ace0a2303fc59527Full suspension, Books examined
Other: Directors requested and the Comptroller of the Currency took the bank over, and a federal receiver was appointed.
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JERSEY BANK CLOSES. Erie Newark, N. J., June 11-(AP)The New Jersey National Bank & Trust Company did not open today. The Directors' statement said heavy withdrawals had been made in recent months. The bank's statement, December 31 last, showed deposits of $13,878,941.
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JERSEY BANK CLOSES. Newark, N. J., June 11-(AP)The New Jersey National Bank & Trust Company did not open today. The Directors' statement said heavy withdrawals had been made in recent months. The bank's statement, December 31 last, showed deposits of $13,878,941.
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WEEK'S RECEIPTS AT YARDS LIGHT Few Good Grass-Fed Steers Appear-Swine Values Hold Firm. OLD UNION STOCKYARDS June Daily receipts during the closed Saturday were light, 480 cattle. 906 hogs and 340 sheep The better quality beef cattle met good demand. with dry fed baby beef selling at $6.35 per cwt and dry fed steers per The few good steers that appeared sold at 85.50 per cwt. For the most part grass cattle Moderate 340 AT few AT CHICAGO. June and closing fat 13 Million Dollar Bank Quits. NEWARK. N. June The New Jersey National Bank and Trust company did not open today The board of directors voted to ask the comptroller of the take over the The bank's statement December 31 last showed deposits of $13,878,941. COTTON. NEW closed October quiet
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WEEK'S RECEIPTS AT YARDS LIGHT Few Good Grass-Fed Steers Appear-Swine Values Hold Firm. OLD UNION STOCKYARDS. June 11.Daily receipts during the Saturday were light. 480 906 hoss and 340 sheep The better quality beef cattle met good demand, with dry baby beef selling at $6.35 per and dry fed steers demanding $6 per cwt. The few good grass steers that appeared sold at per For the most the cattle the ship340 fed for AT fed fat NEWARK N. June 11. The New Jersey National Bank and did not open today. The board of voted to ask the comptroller of the currency take over the institution. The bank's statement December 31 last showed deposits of $13,878,941. NEW
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WEEK'S RECEIPTS AT YARDS LIGHT Few Good Grass-Fed Steers Appear-Swine Values Hold Firm. OLD UNION STOCKYARDS, June 11.Daily receipts during the week closed Saturday were light. 480 cattle, 906 hogs and 340 sheep. The better quality beef cattle met good demand. with dry fed baby selling per cwt and dry fed steers $6 per cwt The few good grass steers that appeared sold at per cwt. For the most part the grass cattle the class. odd good fed with 5278 choice AT CHICAGO. CHICAGO steady: week fat 13-Million Dollar Bank Quits. NEWARK. N. June 11. The New Jersey National Bank and Trust company did not open today The board of voted to ask the of the currency to take over the institution. The bank's statement December 31 last showed deposits of $13,878,941. COTTON. NEW June middling.
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Newark By S. Comptroller NEWARK June 11 New Jersey National Bank and Trust Company, of which former Governor Morgan Larson Chairman of the Executive Committee, did not open for today notice on the doors of the institution. founded in notified depositors that the bank had been taken over by the Comptroller the Currency, the request of the directors. by the directors indicated that large withdrawals had made it advisable to turn the bank over to the Comptroller There was little as depositors learned the chosing The bank's main office is at Broad and Market streets, said be one the busiest street intersections in the The latest statement gave the capital $2,800.000, surplus of $500,000. and undivided profits of $135,000. Deposits were reported this week as about $6,500,000 On Jan this year deposits totaled $13,Harvey G. Redden is President He was elected several weeks take the place of John Stamler who retired because of illness. About $180,000 in State funds are on deposit.
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Newark By U. S. Comptroller NEWARK June 11 New Jersey National Bank and Trust Company, of which former Governor Morgan F. Larson of the Executive did not open for business today notice on the doors of the institution. founded in 1911 notified depositors that the bank had been taken over by the Comptroller of the Currency, at the request of the directors statement by the directors indicated that large withdrawals made advisable to turn the bank over to the Comptroller. There was little excitement as depositors learned the closing. The bank's main office is Broad and Market streets, said to of the busiest street intersections in the world. The latest statement gave the bank's capital surplus of $500,000. and undivided profits of $135,000. Deposits were reported this week as about $6,500,000. On Jan of this year deposits totaled $13,Harvey G. Redden is President He was elected several weeks ago to take the place of John Stamler who retired because of illness. About $180,000 in State funds are on deposit.
