Articles describe an initial rumor-driven run in May 1930 (depositors withdrew but confidence was restored) and a later, larger series of withdrawals in January 1932 that caused the bank to close, enter receivership, and remain in liquidation/receivership. Causes: the 1930 event was rumor/misinformation; the 1932 closing followed heavy withdrawals amid runs on other local banks and a wider panic. OCR errors in some articles (e.g., garbled phrases) were corrected when extracting dates and meanings.
Events (6)
1.May 26, 1930Run
Cause
Rumor Or Misinformation
Cause Details
A groundless/false rumor circulated in Hartford's Italian section that the bank was insolvent; State Banking Commissioner called it a false report and sought the source
Measures
Police reserves kept order; local priests and city officials (mayor, bank commissioner) publicly reassured depositors; investigation launched to trace origin of rumor.
Newspaper Excerpt
officials ... began an investigation of which over the in withdra of about $200,000 from the bank. Shippee said the mysterious report ... that the bank was insolvent ... Many of the depositors withdrew ... beginning Saturday morning
Source
newspapers
2.January 2, 1932Run
Cause
Local Banks
Cause Details
Heavy withdrawals and runs following failures/closures of other local institutions and a general loss of confidence in Hartford banks led to mass withdrawals from City Bank & Trust, forcing closure.
Measures
Bank did not open (suspended); directors asked banking department to take over business; other banks invoked notice rules; Federal Reserve (Boston) later provided liquidity to area banks.
Newspaper Excerpt
The City Bank & Trust Co. did not open for business this morning ... closed because heavy withdrawals ... Banks in Hartford close after runs ... Following the closing ... a run of major proportions developed ...
Source
newspapers
3.January 2, 1932Suspension
Cause
Local Banks
Cause Details
Immediate cause was heavy withdrawals following runs in the city and closures of other institutions, prompting directors to close and seek banking department action to protect depositors.
Newspaper Excerpt
The City Bank & Trust Co. did not open for business this morning ... closed because heavy withdrawals ... the directors asked the banking department to take over the business.
Source
newspapers
4.January 7, 1932Receivership
Newspaper Excerpt
Thomas Hewes, attorney and banker, was today appointed temporary receiver of the City Bank & Trust company of Hartford by Judge ... in Superior court.
Source
newspapers
5.April 22, 1932Other
Newspaper Excerpt
Judge ... will approve an order authorizing Thomas Hewes, receiver of the City Bank & Trust Company, to pay in full all savings accounts of the bank which are not in excess of $100 ... Payments to be made in strict numerical order beginning April 25.
Source
newspapers
6.September 4, 1932Other
Newspaper Excerpt
Court instructs City Bank receivers to pay 15 per cent dividend to the depositors in the savings department; judge discussing liquidation; reorganization proposal failed.
Source
newspapers
Newspaper Articles (22)
1.May 27, 1930The Boston Daily GlobeBoston, MA
Click image to open full size in new tab
Article Text
SEEK CAUSE OF RUN ON BANK AT HARTFORD
HART Conn, May 26 (A. P.)Officials of the State Department of Banking and the City Bank and Trust Company today began an investigation of which over the in withdra of about $200,000 from the bank. Bank Commissioner Lester E. Shippee said the mysterious report which gained wide circulation the Italian was and that the bank was solvent and in sound Many of the depositors withdrew all but small portion of their savings, beginning Saturday morning when about $50 was withdrawn. The run continued today, totalling about $150,000. Shippee said he would press his investigation in the hope of apprehending the person who started the false report and prosecuting him. He said the heavy withdrawals would not affect the soundness of the bank.
