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High Point, N. C., Bank Suspends High Point, N. C., Jan. 20. -(U.P.)The Commercial National bank, 40 year old institution, failed to open. The last statement gave deposits as $4 785,040; capital as $1,000,000, surplus and undivided profits and reserves of $1,144,044.
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High Point Bank Receiver Named Assistant to John D. Biggs to Assume Duties on March 15 (Special The Journal) High March Greenwood, today John for the defunct Commercial National Bank, to serve as assistant of the He receiver his duties on March Mr. has had seven years experience bank held over 20 positions of trust and qualified for the work, Mr Biggs has been received here regarding the to assist Biggs in the torney of the legal Acting troller of the has appointment will be made shortly
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WOMAN WANTS MONEY BACK FOR BANK STOCK She Bought 40 Shares of High Point Commercial Day Before Doors Closed. A. PAT BROWN IS SUED Greensboro Daily News Bureau 105 East 2873 High Point, March selling 40 shares Commercial National bank stock to widow at $120 share on the day before the bank ceased business, suit was brought against Pat Brown, High Point, today Mrs. Lou H. Hamilton to get back her $4,800 and to give should the bank's receiver seek to assess the stock in her possession, she amend plaint to get an additional $4,000, The plaintiff says that Brown rep. resented her that the stock was easily $120 share and that dividend would be paid two more days, when the plaintiff contends that he knew all the time that the bank was insolvent and that the stock was worthless. She contends that he tried variously before she bought the stock to sell the stock to other She says that she was deceived by his representations and not only lost he $4,800 for scraps of paper but is Gable for an assessment for the debts the bank. Trial of the case of Beatrice Boyd against Harriss, in which the plaintiff seeking to collect 500 sustained in an automobile wreck last June High Point in progress High Point Municipal court this afternoon and may be finished tomorrow The 1931 output of boots shoes in the United during 1931 was 4 per cent greater than in 1930
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Sues Salesman Of Closed Bank Stock High Point Woman Claims Man Knew Bank Was Insolvent (Special to The Journal) High March shares of Commercial National stock on day before that closed the in municipal court here by Lou W judg ment of against Pat being claimed that amount of money by the suit Mrs. Hamilton notice that should the seek the in she complaint additional In the contended that Brown the stock the price for and that would paid the the fendant knew the bank and worth She contends that tried before the sell that and 800 for ble for assessment for the stock's par H. he old February 29 his 13th even if he born 52 years
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Woman Wants Money Back for Bank Stock High March selling 40 shares of Commercial National stock to widow at $120 share on the day before the bank ceased business, suit was brought against A. Pat Brown, of High Point. yesterday by Mrs. Lou H. to get back her $4,800 and give notice that should the bank's receiver seek assess the stock in her possession, she will now amend her complaint to get adan $4,000. The plaintiff says that Brown represented to her that the stock worth $120 share and that dividend would be contends that he knew all the time that the stock was worthless. She stock to other peronly lost her $4,800 for of but liable for an paper ment for the debts of the bank.
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Woman Wants Money Back for Bank Stock March selling High 40 shares of Commercial National bank stock to widow $120 share the day before the bank ceased business, was brought against Pat of High Point yesterday by Mrs. Lou milton get back her $4,800 and to give notice that should the bank's receiver seek to assess the stock now in her she will amend her complaint to get an additional $4,000. plaintiff says that Brown represented to her that the stock worth $120 share and dividend would be paid more days, when the plaintiff that the bank was insolvent and that the stock was worthless. She contends that he tried variously beshe bought the stock sell the stock to other 'unsuspecting' perShe says that deceived his representations only lost her for scrap of paper but liable for an assessment for the debts of the bank.
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Commercial Bank Receiver Ordered to Sell Equipment John D. Biggs, receiver of the Commercial National bank, of High Point, directed to sell the nishings and equipment of the stitution an order signed in federal court Monday by Judge Johnson The order was signed on petition the receiver. and was stipulated that the property to sold public private in the discretion of the receiver.
