Evening star., 1933-11-23
DEP0S|T0RS SEEK
TO RECOVER $1,000
FROM PARK BANK
Three File Suit Against Seven
Former Directors of Saw.
ings Institution.
OTHER SIMILAR ACTIONS
LIKELY TO BE TAKEN
Attorneys Expected to Amend Bill
in Effort to Have Receiver
Named.

Three depositors of the insolvent Paris
Savings Bank today filed suits against
seven former directors for total ol
more than $4,000, which they had OF
deposit there.
The actions were taken on the basis
of the theory previously presented in
court by the Depositors Committee OF
the bank, claiming the directors are
liquidating trustees and, therefore
Jointly and severally liable for the
assets which came into their hands"
The three depositors and the sums
they ask for are: Mrs. Fannie l. Crit
tenden, 17O8 Newton street, S4,250.3S
Mrs. Margaret C. Barber, 1861 Park
road, S2,lO303, and Annie Stout. l70s
Newton street, S2313.97.
The directors named defendants arc
Wade H. Atkinson, 140g M street
Charles w. Bolgiano GOT E street; L
T. Breuninger. 1911 K street; G. w
Forsberg, Eighth and Water streets; c
F. Jenkins, $500 Sixteenth street; A. F
Jorss, 1920 Twenty-fourth street. and
George w. White, 613 Fifteenth street
The depositors are represented by E
Hilton Jackson and William E. Richard
son, who are counsel for the committee
Other Cases Possible.
The suits are believed to be the first
of what may be a series of similar
actions against the directors.
Jackson and Richardson were expected
to file within a day an amended bill
In their previous equity suit before
Justice Jesse c. Adkins.
Ir that case, the court denied the
plea of the Depositors' Committee for
appointment of court receiver to re-
place the Treasury Department re-
ceiver now in charge of the assets
Justice Adkins, however. left wide open
the highly disputed question as to
whether the directors and stockholders
are liable as liquidating trustees or as
co-partners for the tremendous losses
These losses, the Treasury Department
discovered. were more than $500. .00O
at the time of the suicide of the banks
vice president Robert S. Stunz, or
March IA. when the bank was refused
q license by the Treasury Department
Shortage Put at s2,Ooo,O0O.
A careful check of the banks affairs
since then, including an up-to-date
estimate of the market value of assets,
has increased the shortage to more
than S2,000,000
Depositors base their claims on the
contention thaC the cnarCer OF the
bank expired in 1929 and the directors
thereupon became nquidating trustees,
under the laws of Alabama, which
issued the charter.
The directors, according to the de-
positors, "are jointly and severally
liable" to both the creditors and stock
holders ''to the extent of the property
which may come into their hands
Each of the depositors filing suit today
charge their money was deposited since
the charter expired.
They also claim that although ged,,an3s the e
and publicly represented that the said
corporation was engaged In the general
banking business at its banking house
and in the name of the said cor
poration received deposits and per-
formed other acts of banking"
John F. Moran. Treasury Department
receiver, continued today to liquidate
the bank under the authority OF the
controller of the currency. He has at
tempted to collect from the directors
stock assessment of 100 per cent, but
in view of the pending litigation, few
collections have been made.