The Washington times., 1906-11-25

The Peoples Savings Bank viii
begin TO pay its dePositors and
creditors dollar fSr dollar. on De-
cember ,
This viii be good Sunday morning
news for the thousands of deposit
tors and the few creditors who have
been on the anxious bench for d
month.
1t will mark a new record in the
history of banking, since it viii
have taken oniy about half the time
claimed 10 be allowed by the ma
tional banking laws for a savings
bank to settle with its depositors
on any sort of basis. for this insti-
tuition to be placed in a condition
OF complete solvency.
After having completely satisfied him
self OF the condition of tke bank 70
meet its obligations the Comptroller OF
the Currency announced. at a meeting
Of the stockholders at the banking Office
yesterday afternon, that the assets were
ready TO be turned over 10 them for
the purpose OF deciding whether they
would liquidate the affairs Of the insti-
tdtion. or formulate plans for the re
organization and continuance OF the
business.
Decide on Liquidation.
It was decided that liquidation was
preferable and arrangements were con-
ciuded for the payment OF the claims
OF the depositors and creditors begin
ming December 5. Checks Will be issued
to them on the Union Savings Bank by
the receiver. and viii be Immediately
exchanged for cash
The directors Of the bank are leaving
their deposits in the bank in order that
depositors may be paid ia fun At once
The directors viii be reimbursed as The
assets OF the bank are worked out.
Immediately upon the announcement
by the Comptroller In October, OF his
dissatisfaction with certain securities
held by the bank, and which. in his
opinion. were being too slowly curJailed,
and the direction that business be sus-
pended. Wilton J. Lambert and William
F. GUIDE, who since the reorganization
Of the board had been president and
vice president. respectively. OF the bank.
began. together with the cooperation
OF the other directors and J. W. Scho-
IL
of converting securities into money and
forcing the payment Of debts. Owing
to the fact that a considerable part Of
the loans We're upon real estate and as
usual in such cases. ran from one 10
three years. Mr.. Lambert and Mt. GUIDE
commenced negotiations with the Union
Savings Bank, which resulted in the
support OF E Quincy Smith, president
of the Union Savings Bank and its
board Of directors, whereby a plan was
evolved by which the balance of cash
required was obtained. The enti-s
amount due deposltors IN cash was
then placed In the Union Savings Bank
COmptToller's Statement.
The following statement was given
out by the Comptroller of the Currency
at the conclusion OF the meeting OF the
stockholders:
The directors Of the Peoplc-s saw
ings Bank, which was closed by the
Comptroller OF the Currency on the
24th ultimo. have eHeCted an arrange
ment 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 10
depositors and other creditors in full.
Deposltors will be paid by the receiv-
ers check on the Union Savings Bank,
In which the necessary funds have been
placed 10 his credit.
"AI the creditors OF the bank who
have proven their claims car now OBJ
tain the geceiver's certificate by apply
ing at tIs bank
Creditor pass books and home or