Kansas City daily journal. [volume] (Kansas City, Mo.) 1892-1897, 1896-12-06

1t was an informal meeting, as the stock
hclders present had no authority to repre-
sent the others or the bank. There were
several plans of settlement proposed. One
was to form new bank take up the assets
of the old one, and settle in full with the
dcposltors. Other plans were suggested,
cded on. At the afternoon meeting some
thing took place that sent some of the
members Of the depositors' committee out
of the rather brief meeting in an angry
state of mind They refused to say what
had taken place, but their displeasure was
evident Another meeting will be held
Monday. and there will be mass meeting
of depositorS Tuesday to hear the report of
tn" committee. The mass meeting was
called for Monday, but owing to the action
of Examiner FOrman in denying the COM
mittee any information, the meeting was
necessarily postponed, and the committee
hopes to be able to induce him to give
report can be made. If he persists, some
other plan will have to be taken.
Yesterday morning the commission of
Washington and is in possession of Mr..
Forman. the examiner. Mr.. Wallace will
file his bond for $4,000 early in the week.
ana when it is examined by Mr. Forman
and formally approved by Judge Philips
in the federal court he will be in position
to take charge. of the banks assets. That
will probably be about the middle of the
week. He said yesterday he was not in
a rush 20 get in until he was somewhat
familiar with the situation.
".
stockholders CT the bank went to work
trying to induce the nonresident stock
holders to come to Kansas City by Mon
day. so as to get together and formulate
plan or appoint a committee represent
ing the stockholders. to meet the deposit
ors. with power to make or receive pr0po-
sitions.
1t has developed that local stockholders
as a rule hold small amounts. Some who
originally held large blocks of the stock
have disposed of it, so that more than half
the stock is held in the East. and delay
in reaching all the interested parties was
unavoidable. There IS reason to believe
large part of the stock will be represented
here on Monday. and some decision as to
what will be done will possibly be reached.
With q committee from the stockholders
authorized to act. the committee from the
CeDositors can meet, ana propositions that
may be made can then be secured to re-
port to the mass meeting of the depositors
on Tuesday. As yet there il only vague
plan for the organization of new bank or
iiquidation by mutual agreement through
I. trustee.
Stockholders, as well as deposltors are
indignant at the unseemly haste manifested
in appointing a receiver. and both viii unite
on reasonable grounds to avoid long, eX-
pensive settlement by that means. 1t de-
veiopa that many of tn" local stockholders
Know quite as little Of the condition of the
bank as do the depos.tors. and several OF
them said last night they fully expected to
have their holdings Of stock practically
wiped out by the bad paper held by the
bank They may he wrong that point
as Examiner FormanS lack of local infor-
nation has caused him to make some de-
of 5000 that Gad been marked bad has
been paid and has another for $500
IS secured by over 100000 worth of first
class Kansas City property. owned BY
solvent company, that can pay the note
any day payment is demanded. 1t is posi-
BILE his judgment is at fault on other pieces
of parar. so mat the amount of bad PAPER
may be materially reduced.