The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-11
BROWN LINGERS
IN CITY PRISON
Manager of the Suspended
California Bank & Trust Com
pany Appears FriendIeSs.
BONDS GIVEN FOR WALKER
STOCKHOLDERS AND DEPOSIT
ORS MEET.
BONDS GIVEN FOR WALKER

: Dalzell Brown, general manager =
- of the suspended California Safe -
e Deposit & Trust company, who =
= was arrested last Sunday night =
= on the charge of embezzlement, =
y was unable to obtain a bond for =
:. SIS, 000 and tonight he occupies -
:. cell i'm the female ward of the =
:. city prison. David F. Walker, =
:. president of the institution, ar =
= rived here tonight under custody =
= of a police officer from Santa =
- Barbara, where he was arrested =
:: yesterday. A bond for 5000 had :.
= already been secured for him and =
= he was given his liberty. =
San Francisco, Dec. 10.-About 200
men and women, depositors in the in
solvent bank of the California Safe
Deposit & Trust company, held a meet
ing this morning in the Dreamland
skating rink, at which Charles F.
O'Callaghan presided. A committee
was appointed to confer with other
groups of depOsitors and to arrange for
general mass meeting of all depos-
itOrs,to be held some day this week A
hopeful feeling prevailed. and it was
the sentiment of the majority present
that the condition of the bank is not
so bad as has been reported.
Two representatives of the district
office are today examining
into the affairs of the suspended bank
with view of aseertaining whether
or not there has been any criminal
acknowledgement or misappropriation of
funds that would warrant criminal
against the officers, or di-
rectOrs of the company.
Meeting of Stockholders.
This morning a meeting was held by
of the insolvent California
Safe Deposit & Trust company in the
Merchants Exchange, for the purpose
OF providing a means to meet the OBJ
legations Of the banking company. It
was decided that an assessment should
be levied on all the stockholders. At
ms meeting there was represented
1900 shares of stock. This Gid not
incl1de any stock held by directors. of
which j. Dalzell Brown holds 5000
shares, while President Walker has
5000 shares A number of outside in
situations, such as the Bank of San
Leandro, and banks at Napa and Ala
media, which held stock, were not rep
resented.
committed was appointed from the
stockholders to ask for the resigna-
ton of the present board of directors.
1t is the intention of the stockholders
TO install a new board of directors and
suppiant j. Dalzell Brown as man
ager of the institution. The demands
of the stockholders will also be to re-
move David F. Walker, president: w.
j. BARNETT, director and general ad-
visor, and their associates.
Pending the appointment of a receiv-
er for the bank. the bank commission
ers have named Attorney Charles S.
Cushlng TO act as temporary custodian.
Heney to Investigate.
The men responsible for the collapse
of the California Safe Deposit & Trust
company are not to be let off merely
on charges OF embezzlement. Assist
ant District Attorney Francis J. Heney
has agreed to cooperate with the de-
posters and will conduct a full inves-
LEGATION into the banks affairs when
the next grand jury is impaneled This
viii take place before the end of the
month. The inquiry Will include an in
yestigation into the charges that Off
GERS of the bank made false entries
which made it appear that 5000, 900 had
been loaned to two New York banks,
when the money had never been for
WdrCSus Uldt tne OIflcerS received de-
posits when they knew the institution
TO be, insolvent, including the deposit
of s203,OO0 from an Ogden bank, and
that the officers made loans in a man
ner calculated to deceive in lending
nearly 100000 for the purposes of the
Carnegie Brick company, one of the
industrial companies.
All of these constitute statutory Of
lenses, and if proved will not only in
yolve the men already under arrest,
but others who co-operated with them |
Assets and Liabilities.
a long statement setting forth the |
assets and liabilities of the company
was presented to the stockholders yes
terday. 1t showed the sum of $4,000, 900 |
due the depositors. A brief examina- |
ton of the assets showed about $5,- !
100000 In property which is considered |
good. In addition to this. there are 1
loans and other assets which it was |
thought might bring in 81, 000, 900 more |
This made total of 81, 0O0, 600 of posi-
bic assets, against liabilities amount |
ing to 100000. Other assets which /
have been carried on the books of the |
company as good were regarded as |
practically worthless.
The local banking situation gives no /
indication of having been affected in |
Continued on Page 2.