The Washington herald., 1906-11-25

Creditors of the Peoples Savings Bank
who have proved their claims viii be
paid by the receiver appointed by the
Comptroller of the Currency. beginning
Monday. December 8. at 10 a. n. Instead
Of receiving part payment, as was stated
in a former announcement from the
Comptroller's office, it has now been
decided TO pay the depositors and other
creditors Of the bank in full.
Sufficient money has been placed in the
hands Of the Union Savings Bank by the
directors Of the Peoples Bank TO meet
these obligations, and they will be paid
by the receivers check on that bank.
This action was decided upon at a direc-
tors meeting several days ago, but the
announcement was withheld until yester-
day when the question of winding up the
affairs Of the bank was decided by vote
Of the directors, and the assets OF the
bank turned back TO them, J. Castle
Ridgeway being selected as agent to con-
duct the necessary transactions
Statement by Comptroller.
These and other facts are set forth in
a statement issued by The Comptroller Of
the Currency. yesterday afternoon rs fol
lows;
The directors Of the Peoples Savings
Bank, which was closed by the Comptrol-
Ter of the Currency on the oath ultimo,
have effected an arrangement by which
the receiver of the bank, J. w. SchOfield
has been placed in possession Of sufficient
funds with the cash on hand to pay all
liabilities to depositors and other creditors
in full Dep0sitors will be paid by the
receivers check on the Union Savings
Bank. in which the necessary funds have
been placed to his credit
IAN the creditors of the bank who have
proven their claims can now obtain the
receivers certificate by applying at the
bank
Must Surrender PassbOOks.
Creditors passbooks and home or pock-
et savings banks in possession OF depOsi-
tors must be surrendered To the receiver
when the certificate is delivered.
AT a meeting of the stockholders. J.
Castle Ridgeway was selected as agent, to
whom the receiver was authorized to turn
over all remaining assets for liquidation
for the benefit of the stockholders and
the final winding up Of the bank 5 affairs
The Peoples Bank was closed by order
of the Comptroller on October =, and
since that time the directors have been
able 10 realize upon the securities Of the
Institution sufficiently to meet all credit
obligations This has been accomplished
in little over "a month, when they were
allowed by law sixty days IN which 70
meet the demands of the Comptroller.
Further than that, it was said by Mil
ton ]. Lambert, the banks president, last
night that the assets of the bank had
turned out so well that the stockholders
would, within period Of five months, re-
ceive dollar for dollar what was due
them
Liquidation DihfcuIt.
President Lambert said the closing Of
the bank by the Comptroller had made
the task of liquidating the securities of
the institution quite a difficult matter,
but that # had been accomplished well
and quickly. considering all the circum-
stances. He said no depositor and no
stockholder would lose a dollar through
the failure Of the bank, and this, he
thought, was sufficient proof that ii was
really in q sound condition when closed.
had the Federal authorities been willing
TO accept the securities at the worth at
tributed 10 them by the directors, which
tAe liquidation has proved 10 be the cor
rect one.
President Lambert last night said that
the directors thought it would be a haz-