1406. Riverside Trust Company (Hartford, CT)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust
Start Date: July 1, 1930*
Location: Hartford, Connecticut (41.764, -72.685)

Metadata

Model: gpt-5-mini
Short Digest: 92dbdc495be36e7a

Response Measures

None

Description

Newspaper articles from Dec 23, 1930 report runs on Riverside Trust Company (runs in progress since July) and its suspension by Bank Commissioner Lester E. Shippee on 1930-12-23. Commissioner stated Riverside was unquestionably solvent and hoped suspension would be temporary. A Sept 26, 1931 article mentions the Riverside Bank to reopen next week, indicating it later resumed operations. Cause of initial runs appears tied to distress at related/local banks (Pallotti, Andretta & Co. and prior private bank failures) rather than a pure misinformation event.

Events (3)

1. July 1, 1930* Run

Cause: Local Banks
Cause Details: Withdrawals began in July and intensified due to panic related to the failure/distress of Pallotti, Andretta & Co. and prior private bank closures; depositors feared connections and withdrew funds.
Measures: None recorded specifically as response to run prior to suspension besides attempts by bank/affiliated family to sustain operations; later suspension by state commissioner to protect depositors.
Newspaper Excerpt: runs on both institutions which have been in progress since last July
Source: newspapers

2. December 23, 1930 Suspension

Cause: Government Action
Cause Details: Bank Commissioner Lester E. Shippee suspended the bank as a precautionary/protective measure after prolonged runs; commissioner said Riverside was 'unquestionably solvent' but suspension was necessary to protect depositors and bank capital.
Newspaper Excerpt: Riverside Trust Company ... were suspended today by Bank Commissioner Lester E. Shippee, following runs on both institutions
Source: newspapers

3. September 26, 1931 Reopening

Newspaper Excerpt: Riverside Bank to Reopen next week ... the board determined upon guarantees the open doors the first ... to reopen week bring in Hartford public confidence Riverside Trust company, been closed end last December the Andretta the Riverside. still in
Source: newspapers

Newspaper Articles (18)

1. December 23, 1930 The Republican Springfield, MA

Article from The Republican, December 23, 1930

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HARTFORD BANKS Continued From Page One the had capital stock that by state The statement, issued Heavy Run Blamed "The Riverside Trust company's the heavy past more than been withdrawn. This equal cent This certed followed long period decreased deposits forced of quick weakthe The year, been in of "Every effort has been made withstand and considerable rendered by the banks Hartford, became bank this We are, the opinion solvent, and that creditors fully protected. hoped suspension be temporary private bank PalAndretta Mr Shippe Deposits Shrink "This firm is pended result close affiliations the Riverside Trust combeing the largest This bank during last months, which has present difficulties that has the quick part bank's assets. The bank hoped will sustain no privately Commishis department make liquidation assets" Trust company In effort situation family, the has put its those bank. large estate Avon, the Hartford, and great real estate holdConnecticut outstate and vast of cash The on the banks traced closing here the Esopo private bank last depositors foreign birth. when bank shut, foreign panic out other institutions to hoard

2. December 23, 1930 Springfield Evening Union Springfield, MA

Article from Springfield Evening Union, December 23, 1930

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Two Hartford Banks Suspended Riverside Trust and Pallotti, Andretta & Co., Have Runs. HARTFORD. Dec. 23-(AP) Hartford banks, the *Riverside Trust Company and Pallotti, Andretta Co., were suspended today by Bank Commissioner Lested E. Shippee, runs on both institutions lowing which have been in progress since last July. notices posted the doors of the banks before m. and found the doors today closed at that hour Pollotti, Andretta Co., own control of the Riverside Trust Company Commissioner Shippee said the Riverside Trust Company unquesthe assets of tionably Pallotti, Andretta Co. what frozen but it is likely that the depositors may be adequately protected." The state manual for 1980 gave the capital of the Riverside Trust Com pany. incorporated in 1907, as $400.surplus undivided profits $244,229.6 savings deposits $648,805 and commercial deposits The Haven branch of Pallotti, Andretta & Co. was at noon by order of Commissioner Shippee. This action taken as precautionary measure against very heavy run of they had heard the Commissioner's Action at the Hartford office.

