The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-11-13
CITY INTELLIGENCE.
I Tor Aada,ona' Locot Hems see THIRD Paq. /
An UNSAFE SAVING FUND.


The Warfare Between the DepositOrs of
the National SAFETY Trust Company
aud the Directors Of that institution
The Fight Grows Warm, and Begins
10 be lntcresting-Only S041,32O In
vOlVed in the Dispute.
The Natopal Safety and Trust Company was
sn institution which fOr0icrly did business at the
southwest corner of Third aud Walnut streets.
The Board OF Directors ot the institution con-
sisled of the following gCntlemen;-M
Henry l.. BenueT, samuel K. Ashton, Joseph B.
Barry, r. Carroll Brewster Edward L.. Carter,
Robert Sellridge, e. Laudreth Munns, francs
Lee, Joseph 1erkcs. James l.. Stephenson.
On the cover OF the books given to depositors
was printed the following paragraph
"This Saving Fund by the provisions OF its char
ground rents and such frst-cass securities as must
always perfect security TO the dcpostors and
pace beyond 0H risk the permsnencg ana stability of
this institution" "
The depositors, however, appear to have had
some reason for doubling all these fair pro-
mises, as they are now engaged in tigating
their claims against the Directors. The tight
has been IN progress some time, and bids fair TO
become amusing, II nothing more.
meeting OF the depOsitOrs, for the purpose
of putting the legal machinery in motion, was
held at Mechanics Hail. ON Tuesday evening,
october ~, wnen Mr. James McGnley was
called 10 the chair Ou that occasion, this gen
litman stated TO those assembled that he had
nad an interview with Spencer Miller, Esq, who
uoubt about the unal recovery OF the deposits,
and that he would undertake the matter and
hght II to the Dittcr end Tor the depositors. lie
stated, Also that Mr.. Miller proposed fling
bll in equity AT once, those now having
charge oil the present suit were evidently trying
TO push Il OIL unit Apnl next, when the statute
OF limitation would expire. and with II all hope
OF ever recovering penny or their deposits. IL
was proposed by the Chairman that the deposi
tors contribute Que fourth OF one per cent, or
twenty-five cents on a hundred dollars, towards
delraying the expenses OF counsel, assuring
them that he firmly believed that such action
would finally De the means OF their recovering
the entire amount OF their respective deposits
other gentlemen addressed the meeting, and
some OF them we're very bitter in their denun-
citation of their former counsel.
The result oil the meeting was an interchange
Oi views, and the adoption OF "a series OF resolu-
tlons providing for the appointment OF COM
mIttee of eleven depositors tor the purpose OF
raising funds tor the recovering by suit or
otherwise the amounts due to the several de-
positors. The entire power OF che depositors was
vested for such purposes IN TINS committee,
which was made to consist OF the following gen
tlemen:-Messrs. James Mckinley. No. li43
Fawn street, Jacob ). Fish. No. 1924 Melon
street, Henry Lehman, No. 437 Green street,
William T. James. No. 2l2j Summer street,
Thomas Atkinson, No. ll07 Pine street, Samuel
Reiter, Central High School, William Biigb,
No. 3lS New Market street, William Meeser,
sunday Mercury Office, IL. Mcintosh, No. 923
Chestnut street, Peer Sauerwein, No. 2l3 Coates
street, John Elliott, Shamokln street, west of
Twenty-secOnd street.
Previous to adjournment, the Chairman further
stated that he had lost over thousand dollars
in the concern, but that he was offered that
day the entire amount o his loss It he would
drop the suit he now proposed, IN cJnjunc.
tor with his fellow.sunerers, to institute
lie also gave the following statement OF the
liabilities OF the institution when 1t went up:'
Amount OF deposits. S8O80 0OO
Interest due tb per cent l...,............ l. 40 400
Interest Tor s. years ars.................... 2222OO
Deduct interest on SSO,SOO paid two years
S2l4,i2O
Deduct 10 per cent, paid two years ago.. $500
133 800
Add principal. SS 900
AmOunt now due ACKNOWLEDGEMENTS, Sil,3SO
The Committee resolved to levy tax of
twenty-five cents on the one hundred dollars
from each depositor, according to the amount
OF his or her claim. Last evc1tng another meet
ing OF the depositors was held tor the purpose
of asceI tanning what progress had been made
in the matter. This meeting, like the former,
was advertised 10 be held at Mechanics Hall,
but this was prevented by some one going back
ON them y as one of the indignant gentlemen in-
formed our reporter.
Mr.. Mckinley occupied the chair. One of the
depOsitOrs, on the organization of the meeting,
came forward and delivered himself of the fol-
lowing remarks:-
Mr.. President;-Are you going TO make any state.
ment about the object of the meeting, and the plans
which are about to be pursueat l don't know any.
expect TO hear something.
To all Of which the Chairman responded in
this wise;-
1t is probable that there are some people here to.
night who were not at the first meeting. lt
held in the other hal Itwould have been he there
this evening. but some one went back on us. But
we have The matter arranged all night. An indi-
yidual stationed al the door 10 tell the people TO
come over here. For the information OF those
who we've not over there, would just say
that this matter is gong on very we'll Satisfaction
Teigns on many countenancesl We have a lawyer
engaged. and he Is at work prosecuting cIRims
We have raised considerable money but we want
great deaf more. The aforesaid satisfaction sud
denly gives way TO looks OF the opposite character
II is always the custom for lawyers who undertake
such job as tins 10 have something In advance
Tokens of assentl And our object in meeting
here tonight 10 10 collect as mucu money pOssi
BILE. lWagging of heads and dubi0uA loOksl We
are number of persons present that understand all
about that. lIt was evident that the Chairman had
not settled Was because there IL man in this town
called --- -, Dutch jew and a lawyer,
who was employed 20 settle the matter. He started
q suit against The Directors Of this institution and
preLended that he was serving them ia earnest, but
we found afterwards that It was only a snam lie
would GIVE us no explanation when we applied
appointed committee, and sent them To fnd
ouL about IT. he said he had taken a note of
some man in California by the name OF Smiley
When we pushed HIM, he sad that smiley had
went away TO Mexico OF 10 the devil. It'rsdu ,ons
looks on the part OF the audience tbs meahon of
the latter individuals hame That was an we
sion that he was deceILiul man and traitor 10
his clients. He was friend of the Directors and
not OF the depOsItors. (rOkens or recruitment eYi
denced by loud murmurs on toe part OF tne said
depositoTs Another reason why this matter wa
not attended to was because they promised TO pay
o,voend They paid us dividend OF ten per cent
the real interest due us, two and a hal
per cent remaining unpnId, Further indiR