Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-02-24
Bank Capitalized at $4,000.


determined late this afternoon.
Bank Capitalized at $4,000.
The Green Mountain bank is capital
lied at $4,000. and at present has de-
posits of about $1,000. The deposits
have fallen off within recent months,
naturally owing to local conditions.
Bills receivable are estimated at APP
proximately $4,000. The opinion of
those interested is to the effect that
depositors in full, and that the loss
will fall wholly on the stockholders.
President Mac Diarmid also gives this
as his opinion.
Omaha capital is largely interested
in the bank. DR.. Stuart B. MacDiarmid,
a Well known physician of Omaha, ana
a son of one of the pioneer newspaper
men of that city, is president of the
bank. The vice president is Walter
Thomas, of Green Mountain. ID. A.
Johnson, who came to Green Mountain
from Omaha, is cashier. E. l.. Collins,
Of Omaha, is a director, and was one
Of the promoters of the bank. Miss
Helen j. Edwards, of Omaha, is aud
itor. Mac Diarmid, Collins and Miss
Edwards are among the heavy Dor
rowers and endorsers at the bank.
Trying to Sell the Bank.
Today President +. f. McElhinney,
of the Blackhawk National bank. Wat
eroo, is at Green Mountain, acting
as trustee for the banks stockholders,
with power of attorney to sell uhe bank.
He is trying to interest the farmers
of the cooperative company to take
it over. reorganize, and put the insti-
tuition on its feet again. Word to the
T.-R. from Green Mountain this aft
ernoon is to the effect that the prop
osition was sprung on the farmers so
suddenly that they are up in the air.
and as yet give no indication of any
inclination toward buying. Walter
Thomas, the vice president, claims to
have known absolutely nothing of the
banks condition until Friday after
noon, when an application was made
to the state auditors office for some
one to inquire into the banks condi-
tion.,
McElhinney is Hopeful.
President McElhinney, Of the Black
hawk National, Waterloo, who is nego
tiating the sale Of the bank, said
this afternoon to the T.-R. that he was
in hopes that arrangements could be
made whereby the farmers Of the
Green Mountain neighborhood would
take over the bank. THE farmers
are coming in this afternoon to meet
me-" McElhinney said, land the pros
poets appear very favorable for sat-
sfactory-sajustmenta and sale. We are
now going over the papers, but will
not know just how matters stand I'M
til tonight"
Collins in New York.
A dispatch to the T.-R. from Des
Moines this afternoon gives some in !
formation as to what precipitated the
trouble. The dispatch follows:
Frank E. Roberts, of the state bank |
ing department, returned from Green
Mountain this morning, where he
closed temporarily the Green Mountain
Savings bank. State Bank Examiner
LELAND Windsor was sent there to
nave charge until REIMBURSEMENT is eff
,ected. The bank has $4,000 capital
md $1,000 deposits. Last week one
Q. l.. Collins, of Omaha, who is
;tockholder and chief promoter of the
oank, drew draft on New York bank
'or $500 against a man named Moore,
Who owed him. The draft went thru
he Iowa National bank and in New
York was protested. The draft was
% pay notes against Collins held by
he Green Mountain bank. Collins
vent to New York and adjusted mat
ers SO that $1,000 was paid on the
lraft, and it is believed the remainder
will be paid. DR.. MacDiarmid, of ON
lha, is president, and owns sixty-tWo
shares Of stock. Both men have heavy
Indebtedness at the bank, and the de-
,artment feared they might not be able
o pay. Both are practically unknown
lmong Iowa bankers. President f. +.
IcElhnney of the Blackhawk National
,ank of Waterloo, is stockholder.
lie has gone to Green Mountain and it is
tated that Waterloo or Des Moines
,ankers stand ready to buy the bank
md reopen it at once, the Omaha peo-
lie having desired for some time to
ell out The bank has loaned money
O outside persons, on Endorsement of
he Omaha owners, but they say the
money will be forthcoming to pay all
heir obligations. D. A. Johnson is