Show Bank Reorganization Under Way From Myton l Free Press Plans are fast maturing for a re organization o of tho the Myton State Bank It Is safe to say that in loss than thirty days it will be bo a going concern If It by any chance these plans should fall fail there will be he a new bank A number of bankers with plenty of money are said to be ho Interested There seems to be a spirit of oC optimism among mong depositors and stockholders There Jias ms been com considerable criticism heaped upon some sonic of df the bank officials for not putting forth every ef effort effort ef- ef fort to keep the doors open But It Is now too late to cry over spilt milk We Ve can all see what might have been done Lot criticism rest for awhile and lets let's get together If we do that there is nothing in the way to stop us What we want now most of all is a bank We cant can't do business ss without one Business In ill l I Myton ton Is good much good much bet better er than one might expect when it Is recalled that we nave had two hank bank failures in less than six m months There Is plenty of or money but soon It will find its way out of hero here unless the bank begins business Ask Duchesne how they get along up there and they'll tell you It is very inconvenient and also that since the bank closed Its doors much has gone out It will be money gone tho the same way here unless unless un un- un- un less wo we hurry and reorganize The longer wo we put It off ott the harder it will be It would be more difficult to open in Duchesne now than it would have been a year ago As was stated last week weel every depositor In the Myton 1 State will get dollar for tor dollar Read the statement of conditions when the doors closed July 18 Ernest C. C Robbins in charge of oC tho bans banK at Duchesne been named as temporary examiner for My Myton ton State Seth Pix ton state bank examiner in announcing the appointment appointment ap ap- ap- ap of Mr Robbins said uh The bank failure was attributable to the banks bank's In Inability inability In- In ability to reduce its loans to correspond with the falling off of deposits The failure of the First National bank of or Myton was also a factor In the failure of the State bank Deposits dropped about or from Crom at approximately approximate approximate- ly Jy to approximately There are ample assets in the bank to pay payoff off the Depositors De te- e- e in full Cull and at present an attempt Is being made to work out a reorganization scheme The ability of the bank hank to pay however depends largely upon the ability of r the bank to collect The question of time of payment is of course problematical Before leaving Myton l last Thursday Mr handed us the following statement Resources Loans and discounts Overdrafts Banking House House it Other real estate owned Furniture and fixtures Due from banks Federal Reserve Bank Dank stock Cash in bank Liabilities Federal Reserve Bank Demand deposits 49 Time deposits Bills Payable l Lars rs Nelson ac aCt Rediscounts Present net nel worth of company Profit and Loss Account Profits Undivided profits 1 Ca Cash h ov over over r 2695 2696 x Losses Bad notes and shortage Expense i Net loss loss 43 Myton l on State Bank Dank Capital stock Surplus 14 60 Net Not loss Present net worth of company |