Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-01-22

commenting on the fact that every
senator at Des Moines is to have a
committee clerk
J. LOOKER-ON In IOWA i
II |:
| Grinnell, Jan. 22.-Even outside of
| Grinnell the affairs of the First Ma
tional Bank are of interest, owing to
the sensational death of Henry Spencer
and his son, and the bad condition OF
| the bank soon after discovered. Mr..
Swords, the receiver, has enabled the
depositors to receive Is per cent. There
| is, however, bank asset at Colorado
| Springs, which the depositors COM
mittee think should be sold, as this
property was frequently estimated by
Mr.. Spencer to be worth $4,000 and
many think even now at a forced sale
would net $4,000, possibly more. This
was the reason for Mr.. Brainerd's let
ter to the comptroller. Here is the re-
ply:
Treasury Department, Washington,
January IL, 1907.
Mr.. d. w. Brainard, Chairman Depos-
itors' Committee, First National
Bank of Grinnef Grinnell, Iowa.
Sir: Your letter of the 18th ultimo,
complaining of delay in closing the af-
fairs of the First National. Bank of
Grinnell, is received.
have delayed answering your letter
receiving report of receiver for quar-
ter ended December 81, 1906.
1t appears that for the last quarter
the receiver has collected from the as
sets and from shareholders $3.50.
There still remains in his hands, esti-
mated as good at the time of the fail
ure, bills receivable aggregating S17.-
621.09; estimated as doubtful. $12,-
64672 The total amount of assets of
the bank at date of suspension esti-
mated as good was $249.5O2; estimated
as doubtful, $23,460. The worthless as
sets, $1S2,264 consisted almost wholly
of forged notes amounting to $1S1,51l.
There has been paid, in dividends $685.
098.
In addition to the bills receivable
above mentioned, there is considerable
real estate at Manitou, Col, received
from the Spencer estate, and some VAL
liable property, as you know, at Grin
nell. The services of Mr.. Butler will
be dispensed with after this month,
and there will be little or no expense
incurred except the salary of the re-
ceiver which is moderate. The serv-
ices necessary to be rendered In the
future justify retaining the receiver at
his present salary for few months
longer. The creditors will receive an
other dividend. which will be paid as
soon as the real estate can be sold.
1t would not be practicable to discon-
tinue the receivership; but it is de-
sirable to sell the real estate as soon
as possible. If the depositors' COM
mittee can aid the receiver in obtain
ing a reasonable offer for the real es-
tate, it will expedite matters. The re-
ceiver has been active and efficient
in collecting the assets, and belleve
has collected by persuasive methods
a large amount of money which was
not collectible by law, both from stock
holders and from debtors. The bank
was closed in July, 1904, and the gen
eral results thus far ought to be sat
isfactory to the depositors.
INtSpGStluily'
w. B. RIDGLEY,
Comptroller.
IF there is anything on earth the
Grinnell Herald really loves and de-
lights in it is harmony. Peace on
earth. good will to men," Haines, the
Junior editor, comes of Quaker descent,
he's no fighter. Cowden, the business
man and occasional leader writer was
principal Of the Grinnell schools for
many years, and his long suit was
moral suasion And Ray, senior editor,
postmaster -,elect, adviser in chief in
county politics, is so full OF
harmony, that he was a Perkins man
for that very reason. The way Ray
busters up once in while gives an
that he is naturally quick
tempered, but he is isn't, it's only Rays
way. And Ray, in his role OF peace
maker, has objected seriously to the
attitude of the Register and Leader,
the Times-Republican and other bold,
bad Cummins' papers. Lets drop the
Ratchet" What's the use Of keeping
up this interminable talk of two wings
in the republican party. We're all good
Let us have harmony.
And SO, to further carry out this beau
tiful doctrine. in Tuesdays Herald ap-
peared this editorial:
"In Sundays Register and Leader
it is announced that Governor Cum
Minis says he is not a candidate for
the senate But adds the very sig
utterance of the governor. Il
will not say that 1 will not accept the
office if elected by the legislature
"In that expression the coy governor
lets the cat out of the bag. Tho at
frming his fidelity to Senator Dolliver,
the man that pushed the rate bill
thru the senate, he coquettes with the
legislature and says he won't refuse to
accept if elected. Certainly not. There
have been few Caesars to push the
proffered crown aside, and the COVER
nor's long and persistent record as an
office seeker is sufficient guarantee
that if his friends in the legislature can
find an excuse to sidetrack lowa's brill
liant junior senator and elect Mr..
Cummins he is ready to accept the
honor
IF the governor wants to be candi-