-
I'm lsqs g. G00.C9 Substituted on FEB
1s4l7 1Sq3 by note signed Philo j. Hoi-
land 81 Coz % this note being in turn SUD
sfitffed by note signed W. 3 Holland on
Nav 18th 1885 $4,000. Renewed August
nth 1893 $1,000. Renewed nov lstl.'
1885 81 10000 Renewed Feb 16tn- ~
thu last note being retired on req 1otii,
1891 tn date on which the present BANK
81 Salt Lake succeeded the American
National Bank
Bacon and Hubbard Notes.
on MAY 23rd. 1891. Bacon and Lombard
gave note for 81. 000.o9. receiving credit
On same date for this amount. On June
Sfh 1891. Bacon and Lombard are ehdEgeo
with SO 010.oO and gave new note Tor @l3--
O0608 on which the bills discount register
shows endorsement. under date OF july
6th 1881 100000 There j. nothin% on
the books to indicate that this 32---'e ~
vas made on the date mentioned On
June Sth 1881. however. the date Bac3lt
and Lombard gave the Sl5.oJee9 note
l. Holland gave his note LOT sa.Vs5.y.;
which did not pass through the genera
ledger the inference being that u repre-
senfaf tha Sl00o10o endorse raeIlL on
Bacon and Lombard note- The reInainlil7
8 naq ID of Bacon and Lombard note IS
marked paid on july lltn, 49, the rec