3. December 23, 1930 Baker City Herald Baker City, OR

Article from Baker City Herald, December 23, 1930

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Miami, Florida Closes Following Run Fla., Dec. City Bank of Miami Beach, which Practices underwent heavy run yesterday following the closing of the City National Bank in Miami, did not BOISE Dec. open this morning. General Gillis today ordered vice president and the Mutual Creamery company said the bank closed at the Salt Lake City to show why cause order of state bank examiners charter operate in Idaho protect its assets. should not be revoked on charge Hartford Banks Close HARTFORD, Conn. Dec. Two Hartford banks. the Riverside Trust company and Andretta & company, were suspendtoday Bank Commissioner Lester following runs on both institutions

4. December 23, 1930 The Times Trenton, NJ

Article from The Times, December 23, 1930

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TWO BANKS CLOSED AFTER RUNS Press) HARTFORD Conn., Dec Hartford banks, the Riverside Trust Company, and Pallotti Andretta Company, were suspended today by Bank Lester E. Shippee, following runs on both Pallotti & Company have control of the Riverside Trust ComThe State Manuel for 1930 gave the capital of the Riverside Trust Company, incorporated in 1907 as $400,000 surplus $600,000. undivided profits 229 savings deposits $643,805 23. and commercial deposits, $3,-

5. December 23, 1930 The Dispatch Moline, IL

Article from The Dispatch, December 23, 1930

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BANK MIAMI HAS NOT OPENED TODAY By Miami, Dec. City Bank Miami Beach, which went heavy yesterday following the closing the City National bank in Miami, did not open this Clements, vice president and said the bank closed at the order state bank examiners to its The capital stock of bank had surplus $50,000 and deposits of $600,000 at the last call. Conn., Dec. Two Hartford the Riverside Trust and Pallotti, Andretta company were suspended today by company, Bank Lester Shipfollowing runs on both institutions which have been in progress since last July. Pallotti, Andretta and company control of the Riverside Trust The state manual for 1930 the Riverside Trust the capital surplus 000, profits deposits and commercial ing deposits

6. December 23, 1930 Springfield Leader and Press Springfield, MO

Article from Springfield Leader and Press, December 23, 1930

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CLOSE HARTFORD BANKS HARTFORD, Conn., Dec. 23 Two Hartford banks, the Riverside Trust company and Pallotti Andretto and company, were suspended today by Bank Commissioner Lester E. Shippe, following runs on both institutions which have been in progress since last July. Operating automatically when the surrounding temperature rises dangerously, a fire alarm has been invented that can be placed at any point in a room, as it requires no wires.

7. December 23, 1930 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article from Pittsburgh Sun-Telegraph, December 23, 1930

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PHILA. BANK VISITS HOOVER, FLAYS NORRIS placed before President Hoover but he has said nothing Meanwhile the Republican independent group in the Senate for serious diswas preparing Norris himself is. pute. statement last night desued and today Senanouncing tor Brookhart. Republican indeof issued statement which said: "Secretary Mellon has no right to set up a Republican committee with money to over. ride any Republican Senator who listens to the voice of the people. "Robert H. Lucas says there a cancer in the Republican party and that it must be cut out. He is right. But he does not recognize the cancerous part. The personal head of this cancerous growth is Andrew W. Mellon. "Robert H. Lucas is only little wart under the toenail of this big personal- USED G. O. FUNDS The Senate Campaigns Funds Committee. which Lucas had financed some antiNorris campaigning in Nebraska. yesterday found Lucas had used funds of the Republican National Committee in securing the loans he made from bank here to pay the anti-Norris propaganda Stunned by the furore of the sudden controversy. the Senate Republican leadership is watching silently Senate Republicans insist the issue of Norris right to party recognition is not up them and they are watching the attitude of the President and the national committee toward Lucas The Kentuckian still has his job and. therefore. apparently the support of the party On reaching the capitol. Representative also heads the Appropriations Committeesaid he had President Hoover: "It is the duty of every Republican to stand behind Mr. Lucas. Although all might not agree with the way Mr Lucas did things am sure every real Republican agrees with his idea. Wood later declared "It is time for the Republicans to speak out in meeting and rid themselves of people like Norris. He is nothing but wolf in sheep's clothing. Why. would lot rather have to deal with Democrat in the Senate, than pusedo Republican like the Nebraskan.' and stockholders having claims of more than $2,000,000 against the closed Bankers Trust Company and its 19 branch offices were assured to. day the bank is solvent and that they will receive 100 cents on the Plans already are under way for the reorganization and the early re-opening of the huge institution according to Samuel H. Barker president of the 000 concern. MIAMI Fla., Dec. The City Bank of Miami Beach which underwent heavy run yesterday following the closing of the City National Bank in Miami. did not open this morning. HARTFORD Conn. Dec. Hartford banks. the Riverside Trust and Pallotti Andretta & Co., were pended today by Bank Commissioner Lester Shippee. followon both institutions ing runs which have been in progress since last July. BESSEMER Ala. Dec City National Bank the Bessemer Trust and Savand ings Bank failed to open today. Officials said they were "acting for the best interests of depositors.

