, 1877-11-20
TIE FIDELITY.
oovn,ant of q Ten Per Cent
Dividend Begun.
p,nort Of the Committee Appointed to
Examine the Receiver.
,..n,l, Of Their Valuation of The Real Estate
,yhas 1heJ Got from DR.. Turpln.
THE FIDELITY.
arr vtHsT Dtytt)ESD,

,,. n,s, r1ram Of satisfaction which has H.
,.H'u.d -" thc hard path OF tho savings bank de-
u".,,ore .u.., cau.c to part Of them yesterday
pos,r ,rcv rerc enabled to got out with much
s"s s.n,,n,tv n ttlbc OF tho money which they had
aHo,,ul,v In getting into tho hanks vaults.
~ ~ .,,coianec Of tlcposltors at tho hour Of
.n,,,nr ln was quite large, but It wns an orderly
os,1,ernr, ah.i the officers IN attendance had
k., k.,x a. sl,ow the dcposltors what to lo, and II
W. W.. 1onc NJ orec. 4 line ran down along the
~, xal1 and doubled back, 80 as to bring the
'.a,,raut III front Of each ptGcon-llo1c In turn,
W., lc struck the one In the northeast corner,
unerc Inc money was pas9cd out. The rEoccss
:, a dcnosltor was about as follows:
r,.<t aI1uw either Mr.. 11aines or Mr..
e.,1th to ascertain that the nast.
ss"r railct1 for the same amount tflat
,hs b,n,'s lct1gcrs credited tho account With.
:. ro. next necessary to encounter Mr.. Cltatn-
t.,,I,. WHO made out seccirt for the amount
',us This vas to bo slgnctl before reaching
~, NcAuIcY, who identified each claimant by
ra.t,nr him describe himself as 10 those partic..
n1,r, rh,cl, were demanded Of HIN When he
n,,,,e his dcpostt. This was Of course necessary
IN nrcycnt frals1 AMI detect possible tf'rvcry Of
h1ol,. The last process was to collar tho
none, rs handca nut by Nj. Sherman. DR..
Turniu, tho 1tccetycr, watched rrerEthtnC
c,o.cly until It rnn smoothly, when lie retired
tnto hi. den. The result Of the days work WIZ
m nav oil ucarIy 800 persons as 10 the dividend.
mi, Is fully 30 per cent more than was
,nu,rbt possible 10 run through tho
,n,,, bctwccu 10 n. IN. and n, Hl.,
mi the excellent system aided TIC wuFk lna"
,cra,ly, Al TINT rate month will pay oil the
100 claimants who have books against the
hank. The sums paiu out yesterday varied
rreatly, running rs low "a fractions OF dol'nI,
an. up to sf,Dn In ono case. The first person
nstd Yesterday was Mrs. Emily II. Petty and
the next ", l.. Rosa. Tho first had e4o, of
ghlcl, she took $i, md the last had s?}o. 81, Of
,shicl, he carried away e9t.@. The payment of
liz Dividend will DO continued until all are set
tie,. With, md tic bank will 10 open from l0 q.
N, to .. IN. fnr tile plrpoac.
pErosifoRs' NRgrls1-NEroHr or TIE cosf-
MtrTEE.
About twenty peFRulls assembled last Drcn-
,nc at tic Gran,l i'acsc Hotel to listen TO tl,c
report of tho Committee, co1lsisttn0 OF Messrs
II. =. f)crjcksot1, Charles Il. Fulton, nn.l r. l..
liutslhtns, who wcrc appolntca at previous
meeting 10 inquire into the nE!n!rs nt thu fidcl-
criycr On to the value oi tho assets. Mr. T. ::
hrnlt va. chosen Temporary Clla!rtnan, at,tl
Str. Frls,it, rratl tho report, ss tol!ows:
10 Drpo.i,ors ef tie Fi'ieilty Sariaq. Bank aat'
s r. The "nies,nsned'
s,i'y sa9nss :ne Isns Dr. T. Trpn. 10 H.
,atun a. ascua BY Your Committee 10 o
Interest to lcpositors. bs cage TO report TINT they
!laye ubalnc copcs al tho original reports VI thc
t,.it of in9n!ry ffon tlie Receiver and from, the
uS!ral4 Ut tho l,ank, nbtaininv. when necessary.
tteest 10 iss bucks. ln making their inquiry they
70 into an examination 0f tho houGs of tho bank
G1ttnr !ts cnti.c hiaiUry, bnt have obtained IT,
cImaton LARGELY from tno verbal statemens @ q i.
tellrsc. however. tlat they hasc not lccn warped
trim rorfrct conrlnsion. by such statements. a.
