The Washington times., 1906-11-25

pocket savings banks in possession Of
depositors. must be surrendered 10 the
receiver when the certificate is deliv-
cred.
at 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 stock
holders and the final winding up of the
banks affairs"
Prophecy Came True.
Wilton J. Lambert. president of the
bank. said yesterday afternoon after
the meeting OF the directors:
''At the time of the suspension of busi-
ness. on October %. stated that within
sixty days there would be no doubt that
the affairs OF the bank would be in such
shape as TO pay 100 cents on the dollar
10 our depositors, and this. by the notice
received now from the Comptroller. is
shown 10 be the case. as scarcely more
than thirty days have elapsed.
Naturally. the work OF getting into
shape all details and OF handling Sc
curities which a bank has necessarily to
carry in order 10 make its money, some
OF which have frequently a considerable
period OF time To run, is not an easy
task, and has only been accomplished
by the able assistance which Mr.. Soho
Held and members OF the board of Iii
rectOrs and the ComptrOllers office in
particular. have given.
AT the time OF the reorganization OF
The board in February last. when 1 was
made president and Mr. Guide was elect
ed vice president the institution had
upon its books only about ]. $50 deposi-
tors. and its deposits did not aggregate
over $50 CO.,
The percentage % cash kept on hand
was about so per cent. and the institu-
ton held as part Of its assets the Obli-
cation of the companies which We're
afterward represented by the National
Investment Company's obligation 70 the
extent OF about So. 600.
Stockholders Satisfied.
Those holding stock were satisfied
that the bank presented a nucleus for
The building up of a good banking insti-
Jution. and they Immediately began to
vigorously press for the collection of
This large obligation
ITO that end arrangements were final
~ made whereby Mr.. Masters, who
was much interested in this asset. agreed
10 surrender $4,000 Of his stock To be
applied thereon, and curIails in cash
were made at an average rate OF $500
per month up 10 last month which
would have made the real obligation
about $4,000, as the stockholders did
pass a resolution reducing the capital
so =
for the stock referred to surrendered by
Mr, Masters,
THE other securities OF the institution
have shown themselves to be a most
valuable asset; and IN the interim be-
tween February and October % the
number OF deposits was increased TO
over 51.O0O. the total deposits amounting
10 about Sis, 900 and the cash on hand
was very nearly 81 per cent OF the de-
Iosits. showing a very marked increase;
and do not think that there could have
been a run made on the bank by the de-
positors that could not have been fully
met by the bank. as the directors would
have left their money stay in the bank
and would have made up any deficiency
that was needed
Cooperation Appreciated.
However much 1 may have differed
with the action Of the bank examiner in
closing the institution without giving
the directors or stockholders any posi-
bel opportunity 10 meet any require
ments that he might have desired. as
they could have done, I will say that the
cooperation which was received from
the Comptroller and the Deputy Comp
troller, Mr. Kane and from Judge HoI-
den. and from the receiver. Mr. SchO-
field, has been highly pleasing and a
great benefit TO as in reaching this sat
isfactoTy conclusion
Il may say that almost immedia teIy
after closing very favorable terms as
to reopening were offered 10 US by the
which a majority ~Cncurred, that after
such a blow had been sustained 10 a
financial institution. il would be folly TO
attempt 10 continue business. as we
would have a most arduoUs task be
fore US to establish a proper foOthold
which would mean the necessity Of con-
slant attention OF one or more Of the
different officers able to handle the sit
uation, and as all were busy men, and
the demands Of my profession were so
great upon my time that IL was impOs-
sjbIe 10 undertake 1t.
y feel very grateful 70 the depositors
for the kind consideration they have
given the Institution and its officers, and
feel that they must be thoroughly salts
fed that their confidence was not mis-
placed"
nIIIAIlNHlH tn kEINOy