Semi-weekly herald., 1908-01-09
TO COLORADO STATE AND
SHELTER STATE DEPoslToRS.

The receivers of the two closed
banks have filed their reports. The
advisory committees have been busy
Especially is this the case with the
Smelter City State bank. Several
meetings have been held with Mr.. Nc
Connell endeavoring to come to some
arrangement whereby the depositors
will be protected and receive their
money in the long run. Several prop
lositions have been dlscussed-ona that
has not been given to the public. In
this 1t is proposed that Mr.. Mcconnell
becomes responsible for the entire IN
debtedness and be given five years at
a low rate OF interest to make good
he to give a satisfactory bond that
the Indebtedness viii be met on or
before the expiration OF the Ave years.
Mr.. Mcconnell is confident that his
mining interests at Ely will mere tina"
pay the deficiency. Mr. Reynolds is
a mining man of large experience ard
If the property is as claimed they are
the ones to handle the property aad
make the dividends. OF ali the set.
Elements The Herald considers the last
the best.
! In regard to the Colorado State bank
we are not informed what action has
been taken by the advisory committee
with Mr.. Freeman. There was rumor
last evening that Mr. Freeman and his
associates would be willing to take
over the bank and pay out, putting up
sufficient guarantee that they will
pay dollar for dollar If given a rea-
sonable length of time II this ar.
rangement can be made we consider II
the very best proposition that can be
made.
There are conditions regarding both
banks that are far from satisfactory
especially regarding the stock holdings
and manipulations. 1t is time that
matters were coming TO some kind of
a head, To this end The Herald sug-
gests that the advisory committees, in
conjunction with the respective receiv-
ers. call a meeting of the depositors
of both institutions-fo different ev-
enings. of course. Sufficient time and
notice by personal service or letter
should be given every creditor in the
southwest to attend. The conditions
of the banks from A to should be
covered and the presidents of the two
institutions should be present to ex-
plain and state their positions-what
they intend and are able to do. The
Herald is for giving both Mr. McCon-
lell and Mr. Freeman an opportunity
of making good in some way. It's re-
suits the depositors are after--not the
kind of wind jamming that appears in
the morning Falsehood. The Herald
wants every depositor paid In full II
within the power of those responsible
for the closing. The business of the
closed banks should be discussed in
an open. frank and impassloned way.
Let the depositors know Just what to
in some way and many things explain
ed. Then 1t will be for them to decide
on the best and proper policy to pur-
sue.
In the meantiue-until such meet
ing is called-the advisory committees
will no doubt be in evidence, con
sulting with the receivers and the head
officials of the closed banks in order
that something tangible may be ar
rived at when the meetings are held.
The Herald takes the position that
Mr.. Freeman and Mr.. Mcconnell must
sacrifice every dollar they have in the
world. or their immediate family pos
sess. and along with this the directors
should cooperate. We do not blame
Mr.. Freeman or Mr.. Mcconnell for
not making unofficial statements for
the morning paper to garble, but both
must be prepared to state their posi-
tions and what they will do when
the depositors are called together.