The Parker post., 1917-08-11

a meeting in Browns new pool hall
Monday evening, and Chairman
Flanagan explained in detail the
result of his work in Phoenix
While he admitted using his own
judgment in naming a temporary
September 3, he explained that un-
der the circumstances he was com
PEELED to make a quick decision in
the matter for the reason that it
was necessary to file the articles
Immediately upon the approval of
the cOmpany's plans by the bank
comptroller and the attorney gen
eral, in view of the danger of the
withdrawal of one or two of the
largest creditors. At any time be-
fore these articles were filed one or
two Of the largest creditors could
legally withdraw their consent,
which meant that the bank comp
troller would not approve of the for
nation of the adjustment company
There were other reasons why delay
would be dangerous to the the COM
pany, and upon explaining these
various reasons, the meeting unani-
mopsly adopted a motion endorsing
Mr. Flanagan's action throughout.
Boyce Deserves Great Credit.
Bank Comptroller Jesse l.. Boyce
will arrive in Parker Friday night,
and will formally turn over all of the
assets of the defunct CONNER
cial Bank to the adjustment COM
pany's directors the following day.
Mr.. Boyce will leave Saturday night
for the coast on his annual vacation.
Great credit is due Mr.. Boyce in
averting a receivership for the de-
funct bank. He is one of the most
courteous and accommodating Off
cials of the state, and his handling
OF tae affairs of the defunct bank
has met the approval of every depos-
itor and creditor. Attorney General
Jones also showed great liberality
by consenting to an adjustment
company instead of asking the court
for a receiver. Both are confident
that an adjustment company will
realize more out of the assets of the
defunct bank than receiver could
possibly accomplish
Resources Exceed Liabilities.
Next week this paper hopes to
publish the official statement of the
banks present condition, as gotten
up by the state banking department.
However, we are in position to
give the approximate resources and
liabilities of the bank The total re-
sources amount to $129,72638, and
the total liabilities, exclusive of the
paid UP capital stock Of the CONNER
cial Bank and two items which can
not be considered a legal liability
against the bank, aggregate
$107,748.82, showing excess re-
sources amounting to $21,-
977.38. There is a good chance
that the resouces will be
increased about $1,000, which the
banking department gives no credit
in the statement from which the
above figures were taken.
Will Complete New Hotel.
The adjustment company has al
ready taken steps toward raising the
necessary funds for the payment of
the various material and labor liens
outstanding against the hotel and
other buildings. AS soon as these
arrangements have been perfected
steps will be taken to secure suffi-
cient funds to complete the hotel
building. The large equities in Sc
curities held by other banks for
loans and to secure overdrafts will
be protected as soon as possible
There is much work ahead for the
directors of the company, and every
depositor should lend his assistance
wherever possible. Criticism, hav-
ing no foundation in fact, isn't going
TO be of much assistance tn the off
GERS of the company. In order to
accomplish the best results it is
necessary that harmony should pre-
vail among the stockholders, and the
quicker this is realized the better 1t
will be for the depositors,