The Paducah sun. [volume] (Paducah, Ky.) 1898-1906, 1904-06-08
Mr.. w. b. Smith, of Paducah,
Contracts for Bank Stock.
1t Is Probable He Will Become PIesi
dent OF the Western Bank OF
Louisville.
ONE STOCKHOLDERS OBJECTS


move to Louisville and acquire large
interest in one of the banks there. has
been revived by the Louisville papers.
and last nights papers assert that Mr.
Smith has made . contract to pur.
chase majority Of the stock in the
Western Bank of Louisville, deposit
ing $1,000 as q guarantee.
While some Of the STOCK holders seem
willing TO sell, il is not certain that
the deal will be made. The contract
signed up 10 TO deliver to Mr. Smith
by July is, go shares Of stock.
Mr.. Smith, who several days ago
denied that il was settled he was to
leave Paducsh, still denies it. He
states that while the Louisville papers
have in the main stated the facts, he
does not intend TO leave Paducah,
lesstwise not any time soon. Mr..
Smith states that the growth OF Padu-
cab is 90 rapid and business increas-
ing SO rapidly that he has no desire to
leave here at present. II Is known TO
be Mr.. Smiths ambition, however, to
become president Of Louisville bank,
and is expected that IL the present
deal goes through he will become
president Of the bank some time in
the future. Yesterdays Courier
Journal says of the deal:
The contract which Mr.. Smith holds
10 signed by himself. Mr.. Siege and
Mr.. Henry. The two latter entered
into an agreement to deliver to Mr..
Smith, ON or before July is. 760
shares of stock in the Western bank,
which represent the majority hold. |
ings. The contract further provides
that Mr.. Siege shall retain the presi-
dency of the bank for two months
after Mr.. Smith secures control, in
order that the latter may have an op-
portunity to wind mp his business
affairs in Paduoah and prepare to
come to Louisville.
IL is further stipulated that Mr..
Siege and Mr.. Henry shall retain
thirty shares Of Western Bank stock |
over the 760 shares which they have
contracted to turn over TO Mr.. Smith.
They are also required under the
terms of the contract to continue their |
relations with the bank for two years
from July is, in order not to estrauge
the present clientele Of the institution
The stock which will be turned over
to Mr.. Smith under the terms OF the
contract shall be sold to him at .
minimum of par end a maximum OF
i05. which provision defines the limi-
tations of the contracting parties in
securing the needed shares in the
bank.
AS guarantee of good faith In
the contract Mr.. Smith has deposited
with the Fidelity Trust company the
sum of $40 u share, making a total
Of 81, 600, which will be held by that
pending the contamination
Of the contract.
Mr.. Hetterman said last night that
he had never considered selling q
share of the stock which he holds 10
the bank, and that he is totally unac-
Iusinted with Mr.. Smith, and the ne
gotiations he has carried on. Con-
he said:
II have not offered a single share of
my stock for sale q. any price, and /
have no intention of selling out. The
bank is making money and want it
10 continue just as il Is. own more
shares OF stock in the Western Bank
han any other man in IL, and I shall
no plan for selling IL out to
'ome one else. have not been party
% such plan, and the reports which
my name with 1t were
Utterly false"
When asked If he knew of con-
raot whereby certain interests had
greed TO turn over to Mr.. Smith the
majority holdings of the Western Bank
Or. Hettorman said:
"They have made such a contract,
but the question is whether they can
10 it or not. They will certainly meet
ny opposition, and 1t is not a settled
question by any means that the West
I'm bank will pass into the control of
he persons who have agreed to sell
ut"
The report that r. Ereae will raliu-