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MEETING HELD LAST EVENING Continue Study Of Two Plans For Reopening In The Future The best news of the day regarding the First National Bank is to the effect that its receiver, P. N. Peterson, has given proof to the public, and especially to those who are directly concerned in the banking situation here that he is willing to cooperate in every way. He stated yesterday that in a few days those people who needed to get into their safety deposit boxes would be able to do so. To that end a special depositors committee, not yet appointed, but soon to be announced, will aid this part of the situation. It is pointed out that merchants down town state that they are not worried about the eventual opening of the bank, with full protection to the depositors, but what does concern them seriously is the fact that the collateral on which they could borrow to carry on their business is locked up so that it can't be used in that way. May Be Vast Sum The merchants are thus in a bad position. A strange thing seems to be developing in the matter of these deposit boxes. It is being said that much of the money that was drawn out, and thus causing the run on the bank may be found in these boxes, there in the bank. At any rate several merchants have made the remark that they had money if they could only get at it, and several others have gone so far as to say that their money was near by. It would be a grim joke on the people themselves if it were found that there was enough money in these boxes to have saved the bank from closing. In the mean time more meetings have been held and more study put on the two plans laid before the receiver and the committee that is attempting to straighten out one of the most technical and difficult financial situations the city has ever known. At present the main thing at issue is the needed cash. Agreements have been reached on many, in fact most all, of the other details but a new situation has arisen. Money Not Quick It was at first believed that it would be a simple matter to cash securities, stocks, or bonds and thus gain cash to turn into re-establishing the bank. In fact when the bank first closed all moved at high speed to accomplish this very thing. Then it was learned that the security market is not so willing to cash in at once. Brokers are prone to sell but not to buy at once, on call. If the market does cash it is at a low price on heavy discount. Thus it now becomes a matter of finding a market for the negotiable paper so as to gain the actual cash needed, and required by law for a bank to operate. Chicago men have become interested and another meeting is being held today with them involved. However, because of these technicalities the situation is not construed as unfavorable. In fact, those who are working on the deal are willing to speak freely enough and say that it looks better every hour but that the people cannot expect to remedy such a situation in short notice. When handling money by $100,000 at a time, no one has ever been known to act quickly, unless he be a speculator or gambler, and neither is wanted in this deal. It is pointed out that it will be much better for all concerned if the thing moves slowly and carefully, and in the end reach a real and permanent solution, than to move hurriedly and possibly cause more trouble. The people have asked that they be protected in their deposits and the verbal promises of local financiers, and the receiver, is