Semi-weekly herald., 1908-02-06

| Lenander, J. E Leines. Silas w.
Smith, j. S. Mather, Gus Lang. f.
! Habermann, F. G. Straub,
Depositors
The above statement appeared in
the morning paper and we take 1t for
granted 1t is a true copy. bearing as it
does the signatures of several of our
business men and citizens. Now. to
show that The Herald is fair and
wants every interest protected, the
statement Is published In order that
all may know their opinion in the
premises. And, furthermore, The
Herald will stand with the signers on
a perfect understanding. We cannot
answer two or three of the legal
points because it is not our province.
but the essential features we can.
In the first place The Herald will
insist that the property decided be-
comes assets OF the bank at the ex-
piration Of three years without any
- '~N'''''iNH uciiS itt'SbdEN. he
property must become tangible assets
| of the bank with the one restriction
| that 1t is not to be sold or used for
the payment of depositors until the
expiration of three years.
Secopd--rhe Herald win bind its
editor to swear out warrants and
criminally prosecute Messrs. Free
man. Chapman and Eldredge at the
| expiration OF year and half or two
| years at the outside If it IL discovered
that they are not carrying out the
| agreement in good faitn.
The Herald has gone into this set
tlement from standpoint of good
faith as Well as security for the de.
| positors and We shall insist on every
intention being lived up to. The
signers say that by the time the
agreement expires no criminal suits
can be instituted. We say at the ex
| piration of two years it will he dem
| onstrated whether the agreement is
being carried out and il it is not and
1t comes to point where il is appar
ent there is disposition to dilly
| daily along in order TO avoid prosecu
ton and then leave depositors in thu
hole, for one we will not stand for II
and single-handed we promise to b,
just as Jealous in prosecuting tn,
bank officials inside of two years il
they show disposition to fall dowr
and are not exerting every effort tt
pay depositors. So let not this poin
worry you. Again, the same privilege
rests with each and every depositor
and, while We have not consulted any
member of the advisory committee
we believe we can pledge them alons
the same lines. The Herald under NJ
condition will be made dupe and W,
are certain the members of the com
mittee will take the same stand. TIL,
Herald will spend its own money Il
send each of the three men to tn.
penitentiary if they go back on tn,
agreement. II is matter of homo
with this newspaper.
Third--If the agreement is draw.
in such way as to let the receivers
resign should they become weary ant
permit the property put up as securit.
be decided back to the original own
ers. then We say 1t should be changed
The way we understand the PROPOSE
tion is that the property In question
Will be absolutely under the jurisdic
tion of the court. Make the deed o
conveyance so specific that there cal
be no question. Deal in good faitl
with Freeman and Chapman and il
turn expect and insist on the sam,
conditions
, AS to the collateral up for loans
that will he fully explained at th
meeting.
, Regarding the $4,000 bonds held b,
Mr. Freeman's brother, all we can sa,
is this: The matter was threshed ou
and then Refreshed with the advis
ory committee, the committee insist
ing on this condition, but it was foun,
, utterly impossible to comply with thi
demand. The money was borrowed
the same as from outside banks an,
collateral put up, and in turn Mr
: Freeman's brother had to borrow tn,
) money. putting up as security the SAT-
collateral, The collateral in question
will not be sacrificed, and Mr.. Free
man expects to have the bonds re
! leased inside of six months.
In conclusion, as stated yesterday
we have no word of censure for an,
= skeptical depositor. They want thei
money and we are with them in thi,
proposition, and we have no fault I,
I find with the contentious set forth
with one exception. From legal opin
ion we do not believe the depositors
will ever be able to collect more thar
double the stock liability by law. At
torneys may differ on this. but as q
depositor we will bank on the advice
rendered in these premises. so do moi
be sure that you will be able to Sc
cure this same property through law
| suits III Won do N will ba altar Va, 80