Evening star., 1933-11-30
DEPOS|TORS SEEK
i. s. SAVINGS CASH
Committee Acts After Justice
Bailey Refuses to Force
Opening of Bank.

Theodore S. Grape. chairman of the
Depositors' Committee Of the United
States Savings Bank. will confer TO-
morrow morning with officials of the
Treasury Department concerning the
status of the bank ana the possibilities
OF releasing funds for dep0SltorS,
This conference will follow a decision
late yesterday by Justice Jennings
Bailey in District Supreme Court,
denying Col. Wade H. Cooper, presi-
dent of the bank, the mandamuS he
requested to force the Treasury to open
the bank On the Cooper plan. The
court decree upheld the Treasury De-
partment's contentious throughout, and
dismissed the Cooper bill.
Col Cooper was out Of the city when
the decision was handed down, but Is
expected to return early tomorrow To
Staegers and ". BisseM Thomas. con-
cerning an appeal. Staggers announced
an appeal would be noted as soon as
possible.
DepOsitors in Action.
Meantime. the Depositors' Committee
has swung into action in the hope that
something may be done to release at
least some OF the funds which have
been tied up since the Presidents bank
ing holiday in March. 1t is understood
the Treasury is willing to do something
for the depositors, but how this will be
done remains to be developed.
Chairman Grape, who is president of
fI,a O
today he hoped something practical
might come out of his conferences to-
morrow.
The Depositors' Committee was Sc
lected at a mass meeting at Central
High School auditorium October 4. dur
ing which another committee selected
previously at the same meeting had
been rejected because it was Cooper
committee"
May Join New Merger.
The new committee, although ap-
parently elected on an "anti-Coopar'
platform, did not intervene officially
as a party in the Cooper suit.
There have been persistent rumors
that the United States Savings Bank
might join the new Mechanics-Frank-
ling Savings Bank merger, which is
now in process of organization. While
no official pronouncement has come
from the Treasury Department, it has
been generally understood for some
time that the department would ap-
prove the United States Bank as a
member of the new merger.
Text of Bailey Decision.
The text of Justice Baileys decision
was as follows:
THE questions before me are wheth-
er the action of the controller in de-
clining to approve certain plans for re-
opening the United States Savings Bank
was capricious or arbitrary and in that
way. If his action was capricious or
arbitrary acts by certain subordinate
by the court?
Testimony was introduced on the
first hearing of this case on the origi-
nal bill for the purpose of showing
arbitrary acts by certain Subordinates
cially with reference to the transfer OF
the liquid or available assets of the
United States Savings Bank to the
Hamilton Bank in the organization of
that bank While the issues raised by
that bill are now moot, I can con-
slider the testimony gwen in that case
in connection with any subsequent con-
duct of these officials in so far as 1t
may bear upon the questions arising
under the amended and supplemental
bill.
Slow Assets Would Be Held.
'The substance of the last plan, with
its notifications submitted to the COLI
troller for his approval, is to pro-
vide for the payment to the deposi-
tors OF the United States Savings Bank
of IS per cent of the amount of their
DEPOSITS, and for this purpose the LIQUID,