The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-07
HOPES OFFICE CLOSED:
DRAFT is DlSHONORED

tiOt II " VI IOE O6OOGDs
DRAFT Is DlSH0NORED
Continued from Page I.
scented himself as being backed by mil
lions of British capital. He took an OPP
ton on the Bingham Copper Glance mine
and within thirty days 1850 was to be
paid. The balance of the money was to
be paid in six months, In making the
sale, Mr.. Edmunds retained King, Burton
q King as attorneys Hope said that this
firm could also take care of his end of
the transaction and left ii in their hands.
'h on Mp Eso Of t aed psksd dp
weeks extension on the option. saying
tnat he had made q hurried trip to the
City of Mexico and had been unable 10
secure the money. He told Mr.. Edmunds
of deal that he had launched there and
had to secure several thousand dollars to
keep it going. He also talked of another
big. transaction involving 100000 which
had given him considerable trouble. and
ne feared he would lose his investment.
Draft Is Dishonored.
Mr.. Edmunds granted him another
weeks time to advance the first pay
ment. He asked Mr. Edmunds to identify
him at the National Bank of the RepuD-
I lie so that he could deposit a draft. Hope
was introduced TO Frank Knox, president
OF the bank, and the same day deposited
a draft for $40 on a private banking in
| stitution in London. The draft was left
Tor collection. 1t was drawn through 9
the London institution. Three days later
Mr.. Knox received a telegram from the
New York oank that Beresford Hope was
not known by the London bankers and
had no account there.
In the meantime the first payment fell
due on the option on the Bingham Glance
Copper company. HOPE called to see Mr..
Eumunds and Informed him that he was
nm y h.. nd n
have to give up the deal He said his af-
fairs in the CITY of Mexico had gone
wrong and had involved a considerable
less.
Mr. Edmunds was calico into the Ma
tiOnal Bank of the Republic day or two
later by Mr. Knox. Edmunds was told
about the draft being returned and also
that there were about So telegraph ex-
lenses attached TO it. Mr. Knox said that
either Edmunds or Hope would have to
ray for il. Mr. Edmunds settled for the
telegraph expenses. The day following
he met Hope on the street Mr.. Edmunds
told Hope that his draft had been turned
down and that he had paid for the tele-
graph expenses Hope said there was
some mistake and went to see Mr.. Knox.
He asked for the draft. but Knox replied
that he had given it to E1munds. Hope
threatened suit, saying that it was his
personal draft. Mr.. Knox got the draft
from Edmunds. refunded the money paid
tor telegraph expenses and returned the
craft to Hope.
Begins to buy" Mines.
Immediately after this. Hope secured
office room with William b. Andrew, the
mining man. in the ID. +. Walker build
ing. Hope commenced active work in Sc
curing options on all the loose mining in
terests in the state. Day after day he
was closeted with different mining mer,
/ but none of the deals matureG.
From mining, Hopes financial interests
branched off into railroads He called on
President joseph F. Smith and talked
with him. He asked if the street car
holds a heavy interest, was for sale.
President Smith replied that i could be
bought # the price were paid, but the
negotiations never went further although
ton company would take over the Utah
| Light & Railway company. Hope went
to Ogden and submitted a similar prOpo-
sitiOn for the purchase of the Ogden Rapid
Transit company. He secured the conf
dence of David Eccles during his stay in
| ogden.
Hope became interested in the Shoshone
| Power company and made trip to Idaho
to look over the property. While on this
trip Hope conceived the idea of gigantic
traction system by incorporating the Salt
Lake & Ogden street car systems, laying
trackage to Oneida county. Ida, and US
ing the ShoShOHe Power companys plants
to generate power, for the system An
extension was also to be built to Levan,
JuaD county. Another power plant was
to be built at the south terminal of the
system to operate the cars south of Salt
Lake City.
Local Men interested.
Hope launched this deal and interested
LAFAYETTE Holbrook of Provo, DR.. c. F.
Wilcox Colonel Willard Young, A +.
Doremus, Richard p. Morris. l.. r. Mar
tineau, L. C. Miller of Murray and others
Hope held that the entire system could be
incorporated for 600 and of this
amount he represented British capitalists
who would subscribe $24,0OO,000 worth of
stock
Articles of Incorporation were drawn up
naming the proposed organization the In
termOuntain Consolidated Railroad COM
pany. The capitalization of the company
was placed at S20.000.000 and the stock sub
scribed. In the subscription list appeared
the names of several celebrated financiers
H. Z. Vreeland of New York City, presi-
dent of the Manhattan Railroad company,
and others who could be reached at the
time promptly repudiated any connection
with the company. Hope afterward adj
mitted that these names were used with
out authority.
Forms Trust Company.
After these articles were filed Hope
organized an international trust COM
pany with, capitalization of $50,
the Intermountan Consolidated Rail-
road company. The incOrpOratOTs of
this company were DR.. G. F. Wilcox,
president; David Eccles, Lafayette Hol-
brook, l.. r. Martineau, James E. Tai
mage Ezra II. Stevenson, Richard p. Nor
ris, A. F. Doremus and r. w. Young.
DIR. Wilcox made a proposition to sell
the lima mine. located in Idaho, to Hope
for S250O0 Hope said that he would con-
slider the proposition and look at the prop
erty. He spent two or three days in
Idaho and then returned He told DR..
Wilcox that the property looked good and
he would close up a deal as soon as the
traction deal was settled.
After Hope returned from Idaho he and
DR.. Wilcox and several others incorpo-
rated two real estate companies The
first one was organized with a capitalZa-
ton of $4,000 and the second had capital
stock amounting to $4,000. The articles
of Incorporation were filed and the place
of business was given as Salt Lake City.
When Hope left for Boston three weeks
ago yesterday morning, to swing the trac-
ton deal, he had several other corpora
tons under way, involving so many mil
sc ha hord