Show panguitch will have new 1 jank bank citizen 0 9 s A appoint 0 nip co committee mi he e work begun state bank commissioner seth PI paxton returning from panguitch Pan gatch where he and manager motherwell of the federal reserve bank in salt lake ike I ke city had gone over tile the conditions tio ns of the defunct state bank of garfield lepor reports ts that the assets of 0 the bank will be liquidated after eliminating about face value in bad and doubtful paper mr piston arrived at the following statement as showing the condition of the state bank of Garti garfield eld at close of business july 19 RESOURCES loans and discounts 9 stocks and bonds claims and judgments overdrafts banking house furniture and fixtures real estate federal reserve stock livestock due from banks cash in bank collection account 32 2 4 0 total 2 54 2 liabilities IES demand deposits savings del deposits 1 2 0 time certificates cashiers checks rediscounts Re discounts L k overdrafts sundries total deficit estimated c 0 stockholders liability net deficit the estimated collectible stockholders liability is 90 per cent of the outstanding capital stock and cepres represents ants the double liability which it is believed can be collected it is intimated that an audit may be had of the affairs of the defunct institution by a certified public accountant which might determine it there was any culpable mismanagement in tile the affairs of the bank with the exception or of the state bank of 0 escalante somewhat 0 out ut of the way of regular business channels there is now no bank function ing south of sevier county and the or organization of a new bank in pan duitch therefore looks very desirable for this reason a mass meeting of business and stock men of garfield county was held saturday evening at which steps were taken for the organization of a new bank to take the place of the lately de funch bank A committee composed of W J henderson J A worthen and W T owens jr was named to solicit stock in tile the new institution it will have the opportunity to buy in whatever of the assets of tile the state bank of garfield it may be disposed to purchase it if it can agree on a price with tho the receiver |