Letter from W. H. Spedden to the MSNS Building Commission, 1915

OFFICERS: EMERSON C. HARRINGTON, President ALBANUS PHILLIPS, 1st Vice-President W. G. WINTERBOTTOM, 2nd Vice-President T. SANDSTON INSLEY, Counsel W. H. SPEDDEN, Cashier 4 PER CENT. INTEREST PAID ON SAVING ACCOUNTS BOARD OF DIRECTORS Emerson C. Harrington Wm. H. Leonard Albanus Phillips Isaac O. Taylor John R. Pattison Saml. W. Linthicum W. G. Winterbottom Joseph W. Brooks, Jr. T. Sangston Insley Frank H. Vincent William H. Hooper Edgar S. Gore W. Nicholas Williams Vernon S. Bradley Robt. H. Matthews People's Loan, Savings and Deposit Bank CAPITAL, $100,000.00 Cambridge, Md., June 4th, 1915 State Normal SChool Commission, Annapolis, Md. Gentlemen;- We have enclosed herewith your Bank Book balanced, and interest Check on deposit to April 1st, We expected the withdrawell of the deposit about the 1st, of March as per your letter of February 18th, in which you steaded that the money would be withdrawn within a very short time and we called a loan to take care of the withdrawell March 1st, and held the money with our Reserve Agent in Baltimore until the same was paid over- receiving therefor but 2% interest per annum. In calculating the interest we allowed 3% until April st, as this was a fair average for the entire time we had the money, ( January 1st, to May 10th,) We hope the above settlement of interest will be satisfactory. Yours very truly, W. H. Spedden, Cashier.