The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-13
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most the exclusive owner. His objec,
was 10 encourage spirit of thrift among
the middle class. or the city. and his
method was to allow his depositors every
cent that their deposits earned less the
fixed charges OF the bank His own
capital yielded sufficient income for his
needs.
| The bank quickly sprang Into promi-
nence. Its deposits were enormous. It's
president found himself under a heavy
puraen OF care and responsibility in the
,nves,ment yn%id 1.in, OF these large sums 50 they
About this time Belmont Lane. the
American president OF the Russian OF
COMPANY. {, came to ST. Louis to acquire,
souri, and to establish banking rela-
tons. Lane was a man of courtly ad =
dress. imposing presence, and charming
personality. He very soon was on init
mate terms with jeremiah Patton, and
he suggested consolidation of several
smaller banks with that OF Patton. and
plan was carried out. and the Patton Ma
tlonal bank OF st. Louis was the result,
Patton advancing sufficient money TO ac-
GIi1rle wh1le me tne major portion Of The stock,
ployees or his company, nominal In
terest He, therefore. did not appear on
the books as an owner of any stock. and
the institution. He explained that because
OF the wide financial relations of the oil
company II would be unwise TO connect
the company want to borrow money, he
would be asked why he did not get II at
his own bank
Jere emlah Patton remained as the presi-
dent OF this new institution and It's nom
lnal head. though Its active affairs and
virtual control passed into the hands OF
a board OF directors selected from the
associates of Belmont Lane.
march OF bis narrative. searching II ne
could bring into more vivid outline the
figure OF Belmont Lane. This mans real
The ee @ his Et mystery to him him
dominant personality eluded him when
he tried to embody 1t In words. 1t al
wavs so euded him, he said. when Lane
was not before him. In the mans alb
ones face, It was Irresistible. When Bel
mont mont Lane urged plan 1t seemed at
promise. He made men gaze with him
from his own window, and out OF 1t all
things looked good, So. when Belmont
Lane suggested a b-comoany with an
In Missouri for the Russian COMPANY. he
readily induced jeremiah Patton TO as
sumo its presidency and to hold in his
name almost the entire stock. Again,
Lane was not OF this company; a few
of his employees stood in the charter
with Patton. and made board of dl-
rectors which revolved around Belmont
Lanes finger. as the bank did.
One Nnc morning while Mr.. Patton
was in Chicago. the ub-corlpany bor-
rowed two millions of dollars from the
Patton National bank on its note. with
It's stock as collateral Ten dav later
the national bank examiner condemned
this loan and declared the collateral
worthless. further examination OF the |
banks accounts showed extensive over T!
drafts of the sub-conpany hidden under
dummy notes. The bank was insolvent |
and the examiner closed 1t at the direc- |
ion OF the federal authorities at Wash |
ngton.
The assets Of this sub-company proved |
utterly worthless, Belmont Lane could |
rot be found. He was thought to have |
returned 10 Russia. jeremiah Patton |
was utterly ruined, But this was not the |
worst feature OF the situation; the in
,cnsed public demanded that some one |
pc punished for so great n swindle. They |
instantly erected guillotine. and found |
no head to place under il but that OF |
jeremiah Patton.
At this point i'm his story the old man |
arose. took several financial sheets from |
MS pocket and spread them out on the |
able. Their headlines clamored for Jer- |
,mah Patton's arrest.
You see" he continued. I was presi- |