New-York tribune., 1908-08-09
MORSE SCHEME FAILS
RINK OFFER REFUSED.
ro,,.ro7Ier Directs EeceiUer Hanna
. 10 Proceed scith Liquidation.

Hanna.
-, - North America has been instructed by
ha-A -. Te-ufx and Acting Controller of the
- rot 10 accept the funds offered by the
- realization Company to pay off all the
s.,-s with interest, the scheme by which MT
- hsped to regain control
az. -a3.-sr sIso has been instructed by the Con-
- : .Ra currency TO proceed with the Hquida-
rT0asi = - bs,k As prescribed by Law. and the
oeA s.t,n = ~ Mr. Morse that he eventually woula
,,asssssion of the concern therefore is
s.s-,ed 70 failure ,. %
4hs - ,Fe affairs OF the bank TO Mr. Morse
So 90. he assets Realization Company was re-
ih''-t .e,srsav bv Mr. Hanna from the deputy
sps acting eon'Toile''
ietter OF the Sd inst is received stating d, tTa1
1oeI .ess-tstive 80 of the Assets Realisation Com
fhe 70 - informed you that the company mas
lb receivers certificates OF tle az ~ % s
soh America 10 the aiouhl oI sIel-,o $500 70
q Noi. Lf-b "a l,er cent dividends nave ALREADY
- neid BY the receiver ana taat & t11e ~ ias
assTS - sum TO pay of aIl the depostors with
-+s-se1 that date lou VS., .s us 9 7-enare
Es.Fe- xog shall accept TINS tenoer anu ~ ieta.
EneiAsl 80 ,baeks for such Of these certihcate
tsse~S as have not sold their cerIncdles. .,s :,
sg--e is--er Of the 4th inst Is also received IN
1 1o-- - nv letter requesting YOU TO state what
srrsngen5nis s.-s e+@-t-Solie~s of the bank what
l.----- - of stock the company owns ana cofuois
S.o,b bat * the sentiment Of the minority stock
S-isers IL regard 10 the proposuoh OF TINS SoiiI
v.eu inclose with this letter copy OF the
= -be Assets Rea iZation company cohtalIllils ne
ssrserenf which the stockholders have been asked
fe o- ssaa of the act Of June 80 1876, amended
=, - so of August s 1922. ana March 2 lS9I, pro
T5ses that whone;e any ssS5oia s'1tl racai,er
been o. shall Be placed ~ me I;1IluS o. q
: n-oy55e6 in Section 5.234 and other sections OF
re ReF1sec ec,t;5e5 IN Section 5sS6 of the Revised
Llsa. - he T-itei states. the Controller Of the
-r-ence shall have palG 10 each ana eveIE g5eu s
- ~ such association not including shareholders
ieI . - c-esir9rs Of such association, whose claim
q c-slll-s e -Fa-efn prescribed the full amount
= - s7ei7ns ana eli expenses OF the receiver
shp and The redemption OF me {r b Gl
<,Tr association snail nave oeen pToNlgeC IoL "
So se.e5~I ieT-ful money OF the United States with
- T-s-s.-er Of the United States. he Controller
II h Currency shall cal lfaeetihs o. lle
Sfss-s ~ s,ch association by gITlnS notce tlereof
80 NV ar county where the business Of such
sesrCistion was carried on, -, -,
- snrb meeting The shareholders shall deter
- - -9Ee1be- he receiver shah be continued and
LT 80 N the affairs Of such association or
5sfbs- an agent shall be elected for that purpose
- = =, 5srsrr1fni9s, the shareholders shall vote
= beir0T IN person CT by proxy, each share OF
,,t srrirHng te holder 10 one vote, and the ma
sal be neoessarv 70 determine whether the salQ
-ecei7er shall De continued or whether an agent
sh2 : sse re saia meeting shall by the vote of
-,st5-ity of the stock in value and number OF
.-srss ssfer71ine that agent shall be elected,
= ssis meeting shall thereupon proceed TO eject
a. sgsh. 's E a11fJIing he holder TO one vote,
sn6 the person who slal receive votes rep
EEE- 2
Re- sssi De declared the agent for the purposes
hereinafter PTovloed -, =, az
= ~ iii re ia tties Of the bank 10 depos-
ms and other creditors and the expenses OF the
so-is-io- before meeting Of the stockholders is
csHsd .o- the purpose Of electng an agent IN a
-r6sr a Instances this Office has accepted funds
Fa- rhs purpose from stockholders or others inter
isresied in SPEEDY lculdatlon OF q Ialieo JAM
ardeT tlat The oeposiloTs T1llsLlt o+ p 70
z III a. ana a. ss s-5o5e4s fe be liauidated more
Wbsr vo- were authorized 10 permit the repre-
-,.-i-s n -5a Assets Rea alization Company 10 in
srzr IL assets Of your trust, with view 10 that
eel, @ - - s-- 4-S 7ei,iIi1ies il was represented
-1is o+7rz that -he stockholders OF the hank
we-id share alike in the proceeds OF the lqulqa-
.i5r n proportion 70 their stOckhodings- and that
r. r-orosifion Of the Assets Realization Company
usS The siu7rie plan above outlined Ihe contract
zFIch they have asked The stockholders 10 sign
s-5 T-bi5b saw sesIerday for the first time, pre-
sslts his proposition II an entlrlg GlT I R sr
asbi1r he fnss necessary 70 pay of the cteditors
e pan purposes that the bank shall give It's notes
TIE company. thereby treating a new oeot 10; oGI
IL rarment of the olG debts OF the assoclaIioh'
r. contrzct Of the assets Realization Company
REQUIRES that TIE debts OF the bank TO IhaJ com
psay. including the sum Of Sza5es GoTnpeIsatio @
Psymen;s are made 10 the stockholders rms ar
-sagsraent s not in accord with Ihe +s
1s9e 70 this once pE me ageIlL 81 u .7ra
ResizaIion Company that The stockholders NeIe
share alike IN the li9uidasion Of the assets IN
proportion 10 their stock holdings.
4 number q protests have been received from
ElaT1tE stockholders who nave nel CoISeIAeu ~
re proposition Z the Assets Realization com
Rhile il is not the duty Of the Controller OF Ihe
Lr--eacT look after The interests OF stockhoid-
eTs of e insclven- hank. the law providing a way
which their interests shall he taken care OF, al
t1s tine he Controller would not be 1ustlned
= leoparGiZing the interests Of minority stock
1alsrs ny being a party 70 3 proceeding not in
c1fcrny with Law. zhiCl cOnIenpEateS returning
= remaining assets tEe hank 70 The ccntrolsof
i1ese responsible for the failure
to1 are Therefore Instructed 70 decline to accept
y funds offered 5E the Assets Realization Com
iaaT and 70 proceed with the liquidation Of the
'eaE under your receivership. When al the debts
ne association have been paid from the pro
e2s realized from the assets. shareholders meet
Y vii be called for the election OF agent in
-e manner prescribed by law
NJ Hanna said yesterday
50 far IS the immediate payment Of depositors
ssS any 0eposiror who has not heretofore sold or
l@astsrred his receivers certificate can cash the
Srs a. number Of the hanks in this city
ne Assets Realization Company was given TO
-a27sssnd a. The beginning Of their negotiations
n uness they secured practically the unanimous
7-peration OF the banks shareholders their plans
0-a not be carried OUT As matter Of fact,
saas from Mr. Morses own holdings in the bank
Ns= majority II the shareholders have not consent
: 70 the Assets Realization Companys plan Of
As-i1aton~