The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-03-29

Negotiations carried on for some time
between w. s. Mccormick, sole owner
of the private banking firm of McCOr-
nick & Company, and new interests,
looking to the Incorporation of the con-
Germ under the state law, have finally
been closed, the change TO go into eff
feet on April 1, when the articles Of in
corporation will be filed.
The names Of some Of the strongest
financiers in the country are included
in the list of new interests, the leading
people being the officials Of the Utah
Copper company and the Ray ConsOli-
dated company and other big concerns
affiliated. The incorporators and the
amount of stock subscribed, follows.
William S. Mccormick, 10 shares; Daniel
G. lacking, 10; Samuel A. Whitney, 10;
Lewis 3. Mccormick, 10; Charles NJ.
MacNeiIl, 10; Thomas r. Cutler, 10;
James A. Pollock, 10; Charles Hayden.
10; Spencer Penrose, 10; Robert w.
Salisbury, 10: Frank J. Hagenbarth, 10;
w. s. Mccormick, trustee, $3.50, max
ing a total Of 5000 shares.
1t is understood that the above list
was made up to comply with the law
for incorporation purposes. and that the
amounts of stock set opposite the va
rious names do not represent the
porators. 1t is said that Mr.. Mccormick
will transfer the actual amounts to the
respective stockholders later.
The articles provide that the capital
stock of the company shall be $500, 600,
divided into 5000 shares of the par
value of 800. A surplus fund of $780,
600 cash has bSen paid in by the stock
holders. 1t is also provided that each
director shall be the owner of not less
then ten shares. The annual meeting
of the stockholders will occur on the
second Tuesday in January, 1911. The
articles also contain the usual, clauses
exempting the private property of the
members Of the corporation, providing
for the filling Of vacancies, etc. Seven
directors form a quorum, and the board
of directors may appoint an executive
committee, which may exercise the
powers of the board in the intervals
between meetings.
The board of directors for the first
year is made up of the incorporators
above named, with w. S. Mccormick as
president, Daniel c. lacking as vice
president, and Samuel A. Whitney as
cashier That the incorporators repre-
sent big interests is shown by the fact
that Mr.. lacking Is vice president and
general manager of the Utah Copper
COIlpdllH anu the Itdy CONSOLIDATED
Mining company. Mr.. MacNeill, whose
home is in Colorado Springs, is presi-
dent Of the same companies. and Mr..
Penrose, who also resides at Colorado
Springs, is their secretary. James A
Pollock Is the president of the Salt Lake
Mining exchange, and head Of the bro
kerage house which bears his name
Charles Hayden, who lives in Boston,
is head Of the firm of Hayden, Stone
& Company, the big New York and Bos-
ton bankers. Robert w. Salisbury is a
well known capitalist, and Thomas r.
Cutler is vice president and general
manager of the Utah-Idaho Sugar COM
pany. Frank Hagenbarth is a wealthy
Utah stockman, Samuel A. Whitney is
the present cashier of the company,
and L. b. Mccormick is the assistant
cashier and son of the president.
The banking house Of Mccormick &
Company was originally organized as
A. w. White & Company in the early
seventies, and became White & McCor-
nick in 1873, when Mr.. Mccormick came
to Salt Lake from Nevada and bought
into the firm. Later, he purchased the
interests of Mr.. White, and for more
than thirty-five years past the house
has been conducted as the private bank
ing firm of Mccormick & Company. The
last statement Issued by the company
on March IS, showed its capital to be
S250,000, deposits s6,675, 90S57, and total
cash reserves So, 507, 1864