The daily journal. (Salem, Or.) 1899-1903, 1901-05-29
LIVELY MEETING
OF DEPOSIT0RS
discuss Resolutions Relating to Oil-
bert Bank Failure.
Committee Appointed to Investigate
and PepOrt 10 Another Meeting.

I
AZ the meeting Of the depositors oi
lGnbort grVs'. bank held Toesday an IN
tsresiing session was held. Sesrly 100
people Eere present, ladies AID gentle
men, mostly depositors.
The meeting sss called TO order By >.
]. Damon. who stated that the meeting
was not exactly funeral, bat rather
meeting 30 take care Of the eorpss.
". /. sialey was unanimously chosen
a. chairman, and Mr.. James WinstaB-
ley - secretary. The pubiishsd call
Eas reed. and then the following resolu-
tons Vere introduced:
Whereas, II appears from the report
u the Temporary receiver IN The matter
q The suspended Gilbert Bros. bank. q
salem, that valuable securities we're re-
moved from the bank within q short
time previous 20 its s1speDsiOD, and
Whereas, u such collateral securities
are permitted ~ BE- uIihdraEn from the
general assets of the bank il will create
= preference in the interest Of certain
creditors and deprive all other creditors
q the jnFi share they are entitled % re-
eeive, and
Whereas, The establishment Of such
precedent would not Only work a great
injustice 10 AL creditors not % preferred
and DESTROY the Confidence Of the public
IN al hanks in this community aud
Eork q lasting injury 20 business inter
ests in this city, therefore b. Il
Resolved, That we ss creditors protest
against such a course being pursued as
Eiil iegalize the removal Of such securi.
tee IN any manner or create any such
preferred class Of creditors, and we ssk
that the petition iB bankruptcy be al
owed and a disinierested trustee be
named who is acceptable TO the credit
ofs In general.
A. y. Moores argued that the resoIu.
lions should not be adopted hastily and
thought the receiver WV Ia treat all
alike. lie moved that the resolution be
referred TO committee Of three 70 lie
reported upon by them at future meet.
lng. y. J. Damon moved 20 amend by
having the committe report 70 ,hi.
meeting. DIR. Meredith supported the
original motion.
Mr.. Damon stated that Mr.. Bush Is q
heavy holder Of securities, and objected
Mr.. Catch as.receiyer pointing out thai
.he only way 10 bring back TO the banl
Eae by proceedings in bankruptcy. II,
,lso suggested that no securities should
Dc given ont for attorneys fees not yel
armed.
Mr.. Ford then spoke against th,
amendment. lie said that he was act
ing in good faith and that the Gilber
Bros. are not insolyent, and he ale,
hought that Mr.. Catch is homes
md will do justice 10 all depositors
le also thought Mr. Thielsen had no
found ali the assets
The amendment vas Withdrawn an
another amendment was offered increas
ing the committee TO five, which wa
accepted.
Mr.. Bigger stated that with the repor
Of the Temporary receiver at and Il
apparent Jhat the bank is insolvent an
also showed tn unless the case can b
taken into the bankruptcy court n
withdraw securities can be restored
lie also showed that the appointment Q
Mr.. catch AZ receiver is the result Of
suit Of the Cospor heirs, and that sue
suit must rcsult against the inter
est Of the depositors genrally. II
advocated the adoption Of the resolution
Mr. Slater asserted that Mr.. Bigge
Saa mistaken in his statements, an
advised that the deposilors employ =
attorney 10 protect their interests
lie also stated that he proposed TO with
draw as Mr.. Ford's attorney aud appea
Tor himself AZ against the Cooper heir
J. n. Brown appeared as an insecure
deposition aud attorney Of Gilbert Bros
"ior the purpose Of lighting the CospeI
heirs" lie also charged that the ten
porary receiver had not made a CORE,
appraisment Of the assests, lie the
called for Mr. Cockerlin, heavy d'
positor, 10 speak. That gentlemai
made a little plea for hormony an
hoped the committee would be appolnte
aud given time 10 report.
The motion Was then adopted n
chair named the following COMMITTEES
n. j. Damon, ii. II. Ragan, w. !
Mott Mrs A. =. Eppley and A. }
Moores