| Show vv vw SEVENTH NATIONAL BANK While Federal Grand Jury Investigates Directors Directors tors tars Decide U clde to Recognize W v II E I n Stokes a n P Lode a n I II ret to ru te New York July 25 With the time federal grand jury jUr In III session ses lon on the Investigation lion tion of or their affairs the board of di dl directors directors rectors of the Seventh National bank ank met mel today toda and decided upon a II plan for fortio tho tio reorganization of the tho defunct bank The Tue capital stock Is to be Increased from rein to and the tho ad 1111 additional additional Issue of In stock slack will willbe willbe willbe be sold at itt 30 per pcr share with first pur purchase purchase chase o privilege to the tho Present l stock stockholders stockholders holders hol ers The Time cash casio proceeds of or the assessment on tho the existing stock and the solo sale of new stock will It Is 18 claimed pay all present obligations and completely re restore restore restore store solvency Existing stockholders mire arc to be required to pay the assess assessment ment ordered by b the comptroller of the currency Edward 1 dw ld It II Thomas Ed El Edwin J Elwin II win Gould William Nelson Cromwell Prank Frank Ray Ilay Ita William H II Taylor and amid Edmund K 1 have hac been constituted tute a n committee of ot subscribers with plenary power to carry carr out time the plan pion They The are to receive subscriptions anti and represent the tho stockholders In all nil unit mat matters tore relating to tho time bank and receiver receivership ship The pret directors and om cers core are required to tender their res yes resignations resIgnations and a majority under the new subscription will elect their successors The Tho plan Idan Is made binding upon ullon all subscribers when J 9 I per cent of the new stock tock Is subscribed and amid 90 ItO 9 per cent ent of ot the assessment Is paid A subscription form embodying the main features of or plan of reorganization was also aIPo drawn up UI antI approved A substantial amount of oC new stock has already been subscribed United States I Attorney lien Hen Henry ry It hi I Burnett says the plan 1101 to reorganize reorganize the Seventh National bank will not hot affect the Investigation by the fed flood federal eral grand Jury JUr William K E J D 1 Stokes who Is 11 a n stock loek stockholder stockholder holder of tho the Seventh National bank hUll hin taken out summons In the supreme court against tho time directors of or the tho bank bonk President Thomas and Hay Haynor Ha Hanor haynor nor The complaint charged the tho di dl directors directors rectors with making makinI reports to time the stockholders to the time effect that tim the cap ital itoh of or time the bank Junk was unimpaired when as all a matter of or was already In Insolvent insolvent solvent It further charges that tho the directors director utterly tailed failed anti neglected to perform their duties that they time the suffered and permitted the th ac nc accounts fOunts counts of or said bank to be bo kept kot In an nn Inaccurate manner which failed to show the tho true character of or Its affairs affAIr In the time complaint the time directors are further charged with having employed Incompetent persons nil as of the hank who were vere unable to properly proper anti and fn II discharge their duties nil all of or which was sas well known to the tho directors After Arter having further charged them with having given loans to insolvent In persons antI and corporations without ade nhe adequate quote quate and anti valid securities the time com coin complaint plaint goes on I That said directors defendants so sn negligently and carelessly conducted the said lair bank antI and the tho business anti and nf of fairs thereof anti and the entire capital anti surplus anti much of or time till property and nn effects thereof hove havo been hern lost anti stock of ot the tho said bank rendered worth worthless worthIe less Ie and the stockholders 11 thereof ren remi tiered liable for a I largo large sum of or money on account of ot the th debts of oC en Mill Id bank remaining unpaid Tho The plaintiff then demanded Judg Judgment ment for time the total amount of ot his hlA loss as all a n stockholder of ot time the th bank and the time cost of thin tho suit for Onu Olt fur for Manila Seattle Wash July G Major Geor George o e till lImo local quartermaster acting under Instructions from the quarter quartermaster quartermaster 1 master naster general will today tollay tOlla advertise for or bids for tor the contract to furnish h the lime theRO RO eminent with 1000 MOO tons of or oaL oat for or shipment to tJ Manila hits for tar time the contract will be lip opened by II Major on July 30 The Time fit fl aliens require that time the oats shall be ba badi bedi di limed at either cither eattle or Tacoma at time the option lion of ot tile lime quartermaster on or ot before betro bd August gUlt IS 15 |
