Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-17
ABANDON HOPE
OF REOPENINC
AMERICANBAN
Court Orders Fixtures Sold;
Nov. rs Final Date for
Depositors' Action.

Bank furniture. fixtures n equip
ment Of the American Bank and Trust
company were Thursday ordered sod
by November % in a district court or
der. signed by Judge J.. B. Leslie Re3,
ceiyer A. w. Springhorn was ofdrFFl
TO advertise a date not later than NO
yember %. on which he will otter inc
bank property for sale. All sales must
be reported to Judge Leslie by NoFeuf-
Der 80, and confirmed by hlih peloLt
they become effective. the order reads;
1T is still possible to re~organlze am
reopen the hank. But II done at az u
must be done before the sale OF Tx
lures is confirmed by the court" A.. II.
GRAY. chairman Of the committee winch,
since last February, has been working
to reope the institution. me pam
did not opan on December =, l92l, Dy
vote of the directors.
Do Not Expect to Open
"Depositors representing about
ST 100000 have signed up with the COM
mittee. but because a small minority
representing 500. 900. refuse to take IKE
action plans are held up. II this MI
nority Of 20 people will sign up under
the terms laid down by the state pam
examiner we will yet be able TO reopen
the bank. But they have falled 10
do so in the past nine months and PROD
ably will not change their attitude now.
"If these 20 depositors would sign
up the bank could reopen with every
reasonable assurance that all deposit
ors would then in. the course OF Tune
be paid in full. If they do not sign
the matter is ended and the bank can
no open. The stockholders have very
little at stake in the failure as com
pared with the depositors. The tate
of 1000 depositors is in the hands OF
20 unsigned depositors. If these 4,ooo
depositors can persuade the 20 to sign,
the success of the bank is assured.
Judge Leslie has just made an order
directing the receiver to advertise the
furniture and fixtures of the bank for
sale for November %, but L presume
that if these 20 unsigned deposltors
would sign up at once SO that the re-
opening of the bank might be assured
the sale of these fixtures might be
stopped. If. however, these are not
signed and the fixtures are sold then
all further hope of reorganization must
be abandoned. Twenty depositors out
of 1000 are absolutely blocking the
success Of the reorganization
Judge Leslie's order, handed down by
him as a step to reduce the expense OF
the receivership. follows:
Court Granted Time
For the purpose of giving the COM
mittee on reorganization of the Amer
lean Bank and Trust company time IN
which to secure n sufficient NUMBER OF
signers Of depositors in the said bank
necessary to reorganiZe the bank, the
Both day of October was the date fixed
within which such signers might indl-
cate a willingness to take steps TO
reorganize said bank. and thereafter
the committee on reorganization hav-
ing asked for a further extension of
time. until the 18th of November, and
an order having been made granting
such extension, and no reasonable as
surance having come to the knowledge
of the undersigned judge that a suf-
ficient number of depositors can be
obtained: row.. in order to reduce the
expenses of conducting the receiyershlp
of said bank. the receiver is hereby d.
rected to take immediate steps looking
to the sale and disposition of the furni-
ture, fixtures and equipment Of said
bank which have come into his hands as
receiver, and TO give notice of q date
certain, not later than the 25th of No
vember, 1922, by publication for a
period of not less than eight days ID
one or more Of the local newspapers
in Great Falls. on which date or there
after he will offer for sale the said
furniture, fixtures and equipment of
said bank: and he may receive sealed
bids, or sell privately, but all sales
must be reported within five days from
the said 25th day Of November to the
court for confirmation before the same
is to become effective; and he is fur
Their directed to take such necessary
steps under the lease held by the bank
of the premises now occupied by him,
with a view of vacating and surrender
ing the said premises and to secure
less expensive quarters, to be approved
by the court