Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-12-10
Had S253,000 on Deposit With
California Safe Deposit
And Trust Co.
TO BE FULL INVESTIGATION.
Asst. Dist. Atty. HVncy Has Agreed to
Cooperate With the
DcpOsitors

San Francisco, Dec. 1o.--Waltcr j.
Rartnett a director Of the insolvent
California safe DGlosit and Trust COM
pauy, was released yesterday ON
S75 600 bail but j Dalzell Brown was
unable 10 obtain bonds and spent am
other night i'm the city prison. David
F. Walker president of this suspended
bank, is still On custody at Santa Bar
bara. He viii Doe brought To this city
today
Pending the appointment OF a re-
ceiver for the bank the bank come
missioners have named Atty Charles
5 Cushing to act as temporary GUS
tCdaian.
The men responsible for the coll
lapse OF the California Safe Deposit
d Trust company are not TO be let
or merely on charges OF embezzlc-
mcut Asst. Dist Atty Francis j
Hcney has agreed 20 cooperate with
the depOsitors and viii conduct "a fun
investigation into the banks affairs
when the next grand jury is impancl-
ed This viii take place before The
END on the month. The inquiry Will
include an investigation into the
charges that officers of the bank made
false entries which made IL appear
that 100000 had been loaned To two
New York banks when the money had
never been forwarded: that the Of
hcers received deposits whdn they
knew the institution 10 be insolvent.
including the deposit of S253,000 from
an Ogden bank. and that the officers
made loans in a manner calculated
To deceive In lending nearly 100000
for the purposes OF the Carnegie Brick
company one of the Institutions in
dustrial companies
All Of these constitute statutory Of
lenses and II proved will not only in
NolVe the men already under arrest
but others who cO-operated with them.
a long statement setting forth the
assets and liabilities of the company
was presented to the stockholders yes
terday. 1t showed the sum of $1,000 900
due TO depositors. a brief examination
OF the assets showed about $1,000 900 iu
property which is considered good. lu
addition 10 this there are loans and
other assdts which Al was thought
might bring in 81 900 more. This
made a total uf S7.000,000 81 possible as
sets against Liabilities amounting to
Ss.O00,OOO. Other assets which have
been carried on the books Of the COM
pany as good were regarded as pracu-
cally worthless.
The local banking situation yesterday
gave no indication OF having been af-
fectcd In the slightest degree by the
Insolvency OF the California safe De
poslt and Trust company. Business
moved along in the normal way aud an
those desiring money FOR the conduct
OF business on normal lines found no
difficulty i'm obtaining 1t.
The list OF shareholders Of the bank
Is a long one and includes persons and
corporations from Paris To Nladivos-
/ % D D, 3D..
interior are hit by the failure. mostly
as pledges for the stock IN
large and small amounts. Be
fore the fire the stock was quoted at
about $50 Since then il has depre-
ciated 10 about 500 and IL was al that
valuation or In the neighborhood there
OF that the PLEDGES accepted it.
About 200 men and women, deposit
ors In the insovent bank of the CALI
| fornia Safe Deposit and Trust com
pany held a meeting this morning in
the Dreamland Skating rink al which
/ Charles r. Callaghan. presided. \
committee was appointed To confer
with other groups Of depositors and 20
arrange for a general mass meeting OF
/ an depositors TO be held some day this
/ week A hopeful feeling prevailed and
] u was the sentiment OF the majority
present that the condition OF the bank
| Is not so bad as has been reported.
| Another group or delosltolrt unNcI
| the leadership Of j. W. Raphael, a
prominent merchant, win hold a meet'
| ing al the Dreamland rink tonight. Two
| representatives OF the district attor-
| news office are today examining into
/ the affairs OF the suspended bank with
/ "a view OF ascertainisg whether or not
there has been any criminal misman-
! agemeut or incorporation of funds
that would warrant criminal proceed
| ings against the Officers and the direc-
| tors of the company.