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E M O R A N D U H Examination Report September 12, 1929 - First National Bank of Ogden By C. E. Morgan, Examiner Direct $25,500.00 To Affilated Companies : * Mountain States Implement Co ^ Big Horn Canning Company ^ ^—Western States Sec. Corporation Anderson & Sons Co Union Knitting Mills Co Eardley-Caine Livestock Co Utah Construction Company Stoddard Lumber Company $60,000,00 50,000.00 55,000.00 60,000.00 40,000.00 18,000.00 60,000.00 50,000.00 |375,000.GO No direct criticism was made bj the Examiner on any of the above mentioned lines. Examination report March 29, 1950 - First National Bank of Ogden By C. E. Morgan, Examiner Direct $12,000.00 To Affiliated Companies: Amalgamated Sugar Company Big Horn Canning Company Mountain States Implement Co ^—Western States Sec. Corporation Union Knitting Mills Co Eardley-Caine Livestock Co Utah Construction Company Stoddard Lumber Company Cross Lumber Company Utah Idaho Central R.R. Co 60,000.00 47,500.00 60,000.00 > 50,000.00 15,000.00 50,000.00 60,000.00 60,000.00 20,000.00 50,000,00 $410,500.00 Paper Sold to Affiliated Banks without recourse $1,050,500.00 Paper carried for Affiliated Banks without Recourse 1,126,500.CO No direct criticism by the Examiner. Examination report December 15, 1950 - First National Bank of Ogden By R.E.A. Palmer, Examiner Direct $59,500.00 To Affiliated Companies: Amalgamated Sugar Company Anderson & Sons Co Big Horn Canning Co. Mountain States Implement Co Northern Bldg & Loan Assfn Stoddard Lumber Co Western States Securities Corp, Eardley Caine Livestock Co $60,000.00 57,000.00 60,000.00 60,000.00 12,000,00 60,000.00 40,000.00 50,000.00 $579,000.00 None of the above lines were criticised by the Examiner. Examination report May 6f 1951 - First National Bank of O&den By C. C, Linden, Examiner Direct $31,000.00 To Affiliated Companies: t ^ / Amalgamated Sugar Company American Legion Anderson Lumber Company Big Horn Canning Company Mountain States Implement Co Stoddard Lumber Company Utah Construction Company Utah Idaho Central R.R. Co Eardley Caine Livestock Co Western States Sec. Corp 60,000.00 3,600.00 57,000.00 60,000.00 60,000.00 60,000.00 80,000.00 15,000.00 30,000.00 505000.00 $455,600.00 > (pj&f The Ajaerican^Iggion and Big Horn Canning Company lines were listed as slow, capital loans by the Examiner. Eardley Caine Livestock Company line was listed as slow Guarantee of principals would be in order. Mountain States Implement Co - Ratios for this class of business are not what is to be desired. Loan of a capital character. Additional working capital resulting from a stock assessment is to be provided. Utah Idaho Central R.R. Co - Concern extended. Maturing interest on bonds may default. Loan reported temporary. Examination report December £99 1951 - First National Bank of Ogden By E. !• Wright, Examiner Direct $65,000.00 (Examinerfs Comment - All appear warranted) -5To Affiliated Companies: Amalgamated Sugar Company Anderson Lumber Company Big Horn Canning Company Eardley Caine Livestock Co Eccles Investment Company Mountain States Implement Co Stoddard Lumber Company $100,000*00 55,000.00 60,000.00 31,894*00 10,000.00 60,000.00 55,000.00 $371,894.00 Examiner!s Comment on Stoddard Lumber Co Line - The loan should be collected or guaranteed ty the principals. Eardley Caine Livestock Co - The loan is capital, there being little, if any, equity above the amount of the loan. Comment regarding loans to three individuals Above loans are all secured by stock of the Eccles Investment Company. The stock of the company is closely held and there is no established • market. The company's statement reveals a book value which would provide an excess of security in each case, but since the collateral is not of a marketable character, the loans should be further supported by financial statements of the borrowers. George S. Eccles $23,500.00 M.S. Eccles 25,500.00 S.S. Eccles 14,000.00 Examination report July 15, 1952 - First National Bank of Ogden By C. C Linden, Examiner Examiner!s Criticisms The management is devoting close and effective attention to affairs and other classified paper, while of considerable proportion, does not indicate potential losses of la.rge concern. Direct $70,000.00 M.S.Eccles Geo. S. Eccles S.S.Eccles $27,500.00 28,500.00 14,000.00 $70,000.00 To Affiliated Companies: Amalgamated Sugar