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OWENS SUPPORTS PLANS FOR BANK Urges Loan and Exchange Proposal. THINKS BEST PLAN Believes That Depositors Not Yet Signed Up Should Do So. The mayor of Columbia, Dr. L. B. Owens, believing that adequate banking facilities are essential to a city, yesterday issued statement saying that he felt the reopening of the Columbia banks, now in hands of conservators, would be most beneficial to the community and urging depositors in the National Loan and Exchange to sign up for the stock and thereby make possible the formation of the new bank will. in part, liquidate the old. He spoke particularly of the National Loan and Exchange because he had read that it was necessary that decision be reached without further delay in the case. Doctor Owens said: In the National Loan and Exchange each depositor of the old bank is asked to take stock to the amount of 20 per cent. of his and there will be approximately 850 stockholders who elect the directors and officers of the bank These 850 stockholders will each be personally interested in this institution. These new stockholders will own and control the bank. The new bank will not assume any of the old debts and will own no real estate think that this new bank will open under favorable auspices and that there is good chance for the stock sell above par very soon. will gladly take my proportionate part. "There are two courses for the depositors in our Columbia banks to pur sue, one is to liquidate. sacrifice enrich few receivers and get practically nothing. thereby checking the progress of the city. The other course is to come in on the outlined plans, reorganize and start new bank Take an interest in it, help to run it and make success. am personally acquainted with the personnel of the new set up and have confidence in their ability The representative group of stockholders, dire and the security under which their institution will operate. think, guarantee its success. Go in this week and take your 20 per cent. of stock, help run the bank and see that succeeds. the only thing to do. We have to make start, so let get busv and do our nart this week. Delay will only retard the progress of the city. pledge my wholehearted support and co-operation to their plan. "We who are interested in the welfare of Columbia solicit and will appreciate your co-operation.
