The Denison review. [volume] (Denison, Iowa) 1867-current, 1913-01-22
LESLIE N. SHAW
MAKES STATEMENT
Says His Retirement From PhiIadel-
phia institution Was Not Sug-
gestion Of Controlling Interest
GLAD, HOWEVER, TO BE OUT
Owners Of 8, Shares Of Stock Cast
Two Votes to Defeat Shaw, Who
Held Proxies for 6,624 Votes.

owners OF ShareS OF Stock NaS|
Two Votes to Defeat Shaw, Who
Held Proxies for 1924 Votes.
Some of the state papers have print
ed Geographic dispatches, saying
that Mr. Leslie NJ. Shaw had been
replaced as president of The First
Mortgage Guarantee and Trust com
pany, and took occasion to exagger,
ate the matter. The Review received
letter from Mr.. Shaw this morning
and also a copy of statement made
to the Philadelphia papers, as follows:
'The Review, Denison, Iowa.
"Gentlemen:-I received number
of letters from Denison, expressing
surprise at the severance of my con-
nection with The First Mortgage
Guarantee and Trust company. l ap-
preciate this very much. l don't care
to discuss how it occurred further
than to enclose statement l made
for the morning papers here yester-
day. | give one concrete case, how
ever. A certain man and his broth
er-in-law, who own Jointly eight
shares Of stock, cast two votes on the
board of directors to defeat me, while
l held proxies for 6,624 votes. Back
of it there is a story which will prob
ably never be printed. If it is it will
be a little booklet for the stockhold-
erS.
every sincerely yours,
IL. NJ. SHAW"
Below is the statement referred to:
"Let no one think that my retire
ment from the First Mortgage Guar
antee and Trust company was at the
suggestion of the controlling interests
of the institution. The company has
10000 shares of stock. The members
of the board of directors own from
three to something less than 100
shares each, and in the aggregate they
own less than 400 shares. Several
of the board do no business with the
company, and the average aggregate
deposit of the membership of the
board is less than $4,000. l do not
think that 100000 of deposits can
be traced to any one or all OF the
board.
BETRAYED by His Friends.
II have had proxies for over two
thirds of the stock at each and every
annual election. l have made every
nomination. and there is no man on
the board whom l did not nominate
4 and elect, and none whom l cannot
retire when his present term expires,
if l SO wish. Even the men whom
elected on the 14th refused to tell me
what they intended to do on the 10Th.
Two members, in answer to direct
questions, admitted that something
was going to happen, but they would
not say what They did, however,
avow deep and abiding affection
for me, and expressed great sympathy.
heard from the street what was to
take place and left town so they might
do whatsoever they wished in such
manner as their delicate natures
might suggest.
"There has been, however, great
dissatisfaction. This, when formn-
lated, has always been to the etect
that | am very, very unpopular IN
Philadelphia. Most of the members
of the board have protested very
high regard for me, and every suboc-
dinate officer and employe is, in fact,
a stanch friend. That am very, very
unpopular in Philadelphia ! admit.
Any man will be very, very unpopu-
lar in Philadelphia who undertakes
to build up large bank or trust COM
pany in this city, especially if he was
not born here.
mo member of the board has ever
had any baking experience from the
inside. and | think only two ever
served on a board of directors. One
of these has usually retired after a
few years. They have had no plan
or policy of their own concerning
the company, but they have been dis
satisfied at the slow growth we have
made. The best growth we have ever
made, however, was during the last
year, when we increased the number
of our depositors 1908 and got better
accounts than in any previous year.
The increase was twice what 1t was
the year before.
Can Remove Every Director.
81 have tried to build trust COM
pany, not bank. My board have
seemed to want me to build bank to
compete with the old established in
situations. Their aid has been main
w in telling me at short intervals how
bitterly l was being opposed by the
large financial interests and | hope
nv successor will be able to do the
I, frin I