2.May 27, 1930Transcript-TelegramHolyoke, MA
Click image to open full size in new tab
Article Text
STARTS RUN ON HARTFORD BANK
HARTFORD. Conn., May result culated the Italian here. more than 300 persons took part run the City Bank and Trust Company noon withdrew pprximately before officials could vince them that the institution on sound squad police reserves worked inside the bank and in the adjoining street keep the depositors Catholic from East Side mingled the crowd and aided in restoring confidence the bank. Lester Shippee, State Banking Commissioner, said the action stimulated "vicious He added that which one strongest In Connecticut, deposits aggregating excellent condition. State vestigators and ordered trace the rumor its source and to arrest the guilty perrush depositors began after could speak Engwas told clerk in bank would have to be identified before could cash check there officials of the opinion that the Italian misunderstood the and spread baseless rumor the funds on hand The report accepted more readily because the failure here last month banker. Many of the residents Hartford's Italian section lost all their savings that crash Laborers dropped their picks and shovels, owners of small shops. locked their doors to join the crowd that was hurrying the City Bank Trust Company. One of the first of them withdrew the its Frank counsel for bank stepped chair lobby pleaded for the hub-hub exhibition senselese." Mr. Hagarty bank in the strongest position its history. We enough take all and then enough for the This because of the failure of Andrew Kelly pastor Anthony's Catholic church. pleaded his parishioners halt the run. He inspected the and found to be the best condition. the result Father Kelly's efforts similar activities other priests, some the depositors returned their money the institution. Officials unusually large amount money had been withdrawn from the bank last Saturday, but the concerted run had not materialized until yesterday.
3.May 28, 1930New Britain HeraldNew Britain, CT
Click image to open full size in new tab
Article Text
Run On City Bank Ends As Depositors Return Hartford, May 28.-The run on the City Bank & Trust company appeared ended yesterday afternoon when depositors withdrawing their funds mingled with others who were redepositing their money. Although yesterday's withdrawals amounted to $400,000. the deposits reached $160,000, much of this sum being returned by depositors who had recovered their confidence in the institution. Mayor Batterson called at the bank during the morning and after making a. substantial deposit made a brief address in which he assured his listeners of the stability of the bank. Many other new accounts were opened by business and professional men. FOR BEST RESULTS USE HERALD CLASSIFIED ADS
4.May 28, 1930Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Baseless Fears
Were not so inimical to the welfare of the community, "run" on bank would seem merely pitiable of human fear. Probably few of those who, with scores others, seek withdraw their savings from trusted institution could cogently explain their action. Because others without the slightest casion appear to have confidence, their own shaken. The contagion spreads, the reason the individual yields psychology. Better judgment has returned many those during the days, withdrew their from the City Bank and Trust Company. One the old banks of Hartan unblemished reputation for safely protecting the funds its care. With ample hand meet demand, its financial condition was never sound. Its security attested to not only the State Bank Mr. Lester Shippee and the Hartford Clearing House by every substantial man affairs in the community. management in the hands of men unquestioned integrity and responsibility. Those who have deposited money with have not least reason to fear for the safety of their funds. Such "run" as has been in progress could resulted only from spread of rumor and gossip having basis whatever in truth. Malicious not, such tales should be traced their source the proper authorities. one bank, but the whole suffers from irresponwhispering against trusted institutions.
LINDBERGH TESTS NEW "FLEETSTER" PLANE
Morrow Wet Stand Approved by Sister Special Journal New York, May 28.-Mrs. Agnes Morrow Scandret, sister of Dwight W. Morrow, candidate in the republican primaries for United States senator from New Jersey, who returned today from world cruise on the Hamburg American liner Resolute, approved her brother's recent declaration in favor of the repeal of the Eighteenth amendment.
Priests Help Stop Eastern Bank Run
Special to The Journal. Hartford, Conn., May 28.-As result of a groundless rumor circulated throughout the Italian sec- tion here, more than 300 persons took part in run on the City Bank & Trust company and withdrew approximately $300,000 before officials could convince them the institution was on sound basis. A squad of police reserves worked inside the bank and in the adjoining street to keep the depositors in line. Priests from Hartford's east side mingled with the crowd and aided in restoring confidence in the bank.
THE new fleetster plane made by the Consolidated Aircraft Corporation of Buffalo, which was tested by Colonel Charles A. Lindbergh at Roosevelt Field, N. Y The new ship is an all-metal "job." today while one of the boys was near death in hospital. The child Edward Valjazz, 12 years old, was not involved in the window-breaking. his companions said.
