The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-07-17

posts-in other words paid them in fuby handing to
the MUTUAL, SAVINGS TRUST COMPANY a cheque
for $22452262 (ths cheque may be by any deposit
tor upon application to Mr. Baird MitchelD All the as
sets of the Old Bank have been turned into cash at their
full value and there remained and above the amount
of the cheque previously mentioned $l7O,OS795 which
represented the surplus accumulated by the Old Bank IRE
aside from year to year as protection against
osses-whch never occurred), also the premium above
the book value realized from the sale of its assets and It's
earnings during the period between January 10TH when
the last previous distribution made and April 22nd
when the liquidation occurred This amount $17OO6795
belonged to the depotos and Of course had to be- and
is now being distributed among them.
The law required the Trustees to wait for period Of
six weeks until advertisements had appeared for that
length of time and all debts and expenses had been ascer
tanned and discharged before the distribution of such
fund Hence June 9Th, (but few days after the re-
Qured six weeks the Trustees met to make the dstr1bu
ton All known debts and expenses had been paid, but
the time had been short to tabulate and definitely de-
ermne the status of each of the thousands of deposto
To make final distribution meant that every dollar be
exactly divided and equally distributed The exact
due each deposor had to be calculated obvious
" no place for guess work error. Furthermore ccr
tain expenses such the taxes for part of the current
year. the cost of auditing and other clerical work neces
sary in checking The distribution could not then be
tanned
But it was the desire of the Trustees to get to the de-
positors as much of their money possbeas quickly
as possbe-so that they declared and made payable The
largest even percentage they felt could properly be dis
tbuted-6%-as is fully covered by the notice given
There remains to he later distributed approximately
49, meaning that sometime in the future, when all ar
counts have beer balanced and the exact percentage fig
ures ascertaned 90 that the amount be divided be
proporoned exactly among the depostors another spe
cial dividend will be declared
These special dividends-the liqudatng dividends OF
the MUTUAL SAVINGS BANK-have nothing to do with
the interest paid by the MUTUAL SAVINGS TRUST
COMPANY It's depositors are paid interest at the rate
of 1875 Der annum calculated in the manner from
the same dates and payable at the time as the old
regular dividends of the MUTUAL SAVINGS BANK In
accordance with the agreement which the TRUST COM
PANY made with them. As has always been the rule
this interest when paid is credited to the account of each
depostor Just any other deposit is credited and may
remain to be included in the balance upon which the next
interest calculations made may be made No change in
rules and regulations have occurred the dates of interest
payment remain the third Mondays of January and July
THE MUTUAL SAVINGS TRUST COMPANY, the
modern form the MUTUAL is strong sound, growing
financial instiua afordng its depositors and patrons
those broad services and upodate banking facilities
desirable and necessary in the conduct of business to-
day. Its officers and directors are capable substantial
men, we'll known throughout the city whose aim and pur
pose afford its patrons the most thorough and COM
prehensve Banking Service possible To that end the
policies of MUTUAL are being shaped and its departments
formed and added as rapidly as conditions will permit
It is the thought and endeavor of each worker
officer and director connected with the Institution
carry forward the thought manifested in the words OF
the we'll know slogan