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City Bank Receiver Makes Court Report Howard W. Alcorn receiver of the Bank & Trust Company, filed report with Judge Arthur Ells the Superior Court Friday that dividends totaling 55 per have been paid the department and 50 per cent in the savings depart ment Alcorn said that 469 mortgages have been released and now has 80 pieces property and 313 tenants Adliquidation of trusts to the trust department of the bank was asked of the court by the
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TO REAPPRAISE CLOSED BANK Hartford, Conn., Dec. 17-(UP)Assistant attorney general Charles E. McLaughlin today applied to the superior court for authority to make a reappraisal of ? the condition of the closed City Bank & Trust Co., of Hartford. The move, it was understood, was made to correct of $2,000,000 in the institution's assets. The bank failed Jan. 2, 1932 and the receivership recently was taken over by the state banking department, replacing attorney Howard W. Alcorn.
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ASSETS SHRINK IN CLOSED BANKS Fourteen of Them Re= ported By Bank Receiv= er; Dividends Came / Hartford, Conn., April 21-(UP) -An approximate shrinkage of $9,500,000 in the assets of 14 closed banks was reported today by the state banking commission, a part of which probably will be borne by depositors with claims ranging from 15 to 80 per cent. Since the closings in various parts of the state, resulting from the bank moratorium of 1933, assets were estimated to have fallen off from 31 to 21 million dollars. However, dividends declared under private receivership scaled from 20 to 80 per cent on savings accounts and from 15 to 50 per cent on commercial deposits. Took Over Them All The state bank department, by authority of the last session of the legislature, took over all receiverships last June and no additional dividends have since been granted. However, officials of the department indicated that when conditions warranted, the superior court would be petitioned for permission to reimburse both commersavings depositors in proto the portion cial and amount of liquidation. An improvement of nearly $1,000,000 in the condition of all of the banks was noted by commissioner Walter Perry in his report I to superior court late yesterday. Principal losses, thus far, have bene in the securities and mortgage fields. Banks Involved I The banks involved are the American Bank & Trust Co. and Commercial Bank & Trust Co., Bridgeport; Citizens Bank & Trust Co. and Broadway Bank & Trust Co., New Haven; Hamden Bank & Trust 1 Co.; Manchester Bank & Trust So.; 1 West Haven Bank & Trurst Co.; 1 Naugatuck Bank & Trust Co.; 1 Pawcatuck Bank & Trust Co., Stonington; Merchants Trust Co., Waterbury; Commercial Trust Co., New Britain; Unionville Bank & Trust Co.; Windsor Locks Trust & Safe Deposit Co.; City Bank & 8 Trust Co., Hartford.
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Merchants Trust Co. To Pay New Dividend Another Five Per Cent Is Coming on September 15; Five Closed Banks in State Will Pay Sum of $1,093,288 in Dividends Depositors of the Merchants Trust Comuany will receive another five per cent dividend on SeptemEND OF SETTLERS ber 15, it was learned today, as Bank Commissioner Walter Perry, receiver, made plans for the distriVILLAGE IS NEAR bution of $1,093,228 to depositors of five closed banks in this state. Declaration of the dividend will necessarily depend of course upon Fate Will Probably Reach the ratification by the courts. For the new dividened to Merchants Final Decision Tonight Trust depositors. cash of $116,000 has been made available. To the at Meeting present time depositors of the com merical department received 55 per cent, and depositors of the The fate of Settlers' Village, and savings department, 45 per cent. its treasury, will be decided tonight 75,000 Checks Issued at a meeting of the members of the Commissioner Perry has ordered village corporation. Members said more than 75,000 checks to make the today they did not know what acpayments throughout the five banks. tion would be taken on the future Plans for the closed banks other of the village. than the Merchants Trust include: It is believed that the village's Payment of a three per cent divifunds. amounting to more than dend in the savings department and $3,000, will be divided among the a five per cent dividend in the comracial organizations hich cooperated mercial department of the City Bank in erecting and maintaining the & Trust Company. of Hartford, on village. According to this plan November 15. Cash required for this some eight or nine societies and payment will total $653,532. The clubs would share whatever money savings department has received is in the village's treasury. dividends totaling 66 per cent and the commercial department 80 per Probably Last Meeting cent. it was announced. Tonight's meeting. probably the last. will be presided over by (Continued on Page 4) Thomas P. Kelly, president of the