The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-08
DEPoSITORS ARE UNEASY
Meeting Of Men Whose Money Is Tied
Up in Defunct Olyphant Bank.
HAVE ENGAGED AN ATTORNEY
Dividend Fifty Per Cent. Was Promised
to Them TO BE Paid on April n.
1t Has Not Been Paid and
They Are Restless.

Depositors of the insolvent Olyphant
bank are becoming uneasy over the
failure of the promise made to them
that dividend of from so to 60 per cent.
of their deposits would be paid on April
4. The bank went to the wall on Jan
2S, and its collapse caused uneXampled
CONSERVATION among the people of Oily
phant and vicinity. 1t was supposed to
be doing a business at n figure aver
aging $4,000, but when 1t failed only
$4,000 in cash was found i'm the safe.
Immediately after the institution
went into the hands of the courts and
Attorney John p Kelly was appointed
assignee, the reports went out that the
depositors need not worry, that dollar
for dollar would be paid to them; but
of course. II would require a little time
and they would be expected to exercise
due patience. 1t was good and cheerful
news to them when the announcement
came to them from Assignee Kelly that
on April or thereabouts he would be
able to restore half of their money
April has gone by month, and no
money has been forthcoming. That Is the
cause of the unrest among them and
the reason for two meetings that have
within a week been held. The first time
they assembled since the failure was on
last Wednesday evening at Mahons
hail. Olyphant A. NJ. Carpenter, who
is treasurer of the Blakely school dis
trict, and had $4,000 of school funds on
deposit when the bank failed, was
chosen chairman. Dr. w. Il. Lloyd, of
Olyphant, was appointed secretary. At
that meeting John r. Mooney and David
C. Phillips, with the chairman, We're
selected as a committee to engage coun-
sci to take their interests in hand.
Recommended Attorney W. W. Watson.
That committee came to Scranton this
week and performed the task that had
been assigned to it, and was ready to
report at last nights meeting. The SER
vices of Attorney w. W. Watson, of the
law firm of Watson & Diehl We're en-
gagged conditionally by the committee,
and the depositors ratified that selec-
tion and a subscription was taken up
among them to liquidate the expenses
that have accrued up to date and to pay
the retaining fee.
Actually there are not more than $50
depositors but there are so many school
children who had accounts from dimes
up to few dollars, that including them
the number of depositOrs would aggre-
gate 500. But an approximate amount
that had been on deposit is fixed at $780,
600, all of which is now tied up.
The adult depositors, comprising the
laboring men, artisans, business men,
and professional men of Olyphant and
surrounding towns, are the sufferers,
but strange, not more than thirty-five
of them have put in an appearance at
the meetings that have been held. All
the money that was realized last night
was $13.75, but those who absent
themselves are credited with promis-
ing to pay a pro rata share of the ex-
pense that may be incurred, but yet
they do not seem anxious to be present
at the meetings.
Meetings Conducted Quietly.
Not the slightest acrimonious allu-
sion of the officers of the bank or
Cashier Stone has been heard at either
of the meetings. AS one of the men
said, What they are after is money and
not blood. This committee went to see
Cashier Stone at his residence in Blake
ly to see if he had any recommends
tions to make which might be turned to
a profitable account in converting the
paper of the bank into money.
The liabilities of the bank when it
became defunct were rated at $57 900,
and the assets at $4,000. Only $4,000
in cash was on hand, but the notes and
drafts We're supposed to be easily
turned into money as soon as they be-
came due.
Assignee Kelley, on the anticipation
of realizing on these notes, sent out
word that he would be able to pay a
dividend on April 4. The committee
visited him and he gave his reason for
not being able to come up to the full
fllment Of that promise in the fact
that the men who held these notes
begged for more time and they have
not paid up yet. Mr.. Kelley answered
the committee that he had bright hopes
of being able to pay the depositors
dollar for dollar and have money to
spare, but he would not say how soon
he expected to do this. Neither would
he state how soon he expected to pay
the dividend that had been promised
on April A.
Attorney Watson was not engaged TO
prosecute anyone; his duties will have
ended when all the assignee's labors are
finished.