Watchman, 81, Jailed In Shooting of Boy Cleveland, May (U.P.)- Ellis Napper, 81-year old night watchman, who fired on group of small boys "to scare them' after they batted a baseball through window of his facory, was in jail
6.May 29, 1930The DayNew London, CT
Click image to open full size in new tab
Article Text
ett statement should not be taken seriously. Even as is true that Protestants or non-churchmen must voted for Al Smith. also that there literally aren't enough church votes in the country to give Mr Hoover the tremendous strength he showed in 1928.
The Run On the Bank had bank run the other day. It appears to been altogether senseless. not from the largely of one deposits the defunct statement Esposo are tied up. This man remarked publicly that the D'Esposo bank no worse off than lot of others, naming the City Bank & Trust Co. Whereupon the fun The City bank turned out to be exceptionally solvent. It paid off its depositors fast as they came, and they came pretty Pretty was restored, until some damage had been done. but most are costly bank. The people who startSuch runs ed the rumor ought to be made to pay the costs some-
Bank Commissioner Shippee is investigating. There are rumors of criminal prosecution. It to be hoped that criminal intent deed can be proved. the prosecution will follow. The Hartford incident was one which called loudly for retribution
7.June 4, 1930The State JournalFrankfort, KY
Click image to open full size in new tab
Article Text
Editorial Observations
THE CITY BANK IS SOUND
(From the Hartford Times)
Very likely the run on the City Bank. depositors whose fears as safety of their funds have no reasonable foundation will begin to this is read in Hartford homes. That should be true, as better judg ment comes prevail over an warranted excitement Every possible reassurance has been given to depositors. Bank Commis sioner Shippee states that the bank splendid condition The commis sioner's record of efficience in office such, and his pursuit of those who seek to defraud Connecticut investors been so vigorous that such statement coming from him commands the fullest confidence and the highrespect. And then the Hartford Clearing House composed all the Hartford banks, similarly declares its confidence Surely no depositor, whatever may have been his fears, could refuse to accept this testimony. These statements are not founded upon guesswork, but upon definite information as to the condition of the bank As of May last Saturday, its deposits of $25,800,581 were protected by surplus, undivided profits and reserves of $3,686,435. That amount in addition to the deposits and enough to make apparent that every depositor is amply protected. The bank could liquidate today, pay all to whom It is obligated and still divide handsome profit among its stock Even if that were not true the 000,000 of the bank's capital would available for the protection of depositors, if that were necessary. which course, not. What the shrewd men who deal securities think of the City Bank and Trust Company, is revealed by the fact that even today when so many of its depositors were withdrawing their funds, they were bidding $335 share on the Hartford Stock Exchange for its stock, or more than thirteen times its par value of 825 share, while those who had the stock for holding at $355 or more than four teen times its par value. unfortunate that depositors should become so foolishly stampeded.
CONNECTICUT BANK CLOSED.
Hartford Conn., January 2-(AP) The City Bank & Trust Co. did not open for business this morning The bank was incorporated in 1851. In report to the State Banking Commission the savings deposits were given at $15,500,000, commercial de posits at $5,500,000, capital $1,000,000 surplus $2,000,000 and total resources $25,000,000 The East Hartford Trust Company closed at noon after heavy withdrawa the morning The State Bank who issued temporary restraining order, said the action was necessary to protect depositors The bank's assets are $3,540,000. with deposits totaling
9.January 3, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
BANKS IN HARTFORD CLOSE AFTER RUNS
City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days' Notice Hartford, Jan. City Bank and Trust company East Hartford Trust company today because heavy withother banks here require days' notice for savings accounts of $100 or City Bank Trust company, with deposits and accounts directors asked banking department business action heavy from the East Hartford which noon protect total commercial deposits George bank comthe City Bank Trust should to pay all depositors
10.January 3, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
BANKS IN HARTFORD CLOSE AFTER RUNS
City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days Notice Hartford, Jan. City Bank Trust company the East Hartford Trust company closed because heavy withtoday drawals, and other banks here cided require days' notice for removing savings accounts $100 more. The City Bank Trust company, commercial deposits $5,500,and savings accounts of $15,500,not after the directors asked the banking department to take over the business. The action brought heavy withdrawals from the East Hartford bank, which closed noon to protect depositors. Its savings and commercial deposits $747,000. George J. Bassett, state bank comthe City Bank and Trust in 1851, vance should able to pay all depositors eventually.
