Goodwin's weekly : a thinking paper for thinking people. [volume], November 16, 1918, Image 1

About Goodwin's weekly : a thinking paper for thinking people. [volume] (Salt Lake City, Utah) 1902-1919

Image provided by: University of Utah, Marriott Library

                
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K wWXm Thinking Paperjhr Thinking People M
I 1 REPORT OF SECURITIES HELD BY DEFUNCT BANK IN DETAIL 1 I
& 1 Securities on loans made by Merchants Bank show deploroble lack of judgment M
! A 'Sn continues to be thrown on the transactions of the defunct
& jLX. Merchants Bank, the wonder seems to be, not that it failed, but
W rather that it continued in business for so long a time without failing.
I& As a further step in the investigation being made by Goodwin's
Wk Weekly, we print a list of a majority of loans standing on the books
& of the bank April 24, 1918, and it is our expectation to continue fur-
K. ther our investigations so that the public will have an understanding
M of the true conditions that surrounded the conduct of the-institution.
f ' f APRIL 24, 1918. - vi.
gfc America Fuel Co. 8 bonds, par value $8,000. Interest -paid
fijff promptly, bonds well secured. Book value, $7,200.
B "' Salt Lake Realty Owners Co. 4 bonds $4,000. Interest paid
h promptly, as a rule, through the Halloran Judge Inv. Co. Book
IF value, $4,000.
f Prince Consolidated Mining Co. 23,900 shares of stock carried
U at $1.25 per share which pays about 20 per cent dividends. A big and
, substantial mine that will not be exhausted for many years. Stock
fluctuates from 55 cents to $1.65. Book value, $29,875.
Green River Irrigation District. Bonds par value $13,700. Book
v value, $11,200. Estimated loss, $9,830.
, Central School District No. 5, Oasis, Utah. (Promissory note
y- given Nov. 25, 1913, on demand $6,000.) School district warrant is-
L. sued January 2, 1914, $4,500. School district warrant issued Jan. 14,
P 1914, $1,500. Check on Oasis State Bank given Nov. 25, 1913, $4,000.
I" It is claimed that with the exception of the check of $4,000 that these
ra, debts represented by the above notes and warrants, were issued in
jf excess of the debt limit of the school district. The matter has been
; . in abeyance for the past four years. We now have assurance that
i' the school district will not repudiate its honest debts and it is undef-
L, stood arrangements are being made to bond the district, which now
k, constitutes the entire county, for the purpose of liquidating these
iW obligations. Book value, $16,000.
IjV Sevier School District, Richfield, Utah. Warrant issued by the
I ft school board Nos. 3442 and 3444 for $5,000 and $2,650, respectively.
Book value, $7,650. These warrants are in litigation. There, are sev-
(".! eral interests and until determined by the court we cannot estimate
! the loss, if any.
Opohongo Mining Co. Certificate of stock No. 1867 for 1,500
r l shares, par value 25 cents each. Book value, $67.50. Estimated loss,
Rl $52.50. K
f I Green River Irrigation District. 39 warrants of different amounts
III issued for laW. Book value, $347.82." Estimated loss, $347.82.
'Jijk Uvada Copper Co. This security consists of one-half of seven-
4 & eighths of the total stock of the corporation. This stock is issued to
ilf F. C. Richmond, trustee. Said F. C. Richmond owning an equal in-
Sp terest with the bank, is managing the property. Regular shipments
m are now being made. Property was idle for about six months owing
to a fire that destroyed the hoisting works, which has been recon
structed and it is expected that dividends will follow as formerly paid
out of the operation of the mine. Book value, $15,000. Profit un-
w determined.
Home Run Copper Co. Certificate of stock No. 21 for 12,000 M
shares in escrow pool, Murray Shepherd, trustee. Book value, $25.46. M
Profit undetermined. H
Utah Asphalt Co., 14,725 shares and Utah Hydro-Carbon Co., 29,- "" H
451 shares. There is also 10,000 shares in our possession that are M
paid for but awaiting adjustment of matter with H. P. Clark. These M
are spoken of as being valuable properties and the personnel of the M
corporations is strong. Book value, $17,081.58. H
Hotel Fifth East. Certificate of stock No. 76 for 1,250 shares, H
par $1.00. Is changing hands at about 50 cents to 60 cents per share. H
Book value, $312.56. M
Eureka Standard Mining Co. Same holdings as in the Uvada H
Copper Co. Lies adjacent to the Tintic Standard and thought to be H
very valuable. Stock pooled in hands of Fred C. Richmond, trustee. H
Book value, $15,000. M
Fowler Manufacturing Co. 7,500 shares of its stock, Certificate H
No. 11, also judgment of about $3,000 vs. H. A. Chandler. Book value, H
$7,215.97. Loss undetermined. H
Rose Pickle & Vinegar Co. Lot in Hixton Place worth about H
$4,000. Certificates 2-3-4, 2nd preferred $12,524.95, Certificate No. 15, H
1st preferred $7,600. A strong operating concern. Has no debts of H
any importance except its preferred stock. The plant and stock are H
estimated worth from $25,000 to $30,000 and owe about $9,000 for H
salted stock to the bank and carry about $6,500 in accounts receivable. M
Book value, $21,624.95. This property has since been sold. M
Buffalo Brewing Co., Sacramento, Calif., and Sacramento Trans- M
portation Co. Both are large going concerns, the stock of the brew- H
ing company is quoted worth about $150 per share, par value $100, M
but our efforts to sell have been in vain. Certificate No. 11 for 30 M
shares. The S. T. Co., for many years, paid over 100 per cent divi- H
dends per annum but owing to the decrease in wheat raising on the M
Sacramento river, its business has declined. However, the rice crop H
is now getting to be as important as the wheat crop was, its business H
is increasing and the concern is again making money. It also supplies H
nearly all brick used in San Francisco from yards distributed along H
the Sacramento river. A recent interview elicited information fa- H
vorable to its future operations. It is thought a good dividend will H
be paid on this stock this year. Certificate No. 66, 86.2 shares. Book
value, $8,118.42. I
International Land Co. Certificate No. 506 for 120 shares at $25, H
par value $3,000. Bonds Nos. 1433, 1418 denomination $100, $200 gi
Bonds 2123, 2124, 2125, 2126 denomination $500 $2,000. Book value, TM
$3,334.20. This company owns and operates a large track of land in H
northern California. They have paid no dividends to stockholders and
have defaulted in payment of their interest. Correspondence elicits
information to the effect that the company is carrying out all of its
original and guaranteed plans ; jt is more than self sustaining, its
property values increasing. Authorities1 are of the opinion that evejjt- W
ually it will make good. These are known by us as the J. M. Marrit
securities, Hfc .1
Butte-Salt Lake Inv. Co. Certificates Nos. 29, 18, 22, 3, 5, 6 Hfl
SALT LAKE CITY, UTAH, NOVEMBER 16, 1918 iHHnflu
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