Kansas City daily journal., 1897-02-10
COMPTROLLER ECKELs CONSENTS
TO MISSOURI NATIONAL PLAN.
CAPITAL MUST BE 100000.
MANAGEMENT MUST BE WHOLLY
DIFFERENT FROM THE OLD.
Mr.. Eckeis Modifies the Original Prop
osition Slightly, but the Changes
VIII BE Acceptable-New
Bank Will Probably
BE Organized.

Washington, Feb. 9.-(Special) Comp
troller Eckels, in a letter to Charles Ian
try. to-day outlined his acceptance OF the
proposition submitted for the payment of
the creditors of the Missouri National
bank. The letter is in reply TO that of
Charles r. Hicks, chairman of the depos-
itors' committee, presented by Mr. Ian
try. proposing to surrender their receiver
certificates to new National bank, to be
organized. and to accept in lieu therefor.
certificates to new national bank, to be
the face of such receivers certificates. pay
able. . per cent in sixty Gats. . per cent
in six months and % per cent in one year.
the remaining % per cent to be paid out
of the outstanding debts of the bank.
amounting to S546, ,934.7S when collected out
of assets considered to be slow, bad and
doubtful
After reviewing the proposition in some
of its further details, the comptroller says:
In view Of the fact that the suggestion
and plan, except as 1 have modified il, to
reduce the amount of Indebtedness due de-
positors has come from depositors and is
a voluntary act on their part, have deter
bank to carry out the purposes above set
forth upon the lines indicated. But in
stead of agreeing to capital stock of
S25O, 600, l shall insist that the capital stock
be $4,000. all fully paid up in cash. and
that the management be wholly different
from that of the Missouri National, and
bility and character.
1T must. however, be thoroughly under
Missouri National bank that any action
taken by him in furtherance of the plan
suggested by creditors and shareholders
must be a voluntary act on his or her
part. without any coercion, and after hav-
ing fully informed himself or herself upon
the whole matter. The same suggestion
applies to the position to be taken by the
shareholders of the Missouri National bank
in the acts to be performed by them.
When there is submitted to me evil
deHce in writing, within forty days from
the 18th inst, of the voluntary willingness
| OF the creditors to do as it Is stated they
desire to do, and the willingness of the
the necessary papers to organize new
national bank. will formally approve OF
| the plan.
Il do not wish the matter placed upon
| the level of a speculation. and the propo-
sition is only entertained on the ground
| that those whom you represent to be back
| of it are reDuted to be men of character
and responsibility. some of whom were
unfortunately connected with the Missouri
National bank, but not identified with its
active mana cement. The new bank. il
started. must be surrounded with such
safeguards as to make 1t a successful in
stitution."
The letter was given out at the comp
trcIler's office this morning in the absence
CT Mr.. Eckels, who has gone to New York.
H p Clark, who was assistant cashier
Z
received telegram from Charlie Lantry.
who is in New York. that Comptroller Eek
els had forwarded to the committee for re-
organization the provisions under which he
would be willing to have the proposed new
bank undertake business the successor
of the defunct Institution. The letter con-
tanning his ideas and suggestions made few
alterations from what was contained in the
proposition that was made through the de
positors committee last week. The main
change is that the capital stock must be
$2OO.C00 instead of s25OO00. That portion of
the suggestion will he acceptable to the
organizers. and il is quite probable the de-
tails will be speedily completed.
Cashier Covington and Assistant Cashier
Clark were highly pleased yesterday over
the announcement. and said the modifica-
tionS suggested by the comptroller were
perfectly acceptable. and would be no bar
whatever to the carrying out of the plan.
They were of the opinion that all details
would easily be completed and the whole
affair closed up in a short time
Nr. Clark represents the interests of Ma
jor Calvin Hood in the bank. and he and
Mr.. Lantry. who is also heavily interested,
have been the active ones in the plan for
the reorganization of a new bank to carry
on the business and settle up the affairs
OF the Missouri National without the heavy
expenses of Teceivership. which would
largely deduct from the cash.