11.January 4, 1932Evening StarWashington, DC
Click image to open full size in new tab
Article Text
BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, January 4.-The first trading day of the new year opened under rather unfavorable auspices. The closing of two banking institutions with aggregate deposits of about $50,000,000 was probably the main cause for the downward trend on Saturday. The decline was helped materially by the announced receivership of American Commonwealth, a $200,000,000 utility holding company, headed by Frank T. Hulswit of Grand Rapids, Mich. It would be very helpful if a statement could be issued by competent authorities, which would once and for all clean up the many peculiar notions entertained by the bulk of the American public in regard to the status of the National Credit Corporation. There is no doubt that depositors in the City Bank and Trust Co. of Hartford, Conn., which closed its doors on Saturday, or in the People's State Bank of Charleston, S. C., which was also forced to shut down together with its 44 branches in 41 towns, would like to know the reasons why the corporation does not function. What has become of the promises and the many reassuring statements made at the time the organization was launched? Swing of Pendulum. It was not so very long ago when economists of the new school scoffed at those who hesitated to purchase comI mon shares, which sold for more than 10 times reported earnings. Such a conception was regarded as too orthodox and as distinctly backward. At the present time, the pendulum has swung too far in the other direction. Even sound financial institutions are quoted in the market at prices , equal to or appreciably below 10 times shown profits. A notable instance is the stock of the Chemical Bank and 2 Trust Co. of New York. Earnings for 1931 are estimated at $2.44 a share, an 8 4 increase of well over 8 per cent, as compared with the previous year's showing. The decline in General Motors to a new low level was attributed in Wall Street circles to belated liquidation, rather than fear over unfavorable action at the forthcoming dividend meeting several weeks hence. It is, of course, possible that the setback may have been helped by the
12.January 7, 1932The Daily WorkerNew York, Chicago, NY
Click image to open full size in new tab
Article Text
HARTFORD BANKS SHAKEN BY LONG RUNS ON MONDAY Savings Banks, Gov't Postal Savings Are Stormed In City HARTFORD, Conn. - Following the closing of the city bank and trust Co., the East Hartford Trust Co. Saturday, a run of major proportions developed here Monday when depoitors of all savings banks and governmental postal savings stormed the banks and formed long, insistent lines until the Federal Reserve Bank of Boston rushed $1,000,000 to meet the demands of the depositors. Banks thruout the city immediately invoked the rule of ninety days notice for withdrawals. All day Monday anxious crowds formed in front of all savings banks here, as well as the postal savings, calling for a return of their deposits. Bank officials are seeking to cover up the seriousness of the situation by the usual promises of "rehabilitation" and "need for confidence." . * The Freehold Trust Co. of Freehold, Monmouth County, New Jersey placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals. Depositors Try Recover Money. Desperate because of the closing of the People's State Bank of Monck's Corner, S. C., two depositors forced an entrance into the closed bank and took $2,000, a sum equal to that which they had in deposits at the time of the bank closing. The two depositors later surrendered to the sheriff, after burying the money they took.
13.January 7, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Withholds Decision On Bank Receiver
(Continued from Page 1.) closing of the City Bank & Trust Company, Holden that would be the work of the appraisers to give the depositors correct picture of the conditions existing the closed bank. He said he believed their findings would aid in restoring confidence in the banks Hartford Mr. Holden told the court that the depositors of the closed bank number of the city's
Hearing Friday.
