Article Text
Bank Suspended SALT LAKE, UTAH, June 13.-The Park City Bank has suspended. Liabilities $130,000, assets as much. The assignees say that the depositors are to be paid 80 cents on the dollar.
Park City Bank (Park City, UT)
Episode Information
- Episode UID
1329183191122- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
132918319hash - Start Date
- June 13, 1893
- Location
- Park City, Utah (40.646, -111.498)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
645862679745ca90
Response Measures
None
Description
Articles show assignment/suspension followed by appointment of a receiver; assignee name appears as Edwin/Edward Kimball in different reports.
Events (2)
1.
June 13, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank assigned to Edward/Edwin Kimball due to insolvency (liabilities equal assets); assignee announced depositors to be paid 80 cents on the dollar.
- Newspaper Excerpt
- The Park City bank suspended. Liabilities $130,000, assets as much. The assignees say that the depositors are to be paid 80 cents on the dollar.
- Source
- newspapers
2.
October 14, 1893
Receivership
- Newspaper Excerpt
- Judge Barteh has appointed D. C. McLaughlin receiver, on filing & bond of $10,000.
- Source
- newspapers
Newspaper Articles (14)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
BANK FAILURES. Savings Banks at Omaha and Kansa City Close Doors. OMAHA, Neb., June 12.-The McCague Savings bank closed its doors this afternoon. The McCagues are the owners of the American National bank and the McCague Investment company. KANSAS CITY, Mo., June 12.-The People's Guarantee Savinge bank made an assignment today for the benefit of creditors. Its liabilities are supposed to be about $70,000 and assets between $50,000 and $65,000. The bank is said to have carried a line of deposits of $15,000. MANKATO, Kan., Jane 12.-The Bank of Burr Oak, Jewell county, closed its doore this morning. It is owned by Hurlburt Broe. and its liabilities are placed at $35,000. The assets are practically nothing. S. D. Hurlburt, one of the proprietora of the institution, has fled and his whereabouts is unknown. SALT LAKE, June 12.-The Park City bank suspended today, assigning to Edward Kimball. Liabilities, $150,000 assets as much, and the claim is made the bank will shortly resume.
Click image to open full size in new tab
Article Text
- AAT Salt Lake, Utah, June 13.-The Park City Bank suspended yesterday. Its liabilities are $130,000, and its assets as much. The claim is made that the bank will shortly resume. The assignee says that depositors are to be paid 80 cents on the dollar.
Click image to open full size in new tab
Article Text
ASSIGNED. Salt Lake, Utah, June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130,000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar.
Click image to open full size in new tab
Article Text
ASSIGNED. Salt Lake, Utah. June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130.000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid SO cents on the dollar.
Click image to open full size in new tab
Article Text
Eighty Cents on the Dollar. Salt Lake, Utah, June 14.-The Park City bank suspended yesterday. Liabilities, $130,000, assets as much. The claim is made that the bank will shortly reeume. The assignee says that the depositors are to be paid eighty cents on the dollar.
Click image to open full size in new tab
Article Text
The Park City Bank, the first banking institution that was established in Utah, has suspended and made an assignment.
Click image to open full size in new tab
Article Text
ASSIGNED. Salt Lake, Utah, June 13.-The Park City bank suspended to-day, assigning to Edward Kimball. Liabilities, $130,000. The assets are as much, and the claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar.
Click image to open full size in new tab
Article Text
A Receiver Appointed. In the Third district court Cornelius McLaughlin has brought suit against the Park City bank calling for judge mentfor $20,000 due on a certificate of deposit, and asking that a receiver be appointed. Judge Barteh has appointed D. C. McLaughlin receiver, on filing & bond of $10,000.
Click image to open full size in new tab
Article Text
Against Park City Bank. In the Third district court this aftermoon the Omaha National bank brought suit against the Park City bank (now in the hands of Receiver D. C. McLaughlin) to obtain A judgment for the sum of $7,178.94, interest at 8 per cent per snnum from June 13th, 1893, and costs. The claim is for money advanced.
