Show I MINORITY Of IN NEW BANK Commercial l' l N National Loses Three Officials to Merchants Merchants Merchants' Mer Her chants chants' State BanK Because of trouble between the minority mi in- in of the stockholders of the Commercial Com Corn mercial National bank and the higher highe officials of the institution the minority last night pulled out and Uld secured a controlling controlling controlling con con- trolling interest In the Merchants' Merchants State bank This Is the statement which was given out this morning by byone byone byone one of the stockholders in the Commercial Commercial Commer Commer- cial National bank now an officer of the new bank This trouble is said to be bethe bethe bethe the real reason for the shifting of in in- I last night at a meeting of a number of prominent local capitalists The trouble between the few stockholders ers era and the majority came up as a result it is said sal of an effort to reorganize the Commercial National bank The minority wished some points embraced in the new organization that the others did not The question of the reorganization of the Commercial National bank came up I some somo time ago when a new charter was applied for tor The old charter expires Thursday and still the Commercial National National Na Na- has failed to receive Its new one which will change tho the name namo to the Continental Con Con- National bank bani When seen this morning J. J E. E president of ot tho the Commercial National said President Cosgriff's Cosgriff s 's Statement We Wre e have not received our new charter but we expect It before Thursday There Is no change In the present officers of the Institution anticipated except the election of a new cashier and two assistants to take the places of H. H P. P Clark A. A H. H Peabody Peabody Peabody Pea- Pea body and W. W II Shearman who resigned last night A government examiner has been hero here and our books have been gone pone over The Inspector reported the bank to be he in favorable condition and our charter Is expected d before the old ono one expires This will be Thursday II P. P Clark president of the tho new bank denies that the forming of the new bank was anything lr hut but t a business n referring r to n the dae deal lu as something f g he lie has been looking forward to for tor some time Ho lie said There was no trouble between us and the Commercial Nation Nation- al I J. J C. C DalyS Daly'S Views The fhe statement statement-is is given l out by J. J C. C Dal Daly that there was trouble and that this resulted directly In the taking over of the Merchants Merchants' bank Just what that trouble trou trou- ble was he refuses s to lo state state definitely hut but ho no says S that It was tho the Outcome of or the proposition of ot the lile majority Interests to reorganize reorganize- the Commercial National lIe He says that many of the minority ers sold Mid out their stock and took up the new naw ban bank Ie stock 7 1 T E. E Cosgriff Cos- Cos grift griff says sas that he knows of ot but two 01 old 1 stockholders who sold their Commercial stock A A. A II Peabody cashier of ot tho the new bank when seen c cn this morning stated that there had been en some trouble bel between be be- l tween enc the lem minority and the majority of the Commercial National lle Ir stockholders l er but ho lie declined to say as to its nature Ho lIe stated that there was no animosity between the two banks and that the tho whole deal had rounded out lIfto hito an ordinary business proposition The Tho new bank will be maintained In the Judge building tho the same as before The new officers including H. H r. r P. P Clark e dent Vt John J. J t DaTy vice president p A. A H. H Peabody second vice president and W. W H. H Shearman cashier a all II took tool cha charge of the tue hank bank this morning and business was continued without interruption The Interests of ot the new ank mk which formerly belon belonged ed 10 to G George Goorge E. E Chandler were secured by Mr l Clark and John J J. Daly The old officers were W. W Yo J. J Hallor Halloran Hallorau Hal- Hal lor loran n president G K It vice president Eugene The new board boar of directors consists consist of ot W. W J J. J Halloran John J J. Daly Dab W. W V. V S. S Hen Hen- derson H H. H C. C Edwards F. F M. M Wilson AIrel A. A Fred Irel Wey l and II P. P Clark For the present tho the bank will occupy probably the tho 1 b old quarters larger s d quarters In al the Judge will fIe fIeo b bo be block o secured u but J later A good amount of business ss has been secured d for the bank and the prospects pros pros- pacts are aro for still more mora business as the new officials are said to have havo many friends who will shift their accounts It has also been decided to td make an application a tion for tor a national charter and to In Increase increase In- In crease rease the capital The Tile present capitalization capitalization capitali capital Is If and it is said that amount is to bo ho Increased materially Mr Peabody said this morning that these changes change will come with time b but t there are aro no definite plans In that line yet As for the Commercial National the assurance is given g that the tho new charter will be received by Thursday so that business business business busi busi- ness will not have to be bA suspended tem I With the receiving of ot the new nOw charter the functions of ot the bank will be I lon con tinner as all usual The l Commercial I a National s bank has i hC been In n existence over twenty years and andall I nil all along along- ha lies has been d rt as one of the substantial financial Institutions of or the thu city The stockholders officers and di directors dl- dl rectors arc among the tho prominent business businessmen men and capitalists of laIt alt Lake Lako City aid urd K h. h |