Semi-weekly herald., 1908-05-11
SPLENDl;S;' LOWING
COLO. STATE; /; BANK
Contentious Of the Herald and Advisory Com
mittee Fully Borne Out by Report
Filed by Bank Examiner j

+ the $157 .442.S1 placed in the worthless
column by the receiver. And in this
connection the receiver reports col
lections already from this worthless
column of s2.147.9s
Now, from the receivers report,
or rather the report of the state bank
examiner made up from the receivers
figures, 1t is readily seen that the
Colorado State bank was not In bad
shape when forced 10 close Its doors
by the money stringency, and bears
out the assertions Of the bank officials
that they would be able to pay out
dollar for dollar If permitted TO turn
The collaterals into cash But to guar
antee the payment oil dollar for dollar
with per cent interest the bank off,
! ciais offered to reduce the assets to
| the extent of the Chapman Hampton
deposits of nearly $4,000, turn over
$4,000 In cash and put up property
valued at $4,000, and easily worth
$4,000. 1t is, therefore, with pleas
ure we give a resume of the figures
presented by the state bank examiner.
showing that when The Herald and
! the advisory committee consisting of
Harry jackson, f. K. Graham and
John Casey knew exactly the condi.
lions and that with the guarantee
there would be no question of every
one receiving dollar for dollar, and
1t was with this known condition that
Messrs. Freeman and Chapman were
upheld and the facts show them to
be honest men and willing to make
good every dollar If given an opportun-
ity. And the figures also bear out
the proposition of the Denver Trust
company which offered to furnish a
satisfactory bond for the faithful per-
formance of duty and offer to do the
work OF closing up the affairs of the
bank and not take cent for expense
money until every dollar OF liability
was paid in full. Under these con-
ditions Messrs. Freeman, Chapman
and Hampton have nothing to fear
from a La Plata county jury and goes
TO show that the vituperation heaped
upon the two first named by an al
legged newspaper was purely from
spite. Now, in closing, we desire to
call attention to the first paragraph
OF this article. The report of the bank
examiner was filed April 10. The total
collections are reported to be $685.
S26.21. This is where the report is
misleading in one sense, as the total
collections do not foot up to the above
amount for the fact that of this $685.
326.21. $5,4S9.76 wa cash on hand.
thus really leaving collections Of only
SoZ,43S46. Again, of this $52,49S. .46
S2.241.67 was from rents, interest and
premiums and $10.S17.05 from other
assets acquired since suspension" 81
222.66 being for sale of wheat and flour
on band and representing cash, leaving
S3s.533.42 collected from the original
assets as filed In the first report
Now as TO expense. we find legal
expenses amounting to Sl13.2S which
covers costs of sheriff, clerk of the
district court and $50 advanced at
torney for expenses. Then we find
other expenses of S3.236.32. Of this
/ latter account sl.06177 should be de
Quoted as it was principally incurred
In installing new electric machinery
at the Durango Mill & Elevator com
pany. Other fixed expenses In con-
Quoting Durango Press Brick COM
I pany. foundry and looking after in
come property amount TO s55173, leav-
Ing net expense already paid of
I S1,736.10. Now The Herald will give
the receiver credit for conducting the
bank affairs as economical as any re-
ceiver, but 1t goes TO show what The
Herald has contended from the start
that receiverships are expensive.
Mind that the above expense does
not include the receiver nor the at
torneys and possibly many other bills
that have accumulated. Just what the
attorney fees will amount to cannot
be stated, but II according to other
closed INSTITUTIONS throughout the
country they will not be small 1t
was for the purpose of keeping down
this expense The Herald argued for
acceptance of the proposition presented
by the advisory committee In that no
expense whatever would be incurred
until depositors were paid In full.
i In one sense the report is disap.
pointing TO depositors because 1t was
given out some time ago that in the
neighborhood OF $4,000 had been col
lected with an expense OF about $500
The Herald Will not say this wal
given out officially, but 1t was com
mon street talk and depositors wers
anxiously looking forward to . divi
dsnd.