Salt Lake Telegram | 1923-07-20 | Page 13 | Garfield State Bank at Panguitch Closed

. ' ' ' . 1 Garfield Stale Bank at Panguitch Cloned Ths Stats Bank af Oarfleld st Panguitch. Utah, waa closed this morning by Stata Bank Commissioner Commis-sioner Seth Piston for failure of ths bank's stockholders to respond to an order rsquirlna them to psy in an assessment of 60 par cent of th capital stock held by each : to make good ths Impairment of tha bank's capital arising from a loss of l0,,.l sustained by the bank some tlma ago. Th hank shows resources of $S26 n4 99, with deposits amounting to --J.lf.O 51. On April 21 last, wnn Commie-stoner Commie-stoner J'ixton examined ths bank, he found that- It had sustained a loss tn th amount mentioned above and that this loss was charged to undivided profltsi . Piston imms-diately imms-diately ordered an aaeeaement of 10 per oent on tha stockholders la make good ths capital stock of ths ! bank, which was given ninety deys i in which ta comply wluh th order 1 of th commissioner. Th time having expired and th assets-msnts assets-msnts not having bean met,, the commissioner toujt possession . of fha'htnli Ths benk's oss wss sustained under th administration of th former cashier, H. C. Tebhs. at present a member of tha state sen- 1 ate. ft is a 1 leg aL Hs Is alleged j to neve bought a lot of cattle and loaned th bank's monojr to neighboring neigh-boring farmers with which - to purchase 'them. Ad versa conditions condi-tions and tha low prlc of cattle caused them to sell at a losa and ths farmers Wer not abla to repay ths money loaned thsm.