Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-10-16
INC Wa.h,nEton City snyt.x- R.nk

The Washington City Savings Bank.
MASS MEETING OF DEPosIToRs-THE REPORT
OF The COMMITTEE OF NISErzES DISCUSSED
AND FINALLY ADOPTED ALMOST uNAsI-
NOUsLY.
A meeting of the depositors OF the Washing
ton City Savings Bank was held at Lincoln
hall yesterday afternoon, for the purpose of
hearing the report of the committee OF thirteen,
appointed at a late meeting held at the board OF
trade rooms.
Col. Win L. Bramhan called the meeting to
order, and AFR. VIM. III. Clagett was elected
Mr.. Richard wallach, chairman OF the COM
mittee, explained the action of the committee,
and submitted their report, already printed in
The STAR, recommending that the depOsitors
bind themselves for period OF twelve months
to abstain from legal proceedings against the
bank and agreeingito receive such pro rata div
idends, less interest on deposits, the bank
nav from time to time declare; that the present
assets of the bank shall be held and used for the
sole benefit of the present depositors, and are
not to be sacrificed at the present ruinous rates;
that committee of five depOsitOrs be appoint
ed by this meeting as an advisory committee in
behalf Of the depositors to consult to the dis
position of assets and the declaration of dIvi-
dends for the next twelve months, or until such
time as the bank shall resuHe full currency
payment again.
Mr. wallach then stated that he considered
the condition of the bank, as reported by Mr..
MattiDgly, to be not only solvent, but favor
able, and fully warTanIing the recommenda-
lions Of the committee.
Col. Bramhan, secretary of the committee.
then went into detailed statement As to the
nittee, 8Ud the practical workings of the plan
Mr Horner stated that he did not approve of
he report of the committee the proposition
made by them. He had n deposit OF IS 800 IN
the bank. and therefore not only felt lively in
teTsst in the mode of settlement on his own &C
count but also on account OF those smaller de-
pCstOrs who had their all invested in the insti
tuition. He had, therefore, made a careful
e.timate Of all the assets contained IN the report
of the receiver, at their present cash value, and
found them TO aggregate SEQ 600, with which
TO nav liabilities amounting to $500 600. He
therefore believed the concern to be bankrupt,
and proposed resolutions, as substitute for the
report of the committee, proposing to force the
bank into bankruptcy, according to the pro-
visions of section forty-three OF the bankrupt
Col BrsmhalI said, in reply to Mr.. Horner,
that the committee had presented the schedule
OF assets to the examination of the best tinan-
ciers in Washington and taken their opinion OF
their intrinsic value. The result was an ex-
preston of the opinion, in which the committee
unanimously concUrred, that the bank was en-
tiTely solvent, and not bankrupt.
Mr.. X. 5. Davis spoke in favor OF leaving the
bank in the hands of the receiver.
Mr.. p. ii. Welch defended the report of the
committee. and asked those who still had conf
dence in Mr.. Ruff to rise. Nearly all arose.
He then asked the opposite to rise, and no one
rising he said that Mr.. Ruffhad said to the COM
mittee with tears in his eyes, that his whole for
tune and reputation was IN the bank; that he
therefore more deeply interested in the
honest and economical settlement of its affairs
was confident that if reinstated he could pay
them all inside of six months.
The report was then modified at the sugges
ton of a depOsitOr, so as to require Mr.. Ruiz to
give security in 500 900 for the faithful admin
istration of the assets in the interest of the de-
pCStOTs.
Mr.. Bundy inquired what was to hinder the
bank being put into bankruptcy by any dissat-
ished depOsitor after this arrangement had been
entered into }?
The committee responded that they had been
advised that such a course could not be pursued.
Mr. Bunny also thought that the form of
agreement was one-slded-all in favor of the
bank, the depOsitOrs being the only party to il.
To this il was replied that the bank was still
under the obligations prescrl bed by its charter.
The directors OF trustees and stockholders were
still liable to the depositOTs, and their affairs
subject to examination and supervision by the
Controller OF the Currency; in short, the deposi-
tors had all the protection under this PROPOSE
ton that they had when they placed their money
in the bank, and 500, 900 additional in the pro-
posed bond of Mr.. Ruff. The accrued interest
waived by the depOSitOTs in this proposition
alone would add $4,000 to the strength Of the
bank.
The question on the adoption of the report and
agreement being demanded, the chairman, Mr..
Clagett said he would like to say few words.
He was a business man and would talk like one.
What did the depOsitors want? To get their
money; TO get il cheap. Lawyers wanted il left
TO them and the courts. That was expensive.
The depCsitors did not want any lawyers ANY
man who had sense enough TO make money and
save II and put it into that bank, had sense
r
man. He had travelled rough road, but was
honest, and if the depositors stood by him he
would pull them through.
The uestion was then taken on the adoption
of the report of the committee, and it was car
ried almost UNANIMOUSLY.
The advisory committee of five provided for
in the report was selected as follows: Mr.. Rich
ard Wallach, Mr.. VIM. H. Clagett, Mr.. @. S.
Bundy, Mr.. Henry POlkinhorn and Col. VIM.
L. Bramhall.
The committee of thirteen was then dis
charged, with the thanks of the meeting. The
committee of five will notify the depOsitOrs
where they can find the agreement, when it is
ready for their signatures.
WHAT "a DEPOsITOR" THINKS.
Editor Star II see by the proceedings of about
two hundred of the :, 200 OF RufFs depositors
" no yet Yesterday afternoon at the Y. M. G.. A.
hall that Mr. Run is to be allowed to resume
business again, and thai the depositors are to
relinquish TO him the interest on their deposits
for one year. According TO Mr.. Rufs state
ment his liabilities S906, 1855, all Of which
belongs to his depositors, together with the in
terest thereon at six per cent. per annum, which
would be SD ,364.S8-a very liberal reward for
closing his bank doors and taking his own time
to paw his depesitOrs. The expense attending
the proceedings now pending in court will not
exceed y per cent, under any circumstances,
leaving ~ per cent. TO be divided among the
depositors at the expiration OF one year. IL he
is forced into bankruptcy the expense will be
at least five per cent; so that il will be to the
remain where IL is now. There can be no doubt
to the integrity and responsibility of the
present receiver, and that il will be 10 his in
terest TO wind up the affairs of the bank at the
earliest possible moment, while it will be to
Rutf's advantage to delay it as long as possible.