Semi-weekly herald., 1908-01-23
WANTS HIS MONEY.
january 20. 1908,

<l,V"v is III tne Coiorado State Bank. |
am entitled to be heard, for my earn |
ing capacity is small at this time, and |
my wife is great invalid. / want |
that money and need It as much as |
any depositor. won except any.
| understand Messrs Casey. Jack |
son, +. r. Graham and Mr.. Pulliam,
the depositors' committee put in hours
with Messrs. Freeman, Chapman and
Eldredge, going deeply into affairs and
arrived at the agreement outlined in
your paper. / read what had been
done and confirmed it, and say empha-
tically that every depositor should ac-
cept it as splendid accomplishment.
There are many who believe under
the handling of the bank officials, the
assets of the bank alone will pay out
In full every dollar owed us deposit
even after this panic that would have
closed many banks in large cities, II
they had been obliged to live up to the
law in making payments. | am one
who believes that.
Now consider the additions and eCi.-
cessions obtained. They agree to OBJ
tain 5000 from shareholders in ninety
days for payment of small depositors,
which will make happy nearly three
hundred accounts in Durango and La
we turned it down; that means the lit
tie depositors have to wait and pro-
rate with all others; it means all the
money first collected must go out to
get back collaterals held for security
for money the bank got before it clos.
ed. We did not get that money but
other depositors did and we have to
save that collateral to get anything our
selves. That might take year under
the receivership and then another wait
to collect and realize on realty held.
be sold to advantage it might have to
be held for years; no dividend might
come in sight for year or two, and
then how much? when according to the
heceiver's report the total might not
reach over 25 per cent net. What do
the children and women and small de-
positors think of David F Days scheme
to care for them in this way? Didn't
he advertise right after the bank fail
ed that if he was not bought out he
would continue to rip UP everything
tharafnra. IN nd h,yy i'm,
out or suffer? 1 read that.
That $4,000 not only pays OFF these
little fellows but 1t reduces the liabil-
tiles so much and our condition in as
sets is just that much better.
Then MIR. Chapman and Mr.. Hamp
ton take their $500 deposits from the
liabilities OF the bank so far as We
other depositors are concerned.
Then Mr.. Freeman and Mr.. Chap
man put up $4,000 worth of the best
property in Durango TO back their
guarantee that we will be paid in full
and with interest at per cent. Their
guarantee alone is good with me and
you can't fool me.
David F.. Day has filled his paper
that depositors will get only 20 or 25
80 per cent, but I can read and the re-
ceivers report the way II values things
doesn't justify any expectation of over
40 or 90 per cent net under that hand
ling. no matter IL he did figure high
er and sign a statement which you
published that the assets would pay
100 per cent. few days before he be-
came receiver.
Again that way the settling of af
fairs may drag for years. l know a
number going on in receiverships for
s and 10 years with yearly expense
awful heavy which depositors have to
stand. That is the way the Durango
Democrat figures when it says 20 or 25
per cent. Mind you am not discredit-
ing o. F. Boyle. he is smart man. II
the property is to be handled outside of
the bank officials who want us paid in
lulii ana VIII 20 DTOke uuueT tHlS ueai,
If they fail to pay us in full. can
see where Mr.. BMoyle will get Just as
much out OF the assets us any one.
do not know much about such
things but l was in the Government
service for years and can't see where
there is any more expense properly
for attorneys or in any other way wind
ing up affairs by receiver than IN run
ming live bank by its president or
cashier, but general experience is that,
that way eats up everything some way
and somehow, but can see that the
bank men guarantee and put UP too.
so as doing it as receiver or receivers
they would have TO be economical be-
cause finally they pay the bills, and
can see that receiver is responsible
to the court as well as to us depositors
and II the things agreed to be done
are not done the court can take a hand
and not wait for Trustees to act; SO
believe the receiver policy should be
continued as greater protection to us.
but Mr.. Freeman or the whole three
should be appointed and Mr.. Boyle