The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-11-21
The CASE -or-rzz CHARLESTON SAVINGS IN

| 1otlliOQ was pTcSOuIeQ SO.uS IIiOo "SS->>
ard argued at great length by Messrs. EdwaFo
.IcCrady and Benjamin C. Pressley, Solicitors re-
pr..cnting tho petitioners. The petition was
resisted by other depositors, represented by inc
Hon. Henry Buist, Colonel T. Y. Simons, William
Whaiey, ESQ. and Hon. James Simons, who also
argued at great length. This case is ono OF grea1
public Importance and the decree settles the most
important points which have arisen. We present
the full decision Of Chancellor Johnson:
Mary ann E. Roye, Administrative of Maria A.
| Rove. e. a. Us. The Charleston Savings lnsltu-
tion-Petition.
CHARLESTON. October Term 1857.
A bill was fod OH the 29th day Of March, 1877,
in which it is seated that the Charleston savings
Institution was incorporated for the purpose oi
receiving on deposit, from any person or persons
| disposed to enjoy he advantages OF tue lnstltu-
I on al sums or money that might be ofared Ior
! that purpose, aad that the deposits were 10 De
used LOT the purposes and according to the dlrec,
ions Of the Charter, and that the ncome and
profits arising nom the Same should 90 appnea
and divided among the persons making the de-
posts, or their legal representatives, after ma
King such reasonable deduction as might DC ne
doLosIted, and to tho length Of time during
which thoy might r,maln IN the Institution:
And that the principal OF such deposits snoulo
90 paid 10 each deposltor at such times ana under
Sucl lonulallOQS rs tu6 COGPOlAl1Ou PAS
scrlbe.
Il is also stated that the Institution did FOR
many years carry on prosperously the business ol
q Savings Institution, but that owing to the Var,
GUS alleged losses during the late war thcy mao
Tor nearly two years suspended business, ana nao
refused to receive any further sums OF money on
deposit, and to pay Oh demand either the prnclpai
" interest due to tIcir deposltJrS. or IN any man
Ner to discharge the duties imposed by ther cnar-
ter.
ally depositors Of the amounts specified, and that
ruey sue on their own behalf and that OF all other
lie oositorS and creditors.
The bill prays that an account be taken under
the direction or This Court OF the amounts due 10
the compla nants aud to all others by the Ins tu.
ton anu that all the derositors and creditors, e1-
cept the complainants, may be summoned ana no
tihod BIZ the order Of this Court to come forward
aud establish their claims, aud that an account DO
cIken CT the assets OF the In=titutlon, that the
same lpqy be administered by the Court and ap-
JLed to toe paymen. OF the depositors. Ihat
receiver may bo appointed to take charge OF the
affairs OF the Instituti- n, and that an Injunction
mas issue TO restrain them from disposlng OF the
real eslato, and from coiecunS ano olspoSinS VI
their assets.
Tlc defendants in their answer admit that at
The ose I tue late war, from causes over which
they had no control they were unable to pay their
leposltors, and that they resolved to receive no
more deposits. Thoy slso admit that they have no
lope OF resumina solvent condition, and that
their utmost hope at auy time sinoe their spen-
sion, has been to pay their depositors, who are
their cny creditors, about oO per cent. OK tner
CLAIMS. and they submit that the affairs OF tho
Institution ON be moro economically and success
fuly arranged by the trustees with such orders and
drecliOnsas the Court shall from tine to time
mako tnan in any other Way, and that there Is no
equity by which the management OF the InHhtut,on
can be taken ou. Ct tner hands.
On the 9th day OF August. 1857 after good deal
If deiberation and consultation among the p1r'
ties on order was made BY consent OF solicitors
representing the complainants, the defendants,
md large numuec of tho depositors whose
,umes do not appear on the record, aud without
,hecrion from aIy source, 2hlch is as fJuows, 20
VT '"rIo bill aid answers and report OF Master
rupper having boon read and considered, ID
he solicitors OF "a complainants and detendants
nayno b On heard, it WIS ordered and decreeo
nat tho trustees 3f the Charles on Savings lnstl-
.ulion trapster aud d, ivsr over to Master upper
IL the assets und securities enumerated Ill the
schedule Iled with the answe, anu which no"
rem i'll in their possession an uauer tue!f coho
,rol and any none they may have received SIN.
