Belt Valley times. [volume] (Armington, Mont.) 1894-1977, 1923-07-05

to order the bank superintendent 10
reopen the bank, also failed.
Mr.. Gray declined to state Friday
when the bank would be reopened in
the event that favorable action was
given in district court on the petition
filed asking that the receiver be re-
moved and the bank declared solvent
Ten days or more viii probably bs
given the receiver in which to appear
and show cause why the petition of
the banks directors should not be
granted.
I'VE have gone carefully into the
matter" said Mr.. Gray Friday. "and
we believe the bank should be re-
opened. We see no good reason why il
should not resume business. Today'a
procedure Of filing the petition TO de-
clare the bank solvent and terminals
the receivership is = regular proceed
ufe and we hope It will pave the way
for resumption of bus'ness by the
bank"
A. H. Gray, the petitioner, repre-
sents that he Is duly elected, quail
fled and acting director Of the said
American Bank & Trust company;
that he is acting chairman Of the
board Of directors Of the bank and that
at present there are no other active
officers Of the institution.
The petitioner states that the
stockholders and directors Of the
bank, believing the same to be sol
vent and in condition to resume busi-
ness, are anxious to have said SOL
vency judicially determined and to
have said receivership terminated and
the assets now in the custody of said
receiver turned back to the officers Of
the said bank, and to have said bank
reopened for business"
The assets Of the bank now total
81, ITS ,625.69, accirding to the petit
toner. Assets are listed as follows:
Loans and discounts $4,000; over
drafts s1,932.97; furniture and fix
lures $4,000; real estate $4,000;
warrants $4,000; due from banks.
$40. 10; demand notes from stockhold-
srs $4,000; cash 1928, ,622.02.
Liabilities of the bank are: Capital
stock 1925 900; surplus $4,000; divid-
ed profits s35, ,661.75; bills payable
s282 .997 81; due to other banks $751;
)6; deposits s555,21427, totaling
81, ,176, ,625.69.
The petitioner sets forth that IN
addition to said bills receivable the
oank is the owner of large amount
# other notes, which are classified as
assets to the amount OF
approximately s25O000, but the petit
.ioner believes and reports that con-
siderable portion Of the said notes viii
,e paid and collected after the bank
operations and they repre-
,ent an asset of considerable value.
II is further set out in the petition
hat the depositors of the bank hold
ng claims against it for deposits
herein to the amount of about $l,lOO,-
400 have agreed in writing to accept
certificates of deposit of said bank Tor
,ne-half of their deposits, the same
q be divided into three equal pay
nents maturing in two three and four
years from the date Of the banks re-
,peninq. The petitioner states that
he depositors are therefore contrib
ting approximately $555,0o0 towards
the bank to solvency.
According to the petition several
,anks in the east holding notes
.painst the American Bank 4 Trust
ompany have agreed to accept at
ate Of the rcopening Of the bank one
ALI Of the face Of their notes, togstn-
r with interest and expenses and to
ccept new notes to the amount OF me
emaining one-hslf or about $4,000,
ne In six months at six per cent
hat the stockhoIderr in order to re
pen said bank and restore IL to sol
enev have paid In tis60oo In cash
nd acceptable demand notes 70 ms
mount Of 14.0o0.--Tribuns.