Mr. Holden said he felt the duty of the court aid in removing from the public mind the idea that things are being done behind closed doors. He said that list of possible praisers would submitted the court as possible. Mr. Holden told Judge Brown that to the shaken confidence of the public in banks thousands their and putting in postal trend which he said might acts to prevent suffering. Mr. Holden "when private either fail to act or not know what to do. becoming apparent that capital does not know how act. The government going once steps will never step out. These so-called capitalists ought realize it. Here an opportunity for their effort. Unless situations these are in my opinion there will not be privately owned bank in the country in Frank A. Hagarty. vice-president and counsel closed bank and Attorney Harrison B. Freeman of the board of directors agreed with Mr. Holden's position but urged that careful consideration be given naming of the Mr. said their appointment should wait until the receiver has been by the court and Mr that be needed proper appraisal of the bank's holdings He said that while the value of the bonds and securities are readily, the appraisal of the bank's require great deal of His recommendation that the appointment of appraisers be deferred until Friday with general Judge Brown indicated that if he names receiver today he would accept the of Mr. Bassett and fix bond. Tells of Withdrawals.
Judge Brown inquired of the bank commissioner when Mr. Bassett took the stand what the of the bank when closed. Mr. Bassett said that in such condition that would been unable to secure funds pay the expected lacking the bond capamoney for loans. He said that total of $500,000 in loans had been that had been steady withdrawal of commercial deposits and that $500,000 more be taken out on January 2, the day the bank was closed.
Has Nearly $5,000,000. Mr Bassett disclosed that there was indicated an impairment of the capital of the bank, which $1,000,000. caused by the shrinkage of its securities. A more favorable side of the picture he drew was that there are between $4,000,000 and 000,000 in quick assets, that is securities readily convertible into cash, cash on hand and deposits in other banks. Mr. Freeman told the court that the bank has in mortgages and $7,000,000 in commercial loans Most of its investments are in 3AAA bonds and only one bond, for $7000. has dropped the BAA standard. Hewes Active.
Mr. Hewes, the proposed receiver for the City Bank & Trust Company, has been active in bank receiverships for more than year. In addition to playing an important in the reopening the Riverside Trust Company, which ditional capital and deposits. he actas counsel the Merchants Bank Trust Company, receiver for closed Pallotti, Andretta Bank He resigned as counsel in that case after opposition had been made by the Pallotti. Bank his fee against that On Monday the Bank Company the Trust Company. is planned stitute for the Pallotti, Andretta Bank Attorney William Mulligan and treasurer of the Merchants bank until the merger Attorney Allen E. Brosmith, who represented the depositors committee in opposing the fee granted Mr. Hewes as counsel for the Pallotti Andretta Bank receiver is now counsel for receiver, having succeedMr.
Reorganization Discussions. Plans for reorganization reCity Bank Trust opening Company gathered momentum Wednesday it can now be stated authoratively plan has been formulated the bank reopens with new capital Further that those gaged promoting the plans the bank would no Further progress was made with the plans in connection the reopening of the East Hartford statement at this time would The Bank Trust Comofficers also made further progress with their plans but regard little early to make definite statement The Travelers Bank Trust Company named as temporary receiver. Wednesday. Appraisals First. Before definite plans for can be formulated be to have appraisals made in order determine the exact condition the banks With this hand those in the the institutions can Bank Business Normal. Banking conditions were increasmore normal and any day, during periods of boom activity.
Storrs Dean Speaks.
Storrs, Jan. SumDole Connecticut Agricultural College said parents were sponsible for handicaps which hindered the work college students. talk broadcast tonight WCAC. Students he said. are often forced enter college against best interests by on their for specific and un congenial occupation He urged that early take only light work under careful supervision.
14.January 7, 1932The JournalMeriden, CT
Click image to open full size in new tab
Article Text
RECEIVER IS
Jan. Thomas Hewes, attorney and banker was today appointed temporary receiver of the City Bank and Trust company of Hartford by Judge lyn Brown in Superior court. Judge Brown. who has been considering nomination Mr. Hewes overnight said he considered an excellent every way. Bonds are $200,000 of which $100,000 primary coverage and $100,000 in liability. Date for confirmation of the temporary receiver and the appointment of praisers set for Tuesday, Jan uary Notice to be sent all creditors of the bank other than depositors. The for of the ceiver presented by Assistant Attorney Kosicki. Harrison Freeman and Frank of the bank and M. Holden, certain presented this mornthe time the appointment made.
