The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-21
BANK IN CHARGE OF
ROWE & KELLY STORE
Trust Deed Made in Order to
Tide Over Temporary Ad-
verse Conditions.
ALL TO BE PROTECTED
Small Creditors Responsible
for Action; Assets Dou-
bic Liabilities.

To protect It's creditors and tide over
what IS declared TO be a temporary flnan
cial eXigency. the Rove g. Kelly com
pany, conducting q business In men $
furnishings IN the Kearns building. Sat
| urday executed a deed OF trust under
which the Utah Savings and Trust com
pany has assumed control OF the bust
ness. r. w. Sloan. assistant manager
of the banking house yesterday took
charge. With o force or clerks who are
making 9 careful inventory OF the assets
and liabilities of the company.
Some of our smaller creditors began
to press u.s. said w. T. Rove. senior
partner OF The company. yesterday. TO
them We owe comparatively small
amounts. ON The other hand. our larger
creditors have been more accommodating.
No trouble about customary settlements
would have been anticipated had the
small creditors treated us in the same
manner as the heavy ones. Fearing that
we might be caused trouble through
these smaller creditors. we concluded 70
transfer the charge OF the business to
squareY and fairly by all
Mr.. Rowe declared that the company
had been doing business on too small q
which could not he lifted owing TO the
quietness of trade, had contributed To-
ward bringing on a crisis.
Assets Double Liabilities.
At present. figures on the assets and
liabilities OF the company cannot he
quoted but both Mr.. Rowe and Mr.. sloan
feel sure that the assets will double all
Indebtedness. and expressed confidence
that the matter would be settled UP with :
in thirty days 10 the satisfaction Of all
concerned
L. w Kelly and John G. Critchlow Of
the company have been in Chicago a
number OF days il was learned. endeaV-
oring 10 arrange With creditors for an
~ n
of enabling the company TO surmount
present financial difficulties. Most OF
the company's creditors. it is said. arc
In Chicago and New York
The company has been In business here
for twelve years. Recently the old two
story brick structure occupied by The
for the Kearns building. upon completion
Of which the company established mag
nificent new quarters on the ground floor
Of the big structure, fronting on Main
street.
Prior TO his partnership with Mr..
Kelly. Mr, Rowe was connected with the
business of the late $. +, Teasdcl Mr..
Rowe does not appear depressed over the
situation and declares the embarrass-
ment will be only temporary. In the
meantime. the business will go on as be-
fore under charge of Mr.. Sloan.
Bank Issues Statement
The Utah Savings and Trust company
yesterday issued the following statement:
To the Creditors of Rowe & Kelly
Company-CDder trust deed given
by the Rowe & Kelly company to the
Utah Savings and Trust company, the
und ersigped. on the 18th day of No
vembcr. 1911, took possession of the
store the stock of merchandise.
furniture and fixtures, accounts and
bills receivable and all other personal
property of the Rowe & Kelly conf
panN.
The purpose OF this transfer has
been communicated in n letter from
the Rowe e Kelly company dated at
Chicago, November Is, 1911. An in
rcntory is now being taken of the
stock and il will he the purpose of
the trust company TO conserve all of
the assets Of the business and to pro-
tect the interests OF all the creditors
with no preferences extended TO any
one.
The trust company asks YOUR in
dorscment OF the transfer and your
cooperation in carrying out the pur-
poses OF the trust. IT also invites YOU
10 communicate with the trustee and
II viii gladly furnish YOU with any
information and with reports regard
ing the progress of the business as
the occasion demands, Very truly
yoiirS,
UTAI SAVINGS AND TRUST COM
PANY.