The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-04-03
JORDAN BANK
BATTLE WILL
GO TO FINISH
Nelson Wing in Full Control
and Rival Institution Will
Open Doors Today.
ROOM FOR ONLY ONE
IN BINGHAM JUNCTION
DIRECTORS OF OLD BANK ISSUE
STATEMENT OF THEIR
POSITION.
F'rom a staff Correspondent

Bingham Junction. April 2.-The Jor-
dan State bank, which has become in
voIved in a decidedly interesting fight
between the rival stockholders. opened
this morning,swith the Nelson wing la
fun control D. John BlOem of the
State Bank of Utah of salt Lake was
al the cashiers window, in place OF W
d. FitzgeraId, who was deposed yes
terday by the Nelson faction. which
now has control of two shares of stock
more than enough to control the hank.
In anticipation Of a repetition of yes
terday's run on the bank, Henrv T
McEwau of the state Bank of Utah
and vice president of the Jordan State
bank. who is leading the fight of the
Nelson interests, accompanied by
deputy sheriff, arrived i'm Bingham
Junction early this morning in an au-
tomobile, bringing with them S19c02 i'm
gold. This afternoon. after TIE bank
had closed. Mr.. McEwan stated that
the money brought from salt Lake was
not needed, as the deposits for the day
were in excess OF the withdrawals.
AIrMcEwan laughed at the suggestion
that a run had been made on the bank,
saying that all day Thursday there
were only five accounts closed. He said
that perhaps the Withdrawals had eX-
there was enough money in the vaults
Of the State Bank of Utah 10 take Up
all of the $50, 600 of deposits In this
he was verified by W D. Fitzgerald,
the retiring cashier, who said thet the
bank was absolutely solvent and could
not be financially embarrassed should
all Of the deposits he Withdrawn He
said that the $4,000 of dep Is lad
been reduced So 0O0 to $4,000 within
the last few days.
Minority Stays Away.
The minority stockholders OF the
bank did not go near the institution al
dav- w. ". Fffzgeraid- and W D.
FITZGERALD. former president and cash
Ter of the bank, were in Salt Lahc ar
ranging for the immediate operation OF
the new Peoples bank being organ3z ed
By the minority stockholders to right
the Jordan State bank Articles o. m
CORPORATION for this bank viii be filed
tomorrow with the secretary Of state
7. w. w Fitzgerald has been chosen
president Of the new bank. and w -.
FITZGERALD the cashier. William Aylett-
president Of the Jordan State
bank will be q director Of the new
bank and an active participant ii the
fight against the institution OF WHICH
ne is still the president
Arrangements were made YESTERDAY
whereby the Utah National bank viii
he made the CORRESPONDENT of the new
institution. The state Bank Of titan
has succeeded the Utah National osnk
as CORRESPONDENT OF the Jordan state
bank. Each bank has Influential Salt
Lake connections as we'll as financial
and business backing IN 1lnShah
Junction. and each is prepared TO nSht
to a finish. for it is conceded by DOth
sizes that Bingham Junction canho.
support two banks, and that ishI
viii be made for the business.
A considerable item in the transac-
ton of banking in Bingham Junction Is
the cashina of the checks for the
snaltar employees. The checks are
drawn on Mccormick & Cos bank IN
salt Lake. and a small exchange Is
charged for cashing theme Inc &c"
bank will be located at the heal 81 the
smeiter street and expects TO ger d
large per cent of tbs business.
We viii cash their cheeks ior l'o rom
ing said Mr.. McEwan today, speak
ing for the cid bank.
Indicative Of the feeling ar aniaeon-
ism are statements by H T Nc EW;lh-
OF the Nelson faction. and " D. Fltz-
gerald Of the opposite party
Fight Is Expensive.
They'll know they've had a ron for
their money when we get through WIN
them said Mr.. MCEwan. This night
means that Bingham Junction viii
have two banks. neither Of which i
making more than expenses. and that
dividends on bank STOCK will decrease
/ in Bingham Junction. But We can al
I ford to wait.
The sentiment of busiT ass men IN
Bingham Junction" said sT- F1tzger-
l lad. lis practically unauiuous against
the outfit now in charge C the Jordan
State bank They are not convinced
. that the sale Of the Nelson Stock to the
] representatives of the state Bank OF
/ Utah was bona fide. The new bank
should set nearly all Of the Bingham
Continued on Page 6.