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BANK IS WRECKED BY RECEIVER, IS CLAIMED Mismanagement and Attorney Fees Costly to Crippled Banks Under Republican State Officers The payment of attorney's fees to an extent of $20,000 or more in the liquidation of a bank which is asserted to have. been able to pay depositors and stockholders 100 cents on the dollar and against the officers and directors of which no charge of dishonesty or negligence has ever been preferred, is one of the features of the closed Livestock State Bank, of Kansas City, by the State Finance department, it is shown by testimory on file in Jetferson City. It is further revealed that the finance commissioner, Frank C. Millsap, in order to provide a source of fees for his deputies and personal friends of the bar, refused the offer of Fred T. Platt, a stockholder of the institution, to liquidate the affairs of the bank, under bond satisfactory to the State, and guarantee to every depositor and stockholder 100 cents on the dollar. The Livestock State Bank, of Kansas City, capitalized for $200,000, was organized in 1918 and operated until its close, because of a difference with the clearing houses, November 3, 1923. Immediately upon its closing, the State finance commissioner was called in. Mr. Pratt, president of the institution, without salary. offred to handle the liquidation proceedings, giving bond that would meet the approval of the State authorities, and guarantee to the depositors and stockholders and depositors a full reimbursement on their money. He asked, the testimony shows, no fee of any sort for his services. The finance commissioner, however, refused his offer, upon the plea that he "had to look out for the stockholders' and depositors' interests,and might have to bring suit against the directors and officers of the bank." No proposition of any kind for reopening the bank was made by Millspaugh, despite the comparatively sound condition of the institution, the testimony shows, nor has a suit of any kind been filed against those connected with the bank. And nerther has there been a charge of negligence made. The "legal" end of the liquidation was turned over to Charles E. Blackmar, while deputies Wost and William E. Wost of the finance department, have had of the bank since its close. Blackmar, it is shown, was paid a fee of $10,000 on account, while West was also granted $10,000. $13,000 more was spent on expenses, despite the fact that the building rent was donated by Mr. Platt. The depositors, so far, according to testimony, have received only eighty cents on the dollar, as against 100 cents which they would have received under the gilt-edged guarantee of Mr. Platt.