Semi-weekly herald., 1908-03-02
THE COLORADO STATE
BANK PROPOSITION.


pie taking an active interest who have
nothing whatever to lose. We have
been told that the receiver OF the
Colorado State bank, o. f. Boyle, will
be able to pay dollar for dollar. So
far this has only come from men who
are in some way tied up with Mr..
Boyle or have no interest except to TO-
ment strife. For one | would like to
have something official from Mr..
Boyle. | would like to know what he
thinks about ii in n signed statement
to depositors. The only public utter
ance the people have had was at the
depositors' meeting hcld few nights
after he made his mort. The report
surely was not encoul lging and If we
are to take Mr.. Buyie's affidavit the
outlook from his point OF view, is
still dubious.
We are told, as before stated, that
xMr. Boyle will pay out dollar for dol
lar; that he has collected $4,000. etc.
Now what the depositors want to
know is. how much of this $50 900 has
been in cash and how much in swap
ping accounts?" Again, the depos
itors would like to have supplement
tary report filed showing how much OF
the money collected came from the
worthless and the doubtful columns?
Now it is no more than right that
ct
where this $4,000 came from and
what Mr.. Boyle expects to accom-
plish. If Mr. Boyle will report to the
court that he can pay dollar for dollar
and give the court a guarantee that he
viii be able to do this, then for one
am willing to grant him the privilege
of continuing as receiver, but If such
a guarantee is not forthcoming then
it is but right that a proposition that
does guarantee dollar Tor dollar be
accepted
Now as to the facts. Through his
attorneys, Messrs. O. S. Galbreath and
Reese McCloskey, Mr.. Boyle institut-
ed suit against the stockholders oil
the bank Feb IL. In his complaint
Mr. Boyle swears that to the best OF
his belief the assets comprise s133,-
2S3.3S worthless accounts. He further
swears that to the best of his belief
$9l, ,335.9S is of doubtful value. He
further swears that combining the Du
range and Pagosa banks that OF the
assets, sl57, ,442.S1 is worthless and oil
no value to him as receiver for the
payment of the banks Indebtedness,
and that s123slG.23 is of doubtful
nature, leaving only $160 500 "A to pay
the Indebtedness. Now mind you
these figures are made under oath
and are the same. believe, as he filed
when he made his report. Now there
is something wrong some place. To
my positive knowledge before this
ands of dollars were collected from
the doubtful and worthless column
In fact, | believe statement will
show that at least one-half of the col
lections from the doubtful and worth
less columns will be found in the $50,
900 alleged to have been collected.
Then why the affidavit on Feb. IL,
which is absolutely at variance with
the facts? Then Mr.. Boyle makes al.
fidavit as follows:
THAT the liabilities of said
bank exceed the assets by more
than twice the value of the stock
of said bank, and the liabilities
of said bank exceed the assets by
more than $150000.'
Now this is a statement made by
Mr.. Boyle under oath. He makes af-
fidavit that the liabilities exceed the
assets by s15O0OO. This being the
case, where in the world is the mon
ey coming from to make up the de-
fcit? There is screw loose some
place in the figuring.
Now let us get down to more facts
In the face of the proposed settlement
of the banks affairs we find MIR. Boyle
instituting all kinds of suits and this
means expending large sums of mon
ey belonging to the depositors. We
lind that he has employed plenty OF
attorneys, o. S. Galbreath being
among the number, and this will ex-
plain to depositors why Mr.. Galbreath
took such an active interest in behalf
of retaining Mr.. Boyle. Not content
with instituting suit against the stock
holders, the receiver has instituted
suit against Freeman, Chapman and
Eldredge for money alleged to have
been wrongfully allowed for commits
sions. Now these suits are going to
cost the depositors dearly. Attorneys
do not serve receivers for song
For the information of depositors |
desire to quote the following dispatch:
NEW YORK, Feb. l2.-In CON
hrming the report of Alexander
Mckinney, who was appointed
special referee to investigate the
accounts of Otto Kelsey and Edw
q. RIGGS, receivers OF the Repub-
lica1 Savings and Loan associa.
ton, Judge Harr in the supreme