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SMELTER CITY BANK Largely Atte ing of Depos Last Night Depositors of the Smelter City State bank met at the city hall last evening of listening to the reReceiver Pingrey and port for the of purpose Mr. Pingrey that of the advisory committee. read the synopsis of his report which has already been published. then E. C. Lightner read the report of the advisory committee as follows: "We have examined every resource at our command to devise ways and means of securing the most money out of the assets of the Smelter City bank, and in this we have been ably assisted by Mr. Pingrey, the receiver who has allowed us free access to all the books and papers connected with the bank and while we hardly think it necessary to comment on the situa tion at this time, as you no doubt are fully as conversant with the re ceiver's report as the advisory board is, however, we would like to state, that the total liabilities of the bank amount to $155,000. and the total as sets, which the receiver has deemed wise to place in three distinct col umns: a The good $27,000 $14,000 The doubtful $68,000 The worthless Total assets of $109,000 as against $155,000 liabilities. To the good as sets can be added the lot on Main street, situated near the Jackson Hardvalued at $2,500 and in the Farmington ware the lots company. valued addition at $500, in Farmington, N. M., making a total of $30,000 which can be considered as good assets. From this amount we have deducted $15,000 for securities hypothecated in Denver i and which are not available at the present time, leaving a net amount of t assets, which can be classed as good of $17,600 then the amount which Mr McConnell claims that he can get re leased from the indebtedness of the bank by giving his own personal note the influence of certain would leave a net friends, or through liability in sight of $113,000. and the receiver has $17,600 with which to pay this $113, 000 liabilities. "We have as stated before the ad visory board, has executed every known means at its command to arrive at some agreement that would be satisfactory to the depositors in general, and we beg to submit to you the following proposition to which Mr. McConnell and his attorneys have agreed and we will leave this matter with you for your consideration." After the reading of the above the chairman had the secretary read the proposed agreement between the committee and McConnell, which is as fol lowe: "This agreement made and entered into this day of January, A. D. 1908, by and between Charles E. Me Connell of the city of Durango, La Plata County. Colorado, party of the first part and R. E. Sloan, E. C. Light ner and F. R. Graham, of the said city, county and state, parties of the second part, witnesseth: "WHEREAS, the said Charles E. Mc Connell was the president of the Smelter City State bank of Durango, Colo., and the owner of certain stock in said bank, and "WHEREAS, the said Smelter City State bank of Durango, Colo., has be come financially embarrassed, and un able to meet its financial obligations, and was placed in the hands of the state bank commissioner of the state of Colorado, and "WHEREAS, the said state bank commissioner has heretofore applied to the district court of the sixth judicial district of the state of Colorado, in and for the county of Archuleta, for a receiver of said bank, and "WHEREAS, Rowe N. Pingrey has been by said court heretofore duly ap pointed receiver for said bank, and has duly qualified as such receiver and entered upon the discharge of his duties as such receiver and is now in possession of all the property of said bank, as provided by law, and "WHEREAS, the said R. E. Sloan, E. C. Lightner and F. R. Graham have been heretofore selected as a committee the creditors of said bank to the condition with said sugascertain to advise by receiver thereof, means and and gest plans, and ways and by which the greatest amount of money might be realized out of the assets of said bank for the purpose of protect-
