The Birmingham age-herald., 1913-04-26
BANK OF CUBA WILL
Be ABLE TO RESUME
Superintendent Thinks In
stitution Is Solvent
MAY OPEN THURSDAY
Offers of Financial Assistance Came
in From Many Sources-Former
Cashier Ward Is
Improving
MAY OPEN THURSDAY

| Cuba, April 25.-(Specia1.)- Out OF
the conflicting rumors concerning the
Bank of Cuba the facts appear to have
evolved themselves to the point where
| the bank stands on solid and high
ground with all of the money of Its
depositors intact and with losses on
bad loans a great deal less than was
first reported. A portion of the paper
considered doubtful yesterday now
seems good and other paper is being
paid right along today.
A. E. Walker. state superintendent
OF the banking department has been
of invaluable assistance to the d.
rectors in unraveling the tangled skein
| which his assistant c. e. Boyd, uncov-
cred. Both gentlemen have endeared
| themselves to the community by their
wise counsel in perfecting arrange
| rnents for resumption. Mr.. Walker has
shown himself to be a man of marked
financial ability, so the directors state.
and it has been through his wisdom
that the resumption now seems possible
within a week.
| Offers of financial aid from citizens
CT Meridian and other points have given
the directors many happy moments and
have greatly restored confidence that
has never been seriously impaired. j.
e. Reed and Eugene Bostick made a
hurried trip by automobile on Thurs
day across the country to offer any
assistance and other large interests
kept the phone busy all day with Of
fers of aid.
Before leaving for Montgomery at
room Friday, Mr.. Walker made the fol-
lowing statement: I'm my opinion, af-
ter an investigation, 1 find the Bank
OF Cuba absolutely solvent and / have
advised the directors to reopen as soon
as possible. L am informed by the di-
rectors that financial arrangements are
being rapidly made so that the money
will be on hand to open and pay every
depositor.
''The directors of the Bank of Cuba
are men of unquestioned reputation
and character in Cuba and | believe
that they have the confidence of the
depositors | feel confident no de-
positor will lose a single dollar and
[ hope there will be no Withdrawals
| of any extent when the bank opens
again. The bank, however, will be
prepared to take care of any who see
/ lit to Withdraw their money. The tenn
porary closing of the bank was due to
rumors as to the banks actual con-
dition. These rumors led to some small
Withdrawals and the directors wisely
concluded that a temporary closing was
! best under the circumstances.
"The Bank of Cuba has been re-
garded by my department as in splen-
cid financial condition. A bank is a
necessity for Cuba and | feel that the
public will realize this and continue to
| support it."
| A complete audit of the bank is now
| under way. So far it has shown de-
posts of sSS,000 with approximately
$4,000 in spot cash in the bank and
with other banks which is now being
shipped in as rapidly as the correspond
cnts can be notified. More than $50
0G0 of gilt edged paper, most of which
is secured, Is held by the bank, and a
portion of same has been paid today.
r. o. Vaughn has been appointed agent
of the state banking department pend
ing resumption which, 1t is stated, may
be made not later than next Thursday
when Mr.. Walker will return to assist
III the opening.
Public confidence is being rapidly re-
stored and with the assuring statement
of the banking department the public
appears to feel that the bank viii
emerge strong and secure.
The condition of S. c. Ward, form er
shier, who was in a serious condi-
lion following an overdose of an OPT
ate, Is much improved and hopes to be
able to assist in clearing up all mat
ters at once