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EDOFF'S PLAN HAS SANCTION OF JUDGE Compromise Will Be Made With Defunct Ventura Bank to Settle Claims Court Authorizes Acceptance of $43,000 Cash and Realty Worth $47,000 OAKLAND, July S.-James P. Edoff, receiver of the California bank, was permitted to compromise the claims of that institution against the defunct Bank of Ventura by Judge Harris today. Edoff reported that litigation to settle the matter would be costly and extend over two or three years. Both banks were under the control of D. Edward Collins, who lent the Ventura bank $171,000 to allow for the usual loans to ranchers for handling crops during the spring of 1907. Crop failures and the financial flurry in November caused both banks to become insolvent. Prior to the appointment of Edoff as receiver Collins personally engineered a settlement and the bank directors ratified the agreement. By its terms the Ventura bank, ostensibly operated by the banking firm of William Collins & Sons, was to turn over several thousand shares of industrial stock which Edoff reported worthless, besides real estate at Thirteenth and Webster streets, in this city, and a ranch in Glenn county to cancel the indebtedness. Edoff had the settlement set aside and by negotiating with the receiver of the Ventura bank arranged to accept $43,250 cash and the realty mentioned in the first deal, which he valued at $47,000. Edoff said that the Ventura bank might be able to pay its creditors 48 cents on the dollar.
