Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-06
NO CONFERENCE HELD
EXPERIENCE OF A. COMMITTEES
OF TEE TRADERS BANK.
Representatives pf Proposed Purchase
of a CoRtrolswere Not Present
as Arranged.

A COMMITTEES appointed by the directors Of
the Traders National Bank to meet repre-
sentatives Of certain interests desiring to
submit proposition relative to a change in
the control Of the bank met this morning at
the appointed place.
The members were informed on behalf OF
the gentlemen whom they we're to meet
that the spokesman of the party had been
called to New York, and therefore the con-
ference could not be held. 1t was hoped,
they were told, that another meeting could
be arranged. to be held next week.
1t Is not known definitely what is the ma
ture OF the proposition that was to have
been submitted
1t Is known. however. that, as stated
some time ago In The Star. the recent pub
lie purchase Of stock Of thos bank was made
In behalf OF men who are connected with
large enterprises In the south and already
contr0 several small banks. 1t Is also
claimed on their behalf that they can con-
troll the business of the SeabOard Air Line
and other large accounts.
While not precisely stated. the general
understanding is that their proposition con-
templates the purchase Of about third OF
the 2,OOO shares of the stock or the pank,
providing they can get it at the present
market price The. balance of the stock
needed is to be passed to their control by
proxies. They then design to put their own
man. In the presidency, and have two or
three men on the board of directors.
This is what Is inferred is the general
nature of the proposition which was to
have been submitted at the meeting today.
1t may also be added that 1t Is understood
the committee representing the bank are
prepared to veto any such proposition. ous
1t was thought proper that the courtesy
should be paid OF giving the matter due
consideration.
1t may also be added that there is entire
satisfaction with the present management
OF the bank as shown by the small result
Of the recent effort to buy stock from indi-
vidual stockholders. 1t Is believed that be-
tween 200 and 400 shares were secured In
this way. Then 1t was the originators OF the
plan came to the management or the bank
and asked that their proposition De consld-
cred.
In one respect the situation as to this
bank Is UNIQUE. as a majority OF the stock
Is held by the members Of the board of di-
rectors. while the balance of the stock Is In
strong hands The advance in the quoted
price has brought but few shares out,
which is regarded as strong proof OF the
satisfaction of the stockholders with the
The highest offer known to have been
made for the stock Is s160 per share, al
though 1t Is the opinion Of some that the
parties that want a control OF the bank
share for one-third interest providing the
other conditions were complied with.
Mr.. George c. Henning president of the
bank. in an interview with a reporter for
The Star today, said:
1.-The Sea board Air Line has made no
direct proposal to the bank in regard to
securing the control of the institution.
While, out of courtesy. the directors would
be obliged to listen to a proposal of such
nature from any one, If it came in a re-
spectacle manner, yet it seems to be the
sentiment of the officials and directors that
the company could not offer enough to in
duce them to sell
Il am Of the opinion that no such sale will
be made. There is nothing authentic in
the report that they have offered to buy
the controlling interest
1.-The directors Of this bank either own or
control over / 200 shares of its stock, and
propose to care tor the interests of the
minority stockholders to the fullest extent,
and intend that no control shall pass IN
less all the stockholders shall share and
share alike"