Semi-weekly herald., 1908-01-16

| individually by B. N. Freeman. w. c.
| Chapman and Frank Eldredge. and to
tangibly back such guarantee all the
capital stock OF $4,000 of the Free
man Investment company. owning lots
25 and 20. block 81. Durango. being
the property occupied by the Colorado
State bank and other Offices together
with a mortgage resting on same Of
$4,000 shall be delivered to Joseph A.
| Thatcher, president of the Denver Ma
tional bank, Denver, Colorado, to be
tee until all deposits have been paid
| in full, with interest at per ceat per
| annum, but for not exceeding Ave
years.
3. All stockholders shall be assess
ed forthwith one hundred dollars per
! share, and when all deposits and in
terest thereon shall have been paid
in full, shareholders who have paid
| this assessment shall be first reim-
bursed the amount thereof with inter
est at 6 per cent per anuum and shall
then have their respective pro rata
interest in all assets still remaining
along with the said individual guaraa-
tors OF the deposits.
6. The drawing of all documents
to put the foregoing into legal force
and effect shall be by attorneys for
depositors as selected and directed by
a depositors' committee in conjunction
with the attorneys for tie said guar
antors and this depositors' committee
and attorneys shall arrange and pass
upon the time and conditions of the
bonds TO be issued to depositors az
herein described and all other details.
and shall have authority to make
changes herein which they may find
necessary or desirable. and when the
said guarantors have eecuted the doc
uments covering the contracts agreed
upon. all the affairs of the bank and
assets shall be returned TO the active
care and handling of b. N. Freeman
under such fair compensation as the
depositors' committee shall agree with
him and fix. and until all depositors
are paid In full. the said depositors'
committee will act with w. C. Chap
man and Frank Eldredge as an ad-
yisory committee to said Freeman in
the handling of said affairs but none
of said advisory committee shall re-
ceive compensation for suoh services.
7. All legal proceedings of every
kind and nature brought against any
directors by any depositor. shall be
dismissed, and no new or further legal
proceedings shall be instituted against
any officer or director OF the Colorado
State bank in connection with the
matters and affairs of said bank. And
the said advisory committee and all
depositors shall lend to said Freeman
their consistent aid and good will to
the bringing OF all the affairs to the
speediest and best conclusion.
After reading the proposition Mr..
Jackson said the committee was unable
to see its way clear to accept the
proposition, stating some OF the objec-
tions. and calling ON F. r. Graham to
expain some of the provisions. Mr..
jackson then said the advisory com
mittee had In turn submitted counter
proposition as follows:
The Committees Plan.
sets now in the hands of the receiver.
to be transferred and turned over. that
is. the title to pass to resident OF
the city Of Durango, as a trustee, and
in case of his death. resignation. In
ability or refuIal to act. then to some
other resident OF the said city of Du.
range, successor In trust with power
to act. Said trustee and successor in
trust. to be the persons selected by
committee selected by the depositors
of said bank.
2. The lots and improvements OF
the Freeman Investment company stu
ate In block 81 in the city of Durango,
known as the bank and other build
ings. to be assigned and transferred to
said trustee free and clear of encum-
brance for the use and benefit of the
depositors and creditors.
3. Officers and stockholders OF the
bank. to give additional security, by
conveyance to said trustee clear and
unincumbered property of the value OF
$4,000.
4. All stockholders of the bank to
be assessed and required to pay 500
per share on all stock held or owned
by said stockholders.
5. That the said b. N. Freeman, in
addition to the above payment to pay
800 per share on all sock, held or
standing in the name Of B. B. Free
man and also on the Ostenberg stock.
6. w. C. Chapman. in addition to
stock standing in his name to see that
payment of Mrs. Chase's stock Is made
good.
Z. The bonds of the Income Prop
erty company, to the amount OF $780,
| 900, and all other securities held by G.