Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-09-13
BANK OPENING
NOT ASSURED,
SAYS SHELTON
State Examiner Reports That
If It Does Start Again Will
Be Strong.

Opening of the American Trust q
Savings hank is by no means yet as
xured. according to l.. Q. Shelton, state
examiner, who was in Great ans
Tuesday to address a meeting called
for depositors who have not yet signed
nm under the reorganization plan.
In a statement issued Tuesday night
Shelton said:
"Affairs of the American Trust q
Savings bank have been proceeding
SATISFACTORILY Whether they will con-
t;nue to progress well depends abso-
jutely on the attitude taken by the
stockholders and depositors. Should
these two cooperate fully, it would be
possible to open the bank some ume
this fall, under conditions very FAVOR
able to it. If opened, it will be a good'
strong bank"
Saws Good Showing Made
SHELTON outlined some of the cond-
tons that have arisen in the AFFAIRS OF
tbe hank. He said that the COLLECTION
of some S23O,00 Of the assets or the
hank through the eastern creditors
was a surprisingly good showing and
was due to the better outlook OF Dusl-
ness conditions in the state during the
last few months. He said that httie
could be hoped in the way OF a speedy
settlement of affairs through the re
ownership and expressed the wish tnat
the stockholders and depositors ahke
join to make it possible to reopen the
hank, and avoid the expensive and ios-
ing condition brought about through a
receivership. He pointed out that IT
had cost sol 600 to wind up the affairs
of a bank of similar size in another
city of the state and that in the case
of the First National bank of Helena
It had taken seven years under a re-
cevier to pay a 81 per cent dividend.
Reports DeposItors Agreeable
Turning to the affairs of the Amer
,can hank, he pointed out that the Local
stockholders, and by this he referred
TO all stockholders living in Montana
had. with a single exception, agreed
tn subscribe an assessment of ION pei
cent on their stock to see the ban re-
omen. This is the amount to which
thev would be liable were civil action
brought against them. but, with one
exception, they are agreed to do this
voluntarily. With the sum Of $225,O0t
inns obtained, he said, it would be pos
sihle TO write off as bad accounts thu
entire capital stock OF the oank anG
the proportional contribution proposed
10 be made by the depositors, a tota
Of some $4,000.
with the $4,000 cut from the
8 .OOO.OO O liabilities, he said, there
would be no question as to the abilit,
of the bank to go forward on reopen
ing.
No announcement Of the results o.
the meeting with the depositors wht
refused to sign was made by Shelton
He announced before the meeting tina
the representative Of the department
who had been working in signing W
depositors will be discontinued and fn
ture action placed directly upon theil
W committee. He said that he woult
take a firm stand that the bank vii
not reopen as long as any deposition
having considerable interests refuses
to sign the agreement. While thli
might be overlooked in the case o.
some depositor who has $40 or so il
the bank, he said it most certainl.
would not be allowed in the case o
heavier interests.