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Depositors' Mass Meeting Is Urged A depositors' meeting of all perfunds tied up in the closed Secaucus First National Bank urged last night by the Third Democratic Club of Secaucus meeting in the clubhouse, 7th and Centre The members decided to petition Board of Council to take steps have meeting of depositors called, so they could learn some about the condition of the and cooperate the bank directors on which may be to them for reopening of
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CONSERVATOR OF SECAUCUS BANK SUED Toledo Concern, Collection on School Bond Coupons Held Up, Files Suit. Contending the First National Bank of Secaucus was merely trustee in collecting $761.25 on Secaucus school bond coupons, Prudden & Company, of Toledo, Ohio, has brought suit in Chancery Court to compel William Hilbert, Jr., conservator of the bank, to pay that amount with interest. On Feb. 24, 1933 the Toledo concern sent its coupons to the Secaucus bank with instructions to collect the sum when it became due March and to send the proceeds at once to Toledo. The coupons were accompanied by instructions to the bank that "collections are to be considered a trust fund and are not to be co-mingled as deposit with other funds of the collecting agency. The court is told the bank was the sole designated agent of the Township of Secaucus for the purpose of paying the coupons and the coupons on their face, pay. able only at the bank. No option rested in the holder of the bonds to choose the agency. The bank collected the money March 1, by charging it against the proper account funds deposited by Secaucus on March The bank suspended business March and under the Bank Conservation Act of March 9, Hilbert, cashier of the bank, was named The complainant insists the bank had no right to retain the money nor to mingle it with funds and that the conservator should be required to pay at once. The defense contends that the moneys were actually co-mingled and the charging of the sum against the town funds mere keeping entry. It points out that the conservator was not named until March 19 and that when he took over the bank the already had been co-mingled so that it is impossible for him to extract the amount belonging to the corporation. After hearing long argument by by counsel for both sides, Chancellor James F Fielder has directed the filing of briefs.
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CONSERVATOR OF SECAUCUS BANK SUED Toledo Concern, Collection on School Bond Coupons Held Up, Files Suit. Contending the First National Bank of Secaucus was merely trustee in collecting $761.25 on Secaucus school bond coupons, Prudden & Company, of Toledo, Ohio, has brought suit in Chancery Court to compel William Hilbert, Jr., conservator of the bank, to pay that amount with interest. On Feb. 24, 1933 the Toledo concern sent its coupons to the Secaucus bank with instructions to collect the sum when became due March and to send the proceeds at once to Toledo. The coupons were accompanied by instructions to the bank that collections are to be considered a trust fund and are not to be co-mingled as deposit with other funds of the collecting agency.' The court is told the bank was the sole designated agent of the Township of Secaucus for the purpose of paying the coupons and the coupons on their face, payable only at the bank. No option rested in the holder of the bonds to choose the agency The bank collected the money March by charging it against the proper of funds deposited by Secaucus on March The bank suspended business March and under the Bank Conservation Act of March 9, Hilbert, cashier of the bank, was named conservator. The complainant insists the bank had no right to retain the money nor to mingle it with funds and that the conservator should be required to pay at once. The defense contends that the moneys were actually co-mingled and the charging of the sum against the town funds was mere keeping entry. It points out that the conservator was not named until March 19 and that when he took over the bank the moneys already had been co-mingled so that impossible for him to extract the amount belonging to the Toledo corporation. After hearing long argument by by counsel for both sides, ViceChancellor James F. Fielder has directed the filing of briefs.
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HAGUE NAMES BANK RECEIVER Picks Ensor for Secaucus First Approval Expected. Hague has recommended to the Comptroller of the Currency appointment of John Ensor. of Cresskill, as for the First National Bank, it was learned today at the office Mary Norton. the comptroller is expected to prove. few days ago, the comptroller that Samfor the Union City Bank the National Bank North ceiver the Secaucus Bank. would for economy the Secaucus bank, the suggested. passed the suggestion along to Hague, on cruise, but he had his own Division of Insolvent handles appointments of bank ceivers the office the troller the Currency, stat Compnoon the Mayor Hague had not reached his though may in the division. will be three four days before any decision reached regarding it, he The insolvent Secaucus First tional Bank has been by People's National Bank of Secaucus.
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HAGUE NAMES BANK RECEIVER Picks Ensor for Secaucus First Nat'I-U. S. Approval Expected. Reprinted From Final Edition Testerday) ASHINGTON- Mayor Hague has recommended to the Comptroller of the Currency appointment of John Ensor. of Cresskill, as receiver for the Secaucus First National Bank, it learned today at the office of Congresswoman Mary T. Norton the comptroller 18 expected to ap A few days ago, the comptroller suggested to Mrs. Norton that Samuel Stock, now serving as receiver for the Union City National Bank the National Bank of North ceiver for the Secaucus Bank. It would work an economy for the Se caucus bank, the comptroller sug. gested. Mrs Norton passed the suggestion along to Mayor Hague, now on a cruise, but he had his OWD J. E. Fout supervising receiver Division of Insolvent Banks, who handles of bank receivers in the office of the Comptroller of the Currency, stated at noon the recommendation of Mayor Hague had not reached his desk, although it may be in the comptroller division. It will be three or four days before any decision is reached regarding it, he said. The insolvent Secaucus First Na. tional Bank has been succeeded by the People's National Bank of Secaucus.