Salt Lake Telegram | 1933-12-13 | Page 9 | Western Loan Stockholders Gar Friday

WESTERN VESTERN LOAN STOCKHOLDERS GATHER FRIDAY Between 1000 and 2000 Expected Expected Expected Ex Ex- Ex- Ex to Attend Conference Climaxing the work of months for preparation of ot a reorganization plan planor for or the 2 Western Loan and Building company stockholders will meet Friday at 10 a. a m. m in the Elks' Elks temple emple Between 1000 and 2000 investors are arc expected to attend the meeting while a majority o of the company's investors in will be represented by proxies John A. A Malla Malia state bank commissioner said Wednesday Friend W. W Richardson Cali California ornia building and loan commissioner and former ormer governor Frank Johnson Montana banking commissioner and md A. A E. E Wilde Wyoming g bank examiner were the first building and loan supervisors su- su to arrive for the meeting Thursday at 10 a. a m m. m with Commis Commis- Malia Malin All AIl supervising officials of f the various Pacific co coast t and Rocky mountain states are expected Reports Report Appraisal The California commissioner reported reported re rc re- re ported an audit and appraisal of the company's assets 78 per cent of which are re in m California showing the probable probe able ble loss at or a depre depre- of 30 per pcr cent Investors can reorganize this company com corn pany b by taking a of 30 per percent percent cent cent which will make the company solvent and provide of 25 on which the company can continue con con- as a going solvent concern Commissioner Richardson said He advised Investors that it would b be unwise to dispose of their stock hold holdings holdings ings in view o of the potential recovers Indicated by the California departments department's departments department's depart departments ments ment's appraisement of current val val- ues es Commissioner Richardson also reported reported re- re ported that money has been made and nd is being made daily for the investors in- in estors by conservation of company assets in the various states Favors Return He declared he favored return of the he company to the investors through reorganization of the company as soon oon as possible provided the reorganization reorganization is sound and In accordance accord accord- ance nee with building and loan laws and provided the management of 01 the reorganized reorganized re- re organized company is competent It was indicated Wednesday that the he Friday meeting would be controlled controlled con- con trolled rolled b by proxies sent in for voting by absentee stockholders The proxy auditing committee R R. W. W Bailey Montana's chief deputy who has been serving as assistant deputy in charge of the western administration and Colonel JL a. M. M H. H Lund director and secretary of the company expects to have lave the proxies tabulated by Thursday Thursday Thurs- Thurs day lay night