The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-27
DEPOsIT0RS
To CELEBRATE
BANKS OPENING

New York Dec. 27.-There was rejoic-
ing throughout Harlem and the Bronx
last night by the $1,000 depositors OF the
Hamilton bank over news from Kingston
that Supreme Court Justice Belts had
decided that the bank. closed since Oct.
"a. may reopen and pay off its depositors.
The best part OF the news for the people
who had been on the anxious seat so
long was continued in the courts words:
THE bank shows ability 20 pay every
one entitled thereto. on demand. and stll
have remaining over quarter of a mil
lion dollars"
The depostors of the fremont branch
made the biggest demopstration OF JOY
About n thousand Of them paraded with
red fire and brass band TO the home OF
William II. Montgomery, president OF the
Hamilton bank at the time IL closed its
doors. lie greeted the throng from the
veranda at No. 1857 Anthony avenue
At the request OF several depositors. tho
band had played a funeral march as the
paraders passed the Bronx Borough
bank. a rival OF the Hamilton.
In response 10 clamorous demands for
a speech. Mr.. Montgomery said that he
was grateful foc TIE remarkable demon
stration OF confidence" 1t would not
have been possible. he added. but for the
30 per cent .Ol lne uepoSitOtS WHO
believed i'm his judgment and the probity
OF the officers and directors OF the bank
II court the closest investigation tho
grand Jury can make" he went on.
From the time the bank closed to the
present moment, / have labored night and
day for the reopening and payment OF
every depositor I'm full. 1 do not owe
the Hamilton Bank a dollar and have
never owed II n dollar. The technical
Al. mid oil nd
vertised were inadvertent on my part.
When my attention was called TO them
they were Immediately made good.
II never kept my business account in
the Hamilton. 1t was an account for
the convenience of my family. AS TO the
destruction of cancelled vouchers, II my
wife saw fit to destroy her cancelled
vouchers she had a perfect right 10 90
So They were her own private property.
The bank had no control over her inter-
est in them"
A round OF cheers was given for Mr..
Montgomery. There We're speeches also
by Father Peter Farrell of St. Josephs
church. and the Rev. A. c. Barnett OF the
fremont Methodist church.
BY the decision OF Justice Belts, handed
down yesterday, the temporary receiver
OF the Hamilton is discharged and the di-
rectors will be authorized to reopen the
in his decision, says:
There are, aside from the stockhold-
ers. practically 1900 people directly in
tercsted as depositors. The bank shows
ability TO pay every one entitled thereto
on demand, and still have remaining over
a quarter OF million dollars. Every one
of these depostors is interested In hav-
ing this institution open as going in
stitution and stay open. The court Is
going to restore the banks property and
permit it's reopening."
In case the form OF the courts order Is
not agreed upon by the attorneys, ii will
be settled before Judge Belts on Jan. g..
The court directs Frank White. the tenn
| porary receiver. 90 turn over the property
| in his possession TO the bank and appoints
Clarence +. Bloodgood OF Catskill referee
| for the purpose OF passing on the receiv-
er's accounts. Judge Belts lays down the
doctrine that suspension of payment by a
bank does not necessarily involve insol-
vency, and that temporary receiver
must not always be followed by a per-
manent one.
The plan for reopening, which is dis
cussed, In Justice Belts opinion, pro-
vided in effect that depositors should re-
ceive 10 per cent of their deposits on the
reopeing, and certificates of deposit for
the balance, payable, Is per cent in three
months, Is per cent in six months, and 10
per cent in one year