The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1903-04-09
Kenosha State Bank Fails to Open to
pay Depositors as had Been Ex-
pected This Morning.
K0MP CLAIMS SOLvENCY FOR 1T.
States Attorney General Comes 60 Kenosha
to be Appointed Tomorrow.


bank was perfectly solvent and would
pay depositors dollar for dollar, the ex-
aminers declare that when the bank
opens again it will be opened in the
hands of receiver named by the
courts.
The settlement of the affairs of the
institution will be taken up before a
court commissioner late this afternoon.
The complaint for the closing of the
bank has been made out by State At
torney Sturdevant, of Madison, and he
will arrive on the 4:42 train this even
ing and make the formal complaint in
the matter. During the day Assistant
Examiner Knott has been in the city
and has had charge of the bank prop
erty. The complaint will be made in
the local courts in order to give Mr..
Komp and his associates in business
every possible chance Cto make good
their promises as bankers and to allow
the depositors to realize on their de-
posits with the least possible expense.
President Komp returned to the city
on Saturday evening and was c1oseted
with the bank examiner for several
/ hours. At this interview efforts were
made to make some arrangements by
which the bank could resume business
by the payment of the depositors, but
this plan was not in accordance with
the State law, and the examiners have
demanded that the capital stock of the
institution be made good before the
bank is again opened to secure the
funds of the public.
President Komp was in Chicago on
Sunday and this morning it was i'm.
possible for any statement to be Sc
cured from him. In the meantime the
depositors have called at the bank in a
steady line and ali have tbeen given
the same answer "The bank is in the
hands of the State Examiners" Sat
urday evening hope of payment in full
was held out to the 'depositors by AS
sistant Cashier Melville, but at the re-
quest of the examiners he finally re-
fused to make any statement to the de-
positors who called to secure their
| funds.
The investigations of the examiners
seem to indicate that President Komp
was the only man who knew anything
of the affairs Of the bank and Cashier
Maloney and Assistant Cashier Mel
vile knew little or nothing of what
was going on in the inner circles.
The Kenosha Trust company seems
to have largely furnished capital for
the bank and for the allied companies
which had been established by Mr..
Komp in the last few months. Among
these institutions were the Bank of
Salem, the Komp Investment company,
the Bank of Wauconda, ILL.,, and of
! other days the firm of F. S. Komp &
Co.. bankers of Chicago.
These companies figured largely in
the business of Mr.. Komp in Kenosha
and furnished abundant stocks to pro-
vide capital for the different com
panies. The statement of the ex-
aminer is being completed and it shows
that the capital of the bank is not only
wiped out, but that there will be a
shortage in the deposits to the amount
of $500. Of course it is possible that
this amount will be paid into the bank
today or tomorrow by Mr.. Komp and
his associates to make the deposits
good.
The investig ations Of the examiner
how how the capital stock of the
bank was made up. It is queer mix
ture of securities. Of course first and
foremost was the stock of the Keno
sha Trust company. After this came
a note secured by coilaterals which
could not be found good, then came
some old election certificates of the
city of Chicago two years of age and
alleged to be issued in duplicate and of
no value. Due from banks and bank
ers was So, 500 from F. S. Komp & Co.,
of Chicago. In regard to this asset a
Mr.. Powers, former partner of Mr..
Komp's claimed that the latter had not
cent coming from the old firm. The
remainder Of the assets was lease on
the bank building valued at $6,O75 and
any real estate man in Kenosha will
know that this asset is va1ue1ess.
The furniture and fixtures of the
bank are valued at $4 300 and the bank
examiners figure loss of $500. An
examination of the stock certificate
book of the bank shows that the fol-
lowing certificates of stock in the COM
pany had been issued: To Frank S..
Komp, 243 shares; to H. M. Komp, /
share; to Charles Eisen, of Cincinnati,
O. shares; to M. c. Pahlman, address
unknown, share.
This is the stock as shown by the
certificates, but in the recent report of
the bank it was stated that Gottleib c.
Gregg, of Chicago, and George M. Mel
vile and Frank T. Ma1oney, Of this
city, were stock holders. No certifi-
Gates of stock had been issued to these
three men. Attorney Gregg is we'll
known in Chicago and it was alleged
that he was director in the bank, but
when he was seen by the examiners
he stated that he was not a director
4 49, l. A.. q