Kansas City daily journal., 1896-12-09
DEPOSITORS FORM PLANS.
ARRANGE FOR 4 SETTLEMENT OF
MISSOURI NATIONALS AFFAIRS.
New Bank 10 BE EstabIished-Ninety
Per Cent to BE Paid to Deposit
ors and Ten Per Cent TAX
en- in stock.

Three hundred depositors Of the defunct
Missouri National bank met at o'clock
yesterday afternoon at the Board Of TRADE
rooms and heard the report Of the com
1nittee appointed last week TO determine
on q plan Of settlement. The committee,
, through Chairman Charles 7. Hicks, made
the following report. which. after i thor
ough discussion, was adopted and signed
by nearly every one present:
we. the undersigned depositors Of the
missouri National bank. hereby agree that
If the shareholders Of said bank, or all or
a pert OF said shareholders, IN connection
with other persons. Will organize a new
1atio.s al bank with a capital stock Of not
les that Two hundred and fifty thousand
CSzO.gJgJ dollars, and that said new bank,
when organized. Will purchase or otherwise
saquire the assets Of the Missouri National
bank and assume and agree to pay its eX-
lsting Liabilities, then and in that event
we VIII, and do hereby agree to accept
payment Of cur deposits IN said Missouri
National bank, as follows:
"FIrst-Ten per cent OF the amount Of
our respective deposits in said Missouri
National bank We agree to accept in cap
ital stock at the par value thereof in said
new bank, and oar respective accounts
against said Missouri National bank are
TO be charged with 10 per cent of the
amount thereof upon the delivery of the
shares Of the capital stock TO us or TO the
persons herein named trustees for US,
who are hereby authorized TO receipt for
the same on our behalf
''Secoud-Twenty-five per cent of our re-
spective deposits shall be paid 10 US in
cash by said new bank on or before sixty
days from the time said new bank pur
chases or acquire the assets and assumes
the liabilities Of the Missouri National
bank which shall not be later than thirty
days after the acceptance of this PROPOSE
tion by the said parties proposing TO or
ganize said new bank.
-''Third-Twenty-five per cent Of our re-
spective deposits in said Missouri National
bank shall be paid to US in cash by said
new bank on or before six months and .
per cent on or before one year, and the
remaining 15 per cent of our deposits on
or before eighteen months from the time
mentioned in paragraph second of this
proposition.
''Fourth-The shareholders Of said Mis-
souri, National bank and the other persons
proposing TO organize said new bank shall
accept this proposition in writing within
fifteen days from December 10. 1896.
"Fifth-The board of directors of said new
bank shall consist of seven shareholders
three of whom shall be elected or appoint
ed from the present depositors of the Mis-
souri, National bank until the objects and
purposes contemplated in this proposition
are fully effected.
''Sixth-We hereby appoint as
agents or trustees for US for the purpose
Of carrying out the provisions of this
agreement, and for said purposes We here
by make. constitute and appoint the said
--, our attorneys in fact 10 act in
our names, place and stead, and bind US in
Fsr -Ha#
be necessary to fully comply with the pro-
visions above mentioned, and in our names
and on our behalf to take such action and
execute such instruments of writing as
may be necessary. II any. to enable said
new bank to purchase or otherwise acquire
Missouri National bank, and hereby
authorize them to change or modify the
terms Of this proposition, provided its main
features and objects shall be at all times
maintained. The action of a majority of
said above named trustees or attorneys in
fact shall be as valid and binding as If all
had Joined in said act, and in the event Of
the death, refusal to act or disability of
any of said parties, a majority of those re.
naming shall have as full power to act
as IL all had Joined the said act, hereby
confirming and ratfying all that our said
trustees or attorneys in fact may lawfully
do in the premises as fully in all respects
as If We were personally present and acted
for ourselves"
The trustees chosen were Frank F. Roz-
Eelle, James H Harkless. c. A. Brockett,
Charles r. Hicks. and Samue! B. Hough,
Rnd they viii proceed at once to carry the
matter out as outlined in the report All
depositors who want to sign the agree
fnent can find il at the office of Mr.. HouEh
el4 New York Life building. until other an
nOuncements ara made.
The plan Of forming a new bank. that
VIII pay 20 per cent to the depositors
and give them 10 per cent in stock in the
new concern, was spoken of yesterday fav-
orably by the depositors and by many
prominent business men who listened to i,
and whose counseIs had been solicited IN
the formation of the report and the action
OF the committee was said to be a most
happy solution OF what had promised to be
vcNed question.
In making that sort OF an agreement as
n proposal to the stockholders the com.
Inittee adopted something that had pre-.
NiouSly been approved by many of the local
stockholders, and Il was stated yesterday
that at least 100000 OF the necessary