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PELHAM NATIONAL STILL HAMPERED PELHAM. March 20 -Opening of Pelham National Bank for regular business, which had been expected today, will be delayed, probably for two or three days, according to Clyde F. Brown, president. In the meantime. he said, the bank will continue its limited business which has obtained for the last week. He said he is in close touch with
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MADE BANK RECEIVER Washington, D. C., July 22 (U.P.). a Pyne has been appointed receiver for the Pelham, N. Y., National Bank. Liquidation of the bank's affairs will go ahead under his direction.
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WILSON PLEDGES AID TO PELHAM BANK'S RECEIVER Depositors' Committee Is Pleased With Appointment of Warner Pyne with the appointment of Warner Pyne Pelham National the Depositors' Committee Seven. headed by Dudley Wiltoday issued statement pledging cooperation to Mr. Pyne The set forth the sentiment of the committee regarding the definite in the situation expressed favor for the estab lishing of "sound new bank sponsored by such men would the confidence the people.' The reads: Depositors' Committee wishes to assure constituent that feels real victory has been won for the depositors in the ap pointment of Mr. Pyne. He of the highest integrity we believe his experience abil ity make him exceptionally qualified for the position. Regret Necessity "No regrets more than do, the necessity of having ceiver appointed. Had convinced from the very firs interview had with the repre sentatives of the Banking Depart ment that any thought of reorgan ization futile, because which we found had bee: long standing, would hav turned energy toward rathe than that the affairs bank be immediately placed and competent hands. delay mean dwindling of the mer left divide amon four thousand depositors, an greater opportunity for possibly sponsible to escape lia bility, was the duty thi to block effort to effect further delay and has ten all attempts see that the ends of justice are Unprejudiced Mind" confident Pyne assumes his duties mind, and withou any affiliations inclinations tha would lead his position favor of any individual interest> not compatible honor and jus sure he not be by prejudice that might cause unde served hardship injury. 'Since has always been the policy of the this Com mittee. especially gratified with his the of the to assist him way that can and effort pos sible in that regard. Would Aid New Bank it possible some trustworthy citizen establish sound bank to meet the needs community, this Committee would be glad see that accomplished and would such assist to know plans being formulated to that end, but believe that sound new bank should be established here. sponsuch would have the confidence of the people.
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RECEIVER STARTS INVENTORY WORK ON PELHAM BANK Two Weeks' Time Required for This Task, Warner Pyne Says PELHAM July 25-At least two weeks' time will be required to do necessary inventory work at the Pelham National Bank, Receiver Warner Pyne said today He said until inventory and other necessary tasks have been completed he will not be in position to announce his course of action. At the suggestion of the Re ceiver. six employees of the bank including the former Conservator Carroll E. who automatically dismissed when the again receivership started have voluntarily returned and are working with Mr. Pyne He has recommended to the Comptroller office he said, that the salaries of the six be continued to the end of the month. He indicated the might make additional recommendations along that line, later.
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CHANGE COUNTER BEGUN BY CLUB Pelham Lions Act to Provide Facilities While Bank Remains Closed PELHAM Sept. 12. Work in the establishing of Pelham Lions Club Change Booth for the benefit of local merchants while the Pel ham National Bank remains closed. was started yesterday James T. Bollettieri. Lions Club member in charge of the movement signed up five merchants in the process of securing 30 or more underwriters of the plan, necessary for success. Each of the 30 merchants will contribute $10 to create change fund to be available at the Pelham National Bank Receiver Warner Pyne has consented to the use of bank facilities. Willard N. Young, teller at the bank. will administer the change-making operations for the convenience of merchants At present because of the fact that the bank ot open for regular business local business men find it necessary to go to banks in Mount Vernon or New Rochelle for change.