15.January 8, 1932The Philadelphia InquirerPhiladelphia, PA
Click image to open full size in new tab
Article Text
PHILA. WOOL TRADE OUTLOOK BRIGHTER
Dun & Co. Reports Fair Response to Retail Clearance Sales During Week
Retail trade during the current week was occupied chiefly with clearance sales, with fair response reported for the majority of the events, R. G. Dun & Company says has not come up to the expected total but it still is too early to judge the trend for the month In the dry goods trade. prices have shown almost no improvement, and sales reveal only moderate crease Sales of -fashioned hosiery during the past two weeks have been far below normal, and manufacturers report that business is being placed for future delivery. doubtless due to the uncertainty of prices. Collections in this trade continue slow. Wool merchants report that business during the past month showed change for the better, although it was slight. This trade has an unusually bright outlook for the next months. Manufacturers of clothing report that prospects are fair to good for spring. but the better lines are not selling so freely as they did year ago Manufacturers of knitted sport coats, bathing suits and kindred items state that there has been little current demand for merchandise in the last two weeks. During the first two weeks of December, there was considerable activity in pre-holiday the spring of 1932, a number of mills have booked satisfactory volume of business on bathing suits.
Bank Receiver Named HARTFORD. Conn., Jan. (A P.) Thomas Hewes, attorney and banker, was appointed temporary receiver today of the City Bank & Trust Company, of Hartford, by Judge A1lyn L.Brown in Superior Court. The bank had deposits about $20,000.000 when it closed last week.
Wire Companies Mergo The New York Insulated Wire in operation here for many years. has become unit of the sex Wire Corporation Detroit The merger was completed today.
16.April 22, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Court To Grant Authority Today
Payments to Be Made in Strict Numerical Order Beginning April 25, It Is Announced
For the purpose of greatly reducing the expense of the receivership, Judge John A. Cornell of the Superior Court today will approve an order authorizing Thomas Hewes, receiver of the City Bank & Trust Company, to pay in full all savings accounts of the bank which are not in excess of $100. There are 27,000 such accounts, 24,000 of which involve less than $50. The total disbursement to be authorized in this manner by the Court today is $420,000. By this action Judge Cornell not only relieves the receiver of the City Bank of the necessity of carrying considerable expense, but allows him to eliminate great amount of clerical work and bookkeeping which will facilitate the administration of the receivership. Payments, in pursuance of the court order. will be made definite schedule with which depositors familiarize themselves. First Payments April Payment will be made to depositors on presentation and surrender of their pass books, and upon lease by the depositors of against the savings department of the on account such deposits. The first payments will made Monday April when those holding one to 3000, are asked the bank, which will be open Payments In Order. On April 26, the accounts in passbooks from Nos. 3000 6000, inclusive, will be paid. The next the accounts in passbooks 6001 9000, be paid. Payments will be continued in this way from Monday Friday, inclusive, each week until Tuesday, May when accounts passbooks numbering 132,001 to 134,000. inclusive, will paid. The passbooks may be those sued the Bank Trust those of the Mutual Bank Trust Company. the American Bank those designated Industrial Banking Systhe City Bank Trust Company which have not been changed for passbooks of the City The receiver has classified the depositors entitled payment
Supreme Court Of State Decides On Bank Receivership The state supreme court of erdeposits in the savings or commercial departments of the bank rors to-day issued a special deagainst such notes. cision covering four points at 2. The Federal Reserve bank of stake in bank receiverships Boston cannot have priority over throughout the state. The decision was made in conother depositors and creditors of the bank in behalf of owners of nection with the test suit brought certain checks sent to it for colby George J. Bassett, bank comlection. In this Associate Justice missioner, against the City Bank Avery dissented. and Trust company of Hartford, decision on which was reserved in 3. The bank should not pay to the respective trustees or adminsuperior court to the supreme istrators amounts deposited in the court of errors by Judge Newell Jennings. savings department by the bank as trustee or administrator. In decisions written by different justices, the court ruled 4. A deposit made after 3 p. m. 1. Makers of notes transferred on the day prior to the bank's being suspended and which custombefore maturity to the savings dearily would not have been credited partment in order to compensate until the day after deposit is not for depreciation in the market a special deposit and is to be value of investments held by the classed with general deposits. department are entitled to set off