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Patersonians to Attend Rites for Francis Higgins Many Paterson friends will be among those attending the funeral of Francis A. Higgins, Newark newspapermen, who died on Saturday night. Services will be held at 9:30 o'clock morning in Church of Our Lady of Good Counsel, North Newark Interment will be made in Holy Sepulchre cemetery, North Newark. Mr. Higgins suffered stroke on Tuesday and died at 9:35 on Saturday night. His wife, Emma. his son, Francis G. and his two brothers. Michael and James P. were at the bedMr. Higgins, who was was one of the best known newspapermen in the state. At one time in his career be served as secretary Charles Gillen. when he director of parks and public property in Newark, and acted in similar capacity when Mr. Gillen became mayor of that city. Mr. Higgins was born in Paterson, and attendetd St. John's parochial school. His education also included instruction at St. (Continued on page col. 1.) RODGERS BANK RECEIVER Newark, June Charles Rodgers was appointed receiver today of the New Jersey National Bank and Trust company which closed quest
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J. Bankers Accounts Listed in Closed Bank Receiver LaVeechia Says Trust Fund Considered Preferred Deposit Hope that stockholders in the Jersey Bankers Securities Company will receive portion 490, their investments despite the closing of the New Jersey tional Bank and Trust Company of Newark which trust fund of $42,608 deposited. was yesterday by Nichclas La Vecehia, receiver for the securities company. La Vecchia said he believed the trust fund would be regarded preferred deposit in the closed The accounting showed the company had two accounts in the closed. Newark bank, of which John Stamler was president, until he resigned May One was for $976 checking count. The other was the $42,608 trust fund established tor the payment of liquidating dividend share to securities company stockholders. The accounting showed the bank had paid $867,130 from the trust Company stockholders claim against were notified yesterday to show cause on June 28 before John Backes Newark supplemental account filed by Mr. Stamler and Mr. La Veechia, receiver, should not be approved and why Stamshould not be discharged of all as co-receiver. The stockholders are also asked show cause why La Vecchia should not continue as sole reThe order is the result of Stamon May 24. The accounting covers the time between and the receivers' report of 13, The has been referred to Ralph E. Lum as correctness and of disbursements. Lum will report to the court the same day on which the order to show cause is returned. Ownership by the securities company of stock in the closed bank and of liquidating certificates the Guardian Trust Company Newark which was being liquidated by the closed bank is shown Both are carried La Vecchia they were among the assets taken by the receivers. The account shows bank stock carried cost aggregating $615,557. the largest Item of which is $248,200 for stock in Paterson bank. Cash in other Newark banks was reported as $41,758. Other liquid assets are $100,000 In bonds of the City of Newark: $100,000 in City Perth Amboy bonds: $3,780 in first mortgage bonds of Fink and Sons of Newark and $900 first mortgage on realty at Branford Place, Newark. Claims against the company aggregate $333,930. 01 which involved in litigation with John Warren over Jersey City bank deal. The company has only one account payable, $500, which is dispute as the result of a merger Passaic banks The reported net erating loss of $72,919 from tember 1931. to April 30, 1932. after the payment of $77,725 legal and fees. These include each Stamler and Vecchia and to their counsel, Leber Ruback. The showed payment to Jenks & Rogers, New yers, of $17,500. as result of their claim against the company when was directed by Harry H. berger. the organizer. The account, prepared by Markel & Becker, who have had charge the company's accounting since formed, shows deficit as April 30 of Assets are carried face value, the note given by Weinbergto the receivers. and aggregate Liabilities reported mainly the stock or shares.
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Bank Receiver Named June 17 (A. -John W. of Currency, pointment Rogers, receiver New National Bank Trust Company Newark. The bank placed hands national Rogers authorities Saturday affairs the institution during liquidation.