8. December 23, 1930 The Berkshire Eagle Pittsfield, MA

Article from The Berkshire Eagle, December 23, 1930

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OFFICIAL CLOSES DOORS OF TWO HARTFORD BANKS HARTFORD, Conn., Dec. 23. (/P) Hartford banks, the Riverside Trust company, and Pallotti, Andretta & Company, were suspended today by Bank Commissioner Lester E. Shippee, following runs on both institutions which been in progress since last July notices were posted the doors of the banks before m., today and found the closed at that hour. Pallotti, Andretta Company, own control of the Riverside Trust company Commissioner Shippee said the Riverside Trust company "is questionably solvent," while the assets of Pallotti, Andretta Company frozen, but it likely that the depositors protected. The state manual for 1930 gave the capital of the Trust in 1907, $400,000, surplus $600,000 undivided profits $244,229.61, savings deposits $643,805.23. and Commercial deposits $3,185,455.10.

9. December 23, 1930 The Journal Meriden, CT

Article from The Journal, December 23, 1930

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HARTFORD Riverside Trust Co. and Pallotti, Andretta & Co. CALLED SOLVENT of Depositors Traced to April Hartford, Dec. 23. Hartford banks, the Riverside Trust company, and Pallotti, Andretta and were suspended today Lester Shippee following runs both institutions which been in progress since July. Suspension notices posted on the doors the banks beo'clock this morning and tomers found the doors closed hour. Pallotti, Andretta and company control of the Riverside Trust company. Shippee announced the Riverside Trust solvent,' while the Pallotti, Andretta and somewhat but likely the depositors may adequately runs both banks became last Many Italian Depositors. Several hundred persons passing Pearl street, stopped read the susnotice posted in the window the Riverside Trust company. Most the people interested Italians who had money deposited there Anxious men women waited the doors for permission go into the bank and take out their securities and other valuables deposited vaults. Two policemen were stationed inside the bank to keep order of an Those who had in the safe deposit vaults were to take them out. Men women to seen this folios and velopes filled contents of vaults rented by had sums of them ready for deposit. The on the Hartford banks believed to have indirectly due the failure D'Esopo and company, private April. Panicky depositors said to have feared that Pallotti, Andretta and company might not be in sound dition knowing that owned controlling in the Riverside, depositors of the latter bank withdraw their money. This action is reported have affected Riverside and then Pallotti. Andretta company. until both to closed protect the interof depositors. Bank Commissioner Shippee anBounced that he would effort to avoid liquidation the RiverTrust company. This has $5,300,000. Its capital $400,000, surplus deposits and savings depos$1,084,000. The total assets Pallotti, Andretta and company are capital, $250,000; surplus, $300,000: deposits. $204,000, and savings deposits, $2,191,00. Branch Bank Closed. New Haven, Dec. The Pallotti, Andretta company, bankers in lower Chapel street, closed noon today order State Bank Commissioner Shippee. This action was taken because the closing the main fice of the company at Hartford. also done precautionary measure against very heavy run depositors they had heard the commissioner's action at the Hartford office. Prior to the noon hour Chief Philip officers vicinity the bank. The closing, however, was without incident.