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Bank Receiver Starts Suit For Collection of $13,000 Suit to collect an aggregate of $13, 910.02 on four notes was court Friday by started John D. Briggs, receiver for the Commercial National bank, of High Point, against W. H. English started Friday against Quinn. ing as Quinn, Williams and Justice. $231 Rutherford collect alleged to be due for machinery sold to defendants.
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COBLE IS GIVEN TWO VERDICTS Wins In Suit to Collect Insurance: Bank Receiver Also Awarded Verdict Verdict for the plaintiff H. Floyd Coble, trading as the O. Henry Drug stores, in the sum of $1,341 39 against the Caledonian Insurance company, and $2,064 against the Potomac Insurance company was returned by the jury United States court today The plaintiff was seeking recover insurance carried on stock, furniture and to cover sustained in the fire that damaged his store the Henry hotel in November 1931 Trial of the case was started Wednesday Verdict for the plaintiff the sum of plus interest from last October. was awarded in the case of John D Biggs, of the Commercial National bank High Point. against Bull and company The suit was for assessment on bank stock held in the name of the defendant within 60 days prior to the closing the bank. The defendant contended had disposed of 55 shares of stock the last of December and early in January the bank was closed on one transfer of five shares being by the bank had paid the ment on 145 shares The instructed the jury that as the transfers had not 60 days prior to the closing of the bank, the defendants were liable and the verdict should be for $5,500, with interest from the time the assessment was due Formal appeal entries were made by defendant Court The jury empanelled in the $100,000 damage action of Upton. of High Point. against the Greensboro Bottling company, following which Judge Johnson Hayes recessed court until Monday when the taking of testimony will begin. The plaintiff alleges that last October he stopped the Dixie Pig Barbecue stand. almost across the street from the plant the and purchased bottle of the product of the defendant: that he felt some thing sharp his throat and looking into the bottle saw quantity broken the bottle The piece he swallowed. the complaint leged, caused excruciating pain and severe injury before was emitted. Carelessness and negligence on the part of defendant in cleansing its bottles before filling is alleged to have been the proximate cause of the injury
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Answer to Suit Brought By Bank Receiver Filed Here In United States district court here Thursday the defendant filed an answer the complaint of the plaintiff in the case John Biggs, receiver the Commercial National bank. of High Point, against Rosa Redding, executrix of the deceased The plaintiff suing for $22,500. declaring that amount be due an 225 shares stock the which closed January 1932 defendant that the the bank closed Redding held only 90 shares stock value $9,000. defendant declares not necessary. Dismissal the Eskridge Martin Caught. April by the local authorifor two with violating the has arrested in Patrick county in jail there He alleged to have given check for $100 the First Stuart when lacked funds in that stitution.
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Executrix Files Response to Suit Of Bank Receiver The answer of Mina Alexander Long, executrix of the estate of Charles F. Long, to the complaint of John D. Biggs, receiver of the Commercial National Bank of High Point, has been filed in United States court here. The complaint was recently filed, involving all members of the board of directors of the bank, alleging misapplication of funds, through payment of dividends contrary to law, the granting of excessive loans and other unwarranted practices as directing head of the bank. The answer of the defendant denies the allegations of wrongful acts of the directorate and sets up counter defense in which the defendant pleads failure of the plaintiff to file claim as 3 Gorgeous Pieces In bar of recovery. It is contended Genuine Mohair that the defendant qualified as administratrix of the estate of Charles F. Long, one of the directors, and the estate was administered in accordance with law, settled and the defendant had made final report; that the plaintiff did not file any claim with the administratrix during the period specified for filing of claims and that all the proceeds of the estate had been disbursed, there not being sufficient to meet all claims; that there is now no funds or other property belonging to the estate.
