Full suspension
Other: Directors turned the bank over to federal authorities/receiver (closure/receivership) to conserve remaining assets.
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RUN CLOSES BANK AUBURN, Wash., October 28 (P).The First National Bank of Auburn closed yesterday after a five-day run by depositors. Bad loans were reported by owners of the bank stock to have caused the directors to turn the bank over to the Federal authorities to conserve remaining assets. The First National, founded two decades ago, had assets of $890,000. Depositors withdrew $50,000 Saturday, directors said.
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Auburn Bank Closes After Five-Day Run AUBURN, Washington, Oct. 28.+ The First National Bank of Auburn has closed after a five-day run by depositors. Bad loans are reported by the stock owners and this caused the Directors to turn the bank over to the Federal authorities. The assets are $890,000.
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By Associated Press. October The First Bank Auburn closed today after five-day run by depositors. Bad loans were reby the stock to to the over the federal itles to conserve the remaining asThe First National. founded two decades ago, had $830,000. withdrew Saturday,
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AUBURN Wash., October 28 (A).The First National Bank of Auburn closed yesterday after five-day run by depositors. Bad loans were reported by owners of the bank stock to have caused the directors to turn the bank over to the Federal authorities to conserve remaining assets. The First National, founded two decades ago, had assets of $890,000. Depositors withdrew $50,000 Saturday, directors said.
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SEATTLE, Dec. Phillips, former cashier the Auburn National Bank, and Ellam Reilley, former assistant cashier of the First National Bank of Auburn, were held here today on indictments by the federal secret grand jury, charged with embezzlement of funds from their respective banking The First National closed its doors October 17 after heavy and its had been interests were acquired by the Auburn National.
McLean, receiver the Washington National bank has appointed the First National of Auburn the Enumclaw bank, according Tacoma Saturday. succeeds W. Douglass, federal bank receiver, who has transferred to Sacramento liquidate the California National bank. McLean formerly was cashier of the Auburn National He assumed of the affairs the Auburn and Enumclaw banks Saturday. He will continue be n charge liquidation the Washington National bank here.
RUN ON AUBURN BANK LAID TO COLVIN
Defense of Two Walters Questions Legal Ethics of Former Prosecutor
SEATTLE, May 23.—(AP)—Former Prosecutor Ewing D. Colvin, witness against Charles E. Walters and his son Ralph, accused of having sold $360,000 worth of stock on misrepresentations, was accused in superior court by Ralph B. Potts of defense counsel of having been "responsible" for starting a run on the defunct Bank of Auburn.
Colvin had testified he tried to induce Ralph Walters to give him the books of the Walters' Bankers Holding company in October, 1930, and that he had addressed a meeting of stockholders, and subsequently represented them. Potts, commenting on the fact that the First National Bank of Auburn, one of the chain controlled by the holding company, closed October 27, said:
"You know as a matter of fact, Capt. Colvin, that you were responsible for this run on the bank by your activities, don't you?"
"I'll tell you what caused the run," Colvin replied. "It was the letter of October 10 notifying depositors who had put their life savings in the bank that a dividend had to be passed. They realized there was something rotten and came to me. I couldn't get any information from Walters Jr. That's what caused the run."
Quizzed about his legal ethics, Colvin said they had never been questioned.
"Permit me to question them, then," said Potts.
"You do it for the effect on this jury," Colvin retorted.
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Patents
U. S. A. to Walter J. Fleming, SW4NW4: N2SW4: SE4SW4:S2SE4 Sec. 1;NW4NE4: NE4NW4 Sec. 12, Twp. 31, Range 25.
Deeds
Ralph Ames, et ux to A. Hutchison, 1 acre in Lot 3, Sec. 2-34-21.
Elgin Land Co. to Walter E Clarkson, Tract 33, Gregory Tracts $450.
Cecil E. Robinson to Cord J. McGraw, Lot 16, Block 4, Pratt's Center Add. to Molson, $100.
H. H. Teague et ux to Abner Meinke, Lot 2, Block 10, Malott, $200.
Margaret Piper, et vir to Biles-Coleman Lbr. Co., E2NE4: SE4 and E2SW4 Sec. 23-34-29, $1.
S. W. Shafer, et ux to Frank Therriault, .208 ac in SW4NW4 Sec. 2-34-21. $10.
Winfield A. McLean, Receiver of First Nat. Bank, Auburn, to F. W. Pein, E2, E2NW4: E2SW4 Sec. 36-