10. December 23, 1930 The Daily Item Port Chester, NY

Article from The Daily Item, December 23, 1930

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State Closes Hartford Bank After Heavy HARTFORD Dec. 23 Banking Lester Shippee Riverside Trust this city after approximately 000 had been withdrawn the past week Shippee said the bank was fectly solvent," but that suspension necessary protect bank capitalized and had deposits of about $3,000,000.

11. December 23, 1930 The Richmond News Leader Richmond, VA

Article from The Richmond News Leader, December 23, 1930

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Bank Fails to Open Run City Bank of Miami Beach, which underwent heavy run yesterday following the the City National Bank in Miami, did not open this Clements, president and L. cashier, said the bank closed at the order of bank protect its assets. Conn., Dec. Hartford banks, the Riverside Trust Company, and Pallotti Andretta and were today by Bank Lester E. Shippee, runs on both Institutions progress since last July The National and The City Trust and Savings Bank failed to open today officials issued they "acting for the best interests of de-

12. December 23, 1930 The Sentinel Winston-Salem, NC

Article from The Sentinel, December 23, 1930

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VA. BANK CLOSES; ONE IN CONN. AND IN FLA. SUSPEND The State vision of Insurance and day announced that the Peoples Bank of Gretna. Va., had suspended An examiner from the State Division was sent to take charge. The bank was spitalized at $50, 000 and had deposits of $474,000. O. L. Ramsey was president Fla. City Bank Miami run following the closing of the City National Bank in Miami, did not open this morning. L. and cashier, the closed in order to The had capital stock of $100,000. surplus of $50,000 and posits of $600,000 at the last Conn. Hartford Riverside Trust Company, and Pallotti Andretta and Bank Lester E. Ship following runs on both institu tions been in progress since last The manual 1930 gave the capital of the Riverside Trust Incorporated in as 805 and commercial deposits $3.-

13. December 24, 1930 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, December 24, 1930

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THREE BANKS SHUT IN CONNECTICUT BY STATE SUPERVISOR Two at Hartford, One at New Haven Suspended One Termed Solvent, Others Frozen Hartford, Ct., Dec. Hartford banks, the Riverside Trust company, and Pallotti, Andretta New Haven branch of PalAndretta suspended today by Lester E. Shippee, state bank named bank and Pallotti but The closed before this The by against the Hartford institu- "Unquestionably Solvent" Shippee the Riverside Trust which controled by Pallotti, Andreatta The of likely that the may be adequateHartford banks which Runs the began last week today's The failure Co. in April, is believed been for would make effort that the Riverside This bank Trust Its capital deposits savings deposits total assets Pallotti, The Andretta Co capital $204,000 and savings deposits deposits $2,191,000.

14. December 24, 1930 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 24, 1930

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officers and directors as the Pallotti bank in Hartford, but has been managed independently. The local banks were closed before the opening hour this morning. The bank in New Haven was by Shippee noon as precautionary measure against heavy run based on the commissioner's action against the Hartford institution. Commissioner Shippee said the Riverside Trust Company, which controlled by Pallotti, Co, unquesti solvent." The assets of Pallotti, Andretta Co, he said, are frozen, but likely that the depositors may be adequately protected.' Runs on the Hartford banks which began last July became acute last week resulted today's action. Co. private bank lieved to have been responsible for the withdrawals of deposits. Commissioner Shippee announced that he would every effort avoid the Company. $5,300,000. This bank is assets capital $400,000, surplus $600,000. commercial deposits and savings deposits $1,084,000. The Pallotti, Andretta & Co, capital $250,000. surplus $300,000, deposits $204,000 and savings deposits $2,191,000.

