OCR Text |
Show GROWING CONCERN. ; Regular Dividend Declared. At the monthly meeting of the directors direc-tors of the Salt Lake Security & Trust company the regular semi-annual dividend divi-dend at the rate of 7 per cent per annum an-num was declared. This is the eighth dividend paid by the company. Detailed De-tailed reports presented to the board showed the affairs of the company to be in excellent condition. ' After paying pay-ing the dividend there remains in the treasury of the company a surplus of upward of $60,000 in addition to the capital of $275,000. The active management of the company com-pany is in charge of Mr. F. E. McGurrin, McGur-rin, the president, and assisting him is a board of "directors who direct." An executive committee of three members of the board keeps in close touch with every transaction, and reports to the board at every monthly meeting. Besides Be-sides this there is the regular exami nation of the state bank examiner, and alo an independent annual audit by a certified public accountant. This system sys-tem has been found to work to perfection, perfec-tion, as it prevents the acquisition of undesirable assets, and the business of the trust company is not dependent for its success upon any one individual. The company adheres to real estate loans, and its business is almost entirely en-tirely in this class of securities. It has been instrumental in bringing into the city from outside investors many hundred hun-dred thousand dollars, which has been largely loaned to young couples to, acquire ac-quire homes on the installment plan, and thus enjoy their homes while paying pay-ing for them. |