Arizona republican., 1921-05-13

justment company for their s15O0o0) The depositors (to the number of about 2,500) contributed s2O0, 900, Con the basis of 25 per cent of their de- posits) which those who were best informed believed would also be a total loss.
 Under this arrangement as all ready stated, the contributing de- positors got, from the new bank, 75 per cent of their whole deposits in cash. They got an additional sum of approximately five per cent. They now get the disbursement of today. and will get something more later on
 The primary object of operating the adjustment company was to pay. from collections on the notes and other assets purchased, its note for s212, 900. which had been given in part payment for the assets. For considerable time it was thought that the assets would not yield enough to pay the face of that note, to say nothing of interest But we have paid that note, and paid interest of approximately five per cent. running through period of about five years on the balances unpaid. The note provided for interest at eight per cent, but as result of negotiations between MT. Ely, the manager of the Adjustment company, and the new Valley bank, the bank threw off
 interest to the amount of nearly s15.000, thus making a gift of that sum to the Adjustment company.
 In addition to paying it's notes, the Adjustment company, paid in full the notes of MT. Lloyd B. Christy, in the sum of $37.50o and interest. and thereby svstained loss of approxi- mately S15,000. Mir Christy, di- rector of the old bank. has joined in the contribution of s150,000 above mentioned, his contribution being un- dertaken for the sum of s37, ,500 (the same sum as contributed by Mir. E. J. Bennitt; the other directors con tributing $12,500 each). ,Mr. Christy could give nothing but notes. how ever. which were secured on all the
 property he or his wife possessed.
 It developed that he could not pay anything on his notes: and to avoid
 the expenses of foreclosure, he deed
 ed to the Adjustment company all his
 property; and our subsequent sales
 thereof realized total sum of about
 S15, ,000 less than his notes which the Adjustment company had paid. Ii may be stated, for the further infor- nation of the stockholders. that Mir. Christys contribution to the Adjust ment coTnapny or everything ne n2O
 in the world was in addition to his total loss on his stock in the old bank-and he was one of the largest 1 stockholders therein
 The Adjustment company, there | fore, has done far better. in results l than anybody had reason to expect i It has paid it's indebtedness of se12, ! 900; it has paid a loss of some s15,- l 900 on the Christy collateral and 1 there is a small but unexpected res i idue for the holders of the preferred | stock in the Adjustment company. 1 These results, we should say, are l due to able and faithful manner in i which MT. Ely has managed the af- i fairs of the company. He has had | 70 deal with assets which were un- secured and on practically none of
 which there could be any collection | by process in court Collections have been made through alert at | tention to the interest of the com | pany, through resourcefulness, and l by persuasion.
 F. W. Griffin,
 President.
 JAS H. McCLINTOCK, Secretary