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BANK OF CUBA WILL BE ABLE TO RESUME Superintendent Thinks Institution Is Solvent MAY OPEN THURSDAY Offers of Financial Assistance Came in From Many Sources-Former Cashier Ward Is Improving Cuba, April 25.-(Special.)-Out of the conflicting rumors concerning the Bank of Cuba the facts appear to have evolved themselves to the point where the bank stands on solid and high ground with all of the money of its depositors intact and with losses on bad loans a great deal less than was first reported. A portion of the paper considered doubtful yesterday now seems good and other paper is being paid right along today. A. E. Walker, state superintendent of the banking department, has been of invaluable assistance to the dlrectors in unraveling the tangled skein which his assistant. C. E. Boyd, uncovered. Both gentlemen have endeared themselves to the community by their wise counsel in perfecting arrangements for resumption. Mr. Walker has shown himself to be a man of marked financial ability, so the directors state, and it has been through his wisdom that the resumption now seems possible within a week. Offers of financial aid from citizens cf Meridian and other points have given the directors many happy moments and have greatly restored confidence that has never been seriously impaired. J. E. Reed and Eugene Bostick made a hurried trip by automobile on Thursday across the country to offer any assistance and other large interests kept the phone busy all day with offers of aid. Before leaving for Montgomery at noon Friday, Mr. Walker made the following statement: "In my opinion, atter an investigation, I find the Bank of Cuba absolutely solvent and I have advised the directors to reopen as soon as possible. I am informed by the directors that financial arrangements are being rapidly made so that the money will be on hand to open and pay every depositor. The directors of the Bank of Cuba are men of unquestioned reputation and character in Cuba and I believe that they have the confidence of the depositors. I feel confident no depositor will lose a single dollar and I hope there will be no withdrawals of any extent when the bank opens again. The bank, however, will be prepared to take care of any who see fit to withdraw their money. The temporary closing of the bank was due to ramors as to the bank's actual condition. These rumors led to some small withdrawals and the directors wisely concluded that a temporary closing was best under the circumstances. "The Bank of Cuba has been regarded by my department as in splendid financial condition. A bank is a necessity for Cuba and I feel that the public will realize this and continue to support it." A complete audit of the bank is now under way. So far it has shown deposits of $88,000 with approximately $48,000 in spot cash in the bank and with other banks which is now being shipped in as rapidly as the correspondents can be notified. More than $50.000 of gilt edged paper, most of which is secured, is held by the bank, and a portion of same has been paid today. T. O. Vaughn has been appointed agent of the state banking department pending resumption which, it is stated, may be made not later than next Thursday when Mr. Walker will return to assist in the opening. Public confidence is being rapidly restored and with the assuring statement of the banking department the public appears to feel that the bank will emerge strong and secure. The condition of S. C. Ward, former cashier, who was in a serious condition following an overdose of an opiate, is much improved and hopes to be able to assist in clearing up all mat. ters at once.
