Semi-weekly herald., 1908-01-16
Colorado State Bank
(From Tuesdays Daily.)

(From Tuesdays Daily.)
Probably so depositors OF the Colo
| RADIO State bank assembled at Red
Men hall last evening to listen to what
| the receiver. advisory committee and
others might have to say regarding
| the condition of the closed institution.
| Chairman Berndt called the meeting to
| order and stated the object and then
called upon the receiver, o. f. Boyle,
| to address the meeting Mr.. Boyle,
after few preliminary remarks. said:
Il have no objections TO the protest
as a protest. it is simply statement
filed not under oath and in instances
| they admit the justice of the valua-
tions | have made and | believe, the
protest is not filed as an attack upon
my report in good faith. but Is 4 sim
pie statement for the purpose OF plac-
| ing themselves in a position where
| would not or possibly could not be
prosecuted criminally. My report is
under oath and contains fair valua-
| ton of the property as ! give It. 1t
may he true, that few of the assets
| represented by note may be placed In
column not warranted. and some
placed in the worthless column may
| first be paid. but it is not true that
| the notes, they have generally referred
to. are entitled to better class than
4 I IatT syitf n q
value put upon the brick plant, foun-
| dry, mill. and other property, believe,
| If anything, they are rated high, since
partially completing my inventories.
| and ascertaining the prices asked by
these people for the several properties
| during the last few years, that could
only ascertain the exact amount OF
stock on hand by complete inventory,
| and II seemed best to file my report,
before / had time or opportunity to
| make complete inventory II you
desire me 10 take up the notes or the
several properties included in the pro-
test. am willing to do SO, but can
not see any advantage OF discussing
| this matter, because without COM
plete inventory, | am unwilling to
| change my figures, and nothing can
| be lost to the depositors. whether
| classified in one column, or in an
other"
Mr.. Jackson. secretary OF the ad-
visory committee, was then called upon
and in a short address said. in part:
| Your committee has been busy al
most every day, yes. may say, every
day. for the past month. to figure out
a scheme, whereby the depositors
may secure an equitable share of the
monies due but our efforts have not
| been the success we would like to re-
port, for the reason that we (the com
mittee and bank officials) can't get
together in business way to adopt
ways and means to secure all rights
Mr. jackson then went on to say
that he expected Messrs. Freeman,
| Chapman and Eldredge to be present,
but at late hour had been inform
ed they would not attend. Mr.. Jack
son then read the following proposition
submitted by the above mentioned gen
tlemen:
| The Bank Officers Plan.
i ]. All deposits of $4,000 and under
Z. shall be first paid off in cash and at
the earliest date possible.
g II by the organization OF local
bank or otherwise, the Pagosa Springs
depositors wish to take over that part
of the business, they shall be permit
ted to do so on the arrangement Of
details affecting that end.
, 3. $27.500 8 per cent bonds OF the
Income Property company secured on
lots and 8. block so, and $22.500
! secured on lots 10 and IL. block SO
Durango, $4,000 6 per cent bonds Sc
cured on Durango Pressed Brick com
parry property. and $4,000 secured on
, the Malone Iron Works company, and
$4,000 secured on the Durango Mil q
Elevator company property, all aggre
eating $4,000 OF first mort
, gage bonds shall be Issued to tht
c depositors. then remaining pro rata a
par on account OF their respective de
= posits.
Il 1. All deposits shall be guaranteed