The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-09-29
B. Y. TRUST DEAL.
Controlling Interest Secured by the
CLAYTON Brothers

clayton BrOCnerS.
The controlling interest in the Brig
ham Young Trust company has just
been secured by n. w. and 1. A. Clay
ton. These two gentlemen have Sc
cured the stock formerly held by
George w. Thatcher, w. A. Rossiter
the State Bank of Utah and L. H
Young. OF the 5000 shares in the COM
pany, the Messrs. Clayton now have
$500, which gives them the control. The
greater part of the balance of the stock
is held by Spencer Clawson and the
estate of the late George Q. Cannon
The price paid by the MesSrs. Clayton
for the stock purchased is given at $35
per share or Sos, 600 in round numbers
for the 1850 shares purchased.
The transfer of the stock will take
place Oct. 1 and at that time C. +.
Taylor will be substituted for Lawrence
II. Young as manager of the business
of the company. 1. A. Clayton said
yesterday that the affairs of the com
pany had been miSmanaged- Ten years
ago. he said, S250.O00 was borrowed and
a number of buildings put up, some OF
which have not paid the taxes on the
investment The large building on
Commercial street was put UP at cost
of $50 900 to redeem Commercial
street" The scheme was a complete
| failure; people would not go into the
building if it was given to them rent
free The investment is practically
dead loss Mr.. Clayton said that the
plan of the new manager would De 10
| ecOnOmize everywhere, and thus make
the property pay OF the Sz9O,VOO mort
gage, $50, 900 has been paid Off The
balance draws ; per cent interest, max
ing a fixed charge of S11, 600 to be cared
for. Added to this is the sou per month
| paid to each of the six widows OF Brig
ham Young and the SIS per month
allowed to two of them for house rent
| This makes $4,000 more to be looked
after. and it is the understanding that
| the widows of President Young are
! asking for a larger allowance But IN
spite of these fixed charges, the taxes
/ the insurance and the repairs, MI
! Clayton is confident that the property
/ can be made to pay. He repels Lhe
| idea that he and his brother bought the
| stock for someone else They got nndh-
| cial backing, he said. but the stock was
! theirs and they purposed to keep 1t as
J a permanent investment
-There is one feature to this deal that
is highly interesting 1t is stated on
the best authority that Simon BamDeF-
ger offered Is. S. Young $40 per share
for $500 shares &C the stock, or the
controlling interest in the company.
Mr.. Bamberger made the offer Tor an
eastern syndicate, and the f8ct that tn'
stock has been sold for $35 snare, ne
/ thinks put him in a bad light with the
men he represented in the negotiations
4 This So a share would mean just $500
more to the people who sold their stock
/ to the Messrs. Clayton, or 1t would
mean $4,000 more for the $500 shares,
/ or the control. AS yet Mr.. Bamberger
! has received no explanation as to why
his offer of $40 was turned down and
+ the Clayton offer of s35 accepted.
The property of the company con-
sists chiefly of the northeast quarter
: of the block on which The Herald
/ building is located, some business prop
erty east of the Godbe-Pitts corner on
First South, the Nottingham and the
Nauvoo blocks on West First South,
two small pieces on Main street below
First South. one on either side of the
street, and q building on West Temple
/ street below First South.