Semi-weekly herald., 1908-01-16
SHELTER
CITY BANK
Largely Atte,.,'
ing Of Depos.
Last Night

Depositors of the Smelter City State
bank met at the city hall last evening
for the purpose OF listening to the re
port of Receiver Pingrey and that OF
the advisory committee. Mr.. Pingrey
read the synopsis of his report which
has already been published. then E. C.
Lightner read the report of the ad-
visory committee as follows;
We have examined every resource
at our command to devise ways and
ont OF the assets of the Smelter City
bank, and IN this we have been ably
assisted by Mr.. Pingrey, the receiver.
who has allowed us free access to all
the books and papers connected with
the bank and while we hardly think
it necessary to comment on the situa-
tion at this time. as you no doubt
are fully rs conversant with the re
ceiver's report as the advisory board
is, however. we would like to state.
that the total liabilities Of the bank
amount to $155.000. and the total as.
sets. which the receiver has deemed
wise to place In three distinct col.
umns:
The good ..........-........ $2T, ,OOO
The doubtful ............s1 s14 900
The worthless ...............$6 $6S 900
of OF
$155,000 liabilities. To the good as
sets can be added the lot on Main
street. situated near the Jackson Hard
ware company. valued at $500 and
the lots in the Pennington addition
in Harrington. N NJ, valued at $500,
making total of 100000 which can
be considered as good assets. From
this amount we have deducted $4,000
for securities hypothecated in Denver
and which are not available at the
present time. leaving a net amount of
assets, which can be classed as good
of $l7.600 then the amount which Mr..
Mcconnell claims that he can get re-
leased from the Indebtedness of the
bank by giving his own personal note
or through the influence of certain
friends, would leave a net liability OF
s11S,000. ald the receiver has in sight
$4,000 with which to pay this s113,-
900 liabilities.
I'VE have as stated before the ad-
visory board, has executed every
known means at it's command to arrive
at some agreement that would be
satisfactory to the depositors In gen
eral. and We beg to submit to you
the following proposition to which Mr..
Mcconnell and his attorneys have
agreed and we will leave this matter
with you for your consideration
After the reading of the above the
chairman had the secretary read the
proposed agreement between the com
mittee a a Mcconnell. which IL as fol-
lows:
"1nis agreement made and entered
into this - day of January. A. d.
1903, by and between Charles e. Nc
Connell of the city OF Durango, La
Plata County. Colorado. party of the
first part and X. Il. Sloan, Il. C. Light
ner and f. r. Graham, of the said
city. county and state, parties of the
second part, witnesseth:
WHEREAS, the said Charles f. Nc
Connell was the president of the Smelt-
er City State bank of Durango. Colo,
and the owner of certain stock in said
bank, and
WHEREAS, the said Smelter City
State bank of Durango. Colo, has be-
come financially embarrassed, and ul-
able to meet its financial obligations,
and was placed in the hands of the
state bank commissioner of the state
of Colorado, and
WHEREAS, the said state bank
commissioner has heretofore applied
to the district court of the sixth ju
dicial district of the state of Colorado
in AID for the county OF Archuleta
for receiver Of said bank. and
WHEREAS, Rowe N. Pingrey has
been by said court heretofore duly ap
pointed receiver for said bank, and hat
duly qualified as such receiver anc
entered upon the discharge OF his du
ties as such receiver and is now ii
possession of all the property of sai'
bank. as provided by law, and
WHEREAS, the said r. f. Sloan
L. C. Lightner and F. r. Graham hav'
been heretofore selected as commit
tee by the creditors of said bank L
ascertain the condition thereof. an
to advise with said receiver and sug
gest plans, and ways and means b
which the greatest amount OF none
might be realized out Of the assets @
said bank for the purpose OF protect