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4 SUITS INSTITUTED BY BANK'S RECEIVER Actions Involving Promissory Notes Are Filed In Fed. eral Court. In United States district court here yesterday four suits for recovery of money declared to be due on promissory notes were filed by Russell M. Robinson attorney for John D Biggs, receiver of the Commercial National bank, of High Point. Recovery of & principal balance of $34 463 is asked in the action against W. A. Hayes, A. C. Caldwell, R. E. Snow, A. E. Taplin, W. E. Snow, C. Denny Frank Wineskie, C. C. Garrett and S. Tucker on note given the First Presbyterian church, of High Point E. Herndon and Mrs. E. Herndon are as defendants in suit in the asks for $883.61 the case against Lula Albertson and W. Albertson the plaintiff suing for $936.91 The other action is against E. Herndon, H. M. Armentrout and H. G. Ferree for declared to be due on eight
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POINT MEN FILE DENIALS OF LIABILITY Answer Complaint of Bank Receiver, Who Seeks to Collect $28,328. CHURCH NOTE INVOLVED Denials of liability on their part are in the answer filed jointly in United States district Wednesday Hayes, Caldwell, Snow, Taplin, Denny, Frank Wineskie, Garrett Tucker to the complaint of John Biggs, receiver the Commercial National bank, of High Point, in which the plaintiff for the $28,328.30, together interest In complaint the plaintiff clares this action livered the National bank church High and the Originally the for but credits plied for offsets and reducing prinbalance $28,328.30. defendants state 1928 the Presbyterian borrowed $125,000 Virginia Trust the was indorsed John Biggs the was indorsed Marriner, Denny Carter defendants the Virginia Trust company $25,000 and the on the church asked loan about the answer the fendants action started bank with that condition all indorsers the Virginia defendants that was stipulated that not become effective and they not were obtained from the other persons mentioned indorsers They Trust company note the note any the 15 suggested indorseThe nine defendants, further answering the that the persons the and present instrudefendants ask for dismissal the action.
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CHARGES MADE IN BANK CASE Directors of High Point Bank Alleged to Have Withdrawn Their Funds of withdrawals of Allegations funds the Commercial National bank of High Point, after they knew of the precarious condition in which the institution placed, are contained in suits against directors of the defunct institution. filed in United States court today by John D. Biggs. receiver of the bank One of the actions against J. Welch Harris, director of the institution it alleged from bank on drew December 31, 1931, and another C. Durland. who against $6,205.96 January withdrew Another is alleged. against Mrs. W. Harris, (the same person Mrs. Florence W Harris) withdrew $19,500 from the bank who January 1932. The complaints allege that both Harris Durland knew of the precarious condition faced by the stitution. that bank would have to suspend operations within few days. prior to the withdrawals of the sums alleged. The act of withdrawal of the funds under the circumstances was held to give them preference over other creditors of the bank. The receiver asks for judgment against each of the defendants in the amount of the withdrawals.
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Asks Large Amounts From 2 Commercial Bank Directors Receiver Alleges Withdrawals Were Made By J. Welch Harriss and C. Durland Shortly Before Bank Closed. Action Also Against Mrs. J. W. Harriss. John D. Biggs, receiver of the Com- mercial National bank, of High Point, yesterday instituted in United States district court three actions against erstwhile depositors of that bank, which January 18, 1932. Two the three defendants were directors of the institution from January 1931, until closed. the plaintiff states, the other mentioned as the mother one the directors. principal amounts sought by plaintiff the combined total The is asking for recovery from Welch who named director of the bank alleged have that money the 31, the stated that on the bank that savings limited $100 January 1932; that by stricted per cent their balances such drawals cent daily January and that January was issued proIn the complaint averred that of $10,177.25 Welch Harriss and received contemplation on the part of the bank. Harriss, director, alleged to have known the precarious the institution. Payment the declared have preferfor Harriss other The plaintiff also that such "utterly void" under the Revised Statutes United States In the suit against Mrs. Harriss, who same person Florence Harris, the receiver bank collect which declared to have withdrawn her depositor January She is the mothWelch Harriss, stated, and the withdrawal under the cumstances termed "utterly null and the federal statutes. The plaintiff declares the defendant reason anticipate the suspension of operations. The suing for the collection $6,205.96 Durland, who named director the bank who alleged have withdrawn the institution that amount, deposit there, January 1933. declared known the very insecure position the bank and his withdrawal the funds All three the defendants are High Point, the receiver states In addition to the the plaintiff asks for interest and costs.
