Semi-weekly herald., 1908-11-12

AT last the cause of the depositors
has won. The depositors have had
an inning. The guff of the Democrat
has been set aside. Only yesterday
morning 1t endeavored, by mIsrepre-
sentation. and no doubt voicing the
sentiments of the Inner circle" to
have the negotiations for settlement
abandoned. Every obstacle possible
was thrown In the way OF settlement
and when the showdown came there
were no material changes in the bid
because the first one provided that
sufficient money should be paid In to
settle all obligations. And again, note
the deception and Misrepresentation
OF the Democrat this morning. The
facts are that when Judge Holbrools
| adjourned court at $3.50 for an hour 1t
was for the purpose OF conversing
with deposItors. The receiver was
still unwilling to accept the offer,
presenting this and that objection and
when finally the attorneys were asked
by the court II they would recommend
the acceptance Of the bid refused to
do so. During the hour OF adjourn
ment Judge Holbrook had various
talks with depositors. among them the
depositors' committee. Messrs. Gra-
ham. Jackson and Casey, who went
over the ground thoroughly and in
behalf of the large majority OF de-
positors whom they represented, urged
the acceptance of the bid. Other de-
positors, among them John Gilbert, who
was party to one of the criminal
complaints, instructed his attorney to
withdraw the objection he had Inter
posed, being well pleased with the
proposition. stating that he had never
understood 1t until presented by the
attorney for Mr.. Poole and associates.
Upon the court reconvening Judge
Holbrook announced the bid would be
accepted and instructed the attorneys
to draw up the order. The order was
presented to the judge this morning
before leaving for Alamosa and sign.
ed.
1t is now a matter OF getting every.
thing In shape and Mr. Poole and as.
sociates are gwen thirty days to turn
over the money and securities for
winding up the affairs OF the bank.
Judge HolDrook was congratulated
on every hand last night and this
morning for having accepted the prop
osition offered. True, under the pres
ent terms of settlement the depositors
will have to pay portion of the re-
ceivership expenses. large allow
ances are made, but these will un-
doubtedly be small as the Democrat
the organ of the receiver, told the de-
positors and Its readers that Mr.. Boyle
was always doing good and would do
nate his services, his sole object be
ing to secure dollar for dollar, and 1t
Is now up to the receiver to make good
or come out in signed article refuting
the Democrats statements. It should
be borne ir mind that all current ex-
p'HH~h u AiS
to nearly 10000 have been paid. the
only expense remaining being the fees
Of the receiver and his attorneys.
The settlement OF the bank affairs
could have been accomplished long
ago. In August better offer was
made, one wherein the bankers offer
ed to pay all claims and also the fees
of the receiver and attorneys. but 1t
was impossible to obtain an idea what
these fees would be and when the at
torneys began dickering 1t was found
the receiver wanted to hold out to
cover fees nearly $4,000 in securities
which was out of the question. Then
an offer was made to advance $500
cash to cover the receiver and his at
torneys In addition to paying dollar
for dollar for every legitimate claim
against the bank. providing the re-
ceiver and his attorneys would agree
that their fees should not exceed that
sum. This was turned down. Then
after court adjourned and public opin-
ion overwhelmed the receiver he came
out In card agreeing to accept s7.-
500. But this was the last heard of It.
When court met one Of the attorneys
for the bankers was In court ready
to turn over the 1880. had the money
In his pocket. but 1t was found the
card published was simply playing to
the galleries. When Judge Holbrooh
was informed by the depositors' com
mittee and other depositors Of the sit
uation he lost no time In effecting q
settlement. believing 1t for the best
interests of the community and In
this he is backed by every business
interest In Durango and the southwest
And what surprises most peop1a 4