Seaside National Bank (Long Beach, CA)

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Long Beach's city coffers were riched to the extent of result of liquidation' the municdeposit of public funds in the Seaside National bank, which suspended operations few months

The city had some $110,000 worth of bonds security for the and Treasurer Herbert Morse reported to City Manager Dobbin that has Mr. succeeded in selling the bonds

$103,000. The $3,000 will to the bank the $100,000 will be tributed among the various city funds for general government poses, the city manager states. thought you would be glad to know that we have closed the city account with the Seaside bank withCity Treasurer Morse wrote the manager. The amount deposit turned over to Morse by receivers for the bank Saturday.

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Seaside Bank Receiver to Pay $272,000 as Initial Dividend

Distribution of more than $250,000 among depositors of the Seaside National Bank as the first dividend in the liquidation of the institution which closed last February was started yesterday. C. E. Wailes, receiver for the bank, announced that checks totaling $272,000 have been received from the Comptroller of the Treasury in Washington for distribution. The initial dividend is equivalent to 40 per cent of the total individual deposits in the bank. Other obligations, such as city and county deposits secured by bonds, $56,000 loan from the Chase National Bank of New York secured by collateral valued at $159,000 and loan of $100,000 from the National Credit Corporation secured by $150,000 worth of collateral, have been paid and the bank receiver has repossessed securities, it was reported. Receiver Wailes' statement follows: E. Wailes, receiver for the Seaside National Bank of Long Beach, announces that a first dividend of 40 per cent. payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks "This dividend is being paid from funds acquired by the receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation. This loan, which is secured by a lien on the remaining assets of the bank, must, of course, be retired, and until this loan is repaid no further dividend disbursements can be made by the receiver. It is believed that with the co-operation of the borrowers this loan can be repaid within reasonable time, and if SO, the depositors will receive such further regular dividend payments as the collections made by the receiver will warrant. "The funds of the Reconstruction Finance Corporation set aside for loans to receivers of insolvent banks are limited and the depositors of Seaside National Bank are fortunate to have an application for a loan accepted at this early date. The funds released by this loan should be a material aid to the community at this time. "I have had splendid co-operation from the insolvent division of the Comptroller's office, depositors, former officers of the bank and Long Beach citizens generally," said Receiver Wailes yesterday. "This has helped to make possible the "payment of 40 per cent dividend within about seven months from the date of the bank's closing Seaside National is the sixth bank to be liquidated by C. W. Wailes in recent years. Since he has taken charge, rental has been cut from $1250 a month to $150 and liquidation have been conducted with a minimum number of employes. Total private deposits at the time the bank went into receivership were about $700,000 of which $272,000 is to be paid to depositors immediately.

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More than $50,000 was paid to depositors the last part the first dividend of the Seaside NationBank. E. Wailes mounced on Wednesday that 40 cent dividend had been declared payable. The sum of $272,000 will disbursed immediately. Only 3200 out of claims have filed far, understood Residents Long Beach who have filed claims should call the ceiver's office at 223 East Broadway.

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n. REPORT MADE PUBLIC

Loans To California Banks Listed

By United Press WASHINGTON, Oct. of the House South Trimble today announced he had decided to make public the August report of the Reconstruction Finance Corporation. Trimble's decision was announced after several days of consideration of brief in which Chairman Pomerene of the corporation protested publication. The statement of loans authorized in August included: Glendale, First National bank, $75,000; Park, Huntington Park City National bank, $10,000: Long Beach. Seaside National bank (receiver), $165,000, 5. per cent; Marysville, bank, $40,000; Madera, First National bank. $27,500; Pasadena, Citizens, Commercial Trust and Savings bank, $221,000; Salinas, Monterey County Trust and Savings bank, $130,000; Santa Ana, Farmers and Merchants Savings bank, $84,000. The following were included loan among the loans to building and Long Beach, Commonwealth Building & Loan association, $87,221.91; Oakland, Prudential Guarantee Building & Loan association, $86,000; Pasadena, California Security-Loan corporation. $90,000; Crown Building and Loan association,

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New By Reconstruction

WASHINGTON, Reconstruction Corporation loans aggregating authorized August, was revealed today in the report of the corporation made public by Clerk of the House South Trimble. were increased during August by the report said, making an aggregate of $122,The report was made public Trimble over protest of the finance corporation. In the summary of loan operations made public today the aggregate of $122,277,641 divided as follows: Banks and trust companies, including to aid in reorganization or quidation of closed banks. Building and loan associations, $12,000,000. Railroads, $13,000,000. Insurance companies, 000. Mortgage loan companies, $2,000,000. Federal land bank, $3,000,000. Joint stock land bank, $55,Agricultural credit corporations, $400,000. Livestock credit corporations, The statement of loans authorized in August included: Arizona Valley Bank Trust Co., $280,000. California Glendale, First National Bank, $75,000; Huntington Park, Huntington Park City National Bank, $10,000; Long Beach, Seaside National Bank (receiver), cent; Marysville, Bank, Madera, First tional Bank, Pasadena, Citizens Commercial Trust and Savings Bank, Salinas, Monterey County Trust and Savings Bank, $130,000; Santa Ana, Farmers and Merchants Bank, Long Beach, Commonwealth Building Loan Association, Oakland, Prudential Guarantee Building & Loan (continued on page

