Show RANK BANK REORGANIZATION TION PLANS ARE MATURING Mass Sleeting Meeting on Tuesday Tucsa Night Largely Largel Attended A Attended A Committee Commit tee tco on Committees i is Appointed Ap Ap- Ap- Ap pointed pointed Now Now at Work The bank meeting last Tuesday night in Myton was bigger than ever There was as much discuss discussion on and soon there will be satisfactory develop develop- ments Seth Paxton state bank commissioner commissioner commis commIs- through Ernest C. C Ro Robbins examiner My Myton ton State Bank Dank suggested suggested suggested sug sug- a plan whereby a new bank may be organized on the wreck of the old In this connection it may maybe maybe maybe be well to say that no mention was made of the FI First st National National Bank of My Myton ton for the reason reason Mr has no connection outs outside d of state banks II It may be that after the new concern is organized a consolidation with the First National will be made I IOn On motion of W W. G. G Gentry of Ioka loka seconded by C C. C B. B Cook of Myton Myton My My- ton tou the chairman of the meeting Mr George E. E Pl Philipps appointed a committee on committees The duty of th this s committee is to set In motion machinery which will perfect an or- or or or- This committee is composed composed composed com com- posed of Fred C. C Ferron L. L E. E Potter Potter Potter Pot Pot- ter R. R E E. E Waugh William J J. J Stewart Stewart Stewart Stew Stew- art and C C. B B. B Cook A long committee commit commit- tee meeting was held after the adjournment adjournment ad ad adjournment of the mass meeting and plans were gone over over In a few days we should and doubtless will be able to give out some encouraging news The general plan for the reorganization reorganization suggested by Mr Pix tori Is Isas Isas isas as follows First Take out of the resources of oC the Myton 1 State Bank Dank bad and doubtful notes to the extent of the capital stock surplus and undivided profits which h would amount to approximately approximately approximately ap ap- ap- ap proximately Second Organize a new haJ baik under a new charter with a capital stock of and surplus of or l Third The new bank hank world assume assume assume as as- sume the deposit and borr borrowed vred money liabilities of ef the old bank and take over all assets Fourth Place the above bad and doubtful notes amounting to approximately approximately approximately ap ap- ap- ap proximately in a special trust fund to be carried along and collected and used first to guarantee the tho new bank against loss in the notes taken over from Crom the old bank for a period of f two years and second second second sec sec- ond after the end of the two year period the balance to be he turned back to the stock holders of the old bank Fifth In selling stock In the now new bank a limited amount of or ten thousand thousand thousand thou thou- sand dollars could be paid for with deposits in the tho o old d bank banIc Sixth Arrange with all depositors depositors tors tore who have more than one ono hundred hundred hundred hun hun- dred dollars on deposit to accept one third of the amount of f their deposit deposit deposit de de- de- de posit as 38 a cash ash credit the remaining two thirds to be he turned Into time certificates which would be he arranged to mature maturo at seasonable periods Inthe in inthe inthe the time timo of easiest liquidation Seventh Satisfactory arrange arrange- ments would have to be made with the Federal Reserve Bank as they hold a part of the assets of the old bank The details would of course h be left to your committee to work workout workout workout out but I can assure you that the Federal Reserve Bank would be he glad to assist in any reasonable plan that might be presented to them Eighth It would be a difficult matter to raise the whole of the above amount moUnt from local sources but if the local committee could raise one half of the amount and take a signed subscription list into Salt Lake City they would perhaps meet with more encouragement than they could hope to receive without a definite amount raised 0 0 |