lbev have carefully nyOlca taking for granted tbs
fiaien.nts Of any one when Inconsistent with other
Tron ynar Committee asking from Tho Receiver
The name. of ,uc debtors to tho bank ~ in htA re-
poft urc shawn nut to have securities In tho hunk
vrus, tn Indebtedness lhtrntrd 10 ltasa iIccn ru-
cate,. We were required bs aIM to Withhold my
ton In Inc ncwstapcrr, and fran report to my
n,ertinx of rpu-lturs. and the rea~ana rfyrn weru
that b. n, sa3s y 7 eri1ns eHrS IL 5nse ey
lt. ctcepl through the legitimate channels Of The
eoas,." and al.u Tint ut Eund provrut him from
br ctIpplinW psrties 80 pnhlmItcI." similar cou.
sIarraiion. havr sovcrncl yuur Committee some;
What in .his report ~ touehlng oshcF mattors ol
eQppossIe Tho Farmers i Mechanics savluga bank
!; ILL., KnoI e. eS"e'y s Sn 9S y a: 81. rs sne IL
l'aak aud aud i'ans f'rp"sItary II. ire:Iaent va va,
saa q a"s e'sss o s,t eapa sis ss as
The an'nuns Of SD. 600 Ia now held W tue bank
eollstetal to luans part u which was Indebtedness.
unlc,a Inc pntt!es are othcrHiss fesponstb1o. viii
hr total loss 70 the assets nf tho bank. and was
tlcc1 a. worthless IN the report Of tho Receiver.
The 'trcc'tef THINKS hs cah nbsain Judgment
asnInst all rtocxh0l.!ers 10 amounts rgual TO tht
Rluck they fespectlsc. held, and with tlat view III
will proceed u;nsnat a! owning stock within the sl,
ton.
Thc salaries Of tho officers ot Tho bank have
asnt, s coo: cashsei, II, oo: Assi.ian. ca'htei,
sl.so9; 4nd d y the oshee officials and emplo,y,c
ttn% @ s%n t. saoo ge, snnam each II,
History have bccn IL pr cent, " tri,ls tha1
:,psf cent a.nu,,; anil no dividend has becn dc.
s'.fed since 1915: Tim ont!aya for construction o
ia COL Of the iaat.. Sank harldins. ssfa.dspos III
building. vaults, aru furniture. arc said 10 srgra
sssi 81 es nH s
po!!sy On tho part os tho hank managers IL otl't
sc have NJ eylsncr that there has bsen lily Ila
Taat there Aa4 lesn lack Of care In the recciyin.
tur1 Of tho Hecetver Ut the bank. The incons wa
ttnc'tal'y deEttca from the loan OF du1,ositors
oHefs: IL TeEetPtA from lhu real estate utHf thar
f'om 1ts fafe dcpoalt building were imnatcr
ana the tncons, III tlle opinlnb 0l your Committee
was lrss tGan necessary tu xu4taln such q cprpora
tus. while ita rate u Interest paid was ppf cent
Tn tho payment al this larga rats u{ interest To dr
poslt0rsj tho luanny VI tlonpy 10 paftrs upun st
suFitlcs which are now shown 10 hayo been tnsu {
Iernt; the investment Of la1Kp sums Of Inunry i,
san purchase of real %aatc and In ths toi
or buildings: anil tO catFI Ing large 3ndudfrnrss
II, usn atockholders-we altfbute Tho inAUlyenc
uI the bank.
such ur1ors naturally suggest = protest ncu,ns
sasings hanks 1uan!ny the moneys ct dsposltur
upun any other than thl tnnst reable Of ptulrriv '
They should re}rcl all Auch securities IL are ltat
ta sudden shsirkaYs In value. ftatn any cause psu
ay slEsct!n9 colfattrats. Npr ahou[d saving
l4nk be pesu.tt ted loan moneys 10 any Ut lta Of
trrrs 0r stockhulders. n1r tU do busncHa until III
entite capital Aas been paid IN, In making loan
lac officers nj swings banks th0ud nut be govcrna
by The practice sometimes followed apestaps Ills
sallyl by euuIn,cEc1l lauk.. To loan n,uneys u;,o
ths capital STOCK Ut IL own baak, or upon III
t'oek Vi any manufacturing. tnsurancs. Or oshG
Hts eoEpufat!otl. or ulsan co1;atefnls equally =
E.oss 10 anetusslou In Enthusiastically II thu,
Value Il 10 10 ussumsd from tho opinions q
t1e o*oess OF from brokers quotations. ia III
e'huMlog VI risks which should mol bs taken b
eanGs Df laxtngs dcpUait. With such banks loan
~ Placed With lung tIms for payment. but Wit
commercial banks the reyerse Ii the general pfac
uee; aud any auctuktlo. uafavosahe 10 the sseustt