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CHANGE COUNTER BEGUN BY CLUB Pelham Lions Act to Provide Facilities While Bank Remains Closed PELHAM, Sept. 12.-Work in the establishing of Pelham Lions Club Change Booth. for the benefit of local merchants while the Pel ham National Bank remains closed. was started yesterday James T. Bollettieri, Lions Club member in charge of the movement signed up five merchants in the process of securing 30 or more underwriters of the plan, necessary for its success. Each of the 30 merchants will contribute $10 to create change fund to be available at the Pelham National Bank Receiver Warner Pyne has consented to the use of bank facilities. Willard N. Young teller at the bank. will administer the operations for the convenience of merchants. At present. because of the fact that the bank 18 'ot open for regular business local business men find it necessary to go to banks in Mount Vernon or New Rochelle for change. STATE HENS PID GOOD JOB By the United Press HARRISBURG PA The 10,122 laying hens kept on state institution chicken lots provided 1,772,834 eggs for inmates of the institutions last year. the Department of Welfare reported. The average production for the year was 175 eggs per bird, as compared with 165 eggs for the previous season.
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COMMITTEE HEAD SEES 'HOSTILITY' ON PART OF PYNE Wilson Writes to Pelham Bank Receiver, Offering Legal Cooperation PELHAM Nov. 24. "Evidence of hostility' to the' Depositors Committee is seen by Dudley A. Wilson, chairman of the committee of depositors of the Pelham National Bank, on the part of Receiver Warner Pyne. The Committee chairman in letter to the Receiver is critical of the handling of the legal end of the bank matter and declares: "The depositors knowing how they have been outraged in this bank have determined to enter their own lawyer in swift and uncompromising drive against those who have wilfully or submissively gutted this bank.' Differ on Cooperation The Wilson letter comes while differences exist between Wilson and Receiver Pyne on the question of cooperation between Committee attorney and the Receiver's attorney. A week ago in written statement, Receiver Pyne pointed out that while he had stated he had no objection to the employment of counsel by the Committee, he had never recommended it. In the same statement he said he regarded his attorneys eminently qualified to handle the matter in all its phases. Letter In Part The letter of Committee Chairman Wilson to Receiver Pyne, copies of which were given to the press today reads in part: "The attorneys which you insisted on hiring as associates with the attorneys designated by the Comptroller. have refused to take advantage of the Committee's offers to consult and advise them regarding witnesses in the Brook bankruptcy, and regarding testimony that could be brought out and has not been. You have failed to respond to the attempts of this Committee chairman to interview you for the past month, with but one excep"The depositors have approximately one million dollars in unsecured deposits at stake. and their effort in their own behalf has been well considered and if need he will be enforced independently of the "This community 1s aroused to a determination to recover its deposits in far as possible. "The Depositors Committee has been in operation since last Spring; was received in Washington and accredited by the Federal Government as truly representing the depositors. The depositors have themselves several times since then, in open assembly given their vote of confidence to this committee 'When the Federal Government entered the local situation this Summer and you became the bank receiver, the depositors offered their cooperation through this Committee and received your assurance, of your unswerving cooperation. "This Committee and the depositors attorneys are still offering earnest cooperation and for the sake of the suffering victims of the bank, am still hoping that you and your associates can lay aside personalities and join us in the drive for quick, vigorous and of our successful termination town's crying disgrace."
