Evening star., 1938-10-11
DkTA0N DEPOSITS
IN PARK SAVINGS
READY FOR COURT
Directors May Be Liable
for More Than $50O,0OO
Under New Ruling.
TIME LIMIT is SET
BY ALABAMA CHARTER
Whether New Figures Will Be
Accepted by Court Remains
to Be Seen.

A comprehensive analysis OF the
accounts of depositors in the Park
Savings Bank has just been completed
by experts of the Treasury Depart
ment and the staff of Receiver John
F. Moran, it was learned today, with
a view to cooperating with the court
In the Park Savings Bank case.
Detailed results of the survey have
not been disclosed, but it was learned
that, under a decision yesterday OF
the Supreme Court of the United
States, directors of the bank may be
held liable for around 100000
maybe more-for the benefit Of about
5000 depositors.
Under the Supreme Court decision,
refusing to review the ruling OF the
District Court of Appeals, the direc-
tors are liable Jointly and severally'
d. for the deposits which were in the
bank at the time its charter under
Alabama law expired, August 80, 1929.
Under a previous court decision, the
directors are not liable for accounts
put into the bank after that date.
Refusal of the Supreme Court to
review the lower courts ruling put
the problem of administration of the
case into the hands of the District
Court auditor. The auditor is to de-
termine which depositors of the bank,
4" as of August 80, 1929, allowed their
money to remain there, and how
much they had left after later with
drawing part of their original de-
posits. It is understood that court
decision limits the auditor to consid-
Grafton of original accounts and with
drawals, but excludes consideration of
any new deposits put in after the
charter expiration date.
> Survey Acceptance.
Whether the court auditor or the
court will accept the new analysis
of accounts made by the receiver or
make another survey remains to be
seen. The receiver and his staff have
been wo1king on the analysis about
six months, under authority of the de-
cision of the Court of Appeals last
March.
Receiver Moran in administering
affairs OF the closed Park Bank has
paid out to depositors about "a per
cent of their money in the bank
when it closed in 1898. This amounted
to about 100000, which went to
some $4,000 persons. When and If
funds are realized under the Supreme
Court decision yesterday, it will 60
to about 5000.
Litigation in the bank case has
been pending for about five years,
during which the depositors have
been represented by E. Hilton jack
son and William E. Richardson. De-
positors later were joined by the
Treasury Department and the receiv-
er, represented by ]. Bruce Kremer,
George B. Springston and Herbert M.
Bingham. The directors were repre-
sented by Joseph T. Sherier and Otis
Kent
Some Directors Dead.
Since the litigation against direc-
tors of the bank was started some
Of them have died Claims are be-
ing filed against the estates of the
deceased The list of defendants at
the time the Court Of Appeals decision
was handed down March I, 1888,
were: Frank E. Altemus, Wade
n. Atkinson, Charles w. Bolgiano,
l.. T. Breuninger, Joseph w. g Cox,
H. F. Dismer, Peter NJ Dorsch, G. w.
Forsberg, J. o. Gheen, E. T. Good
man. John H. Holmead, c. Francis
jenkins, A. F. Jorss, E. S. Kennedy,
N. Mountford, c. NJ Murray, Claude
w. Owen, Robert L. w. Owens, Nor
man o. Oyster, H. A. Polkinhorn,
George A. Provost, Maurice Schlos-
berg. J. Robert Sommerville, Warren
w. Spencer, w. M. Wales, George
E. Walker. George w. White, c. c.
Wineberger and William B. Todd.
Those who have died since the litiga-
tion was started include Mr.. Altemus,
Mr.. Bolgiano, Mr. Jenkins, Mr.. Jorss
and Mr.. Sommerville.