The New York herald., 1876-11-25
THE HIGH-PRIcED RECEIVER.

A NOISY AND DEMoNsTRArIvE MEETING or
DEPosIToRs--AN xNpEAvoR TO REMOVE DE
woLP-THE MATTER STILL IN TIE HANDS OF
THE DEPosIToRs' COMMITTEE
[BY TELEGRAPH TO THE HERALD.
Providence, r. l., Nov. "a, 1875
large number Of depositors OF the Franklin Insttu-
ton for Savings had very exciting meeting to-day to
hear the report OF tho committee appointed to exam
inc tho receivers report The committee through
Mr W. G. r. Mowry, reported that they had bad =
meeting at the bank and had asked tho ques-
tions which thcy deemed OF vital interest to the de-
positors but that to very important question be
declined TO answer. This in reference 10 what
amount he had received for his services since
the hrst year OF his appointment In answer
10 tho. question as to what he had TO
show for the money, they ascertained that he
haa received 81, ,sis 5s7 ~ OF which he had paid out
81 406 Sis 81 to deposors, which did include his
salary, $500, nor MIS- expenses, and which would
bring the sum paid out to sl,425, ia 40 When
spoken 10 in regard to the two and half per cent
charged for collections, he said that ho willing to
withdraw his claim and allow the Court 10 say what
percentage he should have Mr. Mowry in conclusion,
saia that IL looked him II Do Wolf meant 10 get
rich OF the bank whether dcpostors got anything
or not ana as he we're going 10 squeeze tne last cent
out oil them
u
the dcpo emitted to their share OF 00O
alter The expenses paid aud that II the $4,000
interest when the spraeues offered to pay providing the
SUITS brought by the receiver against Them were Win
drawn they would sct ncar.y all the principal and
their interest would come out OF that sum-
PROPOSITION TO REMOVE THE RECEIVER
Quite sensation was occasioncd when James II.
Tower moved that the committee be authorized TO
undertake proceedings for the removal OF De Wolf
tho gronnus OF the cxorbitant charges and the cx-
pcnsvc management OF the receivership. This
brought out IA lew friends or DC WOLF
Mr. ~ hrtlfn thn nlo
Court would that justice was done and that as
arguments were TO DO heard before the Master ia
Cnancery next Tuesday would be expedent 10 wait
until then before taking measure 10 remove him.
Mir. Hezekan 0lney thought Tor the inter-
Ex-Governor Hoppln said DE Wolf had got 10 stand
or TAIL by his record and that his character was at
He considered the matter safe IN the hands OF
tho Master In Chancery and the Supreme Court, and
thought no good would come of ousting tho receiver.
The interests OF the dcpostors were saic but IN mis-
opinion DO Wolf had assumed rcspon bitics in bring
ing suits against the Sprasues which he had business
to do, strictly Speaking Alter praising DE Wolf for
his discretion upou several occasions in the ma
OF the funds OF the bank he concluded oy saying
that ne wanted HIM tried by the proper tribunal
j. w. Davis, ono OF tho ieposors' committee, said
Court tho receiver make report up to the
present tme In ordcr that the committee could act
more intengcnty.
In order 10 allow depositor TO mako motion to
carry this suggestion the mover OF the resolution
to have the receiver removed was requested TO with
draw his motion. which. however, he declined to do.
Mr. stephen a. Cooke SAID that as the accounts OF
the receiver competed he should not DO re-
moved, such action would create suspicious that ho
had been removed that account alone He thought
that II the committee wcro requested 10 apply 10 HIM
for permission 10 examine the accounts a0wn 10 the
present lime no would allow them TO do So and he made
q to this effect.
Mr. j. W. DAVIS, Of the committed, said they had
asked permission aud were positively refused, his De
wotsj reason being that II he allowed them to
anime accounts 1t would be used by his enemies
his disadvantages.
A THE RECEIVER.
Joseph 7. Snow took decided stand 10 favor of
De Wolf and tncrc ong disposition not hear
him, and in consequence of which thero was great
confusion.
Alter order Ind been restored Snow said hc was
present to defend DC Woll because tho Master In
Chancery ana his (De Wolfs) counsel told HIM to do
so He ninatcd that the Spragues and those officially
connected with the bank before it's suspension, and
who had raised objection to the money beng
loaned were dong all they could to have the
ceivcr removed for the that II he removed
the Spragucs could their suit out OF the cours He
opposed 10 his exorbitant charges, but was willing
to abide the decision Of the courts.
Mr. Robinson, OF the committee, gave an estimate
of mc and expense necessary TO secure the action
tended in Mr. Towers motion, and view OF this fact
depost0rs voted to let the matter OF the removal
drop for the present. and It was finally decided that
the whole matter be left the hands oil the dcposors
committee, to report at m adjourned meeting