Union Savings & Trust Company (Warren, OH)

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CHAINS GET RECEIVERS

F. & W. Grand and Silver & Bros. Suel on

NEW YORK, March 19. Federal Judge William Bondy today appointed equity for F. & operating chain of 100 stores in 90 cities, and for Isaac Silver & Bros. Co., Inc., an affiliate of the Grand chain. which operates 45 stores in 40 cities located in tates. Receivers named are Harold L. Green, vice president of Grand chain, who is to post bond for $15,000. and the Irving Trust Petition in the case of the Grand chain was filed by the May Hostery Mills, claiming 482 due and unpaid. Petition chain was filed by the New York Merchandise Co. claiming $7,885. Counsel for both chains consented to the appointment of the receivers and admitted that lack of liquid assets made it impossible for them to meet current obligations.

Helping to Reopen Bank. WARREN O., March -Ninetyfour per cent. of the depositors of the Union Savings Trust Co., Trumbull County's oldest banking institution, have signed agreements on plan to reopen the bank was announced this fternoon. Full 100 per cent. will be sought by citizens committee,

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STATE EFFECTS OF CLOSED BANKS

Reorganization Plans of Department Help Restore Sound Conditions.

AID TO BUSINESS SEEN

Ten Ohio Banks Resume

Since Jan. Six Others To Follow Soon.

Special state scheduled be reopened for within few under plans state department banks Fulton superintendent Ohio, announced Under the department which closed their doors in 1931, result of panicky the public which heavy many financial resumed business since the first the present year The banks planned to be opened soon the Union Savings Bank Trust Co., the Union Savings Trust Co. Warren: Ohio Merchants Trust the Dime Savings Bank Canton: Washington Savings bank, Washington the Farmers bank. Elida Other Reopenings Probable Negotiations are also in progress for reopening several other closed banks. More definite information regarding reopening plans probably be ready for in the new year The state department of banks aiding the committees working on the reopening projects in the varthe of additional Ohio banks in the future many millions of dollars which have been will be turned back into the arteries trade and ton. thus releasing large amounts which temporarily impounded by the closing of banks, the working ital each community directly fected be greatly with resultant strengthening financial situation generally benefits derived do not stop at the boundaries of the extend to other areas, in fact, come statewide in their wholesome

Reports Great Improvement According are vastly what they The present year opened with year decrease bank and number such during the past few months has been surprisingly more than might expected normally Since the state department banks taken but five banks for with the ception moderate bank, very institutions, the closing which caused hardly the life of the Banking conditions generally stablized in Ohio other states. Among the banks reopened this Dollar Savings Trust and the City Trust Savings both George Harter Bank, Canton: the Trust Co. and the Savings Trust Co., both Mansfield, and the City Savings Bank Trust Alliance. Other cluded Seville State bank, the Farmers' Banking Co., the bank, and the Bank of Leipsic. Theodore H. Tangeman, director of and member of Gov. ernor White's cabinet. has masisted Fulton in working out the bank reopening which the state put into effect, student of finance, has been position to render effective aid in state's bank work. Charles Saf fin, Jr., in the of has been factor in of the bank reopenworked out by the department.

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SIX MORE BANKS TO BE REOPENED IN STATE SOON

10 Already Have Resumed Business Since First Of Year

Special To The News COLUMBUS, Nov. 4-Six more state banks are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, announced today. Under negotiations conducted by the department of banks, 10 banks which temporarily closed their doors in 1931, a result of the panicky condition of the public mind, which started heavy runs on many financial institutions, have resumed business since the first of 1932. Bank To Reopen

The banks planned to be reopened soon are the Union Savings Bank & Trust Co, Steubenville; the Union Savings & Trust Co, Warren; the Ohio Merchants Trust Co., Massillon; the Dime Savings Bank Co., Canton; the Washington Savings Bank, Washington C. H., and the Farmers' Bank, Elida. Negotiations also are in progress for reopening several other closed banks. More definite information regarding reopening plans probably will be ready for announcement early in the new year. The state department of banks is aiding the committees working on the reopening projects in the various interested communities.

"With the reopening of additional Ohio banks in the near future many millions of dollars which have been tied up will be turned back into the arteries of trade and industry," said Superintendent Fulton. "By thus releasing large amounts of assets which have been temporarily impounded by the closing of banks, the working capital of each community directly affected will be greatly increased, with resultant strengthening of financial situation generally. Benefits Statewide

"The benefits derived do not stop at the boundaries of the communities, but extend to other areas-in fact, become statewide in their wholesome effects." According to Superintendent Fulton, banking conditions are vastly improved over what they were last year. The present year opened with a marked decrease in bank closings and the number of such closings during the last few months has been surprisingly small- not more than might be expected in normally prosperous times. Since last summer the state department of banks has taken over but five banks for liquidation, with the exception of one, moderatesized bank, all very small institutions, the closing of*which caused hardly a ripple in the economic life of the community. Banking conditions generally are well stab-

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SIX MORE OHIO BANKS WILL REOPEN SOON

Ten Others Resume Business Since January 1.

Special to The Review COLUMBUS, O., Nov. 4. — Six more state banks are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, has announced.

Under negotiations conducted by the department of banks, ten banks which temporarily closed their doors in 1931, a result of the panicky condition of the public mind, which started heavy runs on many financial institutions, have resumed business since the first of the present year.

The banks planned to be reopened soon are The Union Savings Bank and Trust Co., Steubenville; The Union Savings and Trust Co., Warren; The Ohio Merchants Trust Co., Massillon; The Dime Savings Bank Co., Canton; The Washington Savings Bank, Washington C. H., and The Farmers Bank, Elida.

State Department Aiding Negotiations are also in progress for the reopening of several other closed banks. More definite information regarding reopening plans will probably be ready for announcement early in the new year. The state department of banks is aiding the committees working on the reopening projects in the various interested communities.

"With the reopening of additional Ohio banks in the near future many millions of dollars which have been tied up will be turned back into the arteries of trade and industry," said Superintendent Fulton. "By thus releasing large amounts of assets which have been temporarily impounded by the closing of banks, the working capital of each community directly affected will be greatly increased, with a resultant strengthening of financial situation generally. The benefits derived do not stop at the boundaries of the communities, but extend to other areas, in fact, to