Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1893-12-21
THE MEACHAM BANK AFFAIRS

The MEACHAM BANK AFFAIRS.
Subsequent Dividends and Bright
Prospects for Creditors.
The Alert is in receipt OF communi-
cation from lhos. Doughty of Caring.
ton, concerning the affairs Of the sus.
pended bank at that place, Mr.. Doughty
desiring ito reply, and il possible correct
some false statements made by some
unscrupulous person in The Jamestown
Alert, concerning Mr.. Meacham and the
failure OF the Carrlngton bank"
The Alert's informant stated that the
bank owed Foster county and school
interests between $4,000 and $14 900, in
round numbers, and the statement was
made that from present indications the
loss would be between those amounts.
Mr. Doughty states that "the total
amount OF the county and school de-
posits amounts to only little over
$1,000" and adds what is not generally
known, that on November LIST divi
dend of % per cent was declared, which
reduced this account to SS,90O." The
further information IS also given that
under Receiver Soliday's management
enough has been collected to pay another
dividend OF about - per cent, making
40 per cent dividend, (which, considering
the short crop and low prices. Is certain
ly good showing.' Mr.. Doughty con-
tinues: "Ihe total assets of the Car
rlngton bank amounted to 5l9,69S, and
the total liabilities amount to S16,O5O.
leaving balance of $2,G4S over and
above all liabilities. Figuring on what
has been collected as a basis and a credit
of $2,64S, [ cannot see but what the loss
Will be very small, if any,"
1t will be seen that The Alert's inform
ant was not so far ont OF the way in the
first loss stated, but the matter of the
| first dividend was not mentioned, as it
should have been, If known As to the
future dividend, which Is to be made,
that also was not referred to, or known
to The Alert.
The report that Treasurer Putnam had
to part with farm turned over to him
individually, by MIR. Meacham, 70: the
county,was incorrect, although there was
| nothing in the statement that reflected on
the treasurer. or suggested any intent on
his part to cause the county loss. As to
this Mr.. Putnam says he still holds the
farms subject to the will OF the county
and will hold them until released by the
acceptance OF the security, or by the
payment OF his debt ID full. Mr.. Put
nam is turning in his salary, lumber &C.
counts against the county and with
grain raised this year on the farms, and
the divided to be secured, is short $4,000,
which he says he expects to make up in
full, and perhaps have the real estate
left. This Is certainly flatterng show.
ing, both for the county and the receiver.
The treasurer says he is satisfied that
the closing OF the Carrlngton bank was
"a failure, and that Mr.. Meacham turned
over everything be had"
Receiver Sollday corroborates ths
above statements and adds that with a
fairly good crop next season the bank of
Darlington will pay at least Is per cent
OF It's indebtedness. Should it do so,
and the county take the lands and pro-
ceeds OF the same, 1t would be ahead
some hundreds of dollars
Foster county and the deposltors of
the bank are to. be congratulated on the
prospect of getting out of the failure in
such excellent shape, and The Alert is
pleased to make facts known to the
public. Friends Of Mr.. Meacham claim
that the failure of the bank was due, not
to any intent to defraud creditors, but to
careless banking, and lack OF business
foresight, and they assert that his subse-
quent surrending Of all property proves
| his honorable intentions IN an unfortu-
nate business collapse. From communl-
cations seen by The Alert from promin-
ent citizens Of Fostertcounty, taken with
statements Of leading citizens here who
who have been acquainted with him,
leads to the belief that Mr.. Meacham
still retains the confidence and esteem of
those who best know him.