Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-09-13
GEORGE N. CANNON
OUT Of Z|ON'S
viii Leave Savings Bank & Trust
Company to Engage in Per-
sonaI Business.
CHANGE TO BE MADE OCT. |.
Selection Of Successor VIII be in-
nounccd in the Mcantime-lIOw
Bank Has Grown.

The report OF an important business
change was confirmed today al lions
Savings bank, when II was learned that
Mr.. George NJ. Cannon. Tor so many
years cashier OF the institution. was
to retire 10 engage in business for him
self II lie understood that Mr, Cannon
viii leave the employ Of the bank on
Oct l, the date which his resignation
takes effect The selection Of sue
cessor is a matter that VIII receive at
tsniion In the near future.
Mr.. Cannon viii engage IN real estate
business and 10 the handling Of COM
neroial stocks aud bonds with whose
values he Is thoroughly acquainted,
and In which he has had a vast amount
OF valuable experience. For IA years
he has been cashier OF lions Savings
Bank & Trust company, and has Wit
messed its growth BY leaps and bounds
until II has become BY far the largest
institution OF the Kind IN The state
When he assumed the duties OF cashier
Its deposits amounted TO ss52. 36l, stand
Ing 10 the credit q ssls deposltOrs
The report OF the cashier made 10 the
board OF directors at rs last meeting
showed that the number OF savings sc-
counts opened Is 1885 vita Rggre-
gate deposits 70 t,5iiiiois
FORMALLY THANKED.
Mr. cannon's resignation. to take ei-
feet Oct. !, 1906, was presented at the
last meeting Of the board. and was ae-
oepted In the following language:
Motion adopted al meeting of board
OF directors OF lions Savings Bank &
Trust company, at meeting OF Sept.
s. 1906: That the resignation OF George
NJ. Cannon as cashier and secretary OF
the board Of directors OF lions Savings
Bank a. Trust company be accepted.
with the assurance OF the board that
they have fully appreciated the services
OF Mr.. Cannon, his technical atauaint-
ance with every detail Of the business
OF the bank. his knowledge Of the locs-
ton aud value OF real estate offered an
security for loans. his great acquaint-
ance with men throughout the city,
county and state, qualities which have
rendered his service 10 the bank most
invaluable. In parting with him we do
~ with regret. and wish him success
IN any new business In which he may
engage"
BANKS CONDITION.
A statement Of the condition Of the
hank at the close Of business. Sept ~.
1906, shows;
RESOURCES.
Loans and discounts .....s2,S2l2iis
Real estate .s..4,....s. 29H190,6i
Stocks. bonds and war
rants ....,.....,,,. s5o.37i28
Cash on hand and with
correspondents 80. sss.ise.72
.=-----.--
Total .........,,...sieoSl9S.s
LIABILITIES
Capital stock .......s...t eo0.OO0.oO
surplus ....-......., 100000
Undivided profits (neU
less expenses and taxes
paid MANN, ,..s..s a1,Nbb.0I |
Reserve for payment Of
Interest on deposlts., 100000 |
Deposits ...,.,,,.,.. A.5se,6s0S6 |
Total ..,.,......,,,..f4 ,e0b.isS.sS /
Amount Of cash on hand and with
correspondents required by law si5s.. |
sss.
Amount on hand In excess OF legal
requirement tl7a459.
The growth ~ the bank has been ]
gradual. but constant In the first 20 I
years deposits reached tl,2el.gtiSs.
The YEARLY Increase since "a as follows,