The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-07-30
OFT IS IN CONTROL
Secures Majority Stock Of
Citizens State BanK.
Will Reinstate Z. s. G.resser as
Cashier.
OLD OFFICERS RESIGN.
M. f. SOuthwick Will Be New
President.
Old OFFICERS RESIGN.
Interest of DR.. w. s. Woods Of
Kansas City Purchased.

"A AAACCtAiS VI the DOaTQ OF directors
OF the Citizens bank of North Topeka
will be held this afternoon when a
complete reorganization or the insti-
tuition is anticipated. The designations
OF DR.. w. S. Woods of Kansas City.
president w. S. Bergundthal. cashier
and Glen Hostutler, assistant cashier
viii be presented to the board The
reorganization is made possible by the
purchase of 12S shares of stock held
by DR.. Woods of Kansas City, by S. S.
OFT of the Central National bank of
this city.
It is understood that this stock
which represents a majority of the
pank's stock has been purchased for
NJ, M. r. Southw1ck, who will be the new
president and E. S. Gresser who was
until SIX weeks ago cashier OF the
pank. 1t is said that the stock pur-
chased by Mr.. OFT commanded a pre-
Woods received exactly two dollars
for every one represented by the
stock
M. F. South wick who is slated for the
presidency of the Citizens bank is well
known in the banking circles of the
state and is president of the Bank OF
Palmer, the Carbondale State bank and
the Farmers and Merchants State bank
of Greenleaf and vice president of the
National Bank of Clifton and the Ex-
change Bank of Linn. Mr.. Gresser has
been cashier of the Citizens State bank
for the past ten years with the exception
of the past six weeks
The deal for the stock controlling the
bank was completed last night when
Mr.. cit closed the deal by which 12S
shares held by Dr.. Woods of Kansas
City was transferred to him. 1t is said
that the stock was purchased for Mr..
Southwick and Mr.. Gresser who are
slated for the positions of president and
cashier. The remaining positions in the
bank have not as yet been settled and
will not until after the directors meet
ing this afternoon.
The change will be complete, how
ever, as the designations of w. S.
Woods, president, and w. S. Bergund-
thai, cashier and Glen Hostutler as
sistant cashier, are now in the pos
session OF Mr.. OFT for presentation at
the meeting of the board today. A
portion of the stock purchased by MT.
OFT of DR.. Wood represents SO shares
of the holdings of Peter Smith, the
former president of the institution.
Mr.. Smith retains "a shares of
stock but owing to his ill health will
rot participate in the active manage
ment of the bank under the reorgan-
ization. 1t is said that a considerable
number of shares of the stock have
been distributed among the patrons of
the bank in North Topeka and that a
new board of directors will be elected
al the next annual meeting of the
designations Asked For.
The change in the affairs came as a
surprise to the present officials of the
bank as none of them were aware of
contemplated change at noon yesterday.
An hour or so afterwards S. S. OFT OF
the Central National bank called Mr..
to one side and asked him
for his resignation as cashier. He was
asked for his authority and produced a
letter from DR.. w. S. Woods Of Kansas
City stating that he had disposed OF
his holdings to Mr.. OFT. Mr.. Mostutler's
was asked for and received
at the same time and the resignation
of DR.. Woods as president of the bank
accompanied the sale of his holdings. II
has been known for some time that the
holdings of DIR. Woods were for sale
but it was currently reported that they
would be sold to Peter Smith and that
ne would be reinstated as president Of
the institution. Mr.. Smiths illness, ne
cessitating a trip to Excelsior Springs
Tor his health, where he is at this time
delayed the proposed deal and in the
meantime the stock was sold to Mr..
Dit who represents Mr.. Southwick. who
will be offered the position of president
.oday and E. S. GresSer. the former
cashier, who will be reinstated
1T the directors meeting this evening.
There have been a number of rumors
afioat for the past day or so that Mr..
Sresser would start new bank on the
corner opposite the Union Pacific depot
out the bank will be continued in the
bank officials claim that they have
ease on the building which will not ex-
,ire until in June but the owner of the
property, James Stewart, who is one or
he directors, claims that this is mis-
AXE.
There are a number of rumors TO the
fleet that as soon as Peter Smiths
,ealth improves sufficiently to warrant
ictfve work that there will be another
,ank established with his name at the
read as president and that the bank
will occupy the building now occupied
" the Citizens bank. Mr.. Smith is out
If the city and the rumor cannot pc
lenied or affirmed
81 haven't anything to say about
he change said Mr.. Bergundthal. 1t
vas all a surprise to me and knew
.othing of the change until my resig-
,ation was asked for yesterday after
,oon bv Mr. OFT and as he had the
1 resigned. I VIII take up
nv real estate business again, COM
nencing tomorrow as soon as 1 step
,ut of the bank.
Mr. Hostutler, who has been assist
MT cashier for the past six weeks.
Tho handed in his resignation under
he same conditions as those which
,,rro1Ind Mr.. BergundthaIs resigna-
ion. will look after other bank inter-
sts which he owns, being vice presi-
ent of the Bank of Arcadia and the
.itizens' bank at Axtel.
Mold Trustees Collected S19,S44.6zO.