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PYNE SAYS ADDED COUNSEL MERELY DUPLICATES WORK Pelham Bank Receiver Insists His Staff Can Handle Situation PELHAM. Nov. 25. Additional counsel the counsel now handling the legal end of the Pelham National Bank situation would only duplicate efforts now being made in the depositors interests. accord ing to Receiver Warner Pyne. in his statement answering letter received by him yesterday from Dudley A. Wilson, chairman of the Depositors Committee. The exchange of opinions the Receiver and the Committee Chairman has reached the con troversy stage, with Wilson press ing move to establish cooperation between the Receiver's attorneys and the Committee's attorney while insists that his attorneys are equipped and able to handle the entire matter. What Pyne Says The Pyne statement reads in part: "Mr. Wilson attempts to criticize me as Receiver and my attorneys for the manner in which are the trust This attack quite evidently is the result of my written statement disapprov ing plan proposed by Mr Wilson to ask the depositors to assign sum not exceeding 10 per cent their balances in the bank fund for the employment of independent counsel reiterated in disapproving that plan that could no good reason for burdening the depositors with further expense in engaging and compensating additional counsel, who, believe do no more than duplicate the legal efforts already being put forti. in the depositors' interest Assignment Inadvisable "I further stated that assignment of depositors' claims are able and are discouraged by the Comptroller of the Currency The 10 per cent of the deposits of $1,would of course amount to $120,000. "Obviously, therefore Mr. Wilson has 120,000 reasons for criticising me and my able attorneys, whose efforts he himself but recently characterized as 'marvelous.' "I suggest that befor depositor assigns any part of his deposit he should personally acquaint himself with the true facts and the full situation."
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Pelham Bank Receiver Sues 11 On Board $750,000 Asked, Directors Accused of Shutting Eyes to President's Violations Special to The Herald Statesman WHITE PLAINS, Dec. 8. Charges that 11 officers and directors of the closed Pelham National bank, including its jailed ex-president, John T. Brook, failed to observe proper, diligent and honest handling of the bank's affairs and permitted violations of the United States banking laws are contained in a 000 suit against them by Warner Pyne, receiver of the bank. The suit was filed in Supreme Court last night. Pyne alleges misadministration of the bank's affairs by Brook, and charges that the other directors and officers knew of his derelictions but took no action. Brook is sued individually for his 'fraudulent transactions' as president and is in the County Jail in default of a $25,000 bond. Wording Of Charges "The defendants the complaint reads in part, "did not diligently or honestly administer the affairs of the said bank, but on the contrary, wrongfully, carelessly, illegally, negligently and at times fraudulently failed, neglected and or refused diligently, honestly or properly to administer its affairs, and knowingly violated and permitted to be violated various provisions of the statutes of the United States. Then follow 35 printed pages in which maladministrat and fraudulent handling of the bank's assets are charged by Humphrey J. Lynch, attorney for Pyne. Charges were made that the bank directors permitted Brook to make loans to himself for stock gambling purposes, and that such gambling totaled $5,000,000 in 1928 and almost $15,000,000 in five years. Lent Funds to Own Firms As far back as Jan. 6, 1930, the complaint says, bank examiners warned the directors that $108,291 was outstanding in loans to persons or corporations in whom Brook had an interest, but nothing was done to get the money back, and there is still due from and his affiliates the sum of $86,466. All this time, it was charged, Brook was bonded for only $5,000. Wrongful loans were made to directors, including Clyde F. Brown, the complaint charges, and worthless loans were to be made bank officers, in violation of the trust imposed on the directors. One of the serious charges against the directors in the complaint is that in 1929 they authorized Brook, chairman of the building committee, to contract with one of his companies, the John T. Brook Company, to build new bank building a cost of not more than $250,000. His company was then paid fee of $25,000 for acting as agent of the bank, received $207 401 for the building and $96,656 for equipment and furnishings. Even though the cost, through Brook's own company, ran more than $50,000 higher that the amount specified, no objection was voiced by the directors, it was charged. The suit is against all the directors and officers of the bank, who include Brook, Loren Thompson, former Congressman Benjamin L. Fairchild, Francis E. Haag, Michael J. Leo, Carroll E. Latimer, Clyde F. Brown, Myron T. Townsend, George W. Lawrence, C. Robert Adams and Henry W. Nuchols.
