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3 Banks Being Liquidated At Loss, Is Report Hood Shows Condition Of Fifth Roosevelt State Institutions On Dec. 31, 1932 Gets Navy Post CREDITORS SUFFER IN SALE OF ASSETS The First Bank & Trust company, and the American Bank & Trust company of Hendersonville and the Bank of Fletcher are being liquidated at losses to creditors ranging up to $1,000 a month, according to an interpretation of figures contained in a report of Gurney P. Hood, state commissioner of banks and statutory receiver of the three institutions, which has been made to Judge P. A. McElroy in superior court and approved by the court. Operating losses of the three defunct institutions under the receivership are listed as follows: First Bank & Trust Co., (Dec. 31, 1931 to Dec. 31, 1932)-$13,041.82 American Bank & Trust Co., NEA (Dec. 31, 1931 to Dec. 31. 1932)-$536.09. Henry Latrobe Roosevelt, above, Bank of Fletcher (April cousin of the president, is the new 25, 1932 to Dec. 31, 1932) assistant secretary of the navy. -$738.50. He is the fifth member of the Creditors of the banks who Roosevelt family to hold that post. have studied the report pointed He is a former marine corps ofout that for the periods coverficer. ed, the income of the receiver, such as rents, interest on balances and the like, lacked $14,316.41 of meeting liquidating Weather Data For expenses such as salaries, traveling expenses, etc. A statement by Mr. Hood is to the effect that expenditures Week Compiled were necessary and reasanable in the liquidation of the trust, and that the expense was made High Temperature Of 77 for the best interest of the credDegrees Reached Tuesitors. "The losses shown were realday ized in the sale of assets or in compromising or compounding bad A high point of 77 degrees of or doubtful assets, which action temperature was recorded for the was for the best interest of the month here on Tuesday of this creditors," the report of Comweek. while the mean temperature missioner Hood states for the month is practically three The report of the First Bank degrees under the normal mean shows resources of $1,674,244.52 for March, according to weather as of December 31, 1931, and data compiled by T. W. Valentine, resources of $1,456,153.01 as of local weather observer, last night. December 31, 1932. Increases Rainfall has been near normal so in resources of $32,207.54 and far this month, the figures show. decreases of $250,299.05 are Weather data compiled for the shown by the report. The inmonth so far, is as follows: crease is shown in a $16,114.69 Date Max. Min. Mean Prec'n. increase in real estate, and the 37 21 53 11 decrease is shown in a reduc50 32 68 12 tion in cash and due from banks, 52 41 63 13 cash items and overdarfts, stocks 0.76 67 58 77 14 and bonds. loans and discounts, 0.05 57 49 66 15 furniture and fixtures, and stock 44 30 57 16 assessments due. 51 31 72 17 A reduction of $218,091.51 in Summary for Month to Date liabilities is shown. the figures 77 Maximum being $1,674,244.52 as of De57.2 Mean maximum cember 31, 1931 and $1,456,44.7 Mean 153.01 as of December 31, 1932. 17 Minimum The report lists expenses as 32.2 Mean minimum $20,075.32 and income as $7,41 Mean daily range 033.50, and shows an operating 2.63 loss of $13,041 82. The report Precipitation Normal mean temp. for Mar. 47.5 (Continued on page four) 5.62 Normal prec'n. for March
