Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-10-14

this city today. Politics was not the
object, however, and the assemblage
was composed of people of all shades Of
political belief and of both sexes. They
simply got together to devise ways and
means of getting their money out Of the
mismanaged and defunct Commercial
Bank
Judge Caswell returned from Toledo
to hold special session of court today
to take steps to wind up the affairs of
the bank. The depositors and stock
holders had been requested to be pres
ent, and when court convened at 10
O'Clock there were in the neighborhood
of 100 Of the latter in the room All
sections of the county were represent
ed. The outcome OF the gathering is
that the depositors have made an offer
TO the stockholders that Will wind
up the affairs at once. but If this is not
accepted steps will be taken to sell the
assets at auction, assess the stockhold-
ers to the full amount of their stock
and the grand jury will be called upon
the part of the officers and directors of
the bank about the time it closed its
doors
When Judge Caswell learned that the
ldepostors had not met and agreed upon
a plan of action, and that the stock
holders We're as much at sea as the de-
positors, he suggested that the forme,
assemble in the east court room and
!
ed that the stockholders get together
but so far as observed but two of the
Halter We're present. The depositors at
once went into session in the east room
and pretty lively meeting, lasting
until the noon hour, ensued.
B. F. Cummings called the meeting
to order and S. o. Lampman was asked
to preside. r. G. Pierce was chosen
secretary. Several lawyers are among
the depositors and they led in the dis
cussons and suggestions. AS the first
step in the proceedings and in order to
find where they are at. Receiver George
1 Whitton was called in and was asked
to make report. He was under a
cross-fire of questions for some time
all good natured and not directed at
him, but with the object of revealing
some things in regard to the affairs OF
the institution prior to his appointment
as receiver. The result was that the
Idepositors wefe placed in frame of
mind to go after some of the bank of
ficers and stockholders with a legal
club if they do not show disposition
to tote fair, although the depositors are
probably feeling much better over the
condition of affairs than are some of
1.-THE stockholders who are we'll to do and
who will have to bear the burden of any
shortage in the assets.
4 Receiver Whitton reported the
amount of cash on hand to be s2.4O0
Dividends to the amonnt of SO per cent
have already been paid. Among the
assets are s4,lO0 due from the Farmers
Loan and Security Company, the wheel
/ formed within the bank for the purpose
jof handling its real estate; stock in the
ICarbondale Land and Coal Company to
4 the amount of $4,000. secured By first
/ mortgage and good in time; $4,000 OF
stock in the Credits Communication
i Company. of Sioux City, which is worth
practically nothing; stock in a LeNIars
and Kansas City bank, the value oil
which is Indefinite, and various notes
for smaller amounts, most of which car
be realized upon. The total assets
lamount to about $650 900, and in the re
alceivers judgment about 40 per cent, oil
/ $4,000 worth, are good. There is due
ldepositors $4,000, provided no interes
4 is collected, or $4,000 il interest is in
sisted upon. This leaves deficiency
of about $4,000 for the stockholders II
4 make good If an assessment is Levied
on the stock.
i The receiver was questioned closely
about certain notes which were
not turned over to him. All he knew
about this was that a creditor hat
j called upon him to pay a note and h,
did not have 1t among the assets. i
was revealed, however, that this mar
lowed three notes, and that Vice Presi
: dent Hildreth had one in his possession
and the money, about $500. was paid t.
him. Mr.. Bash and the Sherman estat,
held the others. 1t was also developed
q that some of the stockholders had dis
posed of real estate, taking in paymen
certificates of deposit on the banl
and collecting a portion of the divi
dends declared by the receiver.
Il The depositors obtained more light or
the condition and affairs OF the banl
than had before been revealed, and will
Il the information at hand were ready Il
take some action. A committee, con
sisting of Henry Stone. j. C. Myers ant
T. c. Cronkleton, was selected to draw
up a proposition to the stockholders t,
the effect that if the latter would pa.
! the depositors the face of their claims
all the interest would be thrown off ant
) the assets of the bank would be turne,
over to them for handling as they saw
J fit. This proposition was unanimousl!
adopted, and five days We're given tn
stockholders to accept and sixty day
in which to make the payments.
In case this offer is not acceptable. /
) was thought best to be ready to tax
action in another direction, and com
mittee consisting of C. H. f. Boardmar
DIR. w. C. Payne and Mr.. Whealen wa
. |appointed to draw up In writing some o
the suggestions mutually agreed to. TIL
committee reported a set of resolutions
dependent on the acceptance of the frs
proposition. asking the court to orde
the receiver to dispose. at public auc
ton, of all the assets of the bank: tina
he levy an assessment Of 100 per cen
on the stock to make good any deficien
cy: that the receiver enforce the pay
ment OF the full amount of the stock Q
! the Farmers Loan and Security Com
! pany. which was never paid; that n
firth arf dtvfdan6 fa ma IA m atockh hold