Show fO FOR SALT LAKE u n 5 NAMED Utah Utah- Savings and Trust Co Company pany Is Appointed by Judge Evans of the Third District Court PON the application of State U UPON Bank Examiner W. W E. E Evans represented by Attorney General Dan B. B Shields the Utah Savings and Trust was appointed receiver for tor th the Salt Lake Security and ad comp company ny by Judge P. P C C. Evans of the Third district court this morning The Salt Lake Lale Security Security S and antl Trust company was organized several years arB ago by F. F E. E McGurrin now a resident resident resi resl dent of or San Francisco The following comprise the hoard board of directors Dr E. E D D. Woodruff president Dr ro F. F S. S Bascom Basconi vice president Preston J. J Cannon an Ice vIce secretary president secretary dent W W. 1 1 L. L Kirk and amId O. O E. E Vom aur assistant assistant assistant assist assist- ant secretaries and A A. A C C. Sullivan cashier L WAR IS BLAMED The failure is II attributed to conditions condi condi- lions brought on b by th the War The larg laIg- largest est part of or the business done dOllo by the bank was in real estate and as there has b been en practically no sale of real es estate estate es- es tate since the beginning of oC the war the concern has suffered thereby According to officials of or the company com corn pany assets in excess of the tho liabilities amount to with an additional in stockholders' stockholders assets LARGER ASSETS Among Among the larger assets are loans and discounts stocks and bonds real estate due from state banks banIs and bankers title plant The Tile following following fol fol following lowing are arc among the tile liabilities CapItal Capital Capital Cap Cap- ital individual deposits savings deposits real estate and mortgages mortgages mort mart gages sages sold and guaranteed WOODRUFFS WOODRUFF'S STATEMENT 1 Dr E. E D. D Woodruff president of the tile I ISalt Salt Lake Security and Trust com company company corn com pany this tills afternoon made the followIng following following follow follow- ing statement The assets of the company are in excess of or its liabilities In addition to which there is a stockholders stockholders' ers' ers liability of or No loans or advances of any kind to the officers of oC the company are on the books that books that thatis is the officers are not in any way in indebted Indebted indebted in- in to the company for loans The conditions which made necessary the appointment of a receiver were brought about through in real es estate estate estate es- es tate due to war var conditions We were unable to meet the tile dem demands made I upon us and for that reason we put the matter before the state bank commissioner commissioner commissioner commis commis- with a request fo for foJ him to take steps looking to liquidation I feel reel certain that the present directors willbe will willbe willbe be able to work out a plan for the complete complete com corn rehabilitation of or the institution within n Ith a short time |