The daily sentinel., 1902-01-08
Depositors Meeting.

OF the Colorado State bank, which was
called to take place today at two o'clock,
was held last night at the office Of }. S.
Carnahan, in order that Cashier j. f
Mcfarland might bo present to give
statement of the financial condition OF
the bank more fully than he had given in
his published statement the day that the
bank closed it's doors.
There was a pretty largely attended
meeting and DR.. L. II. Ingersoll was
called to the chair and E. M Slocomb
made secretary.
There was feeling among those as
sembled to give every possible means to
the bank to adjust affairs and reopen
tho bank. As soon as the meeting was
called to order Mr.. Mcfarland was
given the floor and he made quite an ex-
tended statement of the present condi
tion OF tho bank, what they hoped to
reelize from their securities, the relation
which the Sugar company bore to the
bank in it's Indebtedness and i'll what
manner the reorganization OF the Sugar
company would recoup them from their
losses.
A detailed statement was given by Mr..
Mcfarland and the depositors found Mr..
Mcfarland and the president OF the
bank, T. M. Jones, facing the situation
bravely and Mr.. Mcfarland with well
defined plans fer a reorganization OF the
Sugar company, which he stated should
bring the bank out OF it's trouble in
very short time.
In part Mr.. Mcfarland said that when
he found that the directors OF the Sugar
company who had agreed to take care OF
their portion OF the expense Of the Sugar
plant, both during the growing of the
crop and the making OF sugar, refused to
do so, he demanded from them at once
the turning over OF the property OF the
company to himself and the bank. This
was done and the assets OF that company
are, above the mortgage OF $40O,0O0 Sc
cured by bonds, 1000 aores Of land,
ABOUT $4,000 worth OF water rights and
other personal property, which was prac-
tically available collateral for the amount
Of indebtedness which the Sugar com
pany owed the bank now, or about $780,
600. The amount in the extreme which
the Sugar company at any til time neo owed
There was cash on hand in the bank
or WAS at tie time OF the closing about
$4,000 OF this sum approximately
$1,000 has been returned to depositors
who made deposits Saturday, these were
not recorded with the regular business OF
the bpnk, because of the possible closing
OF the bank, ithAs been = termed to 20
pusitors. This would leave about $2l 900
on hand.
The property OF the bank, its building
and it's furniture has been put into the
assets OF the bank at $4,000, Of this
50 500 for the building and about $l,5OO
for furniture This is a very conserva-
tive estimate OF what that property is
worth and all fhe collateral has been
placed in the assets of the bank IN about
the Same way.
Before the session was concluded
there was much better feeling prevail
ing, especially when both President
Jones and Mr.. Mcfarland assured the
assembled depositors that every dollar
would be paid back in full. All they
asked was little time to straighten out
matters in the bank.
Before the meeting closed, commit.
tee of three. consisting of William Camp |
bell, E. H. Craven and D. Baughman,
was appointed to visit the bank ana go
over the securities and satisfy them
selves that every possible means was be-
ing taken to realize on the securities and
to see il the assets were as valuable as
the statement Of Mr.. Mcfarland would
warrant
That committee has been at work in
the bank today, looking over matters.