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R.F.C. Loans Are Increased In August

(Continued from Page One) tional bank. $75,000: Huntington Park Huntington Park City Nationa! bank. $10,000 Long Beach, Seaside National Bank (receiver). $165,000. per cent: Marysville Decker-Jewett bank $40,000 Madera, First National bank. $27,500; Pasadena, Citizens Commercial Trust and Savings bank. $225,000: Salinas, Monterey County Trust and Savings bank $130,000; Santa Ana, Farmers and Merchants Savings $84,000 The following loans were made to building and loan associations

Commonwealth Building & Loan Assn., Long Beach, $87,221.95: Prudential Guarantee Building & Loan Assn. Oakland, $86,000; California Security-Loan Corp. Pasadena, $90,000; Crown Building Loan Assn. Pasadena $57,500.

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LOANS MADE BOARD'S PROTEST

(Continued from Page One) available for relief work during August. Repayments to the corporation during the month of August totalled the corporation cated during August to the secretary of agriculture. The statement of loans authorized in August included: Arizona: Phoenix, valley bank and trust company, $280,000. California Banks California: Glendale National Bank. Huntington Park. Huntington Park City National Bank $10,000; Long Beach Seaside National Bank (receiver) $165,000. per cent; Marysville, Decker-Jewett Bank, $40,000; Madera, First National Bank. $27,500; Pasadena, Citizens, Commercial Trust and Savings bank. $225,000; Salinas, Monterey county Trust and Savings Bank, $130,000; Santa Ana Farmers and Merchants Savings bank, $84;-

The following were included among among the loans to building and loan associations: Beach. CommonWealth Building & Loan Assn., $87.Oakland. Prudential Guarantee Building & Loan Assn., $86,000; Pasadena. California Corp., $90,000; Crown Building Loan Assn., $57,500.

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GOVERNMENT'S LOANS IN STATE ARE ANNOUNCED

Madera, Salinas, Glendale Banks Among Those Aided

WASHINGTON, Oct. 7. (UP) -New reconstruction Finance corporation loans aggregating $111,596,631.90 were authorized in August, it was revealed today in the report of the corporation made public by Clerk of the house South Trimble. Previously authorized loans were increased during August by $10,681,010, the report said, making an aggregate of $122,277, The statement of loans authorized in August included: California-Glendale, First National Bank, $75,000; Huntington Park, Huntington Park City National Bank, $10,000; Long Beach, Senside National Bank (receiver), $165,000, 5 percent ;Marysville, Decker-Jewett Bank, $40,000; Madera, First National Bank, $27.500; Pasadena, citizens, commercial Trust and Savings Bank, $225,000; Salinas, Monterey County Trust and Savings Bank, $130,000; Santa Ana, Farmers and Merchants Savings Bank. The following were included among the loans to building and loan associations: California: Long Beach, Commonwealth Building & Loan assn., $87,221.95. Oaksland, Prudential Guarantee Building & Loan assn., $86,000; Pasadena, Colifarnia Security-Loan Corp., $90,000; Crown Building Loan Association, $57,500.

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Hubbards Named in Foreclosure of Apartments

Omar H. Hubbard and his wife Didama L Hubbard, today were named defendants in a Los Angeles Superior Court suit in which the Seaside National Bank receiver. of Long Beach, seeks to foreclose mortgages on portions the Omar Hubbard Building to satisfy terms of defaulted notes amounting to $34,972. E. bank receiver. asks foreclosure on ten apartments to satisfy note of given vember 1928, and asks foreclosure on two apartments to satisfy note of $4500 given the bank October 31. 1929. The Title Insurance & Trust Company of Los Angeles also is made defendant but the receiver asks only that the trust company's claim on the property be made sec. ondary to the bank's Interest. The apartments involved are Nos 102 702 and 802, The action asks "that the usual decree be made for sale of said premises by the Sheriff: that proceeds of the sale be applied in pay. ment of the amount due. Attorney Michael G. Luddy of Los Angeles filed the action asking $1800 legal fees for collection of $34,972 the total amount due including interest.

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Hubbards Sued for $24,972 Over Defaulted Notes

A Los Angeles Superior Court suit was filed yesterday by the Seaside National Bank receiver of Long Beach against Omar H. Hubbard and his wife, Didama L. Hubbard. The plaintiff seeks to foreclose mortgages on portions of the Omar Hubbard Building to satisfy terms of notes amounting to $24,972. C. E. Wailes is the bank receiver. on twelve apartments is asked.

The chain of office worn by the mayor of Middlesborough, England. although bought fifty years ago, is not paid for yet. Only $885 have been paid of the original price of $1250.