The morning call., 1893-08-29
1T OPENS TO-DAY.
The Home Savings Bank
Resumes.
CASH FOR THE DEPOSiTORS.
Coin Fresh From the Mint Ready to
Be Paid Over the Counter on
Demand.

The Peoples Home Savings Bank will
omen lis doors for business this morning.
Since the bank closed on June 23 the man
agement, both under Mr Farnum and his
successor, nas directed its efforts toward
realizing on the securities held by the
bank. and preparing to open as soon as
the Attorney-General should publish his
opinion.
1t will be remembered that the Savings
Bank closed only on account Of sympathy
for the Pacific Bank. which was its treas
urer. and when it was decided TO close
that latter Institution the directors of the
Savings Bank were fearful that run
would be at once inaugurated. and thought
tha it would be better for all concerned if
they should close until the trouble should
blow over; but, being once closed. they
could not reopen until the Commissioners
had made their examination and the At
torney-General ordered them TO resume.
ALI of this took time, and il was only
within the last few days that the opinion
was published. In this AttOrney-General
Hart shows that the bank is solvent for
1924, 3OS 63, and says that 'it can and
should resume business as a savings bank
as soon as sufficient of its assets can be
collected TO warrant il in doing so.
AS soon as this opinion was published
the directors of the bank met and adopted
the following resolution deciding to re-
open the bank for business;
WHEREAS. AT the present time the demand
for The repayment OF depoSitOrs has, In the
judgment OF the board OF directors of he Peo-
ple's Home Saving Bank. bee ONE excessive and
general. now therefore be 1t
RESOLVED. That general pro rata distTibu-
tlon among all deDostors of per cent OF the
amount deposited by each Of said depositors re-
SpectiYely be and the same is hereby made.
'Yes, we are going to open in the morn
ing" said Frank Y. Mcdonald last nigh l.
land we are not opening tO liQuidatp but
to continue in business. The time has
come for il, and we are satisfied it is the
correct move.
TO be- sure we are opening with the ex-
pectatlon that there will be something of
run for few days, but We do not think
1t Will be for long, and after few days
We hope TO be able to revoke the rule of
paying only per cent. OF course if we
pay more than that it will be only because
We choose to and not because the deposit
ors have right 10 demand it. The law
permits us TO make such pro rata pay
ment as we feel justified in making, but
even this amount will send quite bit of
coin IN circulation in the city.
I'VE have about TWO iliiuns ii depnsits
and per cent of that Will be $40, ,000 and
while we do not expect that all of that will
be withdrawn, at the same time, of course,
we have more than that ON hand. In fact,
we have as much, II not more, in coin in
proportion to our deposits than any other
savings bank in the city.
Commercial deposits will come under
the same rule as the ordinary savings ac-
counts. As soon as we closed they became
practically Of that class, and will draw
Interest in the same way. The dividend
to depOsitOrs which was declared on July
was at oLce credited TO their accounts,
and has also been drawing interest from
that time.
Df course, no one car draw more than
I1e per cent of his deposit until Il new
r 1apportioBment is made. That is he can
: not draw . per cent tomorrow aud come
The aext daw 20 dfaw again. But we are
/. in hopes that after few days il will not
be necessary for US to take advantage of
( this rule"
y The clerks in the bank were busy yes
teriay arranging great trays Of silver and
gold, wheeling them into the vaults and
preparing for business to-day. A supply
of coin had just been purchased from the
mint, and the anxious depositors who line
up this morning will be comfOrted by the
sight OF the sacks of money, even if their
claims be not paid in full. All who ask il
will get the 2 per cent of their deposit,
whether they come first or last