18.July 16, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Petition Heard For Of Bank Assets
Mrs. Florence G. Judd Claims Funds Should be Set Aside for Creditors
A hearing on the application of Mrs. Florence Gates Judd of New Britain for segregation of the assets of the Mutual Bank & Trust Company, which was taken over November 1930 by the City Bank & Trust Company, now in receivership, was heard Friday by Judge Arthur F. Ells of the Superior Court. Mrs. Judd. through her counsel, Attorney Harry Nair, claimed that the assets which the receiver has not used, amounting to about $216,000. should be set aside for the benefit of creditors, of which she one. She has two months rent. totaling 666.66. the bank' quarters at 75 Pearl Street. this is upheld by the Supreme Court of Errors. her total claim will be about $30,000 for the lease had until July 15, 1935 to run. The City Bank & Trust Company took of the Mutual Bank Company which had book value of $3,500,000 and also agreed to assume the liabilities. amounting to about 3,100,000 Mrs. Judd claims that the bank was not sold to the City Bank & Trust Company but that its assets were assigned for the benefit of creditors. She claims that the closing of the City Bank prevents it from carrying out its obligation to these creditors. who want to be paid from the Mutual Bank assets rather than come in general creditors the City Bank & Trust Company Luclus Robinson and Barclay appeared for the receiver of the City Bank & Trust Company, who opposes the petition on the ground that the turning over of the assets of the Mutual Bank was an outright transfer to the City Bank. Judge Ells also heard Friday an argument the right of Sage& Company Inc., claimed setoff of $27,000 against notes owed the City Bank & Trust Company totaling $50,000. The receiver claims the situation is different than the ordinary set-off claim because the notes were discounted by the City Bank with the Central Penn Bank of Philadelphia on 1931 and later returned to the receiver. Sage-Allen & Company, represented by Nathan A. Schatz and Louis M. Schatz. claim that on December 31, 1931 it had $27 000 on deposits in the City Bank On that day $4500 in checks were charged against the account but it claimed that this should not have been deducted because the bank never paid them. having failed to open after that date. Sage- Allen & Company later sent check for $23,000 to pay off the balance of its $50,000 in notes, claiming that the $27,000 on deposit should make up the balance The receiver refused to accept this check Judge Ells granted the receiver authority to accept $200 from John
19.September 4, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
HARTFORD BANK DEPOSITORS TO SOME MONEY
Court Instructs City Bank Receivers to Pay 15 Per Cent Dividend
REORGANIZATION PROPOSAL FAILS.
Investigation in Case of Child Who Died After Accident in Pope Park Results in Recommendations
From Our Special Correspondent. Hartford, Sept. news week. affecting thousands of Hartford was the order by Judge Arthur Ells of the superior court for the City Bank and Trust company, to pay per cent dividend to the depositors the department. Closing the bank major tragedy in Hartford affairs; Judge Ells Thursday discussing from the bench liquidation. The difficulty has been enough There deposits about of them depositors support the whereby the depositors would their bank work own quite cent the plan and Judge not grant for committee add to the signatures. to have large majority the could commitobtain that large hand Receiver Thomas 15 cent the savings department. Plans under sell the department of the
Investigation in Hanshaw Case The has seethed the past following little Shirley 604 struck Pope ago died the doctor four hours. The the board deresulted the disCohen. dispensRosella Pope more handling and that city cases direct doctor instead leaving President report of his with the Beginning next month the banks make charge of cents for handling each check specified number (about per based in account the One element the displaces the cents charge accounts less than $100 balances and to make small near the cost of handling. probably take Hartsmaller business men little time used this check fee the check in less Indications that justice these Louis Gentile, jail for obtaining money from welfare $30 week roads Unionville. attempting the poor Paul Peter's church street. Gentile laid fraud upon his who, wanted accumulate money pay some bills, that working. Griffin offered What portends weeks before the common pleas who street board the street project. More 20 estate appraisin week and the interand by CorpoCounsel Frederic Corbett furnish contention.