The coming 10 OF their answer, and toat they 90
convey tue lot OF land in Meeting street. and any
other real estate teonging to tue sald charleston
Savings Institution, under the seal Oh the corpora
Ion. to .wo or pior; persons to be named by the
said Master to be held for the use OF such person
or D rsons as become the purchaser or purchasers
thereof for slch Purposes and estates as tne SAID
Jas. Upper or his successor In ONCE under tue
sanction OF this Court shall decare, toucnlng the
same. and thereupon the Trustees and Officers OF
AID Institution be discharged from all further
liz -iity aud account.
proceed to collect tue moneys due on the securi-
ties SO transferred to hum, and to hold the same
subect to the future order OF this Court.
And it is fu tler ordered that the laid Master do
report . scheme for the settlement OF the af1rs
# the said Iustl. ution having first published III
two or moro of the daily Gazettes OF the city no.
ice OF reference to be held Tor that purpose ut
iclst twenty days after the date anf' public !t!on
Ut sad notice, at which reference tne oepoSitors
may be represented"
Master upper prepared and aed tho following
report, TO WI: ,.s
terence was given, for the time paescribed, IN the
daily p4pers OF this city, In response to this no
ce the Master was attended, on the 2lst and 25th
| Iays OF tue present month by O large number OF
Iepositors, in person, or by their solicitors. AT
.hoso meetings tso schemes for winding up the
affairs OF the Institut Oh were submitted. One
vas presented on behalf OF the plaintiffs and OF
It Iers who advocate sale OF the entire assets OF
the Iu,ttutio-, and distribution OF the proceeds
| " sale among the de )osifors.
The other was presented by q large class OF de-
| oositors who oppose sale OF the entire assets,
and claim that such portion Of the securities as
! ,hey NAV be found jointly entitled to sho lid be
assigned to them IN Elnt. Some OF the details OF
| IF these two schemes prevent my adopting either
| OF them MS o whole, bu. aua happy 10 aoknowi-
,.lpe INV indebt dness to both OF them and to the
abb. arguments by. which they have been sus-
| Lalned. before N; for the following plan, waich
may meet the desire expressed by all that the most
| simple, speedy end economical mode OF sottle-
ment should be adopted by the Court.
l. That n order to ascertain the amount duo to
each depos.tor, the Master cause oil the deposits
made between the ist Of January, 80, anl the
18th Of May, 65 to b, scaled according to tho Ia
| Die in his Office, fxiug the value OF Confederate
notes in gold, aud that al other deposits be taken
| as tn stood uoon the books OF the Institution on
| the 18th April, 'oS. -,
u.s. al notice. tho real estate. for lc-quarter Dash,
| and tue balance n one, two and thrco years an
| the personal assets (except such as may ba par
| titloned in kind under the next plrigraph) on or
after the first Tuesday in December next for cash.
| g The depositors represented at the reference
held on the 2lst and ash inst, who desire par.
t,tion IN kind may designate, on or before the 10th
| day OF November next, one or more persons as
trustees to whom shall be assigned, on or before
| tbc first Tuesday il Decemb: r next and subject
to such trusts as may be declared, the proportion
of each species 4 security held by the laatltuton
as tho aggre gate as ascertalnea to DO due to the
| said deposltors considered unit would en-
t. 10 them to out OF tho who'll Q, tne sa.o securi'
| ties upon all equitable d ,cison OF the same.
4. That the Master, at er providing for an
couitable division Of the costs aud expenses be-
tween IL. two classes Of depositors do pay to the
| trustees, provided for in Paragraph three, the
proportion Of the nett proceeds Of the sale Of the
real estate to which the depositors represented by
the id trustees may be jointly entitled, and that
ne distribute the fund arising from the baauco OF
the proceeds OF the sale OF the real estate, and
from the nett sales Of the personal assets, among
the other depositors, and to pay to each the sum
to wnich he may be found to be entitled upon
70 ra q apportionment Of the sad fund among
the said depositors, according to the amounts as
cartolned to be due to them respectively under
mis- scheme. Ootooer 2sth, 1857"
Soon after fling the above report, motion was
made before me to Ale pc ition in the cause by
! large number OF the deposltors, whose deposits IN
the aggregate amount to $3.50 900: In their pesi-
ton il is stated that they are advised hat they
stand in the same right in regard 10 the said 1nst.
GOOD right to be parties to any proceedings in
this Court for the winding up OF the affairs Of the
said institution, either as complainants or defend
ants. That they have had no such opportunity