Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-01-24
FORMER GOVERNOR SAYS HE.
WAS VICTIM OF PLOT IN
HIGH FINANCE.
LETTER TO pENIsoN
FRIENDS MADE PUBLIC
Alleges Two Men, in Whom He Had
Repossd Great Confidence, Misused
Him-Deelares He is Glad to Be Re.
Iieved-Two Statements From Shaw
Other News.

DenlSon. Jan. 24.-LeSlie NJ. Shaw, OF
Philadelphia, who has seen some Iowa
newspaper accounts of his involuntary
retirement from the First Mortgage and
Trust Company, has written Denison
friends as follows:
Gentlemen: received number of
letters from Denison, expressing sur
prise at the severance of my connection
with the First Mortgage Guarantee and
Trust Company. appreciate this very
much. I don't care to discuss how it
occurred further than to enclose a
statement l made for the mornins
papers here yesterday. l give one con-
crete case, however A certain man and
his brother-in-law, VITO won Jointly
eight shares of stock, cast two votes
on the board of directors to defeat me,
While l held proxies for 1924 votes.
Back of it there is story which will
probably never be printed. If it is it
will be little booklet for the stock
holders. Very sincerely yours,
IL. NJ. SHAW"
Below is the statement referred to:
Let no one think that ray retirement
from the First Mortgage Guarantee and
Trust Company was at the suggestion
Of the controlling interests of the insti-
tuition. 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 MEM
bership OF the board IS less than $10.-
900. I do not think that 100000 Of
deposits can be traced to any one or
all of the board.
Intimates He Was Betrayed.
Il have had proxies for over two
thirds of the stock at each and every
annual election. I have made every
nomination, and there is no man on the
board whom I did not nominate and
elect. and none whom I can not retire
when his present term expires if so
wish. Even the men whom elected on
the fourteenth refused to tell me what
they intended to do on the sixteenth.
Two members. in answer to direct
questions, admitted that something was
going to happen. but they would not say
what. They did, however, avow a deep
and abiding affection for me, and ex-
pressed 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 dis
satisfaction. This, when formulated,
oil -
very, very unpopular in Philadelphia.
Most Of the members of the board have
professed a very high regard for me-
and every subordinate officer and en-
ploye is, in fact. staunch friend. That
I am very, Very unpopular in Philadel-
phia admit. Any man will be very,
very unpopular in Philadelphia who
undertakes to build up large bank or
trust company in this city, especially
if he was not born here.
mo member Of the board has ever
had any banking 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 had no plan or policy Of their
own concerning the company, but they
have been dissatisfied at the slow
growth we have made. The best
growth we have made, however, was
during the last year, when we increased
the number of our depositors zoos and
got better accounts than in any previ-
Gus year. The increase was twice what
1t was the year before
Glad to Be Relieved.
II have tried to build trust COM
pany. not a bank. My board have
seemed to want me to build bank to
compete with the old established insti-
tutions. Their aid has been mainly in
telling me at short intervals how Bit
terly opposed by the large financial in
terests and hope my successor will be