The Washington times., 1908-10-05

The meetings viii be held at the head
quarters Of the Washington chapter Of
the American Institute of Bank Clerks.
lZl4 f street northwest Questions in
volving the settlement Of hanks placed
in the hands OF receivers VIII be con-
sideTed and discussed with a view 70
he Improvement Of the methods now IN
vogue. and tne adoption OF rules tnat
viii expedite the WCrk OF winding Up
the Affairs of sick banks
Mr.. Murray's Address.
Comptroller Murray said.
1.-THE one fault most common With
receivers is delay in closing their trusts,
hut there have been many exceptions.
Many Of you present are tnllrely With
out fault In this respect \ receiver
who viii keep his trust unsettled 4 day
longer than is necessary for the puT-
pose Of getting ar uuearned salary, or
his attorney who Will put in a bll and
try 10 get IL paid Tor more than his
services have been worth, are each
praCticinE polite robbery.
IN administering your trust you must
be economical. II IS eXasperatlnS 10
dcpOsitOr TO have an additional wrong
committed by extravaganza in the dis
tributiOu of what the dishonest officers
have been unable to carry away or lose
in bad loans There is a general dis
position 10 be liberal In the expenditure
OF money belonging TO other people. A
receiver should act WltD the same de-
gree Of economy and with as much care
as Druden- business nan would eG-
ercise in attending 10 his own affairs.
Get out Of your mind the impression
which some may have. that receiver
ship is an easy, Eood-FaylnB JOB Tor
the receiver his employees, and for the
attorneys
.'Vhen a matter is placed in tho hands
Of your attorney, do not regard II as OF
your hands. The law $ Delay may al
times be unavoidable, but it can be rem
cdied to some extent by a receiver who
Goes things. You should know why your
case is delayed and let your lawyer un-
derstand positively that ne must eX-
pedite litigation as rapidly as possible.
And do not be afraid to recommend to
the COmDrtOller the discharge OF your
attorney. II you find him 10 be iECOm-
petent- a great parI OF the Work OF
receiver must be done under the direc-
ton Of an attorney. No matter through
what influence the attorney may have
been selected, he viii be promptly dis
charged If he is found to be incompetent;
negligent, or delaying the closing Of the
trust; and you report the facts here.
Wants to Be Sure.
= when a recommendation comes to
this office for the sale Of an asset Of
your trust, or the compromise Of a claim
against a debtor Of your trust, want
to feel sure that that recommendation,
whatever it may be. may be relied on as
being for the best interests Of all con-
cerned. and the very best possible thing
that can be done under the circum-
stances. accommodations have been
nads TO this office by different receiv-
ers, which have not met with the ap-
proval OF The Comptroller and have
been sent back for further consideration;
and after further consideration by the
receiver mis- recommendation has been
changed.
Now, II a piece Of property belong
ing to a trust is knowingly sold for
less than you can get for II, you are
simply cheating the creditors o. stock
holders TO that extent. And # you make
a compromise with a man who owes
your trust for less than he ought to
pay, and for less than he can pay, and
you know il, you are not only cheating
the creditors Of your trust as well, buL
YOU are misleading the Comptroller
who approves the recommendation, and
the judge who grants the order for
such compromise
"CareIessness or lack Of judgment or
laundering, or whatever you may call
Il. will not be tolerated.
1.-THE receiver should. by his manage
ment in the early stages of his trust.
acquire "A reputation for enforcing the
claims. Give the people who got mon
ey out Of the bank 10 understand that
they must pay il back or be promptly
sued. II you are easy-gOing. or are IN
clined to compromise. or Will let a ras-
cal 20 because il is cheaper to do so,
you are worse than useless as a re-
| CeiVer.
And do not talk Of compromises with
the men who owe the bank the day
YOU take charge Of the trust. The time
to compromise, generally, is after legal
Continued on Second Page)