, 1891-01-21
THE PRESENT SHOWING.
Not a Very Brilliant Outlook for
Post Depositors.
In Three Years the Assets Have
DwindIed Three Fourths,
And Those Which Remain May Be
Discounted F%our-Fifths.
What the Expense Account of
Three Years Shows.

The question of when aud upon what
basis the affairs OF the late banking house
of Morton f. Post & Co. will be ulti-
matelY settled is not one Of easy solution,
even when the voluminous report made
by Assignees ParsLall and Warren, on
November 25 last, is carefully considered.
1t requires some very hard work on the
part of any one not expert IN figures to
make head or tail out of the statement,
but what is herewith presented is believed
to be a fair synopsis OF the actual facts.
The original inventory of the assets
showed $949. 1854. According To the
present report the inventoried assets foot
up $3.50, 4T9.7 in addition to which there
is cash on hand amounting to $6,623.50.
1t will therefore be seen that the original
inventory shows a shrinkage in three years
of about three fourths. Much of the in
ventoried stocks, etc, were absolutely
worthless. Many which were included in
the inventory az assets with which to
Offset the claims Of the depositors were
really not available to the extent of a
dollar. These included many thousand
dollars in notes which were originally given
to the Post bank, but we're subsequently
rediscounted By New and Chicago banks,
and so of course passed into the possession
of those foreign institutions. The
secured creditors of this and other
classes alone reduced the invento-
ried assets by 1908. 1852. 70. In addition
there was a loss On stocks and bonds of
ST., 295; on real estate of about $55, 900;
on warrants, 81, 500; on property sold
for less than ~inventoried amounts, $l2,-
4l9 80: on worth IS open accounts,
$5s, 500. and on uncollectable notes,
$50. 700. The assignees nov charge
themselves with assets amounting to
$3.50. 479. rs, and ca4h on hand, Sc, 623. so.
and from these amounts alone can the de-
p%ositors hope to realize a dollar, in ad-
dition to the Is per cent dividend which
has already been paid 70 them.
If the $3.50, 600 in assets now charged
to the ~assignees was available, or if there
was any future prospect OF it all becom
ing so. the outlook for the depositors
wo1ld be comparatively pleasant. but I'm
fortunately there Is no such prospect.
These $250,000 claimed by the ~assiguees
as assets include such accounts as Moreton
Frewen, once a Wyoming cattle king. but
now a writer on economic topics in Lon
don, for $I05, 739. "a; Richard Frewen,
his brother, for $21, 235.57, and among
others Of the same stripe which, in the
judgment of everyone who knows any
thing about the matter. are absolutely
valueless as so much waste paper floating
thn atreet Judging rnughlv
the absolutely worthless accounts in the
latest inventory Of the assignees will foot
up $4,000. leaving SIS. 600, some OF
which are Of questionable value, while
others will bear discouuting from their
tace value. 1t is possible. but apparently
not at all probable, that $50, 600 worth of
these inventoried assets may eventually
become available. This amount will not
only include the assets of the Post bank
in this city, but also the Post bank at
West Cliff, Colo, so that the depositurs
in both banks must receive a proportion
ate share of whatever dividends may
hereafter be declared.
The expense account for the West Cliff
bank during the past three years is given
by the assiSnees. who are likewise Par
shall and Warren, at So, 323. 80. Ex-
penscs in connection with the settlement
OF the Walker estate, which includes the
Bob Walker ranch at Bellwood, are given
at 1906. is. The itemized expense ac-
count for Cheyenne is stated to be
IS. 655. 81.
The cash paid A. J. Parshall for three
years services as assignee, at So, 900 a
year, was $4,000; to +. f Warren as
assignee, for three years services at
90, 600 q year, 5000. or SIS. 900 IN all,
being pretty nearly one halt the total
amount of s34, 075. 80 paid the depositors
in the same length Of time. The entire
expense account is over $25. 900.
The expense account of the assignees
of the Cheyenne bank alone for the past
three years may prove of interest to the
readers of this paper, and is given as
found in the statement of the a~ssignees
filed IN the office of the district court clerk,
as follows: