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Show FRICK GIVES FORTUNE to mmm Will Make Up the Losses Sustained by Reason of Bank Failure PITTSBURG Dee 21 Joy prevailed in the hearts of Pittsbnrg school children tonight as a result of the announcement late today by II a Frick millionaire coal magnate, that he will pay in full as a Christmas gift all the aeeounts of the 41 000 children depositors in the Pitts burg Bank for Baviirji, which was closed here last Wednesday by order of the state department of banking The deposits amount to $167 136 (8 and pay ment will be made in cash just as soon as the necessary arrangements can be completed which will probably be about January 3 In order to induce children to save a school savings fund was started many years ago Through an agreement with the city board of education, bank col lectors vis ted the 132 schools in the city weekly Penny by penny the de posits of the children increased nntil they amounted to nearly $170 000 Then a few days before Christmas announcement announce-ment was made that the bank had been closed and a gloom fell over tne city When Mr Fnek who is in fvew York. was informed that thousands of chil dren were depositors, he at once com mun cated with E C McEldowney pres ident of another local bank and an nounced that he would take care of the fund in such a way that the school chil dren would not lose a cent. Mr Frick accord ng to tentative plans will pay the ch Idren the amount now on depos t and when a I quidat on has been effected w 1 collect their claims Just what div dend the bank will pay each depos tor has not been de termined yet but bank off c als claimed it will amount to about 50 per cent Bank and school off c als ton ght pra sed Mr Tr ck for h s generos ty I think the plan of Mr Tr ck is most wonderful and grac ous sa d W J Jones pres dent of the closed bank when nformed of the plan I appre elate it to the 1 m t My heart has been full espec ally over the fact that so many ch Idren had depos ts in our bank but this proposal has taken a great load off my m nd W M Davidson city super ntendent of public schools character zed the of fer of Mr Frick as one of the most remarkable and one of the noblest acts ever performed by a wealthy man in America Coming at Chr stmas t me every child looks upon it as a personal gift he sa d. I am rel evod beyond meas ore and apprec ate t as though it were a personal contr but on in t me of dis tress |