Article Text
BANK PLANS Discuss OrganizaCitizens. tion of New Institution A crowd of more than a hundred Clinton business men met at the Elks Lodge room Tuesday night and heard plans discussed for the organization of bank to replace the Clinton National Bank. For three weeks a movement has been going on to organize a bank that would take over the sound assets of the defunct Clinton National Bank and release nearly half a million dollars in deposits which have been out of circulaton. It was planned to organize the proposed bank as a new institution, a sort of a community enterprise, with many stockholders. Those having deposits in the Clinton National Bank were to be given credit on half their deposit in that institution on stock on the new bank if they wished. The movement has been developing quietly, but gaining impetus daily and has reached such a stage that it can be given publicity. It is planned for the new institution to have capital stock of $50,000, and a surplus of $25,000, and approxmately two-thirds of this amount has already been subscribed. A note of confidence and optimism was apparent at the meeting Tuesday night. Most of the business men present were familiar with the plan and all seemed heartily in favor of it. They seemed to consider it as a community benefit and sound business proposition. If the plan goes through as planned, great credit should be given to two men, F. A. Guenther and Emory Hurt, who have devoted practically all their time for the past three weeks to the project. They have done this voluntarily with no hope or expectation of any recompense, working solely for the good of the community. Emory Hurt called the meeting to order and called on Mr. Guenther who discussed business conditions in Clinton. He said that the depression had not reached Clinton until the bank closed; since that time business had really been hurt. The new bank plan had been evolved to remedy things for the business men Clinton as well as for the depositors in the Clinton National Bank. Emory Hurt explained the plan in detail. The plan is to open a bank will be in effect a new instiwith a capital stock of $50,000 and a surplus of $25,000, a total of $75,000. It IS thought better to have this stock held by many men in smaller amounts than by few men in bigger blocks, SO that the community might have a share the enterprise. It is planned to sell 500 shares at $150 apiece, $100 of each share to be capital stock and be surplus. It hoped that the most of the depositors of the Clinton National Bank, especially the larger depositors, would willingly take out stock the new bank paying for it by applying part-up to half-of their deposits Bank. in the Clinton National He spoke the closed Clinton National Bank, and thanked the reBank would pay by receiver. institution, he said would confidence sound foundation with of the of the Clinton National people. Bank Any be taken over the would first have by to inspected by the bank then by the directors of plan been laid before the Bank Examiner at St. few days ago, and he progood project. The banks were taken inand have helped and advice. Barnett, of the Company, praised Clinton Barnett as and told how necessary to put the pointing out that no selfish motives, but regarded as a community Faris, spoke briefly. He suffering from a severe
