The Birmingham age-herald., 1915-06-20
WALKER SETS OUT
 PRESENT STATUS
 BANK SITUATION
Sends Statement to Savings Depositors Urging Them to Refrain, From Drawing
 Money From New Bank
RESOURCES

The status of the situation growing out of the failure of the Jefferson County Savings bank and the efforts of certain capitalists to reorganize that institution and pay all deposits in full. is set out fully in the statement made by A. E. Walker, state superintendent of banks, to the depositors in the savings depart ment.
 MT. Walker made it plain that he would give the gentlemen from Decatur and other north Alabama cities every oppor- tunity and as much time as they re- quired, provided that opportunity was held out for the creditors to recover their money. He declared, too. that Birming- ham had subscribed s25S0OO towards the s5oo,o0O which will be the capital of the new institution, and that the Decatur in- terests would furnish the remainder of the necessary sum.
 He asked that the depostors promise him to support the new institution, and to refrain from withdrawing their money as soon as the doors are reopened. This promise the depositors gave in their in- dorsement of the plan of A. E. Jackson T. NJ Jones and others.
 MT. Walkers statement follows:
 "I saw the only hope in the world for the savings depositors was for the doors of the bank to be opened by people willing to buy the assets and work them ou for the benefit of the depositors, ant make what profit there is in it for them selves over and above that. Therefore I have conscientiously. and in and ou ad1 to tho sition of trying to open the bank ans dispose of it and of its assets to any body that would take hold of it an, pay the deposltors in full. I would no have permitted t to he done under an, circumstances, and I do not expect nov that anybody shall touch dollar of tn, assets until they enter into an agreemen that the depostors must be paid. Al effort and a very steady effort has peel made for three or four months to accom- pllsh this. By reason of some talk abou the value of some of the assets it ha not been worked out as fas, as possible and I was on the point of paying ou the dividends because I had no right t hold them up. In the meantime thes parties took new hold, and they foun out they had to do business with tn department if they wanted the benefit o the assets. When they found I was go ing to pay, they got on the train an came to Montgomery. Not only will I hol the deposits and dividends in there fo two weeks, but for two months or tw years if that will open the bank and pa the depositors. That is the position hold right now. The gentlemen from mort Alabama do not perhaps look as nice a the gentlemen in Birmingham, put the are the fellows that do business. an since Monday morning the people of Bii mingham have walked up, and 1 saw tn subscription list this evening where the subscribed s25s 900 towards this s500,o0o, an the Tennessee fellows are going to rais the other $250.000 They want to test little further the value of the assets, an we cannot blame them.
 "Now, how can you help me? l al chosen by the state of Alabama to repr, sent you. This is your property and VT are administering it through me. If tines people open tomorrow, next week or ne' month, what would they have to do?
 you went and demanded it, they woul have to pay the s1 100000 in deposits. The can do it if you want it cone. l wal YOU to pass a resolution tonight indorsir the efforts of these men 10 open tn bank, and don't go there the day 1t
 opened and get your money. Give the' gentlemen a chance for their white ale and I will see that there is not doll; paid to anybody except you. But l don want you to break down and discourai them and hurt good institution and hu my friends from the Tennessee valley.