20.September 4, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
HARTFORD BANK DEPOSITORS TO GET SOME MONEY
Court Instructs City Bank Receivers to Pay 15 Per Cent Dividend
REORGANIZATION PROPOSAL FAILS
Investigation in Case of Died After Accident in Pope Park Results in Recommendations
Special Correspondent. Hartford, Ct., Sept. news of the week. affecting thousands of Hartford residents. the order by Judge Arthur F. Ells of the superior court for the City Bank and Trust company, receiver to pay 15 per cent dividend to the depositors in the savings department. Clothing of the bank last January, major tragedy in Hartford affairs, Judge Ells Thursday discussing from the bench his order in liquidation. The difficulty has been marshall cash enough pay sizeable dividend. dividend. There are $14,913,000 of deposits the savings about $9,000,000 of them in mortgages. committee has worked *tirelessly to support for the savings department whereby the depositors would run their bank and work out their own but not quite 70 per cent the posits favored the plan and Judge Ells grant an extension of time for the committee to add to the necessary to have large majority of the in and the judge could not see that likely commitwould obtain that large majority. With something like $3,000,000 hand Receiver Thomas Hewes can pay cent in the savings dePlans under sell the commercial department of the
Investigation in Hanshaw Case. The city has seethed the past week the into case little Shirley Hanshaw 604 Zion street, was struck swing Pope park, week ago Wednesday and died without having the attention doctor for four hours. The probe by Mayor Rankin into the park board and welfare department's responsibility in the case resulted mayor the discharge Mrs Jane Cohen, charge of hospital admissions and dispensary ,and her assistant, Mrs Anne MeKinley, and Miss Rosella E. Christensen, playground at Pope park. The mayor also recommends doctors more careful in handling emergency calls, and that city, emergency cases get in direct doctor instead of leaving the matter telephone girl President Edward Ahern of the welfare filed report of his investigation with the mayor.
Bank's New Charges
Beginning next month the banks Hartford make charge of cents for handling each check cess of specified number (about 10
21.March 11, 1933Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
City Bank Receiver Will Be Allowed to Cut Mortgage Rate After a hearing in the Superior Court Friday, which had been continued from the previous week, Judge Newell Jennings said he would sign an order the receiver the City Bank & Trust Company to the interest rate on mortgages to the prevailing rate in Hartford. Several Hartford banks have reduced the rate from to 5½ per cent. Thomas Hewes, the receiver of the bank. Lucius F. Robinson, Sr. and Barclay Robinson, appeared in favor of the motion.
Hadassah to Present Dance Soloist Tuesday Miriam Louis, soloist of the Ruth St. Denis group of American dancers, will appear in recital at the Weaver High School auditorium Tuesday evening under the auspices of the Hartford Chapter of Hadassah. the women's Zionist organization. Proceeds will be devoted to Hadassah funds for rehabilitation work in Palestine.
22.March 29, 1933Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Hewes Loses Petition For Appointment of Receiver of Rents
Judge Ernest A. Inglis of the Superior Court on Tuesday denied an by Thomas Hewes, receiver of the City Bank & Trust Company for the of a receiver of rents for the 48-apartment building at 75-77 Oxford Street, now owned by the Hartford Company took over with other assets of the PalAndretta bank The receiver of rents was requested so that Thomas Hewes, receiver the City Bank, which is to bring foreclose action on its $78,000 first mortgage may have control of the which is now being spent on of the building John Caulkins, real escalled by the plaintiff valued the property at $80,000 but the defendant produced Joseph P. Kennedy who said it was worth figure was $93 800 and Albert Rome who estimated it to be worth Judge Inglis said there was sufficient equity in the place for the realization company to continue to manage it. Howard B. Phelon, Barclay and Mr Hewes appeared for the and Abraham S. Bordon and Joseph Klau for the realization company
