Heber J. Grant, President William B. Preston, Vice pres. Heber M. Wells, Cashier
The State Bank of Utah. Capital and Surplus $550.000
Directors: Heber J. Grant, William B. Preston, Joseph F. Smith, Abraham H. Cannon, Spencer Clawson, Chas. S. Burton, Philo T. Farnsworth, Heber M. Wells, Isaac Barton.
Salt lake City, Utah
Octr. 27/96. My Dear Brother Eccles:-
I wrote you a letter late last night,and this morning when I came to think the matter all over I decided that I had made you a proposition which you would not feel to accept under the present very unsettled state of the financial world,and so I wired you this morning not to answer the proposition contained in my letter of last night until you had my letter. which I would forward on the noon train today.
They say that a drowning man will catch at a straw,and I suppose that is the reason that I wrote you last night. I was aware of the fact that you and Bro. Dee and Bro. Nibley had had some little consultation about investing a large sum of money in our placer properties,and I thought that perhaps you might feel like helping me out by making a purchase of a lot of my stocks,but after thinking the matter all over I have decided that I have asked too much of you,and so I wish to withdraw the proposition that I made you and the Judge last night and thus save you from declining an offer made by one of your friends. I am well aware of the fact that we all like to comply with any reasonable request that our friends may make of us,but I feel that my request was too much. and far from reasonable.
If you will make a loan on or/before one year of $ 9.000 to Thos. R. Cutler, Joseph F. Smith, Heber M. Wells and myself on our joint note secured by $15,000 of Heber J. Grant & Co. stock and $2700 Home Fire Insurance Co. stock this will assist me very much as I can make a turn then with some additional securities that will enable me to raise some more money to meet my Novemeber pay roll.
$2700 stock of the Home Fire is not a very large margain of collateral on a loan for one year,but with four of us on the note I feel that you need have no fears and,I will do my best to make a sale of my share of the collaterals and pay half of the note as a soon as possible and will in this way increase the margain of security in your hands.
I am frank in saying that I have full faith in all of the stocks which I offered you last night,and if I had the money to spare would be willing to make a purchase,but I do not suppose any one else would care to do so. If you will make the above loan please wire,and if not simply state that party prefers not to make the loan. Pardon the large amount of your time that
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