Click image to open full size in new tab
Article Text
The Park City Bank. In the matter of the suit of Edward McLaughlin vs. the Park City bank, the receiver of the bank was ordered to sell 1,000 shares of the Alliance Mining company's stock, now standing in the name of the bank.
Click image to open full size in new tab
Article Text
PARK CITY BANK. Depositors' Suit Against the Stockholders on Trial. The trial of the suit of Henry Fares against Gilbert D. Gregor and other stockholders of the Park City bank was begun before Judge Cherry and a jury yesterday afternoon with Attorney J. M. Thomas representing the plaintiff and Judge Howat and Colonel Ellis for the defendants. The plaintiff alleged that in December, 1892, this plaintiff deposited in the Park City bank $500 and Michael Martin deposited $505, John Creen $500, Peter Martin $473.80 and N. G. Pafin $345. making a total of $2,323.80. The other named depositors assigned their claims to this plaintiff. The bank suspended payment on Jan. 12, 1893, and the depositors were unable to get their money and this suit was instituted to recover from the individual stockholders on the ground that they are liable for double the amount of their stock under the special statute relating to banking corporations. The hearing was in progress when court adjourned at 5 o'clock last evening.
Click image to open full size in new tab
Article Text
# A NON-SUIT. In Fares Against Stockholders of Park City Bank. The case of Henry Fares against the individual stockholders of the Park City bank was resumed before Judge Cherry and a jury yesterday morning. When the plaintiff's case closed a motion for non-suit made by the defendant's counsel was sustained. The plaintiff for himself and other depositors in the bank who had funds in the institution when it failed sued the stockholders individually to recover $2,200, the amount of their deposits, claiming that the stockholders were liable individually for double the amount of their stock. The nonsuit was granted on the ground that two of the defendants, Kimball and Gregor, were stockholders of the bank and that no action would lie against them until the amount of the deficit had been established, and as the receiver admitted still having nominal assets in his hands of some $90,000, it was impossible to determine at this time what the deficit would eventually be. Thirty days' stay was given to prepare statement for new trial.
Click image to open full size in new tab
Article Text
and instructions given to dismiss the suits at the cost of the receiver. Facts Brought Out. The facts brought out in the first trial were that the property of the Park City bank was. on June 12, 1893. assigned to Edwin Kimball for the benefit of the bank's creditors. Kimball was engaged in winding up the concern's affairs until his death, Oct. 10, 1893. Three days later Cornelius MeLaughlin instituted an action in the Third district court, alleging the insolvency of the bank, and asking the appointment of a receiver. He demanded a judgment for $20,000 on a certificate of deposit. On the same day D. C. McLaughlin was appointed receiver. Nov. 1, 1893, Cornelius McLaughlin died, and the action was revived in the name of his executor, Edward McLaughlin. A judgment ras rendered in his favor for $21,358.70. On Aug. 12, 1894, Edward McLaughlin filed another complaint against the bank. alleging that after exhausting all the assets of the bank there would still remain $75,000 due to the creditors. He claimed that under the state law the stockholders were liable for the full amount of stock held by them. D. C. McLaughlin was then appointed special receiver and as such instituted the actions against Mrs. Kimball and Gregor. The lower court found that the former had forty shares. and the latter fifty shares, and judgment was accordingly rendered for $4,000 and $5,000 respectively. Creditors Must Sue. The supreme court in deciding the cases held that the special receiver had no right to bring the suits in the interest of any one creditor. Summing up, the opinion says: "Unless the necessities of the occasion require, individuals and not the officers of the court should bear the responsibility of litigating their own claims. "If a receiver should be appointed in such a case, where can the line be drawn. unless drawn by the statute? If several creditors are entitled to a receiver to collect their dues from several stockholders a receiver could be appointed in any other cause where several plaintiffs are seeking recovery against several defeendants. While perhaps not so convenient a remedy, the creditor has means of complete relief in a creditors' suit against the stockholders."