Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-25

controller. Mr.. Kane. and from Judge Hol.
den and from the receiver. Mr.. Schofield,
has been highly pleasing and a great bene-
! mt to us In reaching this satisfactory con-
clusion. may say that almost Immediately
after closing, very favorable terms as to
reopening were offered to us by the con-
troiler, but 1t was my opinion, in which a
majority concurred. that after such blow
had been sustained by a financial institu-
ton. 1t would be folly to attempt to con-
tinue business.
Il feel very grateful to the depositors
for the kind consideration they have given
the institution and Its officers and felt that
they must be thoroughly satisfied that their
confidence was not misplaced"
Views of Mr.. Masters.
Another statement concerning the affairs
of the Peoples Savings Bank was made
by s. ]. Masters, as follows:
Now that arrangements have been COM
pleted to pay depositors in full at once
just one month after it's close, except di-
doctors deposits, which will be paid a
little later, feel that it is my duty to cor
rect some erroneous impressions in con-
nection with the Peoples Savings Bank
and myself. l have till now refrained from
making any statement, except that every
depositor would be paid in full. 1 have
been laboring with the receiver with two
ends in view: First, to pay all of the de-
pos1tors in full; second, to preserve the
assets of the institution as far as possible.
To accomplish this end l have submitted
to insults and abuses; but now, in justice,
I feel that the facts should be given to
the public.
Il was the first president of the Peoples
Bank, afterward the Peoples Savings Bank.
-Four of the present directors were directors
from the organization of the bank until
1t was closed. All transa ctionS were from
time to time referred to and sanctioned
by the board Of directors, as their min
utes show. AS new directors were added
they were acquainted with exact condi-
tons. l believe in almost every instance
they were so informed before they became
stockholders.
Pro Rata of Profits.
Every stakeholder received his pro rata
Of profits after he got in, and no director
refused a dividend or was ashamed of his
connection with the bank until trouble
came. Then with few of them there was
decided difference. The proposition paid
we'll during the three years of its existence
The last member added to the board Of
directors, who purchased from me five
shares, together with a stockholder who
purchased eighteen shares, kicked. there
fore bought and paid for their stock after
the bank closed.
THE statement in the press when the
bank was closed. that a certain loan that
was objected to by the controller Of the
currency came down to the present admin
istration as an inheritance was not made
in good faith and is not in accordance with
the facts. The present administration
knew all about the affairs of the bank from
it's organization
Il desire to correct another erroneous
impression, to the effect that 1 was a large
borrower at the bank. The bank has never
loaned me a dollar directly indirectly,
and have always opposed loans Of conse-
quence to directors or Endorsed by di-
piled with, as one officer put in a number
OF loans for friends, a few only Of which
were indorsed by him, and some Of which
are among the slow paper.
Adjustment Of Affairs.
During the adjustment of matters two
Of the directors wanted to take hold and
wind supe the affairs OF the bank and
charge $4,000 for their services. One man,
who had one-half of per cent of the stock,
which stock have since bought, suggested
that it would be only right and proper
that when the depositors were paid in full
the assets of the bank should be divided
equally among the directors regardless of
the fact that he held one-half of 1 per cent |
u the stock and that another director held
over 20 per cent.
Our directors, with one OF two excep-
lions, have shown since the bank closed |
lesire to do anything within their power to |
open up the bank; or, II this was not |
thought wise, to pay all depostors in such |
manner as to reflect honor and credit on |
themselves. This last proposition has been |
thanks to the directors and |
10 Receiver Schofield, who has labored |
to bring about the settlement
I'm verification Of the above statements |
refer to the receiver of the bank who |
low has in his possession all of the rec |
,rds. |
Naturally, I lose heavily by reason of |
he failure, which necessitates my foregoing |
'ome charity work l had outlined for this |
winter, and especially will compel me to |
neglect my little friends, the neWsboYs"