The daily sentinel. [volume] (Grand Junction, Colo.) 1893-current, 1914-02-12

SOON TO GET
A DIVIDEND
Assessment on Shareholders
Will probably Force Action
For Re-Opening.
STOCKHOLDERS MEET AGAIN


The first dividend to the deposit
ors OF the Mesa County National
bank of from 1 5 to 20 per cent will
probably be paid about the last OF
this month.
There is now approximately $780,
600 available for this purpose in the
hands OF the receiver and the assess
ment on the stockholders, ordered by
the comptroller of the currency, will
probably bring in an additional $780,
600. although only a fourth of this
Will be available for the first divi-
dend
Temporary Receiver Chapman last
evening mailed out notices of a 100
per cent assessment to the stock
holders of record OF the bank, on or
der of Comptroller Williams. The
stockholders are permitted to pay
rs per cent of the assessment Feb.
IS. and the remainder in three
monthly installments
The assessment is'eSpected to raise
between $1,000 and $4,000, which
will be placed TO the credit of the de-
positors. On the major portion of the
stock the assessment cannot be COL
lected. OF the total capital of $780,
900. which is assessable. $4,000
represents the holdings of Orson
Adams, which Is held as collateral
by the First National bank of Den
yer. There are a number of women
stockholders. VIVID. the opinion OF
members of the ,dep6sitors' commit
tee. will be unable to pay the as
sessment. but 1t Is hoped to realize at
least 100000. The order of the
comptroller will force action on the
reorganization plans. The assess
ment will compel the First National
bank of Denver to release the stock
1t holds, or pay the assessment of
S5S,000. If this is not done the stock
will revert to the bank and will be
disposed of for what it will bring.
There are about 300 shares held in
the valley, and many small blocks
of stock are held by eastern parties,
many of them women. II. +. Bar
nard of Denver. representing Colora-
do Springs parties holding sixty
shares. reached here yesterday and
had conference with other stock
holders today. Another meeting will
be called in few days and it may
be possible that the comptroller VIII
be asked to revoke his order. condi-
tional on the stockholders agreeing
to arrange for the reopening of the
bank and restoring the capital OF the
Institution. 1t is said by this method
more money can be realized for the
depositors than by forcing the liqui-
dalton OF the banks assets through
recelvership. Mr.. Barnard in his
conferences today indicated that his
clients were willing to pay the as
but would much prefer to
see the bank reopened. even though
the cost to the stockholders was
greater. for in that event the bank
as going institution, would give
value to the stock.
In case the bank can be reopened,
it is said to be the plan of the men
willing to back 1t, that the deposit
ors will be paid an amount equal to
the probable realization OF the as
sets of the bank. and would fare bet
ter than If the institution Is forced
to go through liquidation.
Senator Tobin arrived last eve
ming from Montrose and was closet
ed with Receiver Chapman for the
greater part of the day. He will re-
turn to Montrose tomorrow. and 1t
will be several days before he Is
ready to formally assume charge OF
the banks affairs.