Show 1 SEVERE lOSSES TO lOCAl BANKS I I Failure of Bert L Smith One OneTime OneTime OneTime Time Millionaire Promoter Is Responsible V I Losses of approximately S lOOM 0 have been sustained by Salt Lake banks bank I through the bankruptcy of Bert fleet L Smith In the courts at San Ban Francisco Smith was wall a promoter and worked with wit his brother Oscar Oacar L I Smith timith dur during hag ing the boom days In Nevada In 18 the courts he lie Has bas gives give his hia indebtedness a aaa as aa with assets asset of which consists for tOl the most mt part in I mining stocks of doubtful value Smith wa w wap well known be gown among the bankers of Mit Lake where he did diet a i large Jarge business during durin his flush periods period i According CC to T 1 W Boyer foyer cashier of the Continental National bank Smith formerly worked In la the hankies banking bud busi business nose ness at Laramie Wyo and aad went to Ne Nf Nevada vada about six lx years rs ago He and his bla brother organized organised orgal butte banks in i Rhyolite and aDd Manhattan While in lit Reno Bert Smith married a very wealthy young voting woman and it Is i now said that her for fortune fortune fortune tune went with his bie During the palmy days ef ol Goldfield and aad other mining camps of ol Nevada Smith Saith made nude a huge fortune which was constantly being sent ant nt out In prospecting la in mines and later in oil Owed OT d Vast One of the big hig enterprises of the brothers rothen was the Uie eureka Burek County Live LiveStock Stork Stock company which went into iato the hands of a receiver r last aad sd went a long way war to paying the tilt debts ef of the brothers brothel At A that time tilDe they owed more than JIM to Salt gait Lake and aad Utah banks bank but much aluch of this was waa cut down dowa because of t f the money received from trem the stock business which was a paying proposition lUo When Smith went weal broke rob last lut sum aum summer summer mer It caused the liquidation of the Eureka County bank the tb First National at Rhyolite and a bank baak at Manhattan all of oC which had Bad loaned lo ned him large sums sum Cashier Boyer Bayer of the Continental Na National National bank said sald yesterday that this bank did not lose e a Teen at t through Smith The old Commercial C National loses 10 about 18 bat but none of the th loans loana made to Smith were assumed by lIy the Continental upon its organization organisation two years ago when the Commercial Na National NatIonal National was as absorbed This loss Iou be he sa says will fall tan upon the stockholders in the theold theold theold old bank In the list hit of debts pub published published published in California is ill I an item of JU 1 coo to the Commercial National and anil 20 to the Continental National of Salt Lake This Item of U is i said 4 to be without foundation In addition to these Smith owed the National Bank of or the Republic U and aDd 2459 it to McCornick Co of Salt Lake In addition was to Frank Fraak Knox president of or the National Bank Daak of or the Republic He also als owed the First Na National National National bank of Ogden 1 iee Large Loans Ioana Made Mude Jad Smith was as well known by b bankers I locally Those losing by his hta failure often carried large amounts for tor him bm and it was through his dealings with the banks that large loans were made upon his investments and in his ven von ventures ventures tures which proved failures It is said by local bankers that within the last six years yeara Smith must have lost more than because of or his ble vast fortune during the gold days of ol Ne Na Nevada Neada vada ada not long ago His schemes looked good to the bankers but fell tell through when the edge wore off of the activity In Nevada and through failures in the California oil fields Smith was enter entertained entertained tamed a number of ot times at the most exclusive ex clubs dubs of or Salt Lake Lak and was considered a man manof of or large affairs affair |