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Show Defunct Institution May Pay Depositors 10 Cents on Dollar By Ira C. Tichenor .... .I.-.. I..1f . n,iMi.,n illl..r' won', of wruri I ), carrlfi nn the bookn of th defun.-t MeivhMlil hunk us are worLhJe."S. Practically no rhanR-e took plAce in the value of the aavets of the bank between the first of the prexent year and the day on which the bank closed lu eleora for ths lant time on July . , At nil limes during this period the stoolt of lUe Kink-frlt a Hatal.i? Instead of n asset. 4 These statements were sworn to by Rtephen II. Lynch, receirer of the i lank, before the board of county commissioners, and they contain the tit-j tit-j fereme that the henk was In an Insolvent condilion st least sumonihs ' nerorel e iikih rnarsje ni ma mi"" I th Instituiifiii. I An interextlna situation In coiinec- tion wih the giving of this sworn I testimony by the receiver whs that, had the members of the grand Jury 'now engaged In Investigating the af-( af-( fairs of the hank cared to do so. they 1 could have opened a, door snd heard j the entire statement. j JURY ROOM ADJOINS. ' The room set apart for the use of ! the grand jury during the Inquisition ! now In progress In connection with the rbank and its officers and any others whose transactions with the institution , ' might be considered of a questionable j 1 character. Is what Is known the anteroom of the board of county commissioners. com-missioners. To gain access to the room snd to emerge into the corridor. It is necessary neces-sary for memlters of the grand Jury and Prosecuting Attorney McCarthy to pan throtiKh the main room deyoted to ths work of the county commissioners. commis-sioners. This they did only a few minutes before Keeiver Lynch was sworn snd 'made the ptatements referred to. and during the giving of his testimony mitre than one person in the room occasionally occasion-ally looked at the door through whu h j the memter of the grand Jury and i the proecutjiig attorney bad just . passed, a if wondering whether by anv iMtMiltie chance the voire of -the j receiver waa being heard beyond that , door. , COMMISSIONER COMMENTS. j The Interesting situation afterward was discussed by one of the members 1 of the commission, who declared; "Personally, we are well aware of ' the fact that the grand Jury is inthat i room. Investigating the affairs of the 1 Merchants bank, but officially we are 1 totally unaware of the existence of ! that body." officially, too. the board Is Inter-' 1 ested In the affairs of the defunct bank ! only to the extent of learning w hat 1 was the value of the stm k of that in- stitutlon on .January I . last, by reai I son ft the fact that the receiver has asked for an abatement of the tax as to the stock of the bank snd amounting to 13740.20. VALUED STOCK AT S117. ; According to a sworn statement filed J it ri the county asne-or by ft. J..( Cannon, assistant cashier, eany rtur- j j ing the present year, and on which i the tax assessment was made, the bonk j value of the stock was placed at U7. : i On this statement, the bank was assessed as-sessed at the rate of 1100 per share, divided into ". fur the stock and $24 for real estate. In contradiction of this statement. Receiver Lynch swore that throughout this year the stock .has oeen a llabii- j ity instead of an asWt. At the opening of his testimony. Receiver Re-ceiver Lynch made the statement. In response to a question by John Jensen Jen-sen of t he firm of Cheney, Jensen aV Holman. counsel for the receiver, that more than tiOO.ooo of the securities securi-ties held by tbe bank were worthless. worth-less. DEPOSITORS STUNG. He also declared that should the j stock be a useeved to the full value and ! all of the assessments re tnllevted. ' the amount woujd fall far short of paying the depomtors. In this connection, it might be stated that a rumor ia current on the streets that the recently expressed hop of (Continued on page 4 ) PROPOSE TO (Continued from pace 1 hroke off to testify to the excellence of the food In Holland. "Many people here do not think so, someone interjected. "Oh, I think it is fine," raid the reformer re-former crown prince. "An how, 1 am a small rater and do not wish to get fst ' |