Show BANK REORGANIZATION I PLANS PUNS ARE MATURING 1 I Mass Meeting on Tuesday Night Largely Attended Attended Attended-A. A Committee Commit Commit- tee on Committees Is Appointed Ap Ap- pointed pointed Now Now at Work York The bank meeting last Tuesday night was bigger than ever There was much discussion and very soon there will be satisfactory develop develop- ments Seth Pix ton state slate bank commissioner commissioner commissioner commis commis- through Ernest C. C Robbins examiner My Myton ton State Bank suggested suggested suggested sug sug- a plan whereby a new bank may be he organized on the wreck of the old In this connection it may maybe maybe maybe be well to sa say th that t no mention was made of the First National Bank o of Myton l for the reason Mr has no connection outside of or state banks It may mar be that after the new concern On Last Page v BANK AXI REO REORGANIZATION From Page One is s organized a consolidation with the First National will be made On motion of 1 W. W G. G Gentry of Ioka loba seconded by C. C B. B Cook Coole of Myton Myton My My- Iton I- I ton the chairman of oC the meeting Mr 11 George E. E Philipps appointed a committee ee on committees Th The duty of this committee Is to set In motion machinery machiner which will perfect an or or- This committee Is composed composed composed com com- posed of Fred C. C Ferrou Ferron L L. E. E Potter Potter Potter Pot Pot- ter R. R E. E Waugh William J. J Stewart Stewart Stew Stew- art and C. C B B. B Cook A long commit commit- tee meeting was held after niter the ad adjournment all all- of the mass meeting and plans were fully gone over oyer Another meeting will be held tonight at which time it Is hoped something tangible will will-be be e presented In a few a-few few days we should and arid doubtless will wilt be ha able to give out some encouraging news pews The general plan for the reorganization reorganIzation reorganization suggested b by Mr Is Isas isas isas as follows First Take out of the resources of the Myton lyton State Bank bad and doubtful notes to the extent of the capital stock surplus and undivided profits which would amount to approximately approximately ap ap- ap- ap proximately Second Organize Organize- a i b-i bank it under a new charter chart r with a capital stock of or and surplus of 2 Third The now v bank would assume assume as as- sume sume- the deposit and money liabilities of r the old ohl bank and take and take over all assets Fourth Place the above bad ball and doubtful notes noles amounting to approximately approximately ap ap- proximately atey 4 in n a special cia trust tuna fund to be carried along and collected and used first to guarantee e ethe the new bank against loss In the notes taken over from the old bank for a period of two y years ars and sec- sec end after the end of the two year ear period the balance to be turned back to the stock holders of the time old bank banI Fifth In selling stock in the new bank hank a limited amount of ten thousand thousand thousand thou thou- sand dollars could be paid for with deposits in the time old bank hanl Sixth Arrange with all depositors depositors depositors tors who have more than jhan han one hundred hundred hundred hun hun- dred dollars on deposit to accept one third of the an amount u of their de de- c- c posit as a cash credit tile the remaining two thirds to be turned into time certificates which would be arranged to mature at seasonable seasonable- periods inthe in inthe inthe the time of easiest liquidation Seventh Satisfactory arrangements arrangements arrangements arrange arrange- ments would have haye to be made with the Federal Reserve Bank Dank as the they hold a part of oC the assets of the old bank The details would of oC course be left to your committee to work workout workout workout out but I can assure you that the Federal Reserve Bank would be glad glac to assist in iu any reasonable plan plait that tha might be presented to them Eighth It would be a difficult matter to raise the whole of the above amount from local sources but if the local committee could coul 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 the could hope to receive without a definite amount raised 0 |