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Merrill Bank Has Meeting; Proposals Will Be Asked For Stockholders of Institution To Decide Saturday on Reorganization or Sale Stockholders the American State bank which closed its for fifteen-day holiday Monday, 28, meeting Saturday evening, which 482 shares out total of listened suggestions Charles president, Arndt, cashier, and H. of the First bank of Marion, who enthusiastic their success reorganizing the bank at Marion Chilsen, stockholder in the Merrill organization, he had not expected day rill bank close its doors. He pleaded reorganization. Norman Chilsen, his brother. stockholder the same institution, asked that the directors present posals any, from banks to take the Institution and directors said that would meeting to be evening. Officials the bank reported that the drouth visited this part of state had been largely responsible the closing the bank and blamed slow farm paper the remainder responsibility. Liability of Stockholders Attention called to the liability of stockholders to the amount 100 per cent of the par value their shares: also to possibility of re-assessment on this basis the future new the bank's stockholders should again meet financial straits, which was the the Farmers and Merchants State bank at Eagle River. Heavy recent withdrawals were reported by officials Merrill bank, and officials the Marion bank reported that the Merrill bank reorganizes, on the reorganized bank is prevented the waiver plan with signatures of depositors adopted. Marion bank expects to pay its first installment ten per cent on deposits January at present has $40.000 available for this purpose. officials did advise payment dividend reorganized bank until the depositors have been paid 100 cent. Comparative ments the Marion bank's improved condition since July distributed to stockholders for their The Marion ization assumed per cent the assets of the former bank.