Company Big Horn Canning Co Mountain States Imp. Co Stoddard Lumber Co 40,000.00 30,000.00 60,000.00 40,000.00 1170,000.00 -4Examiner!s Comments: Mountain States Implement Co - Statement reported as reflecting conservative values, eoncer, however, requires additional capital financing ($49,500.00) paid in during 1931) Improved showing depends on improved conditions, Management appears able, Stoddatd Lumber Company - Total participating line $75,000.00. Loan should h ve the guarantee or endorsement of the principals. Line reduced since last report. Comment on the three individual loans The loans are secured by stock of the Eocles Investment Company, a holding corporation for assets owned by members of the Eccles Family. Assets are principally represented by capital investments in a diversity of business interests, including a sizeable investment in stock of the First Security Corporation. The desirability of the stock as collateral is dependent on its dividend paying* ability, which is nominal under present conditions. It is recommended that the above loans be additionally secured by pledging additional investment company shares, and avoid further increase of the lines* Examination report June 50f 1955 - First National Bank of Ogden By E. M. Wright, Examiner ^ yk^4/ p Direct $72,200.00 Listed by the Examiner under the slow classification Amalgamated Sugar Company Big Horn Canning Company Mountain States Imp. Co Stoddard Lumber Company $55,000.00 0 60,000.00 40,000.00 £155,000.00 fo y-2 > U A/, -to 0 Examiner's Comments: Mountain States Implement Co - The operation has reflected a loss every year since 1926, and the capital stock is heavily impaired as a result. It is time the bank should give some attention to this business. Stoddard Lumber Co - All liquid assets have been trusteed and pledged to secure bank indebtedness amounting to f81,000.00. According to recent report of the Trustee assets under his control have a ready market value in excess of the indebtedness secured. The interested banks are permitting operation with ultimate liquidation in view. The line is capital but appears safe. -5- ]/ Examinerfs comments in general - All loans are receiving good attention. All losses have been charged off and special reserve set aside to protect doubtful class. Examination report February 10t 1954 - First Security Bank of Utah,N.A. & Branches By E. M. Wright Direct $72,600.00 M« S. Ecelesf line was not listed as he was not a Director. Loan of George S. Eccles and S. S« Eccles given a slow classification. To Affiliated Companies: Anderson Lumber Company Eccles Hotel Co Mountain States Imp. Co Stondard Lumber Co Amalgamated Sugar Company Eardlej Caine Livestock Co $51,800*00 79,400.00 48,500.00 57,200.00 180,000.00 61f000.00 |457,900.00 General Criticism In general the weak loans are receiving close attention. Criticised lines are composed largely of two classes, livestock loans and real estate loans. George B. Caine & Wife, $15,000.00 secured by 55 shares of Eccles Investment Company stock. Emma Eccles Jones - $50,000.00, secured by 100 shares of Eccles Investment Company stock. Examination report August 15, 1954 - First Security Bank of Utah, K.A. & Branches By R.E.A. Palmer, Examiner Direct |64,500 To S. S. Eccles and George S. Eccles To Affiliated Companies: Anderson Lumber Comp ny Amalgamated Sugar Company Mountain States Imp. Co Stoddard Lumber Co Utah Idaho Central R.R. Co Eardley Caine Livestock Co Thatcher Music Co Real Estate Finance Examiner's Comments:- 30,000.00 52,500.00 45,100.00 44,200.00 12,500.00 71,000.00 1,000.00 51,500.00 $287,800.00 -6Mountain States Implement Co - $25,000,00 listed as slow. Statement sho?vTs fair proportions but are little shy on working capital. Loans have been steady. Operations now carried on at a profit so line should be materially reduced this fall. Real Estate Finance Company - Loan has become stationary. Not listed as slow, however. Company owned 100$? by Eccles Investment Company. Listed for record, George B. Caine & Wife $15,000.00 No change since last report and line is aged, Eardley Caine Livestock Co $14,000.00 listed as slow, $11,000.00 doubtful. Statement shows no strength and liquidation depends upon future successful operations. Emma Eccles Jones f30,000.00 No change, liquidation depends on sale of the stock or dividends.
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