The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-11-22
ten THOUSAND ON hand
Final Report Of Assignee Nelles Of
Trust Co. and Savings Bank Filled.
FAILED SIXTEEN YEARS AGO
Since Then the Process Of Winding Up
the Affairs Of tho Institution Has
Been Going On Constantly.
Depositors Paid In Full.

Attorney Charles H.. Welles, assignee
Of the Scranton Trust company and
Savings bank. which became financially
embarrassed and closed its doors for
ever in the early part Of 1879, yesterday
filed his final report and It was on
firmed nisi. He reports thai there is a
balance Of $40, $3.50 in his hands and
this sum will be given to an auditor to
be distributed in equal shares among
those who can satisfy him that they
have a valid claim against the bank.
The failure of the bank was the bust
ness sensation Of the rear 1879 in Scran-
ton and caused the greatest excitement.
Large numbers Of laboring men had
their h~ard-earned savings deposited
with the institution and as soon as 1t
became noised abroad that an assign
ment had been made the depositors
rushed to the bank and clamOred for
their cash.
1t was several days before the excite
ment incident to the failure subsidized
and then 1t was learned hat the first
reports to the eff"rt that the bank would
not be able to pay 80 cents on the dollar
We're unwarranted and those at the
head of the banks affairs assured the
clamoring creditors that they would
eventually recover almost every cent
the bank owed them. The truth of that
statement has been verified, although
1t was not thought at the time that it
would be upwards Of sixteen years be-
fore its affairs would be finally ad-
justed.
Pierce Was the First Assignee.
II. 8. Pierce. who was one of the
heavy stockholders Of the bank. was
the first assignee. He petitioned the
u to have appraisers appointed to
ascertain the value of the banks ef-
fects. and on April 16. 1879. E. Phinney
n George Fuller were directed by
the u to perform that duty. A few
days after the appointment Of the APP
praisers Mr.. Pierce stepped down and
out Of the position Of assignee. and
was succeeded by James A. Linen and
George Fuller. The former served UNI
til Jan. IS. 1886. when he retired from
the position and was succeeded by
Attorney Charles H. Welles.
Mr.. Fuller continued to serve until
his death. In 1889. and since that time
Mr.. Welles has been the sole assignee.
The task of winding up the affairs OF
the bank proved to be a long and
tedious one. as claims had to be set
tied, properties and securities convert
ed into cash. and a host of other de-
tails ATTENDED to which caused the
process of settlement to drag along
from year to year. Up to date almost
every decositor Of the bank has been
paid the full amount Of his claim with
out interest. In nearly every case
where the claims Of the depositor has
not been paid there Is a dispute with
regard to II.
Final Account of the Assignee.
The final account Of Mr.. Welles,
which was filed with the court yes
terday and confirmed nisi, reads as
follows: -,
The accountant charges himself with
the following sums received by him since
his last partial account:
March 3, 1889, cash compromise.
Judgment Daniel ~silkman.;"....s 200 90
June q, 1889, cash dividend re-
ceived from B. q. Clark. as
signee s. T. Scranton COM
pany ...........,..".............. 1886 IS
Claim VS.. i. 8. Dolph ........... 4,72s 90
Dec. 4, 1889, proceeds Of sale Of real
May Is. 1894. cash ], ii. Gunster.
assignee Scranton City bank.
dividend on account in name OF
George Fuller, assignee. ........ 556 t3
May n June. 1895, cash proceeds
Of public sale Of personal prop
erty and securities as per re-
turn heretofore made to court. 2,413 ~
Total .sl2, 1871 10
From Jan. .. 1889, to date the as
signee paid for legal advice, costs.
taxes. advertising. printing. fees for
filing papers and to ~depositors. $l,O62.-
9S. The assignee's fees were $609.5
making a total amount. S!.672.53, and
leaving q balance for distribution of
$40. 518.6 20 in hand.
II no exceptions are filed to the ac-
count 1t will be confirmed finally at the
January term Of court. and an auditor
to distribute the fund on hand be az
pointed.