The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-12-16

SCHETTlER BANK
LONG INSOLVENT
Still State Permitted il to Re-
celye Deposits.
RECEIVER MAKES REPORT
INSTITUTION MAY NOT PAY so
CENTS ON THE DOLLAR.
RECEIVER MAKES REPORT

= HE report of Receiver r. Il. Ander-
son on the Schettler bank. filed
with Judge w. =. Hall of the dis
trict court yesterday. reveals that the
figures now available indicate the in
stitution was insolvent for years. De-
spite this. the state allowed the bank
TO go on all this time taking money
on deposit from simple, confiding peo-
PIE. Incidentally this report, and a
scrutiny of the published statements Of
the bank will raise the question of the
liability of the state to the depositors.
IL viii also raise the question as to
whether Banker Schettler was legally
authorized to deed away valuable real
estate when his sworn statements dem
cnstrate that his bank was really in
solvent
In considering the report it must be
borne i'm mind that the figures sub
nitted do not represent the valuation
placed on the assets by Receiver An
dersOn-they are the figures taken from
Slr. Schettler's bank ledger For this
leason interested persons viii not be
Justified in taking as sanguine a view
Of the situation as the figures would
sc EN- to indicate. AS a matter of fact
and in common justice to all concerned
i must be said that the cash valuation
of the assets as shown will fall far
below the showing made by the report
IL is for the future to demonstrate what
the assets are really worth in cash; but
good judges Of real estate values in the
city, and men who know something of
the nature Of the other assets. will be
surprised if the bank pays so cents on
the dollar when the business is finally
closed 1t is plain to any person who
examines the report made with such
care by Receiver Anderson that the
assets as shown by the books of the
rank can never realize anywhere near
the value at which they have been car
ried for. years. as shown by the dates
of the deeds.
Summary of the Report.
The index of Receiver Anderson's re-
Tort shows that the nominal assets
amount in the banks figures, TO $780,
1854, and the liabilities amount to
SlO7 ,2S7.36. The index of the report is
given in items as follows:
Assets.
Cash on hand Oct 19.........S Ills 80
Real estate formerly in name of
Ernest H. Schettler .......... O. s04 "a
Real estate formerly in the
name of B. II. Schettler ....--. S. 297 Il
Real estate formerly i'm the
name of Mary VI. Schettler. $500 90
New York correspondent .. 80 95
Notes receivable, secured by
deeds ACKNOWLEDGEMENTS $3.50 90
Notes receivable, secured by
mortgages ,........,..,......;.. 1892 70
Notes receivable. secured by
eollaterals >. -..-.................. 1,sS7 45
Notes receivable not secured. -. 1855 Is
Judgments =. ....................... 1852 %
Stocks and one bond .-...-...... 4615 90
Personal property .........--..... 81 -
B. H. 81 ....................... 1898 "a
Sundry accounts overdrawu... 449 II
S. i. & o. Gas & Electric Co... 1S0 90
Total assets per ledger .....-...s1O0,I 36 81
Liabilities.
balance :. ......................s 1922 81
Certified checks .............. 20 90
Cashiers checks .....-........-. 20 %
Certificates of deposit -----.------ 2,799 90
Sundry accounts. not subject TO
check .-------------- l,)0l %
Call ledger account, subject to
cneck OBSERVATION-DISCLOSURES 4r0fU ~
Taxes q. ......-.................... 519 OF
Rent .......................... 50 90
Foreclosing mortgage. bill for. o. 90
Advertising e.. ACKNOWLEDGEMENTS. %
Judgment Third district court . 3.927 Il
Abstracts recording. etc. - 1883 %
Miscellaneous bills ............... S96 IS
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