Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-11-17
.AFFA||RSOF FA|[EDBANK
Another Meeting Of Commercial Bank
Depositors Held and Encourage.
ment is Held Out.
Messrs. Perrin and Fash, stockhold-
ers, Offer to Make sacrifices if
Necessary.
Proposition If Still Open Will Be
Accepted Attorney to Be
Employed.

GMpAUy Ous
Another meeting of the depositors
of the failed Commercial Bank was held
in the east court room this forenoon,
called by Chairman Lampman and Sec |
rotary Pierce at the request OF many
of the depositors to decide on plans for
future action in connection with the
bank affairs. The meeting was attend
ed by between seventy-five and 100 de-
positors, and although considerable
time was consumed in getting at the
objects of the meeting, the final result
was most encouraging, especially in
connection with an offer of Messrs. Ez-
ra Perrin and Henry Bash to turn over
to the receiver enough money for a 20
per cent dividend
Mayor Pierce stated the object of the
meeting briefly, saying that in his opin-
ion it was not business for the deposit
ors to be unrepresented In court while
the stockholders were. Then discussion
commenced Opinions We're expressed
that 1t looked as though the receiver
had favored the stockholders more than
the depositors; the action of the receiv-
err in allowing stockholders who We're
now reported insolvent to draw divi-
dends from the bank was Questioned,
and the old story that some depositors
had been paid in full was repeated.
Rev Bordahl thought that too many
lawyers We're interested in the matter
already. Mr. Henry Stone wanted the
received summoned to explain why de-
positors had been paid between 5000 and
$500 as settlement in full. All these
questions were later explained to the
apparent satisfaction of all, and the de-
positors were in much better humor
when they were informed that at least
two of the stockholders had manifested
a disposition to do even more than their
share towards paving the claims in full,
Mr.. j. c. Myers, of Liscomb. said he
had been approached with proposition
from Mr.. Ezra Perrin and Mr.. Henry
Bash, two of the stockholders. which
was in effect that they would turn over
to the receiver enough cash to pay an
ether dividend of 20 per cent, thus
bringing the total of the dividends paid
up to so per cent. provided the sale OF
the remaining assets was postponed for
a time SO they would not have to be
sacrificed. the two stockholders then to
| receive back any amount left after the
| banks affairs We're settled. Mr.. Myers
| said that so far as he was concerned he
| favored accepting the offer but he UNI
derstood that the receiver, on the adj
! vice of his attorney, had refused 1t, al
| though Judge Caswell favored 1t. AS
| there is now about $4,000 in the ieceiS-
| er's hands the offer of Mr.. Perrin and
| Mr.. Bash was equivalent to turning
| over $1,000 in cash.
Mr.. Cummings and Mr.. Boardman
| expressed decided opinions in favor OF
accepting the proposition IL 1t couio
| again be secured from the gentlemen,
and a motion was made that commit
Itee be appointed to wait upon them TO
LEARN whether or not they would renew
Lii. This motion was later Withdrawn,
after Receiver Whitton had come to
the meeting and had explained that he
understood the offer to be simply IN the
form OF loan, which he did not think
ihe could accept under the law. The
meeting then drifted to other matters,
land Mr. Wilton was questioned as to
icertain transactions previously re-
fcrred to- He said he had paid no
1 claim in full except some small
lamounts under $40, and when he
LEARNED that he had erred he made the
lamounts good from his own pocket;
/ that other claims paid were where de-
! positors were also debtors to the bank
and that the deposits had been allowed
Ito offset the debts. as the supreme
court holds shall be done.
MIR. Whitton was charged by several
! present with having paid to George
! Shelter. as treasurer of Banner Lodge,
liz. O. o. F., about $500 belonging to the
lodge, but he emphatically denied hav-
ling had any transactions with Mr.
shelter since the bank closed its doors.
Mr.. Shelter was sent for and came to
the meeting. He threw light on the
transaction and showed that the money
had been secured in an original way by
drawing draft on the bank and send
ling 1T to Chicago for collection. This
was done as soon as the bank closed its
doors The drafts outstanding were all
ordered protested by the state bank ex-
aminer. then in charge of the nstitu-
ton. but were later ordered paid, and
this was among them. Mr.. Whittor
therefore knew nothing about the Incl
dent.
Judge caswell, who was in the cour,
mouse, WAS Tcpuesled W SoiiiS 'AAeo 49,
meeting. He did so and gave valuable
counsel. He explained the Bash anc
Perrin offer as made in another ligh1
than that in which the receiver had un'
lderstood it, and he expressed the opin-
!, ion that 1t should have been accepted
, The Judge also suggested care in the
meetings of depositors and that he be-
lieyed much more would be gained BY
showing good will towards the stock
holders than by making threats. HI
also suggested, when asked for an opin
lion. that it would be good plan to EN-
lploy some competent man to look aftel
the depositors' interests in court.
1t was finally agreed on mo
ton of Mr. Cummings, that the chail
select some one to confer with Messrs
Bash and Perrin and that the receiver
be urged to accept the offer II 1t !!
made again. Mr.. J. c. Myers, of Lis
comb, was selected to confer with tn,
gentlemen.
|. A committee OF three was appointed
lin the persons of James Hall, j. c. My.
ers and T. C. Cronkleton, to raise fund
to pay an attorney for the deposition
and to engage one. 1t is probable thu
one of the attorneys among the deposit
ors will be selected. A resolution wa
l