Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1921-02-03
'DEPOS|TORS
To GET 10 PCT.
CLAIM
All Depends Upon Whether
Public Money Takes Prior
Right Over Other Funds
State Commissioner Address
es Those Who Have Cash in
Savings and Trust Bank

Almost 200 depositors in the Grange
vile Savings & Trust Co., a banking
institution, doors of which were closed
here by state order late in November,
gathered in Grangeville Saturday af-
ternoon in response to call for a
meeting of the depositors.
j. G.. Fralick, of Boise state commits
sioner of commerce and industry, was
present and addressed the depositors,
all of whom were solicitous as to the
status of their funds.
10 PERCENT DIVIDEND SOON
Commissioner Fralick, after reading
to the depositors figures which were
said to denote the realizable value of
the bank s assets, as well as detail
ing what were said to be liabilities,
declared the state hoped AMI expected
to paw the depositors 10 percent of
their deposits within two weeks. Mr..
Fralick said ability to pay this divi-
dend depended upon whether public
money on deposit in the bank took
prior right over money belonging to
Individual depositors- If it is not
necessary to withdraw the first avail
able funds to satisfy the demand for
public funds, the commissioner rs
serted; the depositors may soon expect
their first payment of 10 percent. The
question of priority of public deposits
he said, had been submitted to the
state attorney general for ruling.
ONLY $500 DIFFERENCE
After telling the depositors what
was regarded as the amount of assets
that could be realized, and comparing
these figures with the liabilities, the
commissioner remarked it was his
opinion that the asset would come
within 5000 of paying the depositors,
without calling upon the stockholders
of the bank for one cent.
Commissioner Fralick discussed be-
fore the depositors a newspaper article
that had been printed in Grangevllle
limiting at dissatisfaction with the
administration of the bank under
state management and explained the
course of action he said the state was
pursuing. He criticized the newspa-
Der article, and said since its publ
cation payments of money due the
hank had virtually ceased. He init
mated the state s work has been SER
iously handicapped thereby.
WHAT STATE WANTS
Following the meeting, Commits
sioner Fralick declared:
f'We want to get this bank Off our
hands as quickly as possible. me
state of Idaho has no desire to delay
payments to depositors. We have
heretofore lefrained from pressing
collections hoping that some person
could be found who would take the
bank over and reopen it. We have
not entirely given up hope along this
line. What we want to do. is to see
that the depositors are paid and re.
lieve the state of administration OF
the bank s affairs as nnickly there
after as possible
At the meeting, Saturday, on sug-
gestion of Commissioner Fralck.
committee of three was chosen from
among the depositors to go into the
bank and investigate transactions, as
we'll as determine, as nearly as pos
sible. the actual condition of the
bank. The committee chosen for
this work comprises w. L. Campbell,
Bert Decker and Frank Hockersmith,
all of whom are heavy depositors in
the institution.