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Bank Receiver Faces Of Depositors Trouble Maker Seeking Material Claims WHITE PLAINS. March Charges that ceiver the closed Pelham tional Bank, refuses to the bank suit he has brought against the and leader the met Court today by Dudley Wilson, chairman of the depositors' committee. The charges disclosed today when Chambers, attorfor that Thomas Diack and Harry Clarke allowed the against the directors behalf of the depositors. these depositors." more than per cent their money. absolutely essential that tried speedily and rectly. We feel that not cooperative with the depositors as should affidavits submitted attorneys Lynch Cahn charged that buffed applications for Federal seeking have members committee the for material benefit. behind this said Cahn. he depositor bank Justice Witschief reserved deci-
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Bank Receiver Meets Charges of Depositors in Suit Special Herald Statesman WHITE PLAINS, March Charges that Warner Pyne, receiver of the closed Pelham National Bank, refuses to give out information to depositors in $750,000 suit he has brought against the directors and that he is behe is leader of the town, met in Supreme Court yesterday by Mr. Pyne against Dudley Wilson, chairman of the depositors' committee. The charges were disclosed when Wilbur attorney for the depositors, that Thomas Diack and Harry Clarke be allowed join the suit against the directors on behalf of the depositors. "If these depositors," said Mr. to get more than 15 or 20 per cent their money. that this suit be tried and We feel that Mr. Pyne is not as with the depositors as he should Mr. Pyne, in affidavits submitted his attorneys, Lynch, Cahn and Weed. charged that Mr. Wilson, rebuffed on for Federal jobs, seeking to have the suit for his own material benefit. "Wilson the one behind all this trouble,' said Monroe Cahn, he isn't even depositor in this bank.' Justice Witschief reserved decision.
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PELHAM BANK RECEIVER GETS $4,000 JUDGMENT AGAINST CORPORATION Special to The Standard-Sta NEW YORK March 26 Sape mary judgment for $4,000 is lowed to Warner Pyne. receiver for the insolvent Pelham National Bank. against the Halconer Hold cording to an order filed Saturday in the United States District Court here. The order was signed by Fed eral Judge John M Woolsey the application of counsel for Mr Pyne The receiver sued to collect 000 as the assessment on the ownership of 40 shares of the bank capital stock. The company made an answer but was held no issue had been raised and therefore the receiver is entitled to summary judgment.
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Fight Over Hit By Democratic Leader Village's Democratic Committee Chairman Defends Pyne and Administration April Receiver Warner Pyne and his ministration the affairs of the closed Pelham National Bank, John Pritchard, chairman the North Pelham Village Democratic Committee, today deplored the movement depositors in opposition to the receiver. letter The Daily Argus, he expressed intimations that the movement against the who Town Democratic Commitchairman, is politically inspir- The receiver, Pritchard's letter states, has found guilty" being Democrat. The letter reads attendance the meeting depositors committee of the Pelham National Bank which so fully described in The Daily gus of April left with definite feeling of regret that least 200 of the depositors still persist in course which me to be directly contrary to their best interests and to the best interests the depositors. important which these people seem have forgotten entirely that unnecessary law suit initiated them puts burden only their own pocketbooks but adds expense the costs of the receivership and decreases the assets the bank. Are Hunting Themselves "Thus, through foolishly permitting themselves accept policy of suspicion and hostility spect the sworn official ted by the United States Government manage the affairs of the closed bank, they hurting not only themselves but each and ery depositor this bank. "When review the record of the past year very pertinent fact stands bold relief. Warner Pyne's appointment receiver received with wide approval in Pelham and the chairman the Depositors Committee was reportto have joined in this approval. was not until months after this event the time when Mr. Pyne found necessary to disapprove of the attempts of this committee collect large sum money from the depositors that horns began to grow out of Warner head and he became, forsooth, scheming politician gaged sorts secret and mysterious machinations designed to protect the officers the bank and to dissipate the funds of the depositors. the expense of the depositors several attempts have been made to discredit the receiver. But ery such attempt when reached impartial tribunal, whether in Washington New York White Plains, met the same definite setback. "The depositors' committee has always lost its