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CHARGE CONTEMPT BY BANK RECEIVER Court Instructs Trustee For Mortgage Company to Draw Petition Citing New Jersey National Official. TRENTON. Aug 10 (P).-A clash over court jurisdiction has brought contempt proceedings against receiver and counsel of the New Jersey National Bank and Trust company of Newark. The receiver is Chester P. Rogers. appointed by the controller of currency. and the attorneys are D. Frederick Burnett and former State Senator J. Henry Harrison, both of Newark Vice Chancelor Malcolm C. Buchanan late yesterday directed Aurtur T. Vanderbilt. appointed by chancery court as a trustee for the Lincoln Mortgage and Title Guaranty company of Newark. to draw a petition calling upon the receiver and counsel to show cause why they should not be held in contempt. Control of $700.000 of the Lincoln's securities, deposited with the New Jersey National to guarantee payment of $382.000 trust funds held by the national bank. is sought by Rogers thru the federal courts. Vanderbilt is defendant, but a chancery court rule for. bids anyone to bring suit against a court trustee without its permission. Vice Chancelor Buchanan week ago temporarily restrained the federal receiver from prosecuting his suit, and yesterday delayed for two weeks decision on whether the restraint should be made permanent.
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BANK STOCKHOLDERS Silk Chiffon and WILL BE ASSESSED NEWARK, N. J., Aug. 11 (AP) -Chester P. Rogers, receiver for the New Jersey National Bank & Trust Company, made public today statement of liabilities and assets as of June 10. when the bank suspended operations, and notified stockholders of a 100 per cent. assessment. Assets are stated as $16,935,633.37 and liabalities as The bank owes depositors No estimate can be made what dividends will be paid depositors or when they will be paid, Mr. Rogers said. They will be disbursed as soon as possible, 3 Pairs for $1.50 however.
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LIABILITIES, ASSETS OF BANK AT NEWARK NAMED BY RECEIVER NEWARK, Aug. 12.-Chester P. Rogers, receiver the New Jersey National Bank and Trust Company, made public yesterday a statement liabilities and assets as of June when the bank suspended operations, and notified stockholders of 100 per cent assessment. Assets are stated as 633 and liabilities as $13,650,087.56. The bank owes depositors No estimate can be made what dividends will be paid depositors or when they will be paid, Mr. Rogers said. They will be disbursed as soon as possible, however.
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BACKES TO HEAR CONTEMPT CASE Proceedings Against Ex-Senator Harrison and Rogers Assigned by Chancellor Contempt proceedings against forSenator Henry Harrison Frederick Burnett, counsel, and Chester Rogers, receiver for Jersey National Bank and Trust Company Newark, referred today Walker Vice Backes for hearing. The action was brought by Arthur Vanderbilt by direction Chancellor Buchanan, the petition being presented today to Chancellor Walker. not the practice prohear and other member of the court asked. Involved in the alleged contempt the filing in the Federal Court petition and amendment by for the bank ceiver $700,000 in securities Vanderbilt chancery trustee for the Lincoln Mortgage Title Company. securities posted guarantee trust deposit with the bank the company. Burnett action constitutes against other the questions at issue whether Court of Chancery should consulted before Federal action brought, whether petition violation imposed by Buchanan. argued Mr. Burnett courtesy but necessity that the Court of Chancery be sulted. and that the amended petiwas thought present certain added facts Following the of the tempt matter, Vice Chancellor chanan signed directing Vanderbilt to apply the Federal Court an remanding the litigation the Court Chancery.
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3 Cited For Contempt Chancellor Backes Designated to Hear Case Caused by Receivership N. 16 TRENTON, was designated today to hear Senator proceedings against Harrison Frederick Henry Burnett, attorneys and Chester Rogers, bank receiv- By direction of Vice Chancellor Malcolm Buchanan, Arthur the action Edwin Walker today referred the to Vice Chancellor Backes. The out of of the Jersey National Bank and Trust Company, Newark and Burnett counsel Rogers, petitionthe federal court recover held by Vanfor derbilt chancery the Mortgage and Title used trust dethe title company the
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Sue Bank Stockholders Receiver of New Jersey National Files Four More Complaints NEWARK the closed Jersey Bank and Trust filed Federal Court today against stockholders accused failing meet their personal liability ments. The latest complaints, making Louis holder 106 shares stock assessed $2650; Asher Fisher, Hoboken. shares assessed $2650; Sol 106 assessed AbraHauptman, Newark, shares assessed $1575. ARRESTED LOUD TALKING David Diamond, of 509 diana will given hearing morning before Recorder Altman on charge of disorderly conduct. Diamond arrested creating trolley He began to discuss conditions city and country quested Detective refrain the remarks making. This Diamond would not do.