Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1920-12-16
PLEA IS MADE:
FOR TIME To
OPEN DOORS
Fralick Tells of Proposition by
Which Institution May Re
sumo Business by Jan. Is
Assessment Levied Against
Stockholders Equivalent to
Full Amount of Holdings

Scores of depositors in the closed
Grangeville Savings & Trust Co. gather
ed in the banking house last Saturday
afternoon, in response to a call, and
hoard a proposition submitted by State
Banking Commissioner Fralicx in which
possibility of the bank reopening for
business by January IS was indicated.
Approximately eighty depositors
signed an agreement under which, if
the bank resumes business bv January
10, they would accept for their de-
posits time certificates of deposit, pay
ing % percent Of the deposits within
six months after the opening of the
bank. % percent within nine months,
and so percent within one year.
HOPE To FIND PROPER MAN
This proposition was submitted, it
is said in lieu of a receivership for
the bank, and liquidation of the in
stitution, in hope that between now
and January 10 some person could be
found who would take over the bank
and resume the business.
At a meeting of directors of the
bank, Saturday, it was voted to levy
an assessment upon stockholders of the
corporation equal to the par value of
their stock. The stockholders of the
corporation were given ten days, or
until December % to meet the as
sessment. If it is possible to collect
all asscssments levied, il is pointed
out, the bank will be possessed of suf-
ficient funds to resume business on
its own accord. Capital stock is
$4,000, and the assessments, if all
paid, would provide similar amount
If the assessments are not paid
within ten days, stockholders are
granted ten days of grace in which to
make the payments, and if the pay
ments are not made at the expiration
of twenty days, the stock becomes de-
linquent and is advertised for sale.
MANY MAY NOT PAY
1t is limited in some quarters that
many of the stockholders will not pay
the assessment, preferrihg to permit
their stock TO become delinquent.
If such proves to be the case, it
is pointed ont, the assessment will
merely clarity the situation, permit
the gathering in Of much stock, and
facilitate the sale of the bank Some
Of the stockholders, it is said, are Of
the opinion that their stock is lost,
and they will refuse to put another
dollar into the bank. They can not
be required to meet the assessment.
nor to pay to the institution any
money, except in case of liquidation
Of the bank. If a receiver is appoint
ed, and assets are not sufficient to
meet the liabilities. the stockholders
are liable for an amount equal to their
stock, and payment can be forced.
TILT WITH ATTORNEY
AT a meeting of depositors, Saturday.
,aerful check was kept at the door of
The bank, lest persons other than de-
Dositors enter the banking house. Com
missioner IE'ralick attempted to exclude
a local attorney from the bank. The
attorney insisted he was representing
,lients who were depositors. Commits
Iioner Fralick, the story goes, com
manded that the attorney leave,
the commissioner was in
'ormed by the attorney that he would
lot depart unless he we're elected by
he sheriff. The commissioner per-
nitted him to remain, without further
discussion.