15. December 24, 1930 Tulsa World Tulsa, OK

Article from Tulsa World, December 24, 1930

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YORK BANK FAILS OPEN ITS DOORS Eight Institutions Closed After Runs, to Save Small Depositors NEW state superintendent of banks, The today took posJoseph of the Chelsea Bank and session Trust Main at Fourth Last shopping day before Christmas! patronized actors and largely the theatrical business It others in apitalized has was of approximately deposits total resources of closing of the bank followed The on the institution which last and continued veloped this Chelsea Bank and Trust company The was founded in 1203 and offices. has When seven notice of Mr. Broderick's action was posted, 300 depositors branch in the Bronx tried to the doors. Santa recommends for cold days storm They swept aside a guard of dozen policemen momentarily. but the latter drew revolvera and drove Children's Zipper Suits crowd back. plate glass the in the bank entrance panel shattered. Several persons in the group were roughly handled. low priced RICHMOND, Va., Dec. 23 (A. for gifts state division of and banking today announced the Peoples Bank of Gretna, Fa., had suspended business. The Mothers of very young was capitalized $50,000 bank morning! tots, to 6 years old, will had deposits of Ramsey was president. appreciate one of these sturdy, warm suede suits. WASHINGTON, Ga., Dec. 23 (A. notice on the door of the They're especially good National Bank of Wilkes county for play because they fastoday said the institution had closed pending a meeting of ten so securely. board of directors. The bank capitalized at $50,000 and asThree piece set, leggings, A marvelous selection of sets were reported at $400,000. blouse and helmet. with HARTFORD, Conn., Dec. 23 (A. knit waistband and cuffs on blouse. Riverside Trust company and PalAndretta were Tan Red pended today by Bank Commissioner Lester E. Shippee, following Green Navy runs on both institutions which been in progress since last Copen Pallotti, Andretta & Co. own control of the Riverside Trust company. The state manual for 1930 the capital of the Riverside Trust company as $400,000. surplus $600,000. undivided profits $244.229. savings deposits $643,805. and commercial deposits $3,185,455.10. BESSEMER. Ala., Dec. 23 (A. City National bank and Bessemer Trust and Savings bank failed to open today. Officials they were "acting for the best interests of depositors. The City bank of Miami Beach, underwent heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. Clements, vice president and cashier. said the bank closed at the order of state bank examiners to protect assets. The bank had stock of $100,000. and deposits of $600,000 at the Madeira embroidery, Italian cut work and burano inserts. choose herself! that started on the Were Now Were Now company yesterday after Well made, with plain 8 sets $15.50 announcement that the Bankers' Trust company had voluntarily edges. 26 8.95 7.17 40 15.95 12.76 sets closed its doors to conserve its as9.95 7.96 16.95 13.56 sets, began to subside today. Suntan Bisque Council of Ministers today proved proopsal prolonging the privilege of issuing currency by the of Italy until December 31. PHILADELPHIA, Dec. 23 (A. The private bank of M. Blitzsteen and company, Fourth Lombard streets, closed its doors account of heavy bank was established in 1888. Its deposits are estimated in of mostly by merchants in the neighborIt operates under exemption the private banking act of 1911 and therefore is under no or other governmental super-

16. March 19, 1931 The Douglas Enterprise Douglas, NE

Article from The Douglas Enterprise, March 19, 1931

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Bank Fails to Open Run City Bank of Miami Beach, which underwent heavy run yesterday following the the City National Bank in Miami, did not open this Clements, president and L. cashier, said the bank closed at the order of bank protect its assets. Conn., Dec. Hartford banks, the Riverside Trust Company, and Pallotti Andretta and were today by Bank Lester E. Shippee, runs on both Institutions progress since last July The National and The City Trust and Savings Bank failed to open today officials issued they "acting for the best interests of de-

