Semi-weekly herald., 1908-01-16

such reasonable compensation to be
agreed upon and not to exceed the
sum OF - per month. to be paid
out OF the assets of the bank.
IL. All deposits of $50 and under
shall be paid In full out of first monies
available, for paying depositors.
12. Dividends shall be declared and
paid. under the supervision of the
committee when sufficient funds have
| purpose.
IL. After all deposits and claims
| against the bank AS per this agree
ment shall be paid In full with inter
est OF . per cent, the remaining assets
and property given to secure said de-
positors shall be returned TO the proper
parties entitled thereto.
IA. Said b. N. Freeman to furnish
good and sufficient surety bond. for
his faithful performance of conditions
herein upon his part. and that he will
SiNt Ailh' dit'hiioh W osiid
work and the best interest OF the de-
positors.
It was late in the afternoon when
the counter proposition was submit.
ted and the contending parties had not
had an opportunity of meeting and dis
cussing its conditions. Mr.. Jackson,
however said he had received reply
which he read, as follows:
Durango, Colo. Jan. 49, 1903,
To Messrs. Jackson, Casey. Pulliam
and Graham. Depesitors' Commit
tee of Colorado State Bank.
Gentlemen On yesterday we sub
mltted to you "Plan for handling and
adjusting the assets. liabilities and af-
fairs of the Colorado State bank of
Durango"
We have just received late in the
afternoon your counter-proposition.
1t is an absolute impossibility to
comply with this proposition from
nearly every point of view, and 1t does
not seem to us. that It can have been
made with the intention of receiving
serious consideration. and that our
presence at the meeting tonight for
discussion under 1t would be of no
practical use; we send this note to
advise, that under these conditions we
cannot attend the meeting.
But We trust that you will present.
our proposition which was made in
absolutely good faith. to which we
shall add. that we shall be glad to
make any reasonable change. which
from business point of view seems
proper under article OF our propo-
sition.
We hope that the depositors viii
give their serious consideration to
our proposition.
Yours respectfully,
b. N. FREEMAN.
w. C. CHAPMAN.
f. ELDREDGE.
There was considerable discussion,
still not as extensive as the occasion
called for. only few taking part. when
a general expression would have been
better. AS the depositors weer mostly
in evidence It Is not necessary to re-
capitulate what was said.
Finally a resolution submitted by
Mr.. P. G. Ellis as follows was unani-
mously adopted:
Moved that the respective propo-
sitions for settlement, submitted by
Mesrs. Freeman ct al. and the coun-
ter proposition of the ad dsisory board
he taken under advisement and re-
ferred back to the advisory board for
further consideration and report at a
future meeting
The meeting then adjourned subject
to the call of the chairman. Mr.. Berndt.
The Herald can assure the deposit
tors that the advisory committee of
which Mr.. Jackson is chairman. will
do everything in its power To bring
about n settlement of the banks af-
fairs to the best advantage to all ia
terested. The Herald. after careful
study OF both propositions. feels that
the depositofs and the bank officials
can get together and agree upon a
basis of settlement. We feel this will
be the best for all concerned. In case
no settlement. is reached there is no
one who Is better posted aad better
able to secure returns for the deposit
tors than Mr.. Boyle who will take
pride ln making acreditable record.
TELEGRAPH NEWS.
The wind storm that visited Durango