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Show SCHETTLER-S BANK IS TAKEN BY RECEIVER ON ACTION OF THE STATE Secretary of State James T. Hammond filed a petition in the District court Wednesday asking that Robert R. Anderson An-derson be appointed receiver of the bank of B.- H. Schettler at 22 South Main street Judge Hall appointed Mr. Anderson An-derson and placed his bond at $125,000. With the petition of the Secretary of State was a written waiver of service by Mr. Schettler and his consent to the appointment ap-pointment of the receiver. The action Is brought in compliance with section 2S5 of the Revised Statutes of Utah, which requires that a private bank doing business in this city must have a capital of at least 150,000. It Is alleged that the report of the bank as made by Mr. Schettler on September Sep-tember 6, 1904. of the condition of the banks shows only 15000 aa the paid up capital. ' The assets amount to 2115.8S8.S9 and liabilities are stated as the same. - The amount of available assets ' Is placed at 210,886.40, which Is Inadequate to meet the liabilities. The bond of Mr. Anderson was filed Wednesday and approved by the court. In regard to the placing of the bank of B. H. Schettler In the hands of a receiver re-ceiver Wednesday, a smi: of B.' H. . Schettler, -speakiug r for .his ' father, I makes this statement; "The action of the Secretary of State In this matter was caused by the nonconformity non-conformity of the bank with the State laws, which require a capital of $50,000. "At the time the bank was organised, in 1891, I think, the statutes required only $5000 as capital. 81noe the enactment enact-ment of the section requiring $50,000, Mr. Schettler has endeavored to raise the capital, but his efforts have been fruitless. Accordingly the action of Mr. Hammond was necessitated. "The assets exhibited In the papers before the court show - only $10,88140 available assets, and some think this was all the available securities owned by the bank. In addition to this amount we have real estate valued at $40,000, approximately, aad notes and paper securities se-curities aggregating $50,000. Depositors, unless they become too solicitous, will be entirely secured. These figures are taken from the statement made In September. Sep-tember. "My father has been In the banking business practically all his life, having started In early youth In New York, and has continued the business In Utah -since that time. "The receiver will wind up the affairs of the bank, and will be able to satisfy all creditors in time. There Is no cause for fear of losses, as the securities more than cover the claims of all." ' |