17. September 26, 1931 The Republican Springfield, MA

Article from The Republican, September 26, 1931

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Hartford Wants New Water Supply to Cost Over $8,000,000 To Care For Needs Until 1970 Metropolitan District Will Ask Voters to Authorize Bond Issue For Construction of Big Dam On Farmington River at Barkhamsted (Special to The Dally News) Hartford, district plans for supply intended There probably Hartford and the four subburban towns the $8,600,000 is authorized for such program. Much the supply developon the the would be 126 feet high at its the crest and with the 900 The reserbehind the would be eight long. would high acres capacity conduit miles long about 54 in. would the water the Nepaug Other projects would be involved in the program, among these being the city cost During the from daily water pressure in Hartin heavy draught. would ford due more expensive lay line that the plan This use filled night there water day supply would supplement that from the water of the district The the system for the population using The which about 250,expected 1970 the system will Britain towns to the serving north New High School Wanted water project not the for fall election as the Hartford education asking high The new of and the be and an to whether can before propriation voters for strong demand for economy in the municipal This due to the the would the fourth high present city started within few months the school would be One on ule fall the enrolment The high school the of population about Work Costly regards poor. Hartford store food the success Mayor and the feel the city about Foodstuffs for the the the place the city and the board finance groans month hands he money And costing the city more than month of relief other than All this outlay the month from state as money spent paupers state charges. This the largest paid by state any town. are aliens cannot citizens. Plenty quired on these most cases such were born Hartford and therefore are entitled to receive citypaid Hartford City Polities The campaign mayoralty field and the licans apparently for nominee. Both the William RanDavid Wilson are holding rallies and organization meet- did ings night spirited vass is under no sure Mr Rankin and Mr Wilson, postmaster, nominee the last former the backing Spellacy, former Demothe by his law On the Republican side, where the going none. there candidacy About men gested the place. crats are the and that the spring the some outstanding nently mentioned Byrne, banker The big objection Mr Byrne, by the the fact that he has lived in Hart. he on list He Katharine nam. the an Riverside Bank to Reopen week bring in Hartford public dence Trust closed for endnew board slate determined upon. and guarantees the open doors the the Harry Allen, has of board Bank the to Trust, the bank last December the the Andretta the Riverside. still in Trolly Lines Passing number trolly these days. Busses lines the in Stamford most the Meriden and Southington cut and WilliWethersfield Bloommantic, that will field. before not be years largest cities state, the will only places Connecticut with trollies

18. September 26, 1931 The Republican Springfield, MA

Article from The Republican, September 26, 1931

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Hartford Wants New Water Supply to Cost Over $8,000,000 To Care For Needs Until 1970 Metropolitan District Will Ask Voters to Authorize Bond Issue For Construction of Big Dam On Farmington River at Barkhamsted &Special to The Daily News) Hartford, Sept. Hartford metropolitan district making plans supply intended to 1970. probably Hartford and four is authorized for such program. the water supply would branch the river in be 126 feet the thickness feet. The behind eight high acres holding capacity of 23,conduit eight miles diameter would the water the present Nepaug Other projects would in the gram, the limits, This latter would means of water presin During the period from m. daily water pressure in Hartheavy draught. would pipe the that use This would be filled night when there light water in the time supply would supplement that from the The water bureau of the district system the needs of gallons per The present the district water is about expected that 1970 the will Britain and to the north the New High School Wanted may not the for the the the Hartford education asking new high The must gauntlet of board finance and the board before the up and an as to be voters fall for strong demand for in the since deficit This due the the city's new school the New tract would the fourth present are within the filled One school now on double second will go on such ule next the present enrolment school population is growing at the of about Work Costly &s poor, Hartford continuing store for of food the success plan. Mayor the welfare feel the store to save about Foodstuffs for the the place the month and the board of finance groans each month hands the money is costing the more than $40,000 month other than All outlay is addition the month in from for paupers state charges. the paid the state town. Most those aided are aliens cannot thereby claim be Hartford citizens. Plenty of bookkeeping is most cases such people have children were born Hartford and who therefore entitled to receive city- paid Hartford City Polities The Hartford campaign with field and licans apparently hunting for Both the William Rankin and David Wilson forces holding rallies organization meetnight and spirited canway which Mr Rankin and Mr Wilson, former the state former the backing Spellacy, Demothe by his law LonOn the Republican side, where the there About dozen been gested the place. Some Democrats of the opinion the nomreally that the time, the nently mentioned has Byrne, banker state banking The big objection Mr Byrne, the the fact while the list brothof Katharine PutRepublican central Riverside Bank to Reopen Next week will bring Hartford an tempting restore public confidence Riverside Trust company, been closed ended board of has determined deposits have been bank open its doors the first Harry A. Allen, has the City Bank the Riv Trust, closed bank December. The Pallotthe which closed the same time and in which the about family dominant Andretta interest well in the Riverside, in Trolly Lines Passing Connecticut newspapers writing number on these days. Busses most Stamford Meriden after Sunday and the Connecticut company is seeking discontinue service Norwich Willimantic, in field. that state, Waterbury, will be the only places in Connecticut with trollies.