Cottonwood chronicle. [volume] (Cottonwood, Idaho) 1917-current, 1923-08-24
SHORTAGE HITS THE
100000 MARK
Continued from page u

other words, the shortage has
Eeen entirely covered, the banks
capital has been kept fully intact
and unimpaired and its surplus,
undivided profits and reserve
accounts are being increased by
an amount which gives the bank
a total working capital of APP
proximaely $145,000.
"In addition to the above, a
group of Lewiston's leading
business men have interested
themselves in the bank as stock
holders and have joined with the
management and some of the
banks old stockholders in pur-
chasing outright the interest
heretofore held by Mr.. Charles
H. Chace of Stanton, Neb., who
has been in the city for the past
several days.
"This- change of stock owner
ship has been under considera-
ton for some time. 1t has been
made with the thought that |
control of the bank should be
localized and placed among Lew
iston business men who are in
close contact with local business
conditions and who are giving
their time and thought to the up
building of Lewiston and the
surrounding country. Among
those who have identified them
selves with the bank as stock
holders under the new arrange
ment are the following:
walter H. Bristol of BristoPs
Markets; Alfred H. Afford OF
the Tribune Publishing company
Oriville E. Norberg OF the Lew
iston Grocery; Fred King of
Kings Book store; Chastain's
Inc, operating the Owl Drug
store; H. H. Bratton of Bratton-
Morris company; G. E. Sapp OF
Sapp's Grocery, and M. B. Mix
kelson of the Mikkelson Grain
company.
From this number Mr.. w. H.
Bristol has been selected to re-
present the new interests on our
! board of directors and it is with
! a great deal of pleasure that we
+ welcome a man of Mr.. Bristols
business capacity and ability to
assist us in directing the affairs
of the bank. These new inter-
ests added to our list Of some
twenty prominent local stock,
holders makes the bank a typical
6 home institution, principally
owned and controlled by resi-
dents of Lewiston whose aim
will be to broaden the banks
: activities and improve its
:, service.
!, Press Claim fer Shortage.
"The methods employed by
! Mr.. Basket in his speculations
= have been uncovered by our ex-
. aiming committee and are now
, quite fully known to our direct
). ors who deem it of no public inn
2 portance to go into the matter
. at this time. The information in
> their possession will be the basis
= of claims upon which the bank
D expects to recover substantial
: part of the distracted funds but
e obviously, failure to recover will
: have no effect whatever upon
I the financial condition of the
4 bank. If recovery is made, and
/ have every reason to believe
!; that the bank has legal claims,
: the stockholders, both new and
:, old, will benefit to that extent.
On behalf of the management
y l wish to express our apprecia-
ton for the patience evidenced
by the public in general and by
:. our patrons in particular in the
delay we have experienced in
getting a statement of the facts
to them, and it is with deer
a qualification that | am able to
[. report that no officer or other
;. employee of the bank was in any
way implicated. In fact, no one
l else has been under suspicion
but, in justice to all concerned
the accounts of all officers anc
a employees have been carefully
n checked and proven correct"
7 Statement by Chas. H. Chace.
l. Upon being interviewed by
p the Tribune Mr.. Chace, who has
p been one of the banks heaviest
S stockholders since it's organiza-
d ton eleven years ago, said: al
: is with reluctance that l am dis
l. posing of my interest in the
bank. / have been interested in
the Lewiston country financially
and otherwise for the past
twenty years. l have always hac
foitb n, tho no,,pf,.xr o,,1 in tb {