The Alaska citizen., 1915-05-03
Phone 262 Phone
MOVES SHOULD BE REMOVED


 outlined plan for regainins the fund lost by the institution by sung for the return of money paid tn people he claims were not legally entitled to it. The Citizen has glV- en full publicity to MT. Noyes pIans and after he had presented his case il took the trouble to interview various di5interested au- thorities on the subject. and also 10 gain the opinions of people di- rectly interested in the bank The result is that The Citizen is conii- dent that the only safe policy to pursue in this matter is to get new receiver appointed. and let him and the court work out the problems that still remain
 Ever since his appointment, MT Noyes has proved in various ways that te is not fitted for the posi- former receivers been left to their work. the affairs of the bank would have been closed up in a satisfactory way before this time. The fact that few months ago more than 100 depositors of the defunct bank pc titioned the court for the removal of Noyes on the ground of his in- competency. prUyes that he is un- popular at least. and that the pub lie aa5 no faith in him.
 mt before discussing MT. Moves qualifications further. it may be well to take d look into the plan sugeeste4 ty him for regaining the banks lost funds.
 MOVES PLAN.
 In the petition fled by MT. Moves a week ago, ssking the court to con- firm the appointment of Fernand de Journel as attorney for the re- ceiverstip, it is asserted that the Washington-Alas bank of Nevada and the Washington-Alaska bank of
 W cS HI \ tOII N tIt IlOl legally illel ed. Therefore it is claimed that the money paid to the depositors of the latter bank and to its stockholders was done illegally. and can be re- deemed by process of law.
 To regain this money it is pro posed to hire Mir de Journel to take the matter into court, and for this service he wants salary of $500 month. bis expenses and a contingent fee of 25 per cent of the money thus gained up to $100000 while for the money recovered be yond this amount he wants 10 per cent, in addition to his regular sal a1y and expenses.
 This would mean that the affairs of the bank could not be closed until this proposed legal battle, which would probably last severa. years. Is completed. and that for all that time Mir Moves would continue 10 collect at least $500 a month and expenses as receiver and Mr. de Journel would get the salary he specifics for the same period In the end there is only chance that the suits would be won. and if the nugatlon fails, the receiver and the attorney would lose nothing. but the bank depositors would stand all the cost
 BANK WOULD LOSE
 What chance has the bank to win this money? That is the next oues tloN' which has been thrashed out with several disinterested lawyers The Citizen finds that the legality Of the merging of the two banks was decided by the court when the receiver was first appointed. At that tune some one had suggested that perhaps the merging of the two banks was illegal, and various depositors asked that separate re- celVers be appointed for them. But the court ruled that the banks were one at that time and refused to appoint receiver for more than one.
 u IS explained to The Citizen by Sooo legal authority that if the merging Of the two banks was tech. nlcally illegal, the court would not De inclined to annul the contrac, after 1t had been accomplished and completed. though it might have done so before the banks failed
 Thus it is found that some of Fairbanks best attorneys are not putting any faith in the plan to sue Tor the recovery of the money, as outlined by Mir Moves.
 THE BEST WAY.
 However, The Citizen does not pose as legal authority, and i, does not presume to say that the suits @uggested should not be prosecuted. N' hat it dors say. however. is that if MT. de Journel wants 70 try tc collect the money on contingent fee, il may be we'll to let hlm try it. but it does not believe that he and MT. Moves should be paid sal aries and expenses during the years that the matter is being fought out