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Grand Nationassociates buying TELLS OF HIS Bank depositions MAYS that Hilmer's vealed Comfirm, Lorenzo broker in that acted as CONTROL pany, FIGHT TO interTrust Comin the planned to convert pany. NATIONAL institution into rational Share Buying Battle Waged With Interests Headed by Felix Gunter. Continued From Page One. exonerated in Judge laws. was Faris' court. president of the resigned bank July, 1928, immediately after indicted, to save the instituWilliam tion from whom had brought Johnson, from Arkansas and placed in here the bank, became Warren named chairboard of directors. indictment made public until September, 1928. The folmonth, while of the city, campaign begun get control of the bank by purchasing shares from stockholders. was in Chicago with my wife, our way by automobile to Oxford. Ohio, visit our daughter at Western when tance telephone call from- Joseph Ledbetter. then assistant cashier of the bank. who now is cashier He said that and Johnson were numerous conferand that 'something was He thought tempt was made to freeze me the bank. 'Mrs. Mays and got in our car at once Louis discovered Ledbetter right. Mysterious work, quiring small blocks shares in the Grand Bank They then, but learned later that group headed by Felix Gunter and Arthur Hilmer obtaining the stock. was largest stockholder but didn't own majority of shares busy at and, with three of my the bank. entered into buying competition with the persons, then unknown to me, who coveted my three days and nights the waged. little for eating sleeping We worked the entire list of about 500 scatthrough many states isted those and called many on long distance "Our opponents, course, were busy, too. The bidding high and spirited. Neither side paid less than $200 share and often much $250 share, although par value was $100. Mays Wins the Battle the third night, the over and was We had acquired 51 per cent of the bank's 7,000 shares discovered that the shares bought by the other side paid checks drawn on the Liberty Company and signed Anderson, the chairman board and Johnson continued to run our bank because couldn't exercise control until the next stockholders meeting the following January. "Early December found out that Anderson and Johnson know ing they would be ousted soon could vote my stock. had joined the other side in obtaining control of the Vandeventer Trust Company, our neighborhood filed an injunction suit seek. ing to prevent the our charged and done by three of our for pose of promoting the of the Vandeventer Trust Company. They denied doing and proceeded to take then that from Anderson's that he had acted for Gunter, Hilmer and their were engaged in tak"While depositions, Anderson ing the offered resign from the Johnson Grand National Bank, leaving me in would stop taking depcharge, withdraw the injuncositions and they left the tion suit. agreed bank "The Vandeventer Trust Company obtained national charter and became the Vandeventer National Bank. Johnson made president and Anderson vice president. Elected New Directors. "That 1929. About the same we our Hilmer came to me with request that give his minority group on our told him would do so if he would transfer all that stock he bought to the of the new owners so would know who they "For some reason best known to themselves. the other side had left the stock they bought in the names the original owners. wanted to find out names of every man who fought so hard to get my bank. They ignored my proposition and so none of them got on our "Then, in March, thought I'd smoke them out by having the board vote dividend. Dividend payments had been suspended wanted to who owned that minority If it remained the dividend checks would be sent to the original owners. "My scheme was partly successful, because the hostile intheir stock in the name Arthur Hilmer. Ben Brinkman came into the picture member the the stock July, 1929, from Hilmer's name Brinkman's. It has that way ever since. "Our show there are shares Brinkman's name, or little more than 35 per cent of our capital stock, he has said his owns 45 per cent. 'When Brinkman gave deposition fall our damage suit against the learned for the first time that competitors had formed Vandeventer Securities Company holding company the stock in the Bank, the controlling stock in the National other banks. Named the asked Brinkman the other He named Hilmer Gunter and Frey, but refused We know Eddie Foristel curities Company in that pacity played part in the recovery of our stolen bonds. first met Foristel in January, board the Continental Life Caldinterests. Caldwell had failed to get control of my insurance company still owned 22 per cent of stock in the name the InterInsurance Company Louisville, which he trolled at that time. That entitled him three directors on the ConLife board. "Foristel attended our insurance meetings regularly after our robbed. He came after and then didn't him again. "We haven't hostile directors on our insurance board now, cause after the Caldwell failure, the passed into the hands new owners who have failed to their privilege naming three "Up to the time of the robbery, National Bank grew and the Grand despite competition of the Vandeventer National. When became president again in Januthe total resources of the Grand National were about the day before the 000. they had increased to heavy run following the robbery reduced our deposits from We are gradually some of that lost business. Our deposits now total about "The recovery of the stolen bonds has strengthened the bank's position considerably.' Gunter Out of City. Felix Gunter, who, Mays the to get control of the Grand National recently left the city trip to Arizona and could reached for statement today. associate, mentioned earlier in this article, who was an officer the Liberty Central Trust Company the time when Gunter was made the following in Gunter's behalf: "Mr. Gunter tried to get control of the Grand National Bank for the Liberty Central Trust Company the view making the Grand National subsidiary of the Liberty Central. The corner of Grand and Olive of the best in the city for bank. don't know how Mr. accumulated Grand shares. know that they were paid for, as by the Liberty Trust Company, but during the not listed in assets the trust pany. They were carried the assets of Liberty Central Securities Company, affiliated concern, and the stock of the securities company listed in the assets of the trust company. "Mr. Gunter that to keep Mays from learning that the Liberty Central was buying stock the Grand National. Gunter didn't want to give his hand away until he sure he had majority the Grand National shares. That unusual when rival terests fighting for control of done to prevent the other side campaign in opposiit happened. Mays somehow learned accumulating stock in his bank and immediately busy in own behalf He, not Gunter, finally got majority the shares and Gunter unable to proceed with his plan for large neighborhood subsidiary. Shortly before the Liberty Central consolidated with First National Bank, the Grand National Bank shares owned by the Liberty Central were purchased by group of individuals headed by Gunter and Hilmer. was director of the and went over to the First National as director. is my understanding that later Gunter Hilmer organized holding to own the minority stock in the Grand company acquired stock in other banks. Called Mays' Loan. Frey, formerly vice prestof Liberty Trust Company, referred to by Mays his narrative, Mays' statement that the Liberty Central had called Mays' loan. Frey said he did not recall telling Mays that Caldwell was interested in the Liberty Central. Frey is stockholder in the Vandeventer Securities Company with Gunter, Brinkman and Hilmer. He said, however, he had little to do with the affairs that other than to attend monthly meetdidn't know that Foristel was attorney for the company," Frey declared. knew that he is torney for Brinkman, president of the Vandeventer Securities Company the largest stockholder. Hilmer and Gunter are the Have the discussed the affairs of the Grand National