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petitioner to effect a composition of his indebtedness, whereby an extension of time would have been granted to enable the trustees to handle the affairs with the view of eventually meeting all obligations. The petition was presented by John D. Biggs, receiver of the Commercial National Bank of High Point, one of the creditors. For about a year the petitioner's affairs have been handled through state court receivership. Thomas J. Gold, Jr., being the Another order signed by the court in connection with the makes the trustees in bankruptcy defendants in the suit by the bank receiver originally filed against Ragan and other of the bank. The trustees are directed to make the answer filed by Ragan in the litigation their answer
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day while sitting in hearings, though they are not to receive more than $900 a year. Hence the appointments cannot be considered as being at all remunerative. Another who has been mentioned as being in line for one of these appointments is Thomas Turner, Jr., of High Point, member of the house in the last sessions of the general assembly. Turner has been among the leaders in the state general assembly in favor of stricter control of public utilities with a more adequate state agency for the regulation and control. He was also a strong supporter of Governor Ehringhaus in the 1933 general assembly. So he has long been considered a possibility for one of these positions. Some think, however, that since he has been appointed one of the attorneys for the receiver of the Commercial National Bank in High Point, he would not be able to or interested in accepting this part-time position as an associate utilities commissioner. Still another mentioned for one of these posts is James S. Massenberg of Tryon, also a member of the 1933 house which he made a record as a distinct progressive who was not afraid of the "big bad wolf," generally referred to as the public utilities companies, although he did not belong to the more extreme bloc which was in favor of putting almost the entire tax burden of the state on the util-
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SEEKING RESTRAIN PROPERTY TRANSFER Commercial Bank Receiver Alleges That Two Transfers Were Fictitious. TWO OTHER SUITS FILED Restraint of transfer of the property involved and decree setting aside two deeds trust incumbering the property, together with judgment for note, comprise relief sought John Biggs, receiver Commercial National bank, High Point, against Mann and others an Action started Tuesday in Superior court. Co-defendants Mann in the are Mrs. Mann, on the in controversy, E. Lyon, trustee the deeds of trust, and Marguerita and Frances Mann, Lyon named trustee the deeds trust. The complaint alleges that Mann certain real estate to Lyon, for his minor co-defendants, after he had become obligated to the plaintiff in the $5,000. is further alleged that Mann, defendant pending stock brought the bank's receiver, transferred her property the trustee after inthe note involved in the dorsing action. Plaintiff alleges in his complaint that both transfers property were fictitious and without consideration defeat the and designed efforts the plaintiff and other creditors in realizing on their claims against Two other suits started Tuesday by the bank's receiver. In one for is sought against the defendants, Bessie Mann, Mann Mrs. Mann, while $500 sought in the recovery action against Mann and H. Hiatt.
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STOCK ASSESSMENT SUIT BEING TRIED Receiver Biggs Seeks $6,000 From Mrs. Bettie Corbett and Sniders. BLAME J. ELWOOD COX second week of the civil term Superior court opened Monday with trial of the assessment suit receiver Biggs, of the Commercial National bank. of High Point, Mrs. Bettle Corbett, Joseph Snider and Snider, Mrs. Corbett. Plaintiff's evidence concluded Monday despite between counsel over points One witness for the defense had Judge John H, Clement recessed court this mornseeking for the amount of the assessment, the receiver also asking the court set conveyances unincumbered property Mrs. the plaintiff that Mrs. Corbets sought few days before the bank suspended business in 1932 transfer bank stock to Snider, her Defense contention that Mrs. Corbett, who had served guardian for daughter the latter's minority, conveyed the property for interest. the purpose protecting her ward's It also alleged in the defendants' answer that the stock was purchased by Mrs. Corbett on representations made the late Elwood Cox, president of the bank. action, involving 40 more shares of the bank. pending against same whose successfully resisted the to have the Judge consolidated Monday for trial. two Clement ruled the should velopments be tried separately unless cases dewarranted consolidation. In this second action the defendfiled for the amount paid for 40 shares bank The defendants allege, support this that bank the late president induced Mrs. Snider purchase the share. Snider $200 through her mother in 1927. When the United States entered the world 1917, the visions of the national guard among the first ready for the front