case and Warner Pyne has won. The reason obvious. honest man not to be convicted of wrongdoing merely because decides to ask him tricky questions. The reader of this letter does not become wifebeater even by being forced to answer no to the question Have stopped beating your wife?' Nor any of the attacks made upon Warner Pyne decreased way the full his honesty and ability which all who know him well cannot fail to hold. Gullty of Being Democrat will admit that Mr. Pyne has been tried and found guilty in one respect. He has been found to be Democrat. While being Democrat may have been somewhat of crime the Pelham of long ago is now held to be serious fense by only few. In fact there very many people Pelham today who consider that no crime all. the will of the people of the United States the Democratic Party control the National Government and Democratic officials charge of the various agencies the Government. The depositors committee must accept they like They will best aid themselves and the interests of all depositors by cooperating with the they will, be helpful but they must not expect rect the work nor his policies nor the whom he hires to guard the inter sts. the final analysis the receiver his shoulders the burden trust and he alone will held accountable for his care of the trust. cannot shift his burden to any committee nor escape the duty performing his work to the best of his bility is to his own best intertests to make the welfare the depositors identical with his own welfare and this he is doing and will continue to do. Declared Honest Man true that every depositor realized this fact and forgetting all other considerations decided to help Warner Pyne in his task of recovering for the depositors the maximum obtainable and of bringing anyone and everyone who may be guilty of misusing the bank's funds to the proper tribunal of justice. Warner Pyne an honest man and deserves the confidence of every other honest man. before sign my name this letter, which written on my initiative and an expression of opinion individual citiand without consultation with anyone else, will state that too Democrat chairman the North Pelham Democratic Village Committee. This being said there will be no for anyone else to rush into print with this in- am confident that intelligent readers will consider the thoughts the basis of the merit lack of merit of these thoughts and will make no difference them whether am Democrat or Republican."
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LIKELY PELHAM BANK Committee Backs Suggestion Pyne Call Meeting to Discuss Details PELHAM April move toward between the Committee of Depositors the closed Pelham National Bank and Receiver Pyne was made today by the committee an announcement by Dudley A. Wilson chairman of the committee. he states the committee is in accord with recent suggestions the receiver call meeting of depositors for discussion of the bank situation. Declaring the common end the efforts of all concerned recover the 89 per cent of deposits still owed depositors Wilpoints out that depositors will be happy Mr. Pyne recovthe $750,000' for which he is suing the former directors. The committee chairman said: issue in this bank situation is the successful conclusion of the suit against the directors Winning this suit is the only thing
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PYNE FIGHTS COURT ORDER Pelham Bank Receiver Appeals In Action to Collect Assessment NEW YORK, May order allowing Warner L. Pyne, receiver the insolvent Pelham National for Bank, to appeal from decision by Judge Henry W. Goddard Federal by Federal signed Robert Patterson in Judge United States District Court. The order was signed on presentation Hardy, attorneys for the assignment of errors tended have been made by Goddard. Judge Patterson Judge directed that the matter be ferred to the Circuit Court of peals. Goddard signed an order Judge April 10 directing two motions made in suit brought by against Charles Avenue, Pelham
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DEMOCRATS LOSE COMMITTEE HEAD AS PYNE RESIGNS Closed Bank's Receiver Gives Reason as 'Overburden of Other Work' Warner Pyne. for the past four years chairman of the Pelham Democratic Town Committee. resigned last night. His resignation was accepted with regret by the Committee at a meeting at which Mrs. Alice Sweeney, vice-chairman, presided. Mr Pyne, who is Receiver for the closed Pelham National Bank and also has law practice in New York City, gave as his reason for resigning 'an overburden of other work in his letter addressed to James Connolly, secretary of the committee. Mrs. Sweeney will act as chairman until successor to Mr. Pyne has been chosen after the party primaries in September in accordance with State statutes and party rules. The committee last night designated Mr. Pyne as delegate to the State convention. and designated Mrs. Sweeney as alternate Other designations made were: delegate to judicial convention, James F. Carroll: Solon J. Liebeskind.