The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-12-16
.SCHETILER BANK
LONG lNSOLvENT
ccontInued from Pags -

| laireds out entirely wiped out; that ~
Rank could carry 5000 in expense;
paid out and never to return as an as
set. when the entire capital stock O.
the bank was but $4,000. The state.
rents of the bank for years showed
! that the expenses carried as an asser
were at least $4,000 greater than the
! capital. as shown by his published banl
statement in the Deseret News of Sept
10, 1904. and that this capital stock hat
thus been much more than wiped out
Depositors May Sue State.
Some of the depositors are already
moving IN the direction of an organiza-
Ton to take the matter into the courts
ana fasten the responsibility upon the
State If possible. If they succeed in
this movement Utah may have S40. 00s
or $4,000 TO pay as a result of the fail
IRE of B. H. Schettler. banker.
Others Of the depositors are inclined
10 move against Mr.. SchettIer himself
The records show that he decided vaIu-
able real estate IN the city to his three
wives, some of il as late as Nav last
Advised that deeds will not stand if
made after the person deciding has be-
eLme insolYent, the depositors are in
clined to take the matter into court
With the object in view of having this
real estate returned and made a part
OF the assets of the bank If this move
ment is made it will be made by a num-
Der of the depOsitors banded together.
IN the property in question is included
the corner of Brigham and c street. the
Value of which is estimated at sac. 600.
Analysis of Assets.
In order to give the depositors and
me people in general an idea of what
is TO be expected. a brief ANALYSIS of
the assets VIII not be without profit. In
the beginning il may be said the re-
port shows that the amount turned
over to Receiver Anderson when he
took charge of the bank was $17l.O5.
IN addition TO this the State Bank of
Utah turned over $947.93 on deposit
there by the Schettler bank.
The first item in the real estate as
sets IS S760.59. the valuation placed by
the bank on two Garden City lots three
miles west of the Jordan river. The
actual value of these lots is about s.
apiece, real estate men say
The second item is the John Mooney
land. valued at $342 60. This may be
worth $50. Next is the Lindsay stevens
house on Fourth street, between o and
+ streets. and 21zx5 rods of ground 1t
was valued by the bank al 81 81 IS. A
lair valuation would be 81, 400 or 81. 800
The next is the John Morgan property.
two houses at Fifth and X streets. and
5oX160 feet of ground. This is valued by
the bank at $1.566.5S. This is subject
to life lease to John Morgan and
wife and is in litigation.
The next item is the Richard Duerden
land, five acres at South Beuntiful,
valued by the bank at S1,122.02. A fair
valuation would be S4O0. The next item
is the James Nicol-John Morgan farm
near Murray, containing two acres and
a small house, carried by the bank at
81 ,030.5l. Being directly under the
smelter fumes its value is unknown.
The Millard corner, and Second
streets, is the next item, containing Axe
rods, carried by the bank at s.. 4O5.59;
worth $4,000.
The next item is the Gotham house.
6lS West North Temple street. As l-5x
165 feet, carried by the bank at $3.16l .95.
A fair valuation is $4,000
The NJ. ]. Litson place, 326 c Street.
a seven-rOom house and 21.x10 rods of
ground, is valued by the bank at $4,000.
II may yield this amount.
Five lots I'm White South Salt Lake
addition, carried by the bank at ST.
566.S3, are worth perhaps $500
This Property Heavily Mortgaged.
The Irene L. Higham house. ISL ]
street. four rooms and 21zxl0 rods. is
another asset. This property is carried
by the bank at $641 80. IL is subject to
a mortgage of 81, 600 held by the United
States Mortgage & Trust company. and
two notes of Irene Schettler Allen
aggregating $11S1S9,
The James B. Reid place. 220 North
Ninth West street. was carried by the
bank at 500 Reid is paying for this
on the installment plan.
A lot i'm White South Salt Lake addi-
ton carried by the bank at $314.4l
would sell for 500.
The next item is the Eliza Croxau
place. 323 South First West street. TIE
bank claims title 10 a one-fifth interest
IN this property and values its interest
at $1,000, 1t might sell fer $500.
Property Decided to Receiver.
All the above described properly was
carried i'm the name of Ernest F. Schet-
tier until decided TO r. r. Anderson.
receiver for B. II. Schettler. The same
action was taken as 20 the following.
which stood i'm the name of B. H.
Schettler:
The first item is the old Archie I.iv-
ingston place. It rents Tor 81 4 month
II is carried on the bank books as an
dSeNl AOIlu FafDtO.bB- anu Is 1f.tU1tlN
worth perhaps 81, 500 1t is ON Fifth
East street. between South Temple al1
First South streets. 50x330 fee, subject
TO the city's right of way FOR calll.
Next is the Draper bench dcy and,
eighty acres. valued by ,he bank at
81. 621.97. IL has no known value.
The next item is the east half 6C tie
DID Dunford home. 1872 IVES South
Temple street. 2S3sx165 feet, valu. q i.y.
the bank al $9,320.59. Il rents fer go
4 month. A fair valultion would be
about $3.50 a foot.
The cid blacksmith shop lot IT. tie
Fifth ward. 33x1401z feet, aarrtG by
The bank at S1.171.S3 rents for 81 ii
month. 1t might bring $50.
The next Is the Sanpete farm. be-
tween Moronl and Freed On. 29H acres,
carried by the bank at $5.677Gi. The
value is unknown. Such land is C,nsid-
cred worth $3.50, or at the nos s. IN
acre.
Eight lots in the A. J. White Suth
Salt Lake addition are carried al S.
'S2.0l. Lots i'm that vicinity are ssIl-
ng for 800 or si25.
The, Clute land. bet seea Tenth and
eleventh South, on Tnir .elth East
street. facing Emerson avenue. ~1Gix2G1 4
eet. is carried at S2.0417s.. Five hue
ired dollars would be a reasonaD val
lation.
The next item is one of POS o:s IN
carlsbad, n. NJ. valued by the bank at
g. 6S0.23 The taxes on this property
we're $3.50, as shown by the report, IN
Heating a total value Of slOO, o. there
bouts
Next is the Elizabeth Barney Place
0 Church street, an old frame eight
com house valued at 81, 1884. II may
ell for $3.50.
The Hiskey lots on toss street ere
lext They are on Fourth South. he
ween Eighth and Ninth West str' cts, |
nd are carried at $1,0S7l2. They may
ell for half that amount.
Another piece Of property wds N the |
lame OF Mary NJ. Schettler and was ,
b. deed to the receive. 1t |
vas half lot at A and Fourth streets.
l.. e -. I