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ASKS RECEIVER FOR BANK NEWARK, N. J., August 8 (/P).-Edward M. Waldron, a stockholder, filed a bill in Federal Court today seeking appointment of a receiver in equity for the Port Newark National Bank. Waldron claimed the deposits of the institution had dropped since December from $962,0000 to $600,000. He also alleged that the bank violated the national banking act by allowing its obligations to exceed 10 per cent of its unimpaired paid-in capital and surplus.
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ASKS BANK RECEIVER. Newark N.J., Aug. 8.-(A. P.)Edward M. Waldron. stockholder. filed a bill in federal court today seeking appoints of receiver in equity for the Port Newark national bank Waldron claimed the desposits of the institution had dropped since December from $962,000 to $600,000. He also alleged that the bank violat the national banking act by allowing its obligations to exceed 10 per cent of its unimpaired paid in capital and
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PORT NEWARK NATIONAL BANK RECEIVERS NAMED NEWARK. N J. Aug 11 (A. P.)The National Bank closed today and was tentatively placed in the hands of two receivers by Federal Judge Runyon. The action removed control of the bank's affairs from the comptroller of currency. who gave the Federal jurisdiction. Final action will be tomorrow. receivers was sought Edward M. Waldron, stockholder. who alleged "gross mismanagement and fraud" on the part of bank officials and a possibility of of $200,000.
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Would Delay Bank Receiver for the Port Newark National Bank of Newark, petitioned Circuit Court of Appeals today prevent was appointed by the Fed. Court New from liquidating the bank' revoke his appointment. The petithat the management the bank's turned the Comptroller the Currency. who charge before Ackerman 13 by Judge William N. Runyon of NewBecause Ackerman has completed arrangements the bank liquidation by proposing sell Sept. Leonard Guiler of Pittsburgh. counsel for presented an emergency Judge Buffington the Court asking that all held the court upon the of Ackerman's appointJudge Buffington promptly Issued
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Would Delay Bank Receiver (P)-Counsel for the Port National Bank of petitioned the Circuit Court of Appeals today to appointed receiver by the Fed. Court of New from eral uidating the bank's revoke his appointment. petition also that the management of the bank's business be turned to the Comptroller the Currency, before Ackerman who charge 13 by Judge was William N. Runyon of New. ark. Because Ackerman has completed for bank's liquidation by sell public Sept. Leonard GuiPittsburgh. special counsel for presented emergency the Joseph Buffington petition Judge Appeals asking that the Court of all be held in abeyance until the higher court of Ackerman's appointthe legality promptly issued Judge Buffington
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# Jersey Bank Row Up on October 13 PHILADELPHIA, Sept. 11 (I.N.S.).—The dispute between the United States Comptroller of the Currency and the receiver appointed by the Federal District Court in Newark, N. J., for the Port Newark National Bank, will be heard by the United States Circuit Court of Appeals here on October 13, it was announced.
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COURT REVOKES APPOINTMENT OF NEWARK BANK RECEIVER PHILADELPHIA-The United States Circuit Court of Appeals here today revoked appointment of Theodore Ackerson as stockholders of the Port Newark National Bank at Newark N. and ordered control of the bank to the Comptroller of Currency, was at the time Ackerson was appointed by the Federal Court of New Jersey last August. The Appellate Court ruled that once the controller has appointed his the Federal Court has no jurisdiction over the bank.
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Important Decision In Bankrupt Cases Handed Down Today Decision Today Revokes Appointment Of Equity Receiver By District Court Comptroller Of Currency Given More Power By Court Ruling (International News Service) PHILADELPHIA, Oct. 29.-Control of the comptreller of the currency over bankrupt national banks was increased by 2 decision of farreaching importance handed down in the U. S. Circuit Court of Appeals here today. The decision revokes the appointment of an equity receiver by the U. S. District Court of New Jersey for the affairs of the Port Newark National Bank. of Newark. and orders control of the bank returned to the comptroller. whose receiver was ousted to make way for the court receiver. Cannot Be Removed. The decision besides ousting the receiver appointed by the federal district court also promulgates a highly important legal dictum that once a receiver has been appointed by the comptroller for an insolvent bank, he is to remain in absolute control and cannot be removed by a federal court and replaced with an equity receiver. The ruling was written by Senior Judge Joseph Buffington and concurred in by Judges Victor M. Wooley and J. Warren Davis. The ultimate effect of the decision. it was pointed out in legal circles here, will be to safeguard embarrassed banks against disastrous runs by depositors between the time a bill in equity received is filed and an appointment made by the court, an event. Judge Buffington says, which might have happened to the Port Newark bank. had not the control- ler put an examiner in charge as receiver. Edward W. Waldron, a stockholder of the bank. filed a bill for a recelver on August 7, last but Judge Runyon at Newark did not appoint Theodore Ackerson, a bank, as receiver until six days later. On the day Walron filed his suit the comptroller put F. Raymond Peterson, in charge as receiver. Ackerson now is ordered to withdraw from the bank and to render a full account of his receivership to Peterson.
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May Run Port Newark Bank For Creditors Merchants Trust Offers $700,000 for Defunct Institution NEWARK, Aug. 13 (P).-Representatives of the Port Newark National bank, of the comptroller of the currency and of a stockholder who sought appointment of a receiver today agreed to either sell the institution, which was closed Friday, or to operate it to collect funds due and outstanding. Decision on which course to pursue will be made in few days. The agreemnt was reached at confer ence with Judge William N. Runyon of the United States district court, who today appointed Theodore Ackerson, president of the Franklin Washington Trust company, receiver. Counsel present indicated the bank's depositors would receive all of their money by the middle of September. tentative offer to purchase the institution for $700,000 has been
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May Run Port Newark Bank For Creditors Merchants Trust Offers $700,000 for Defunct Institution NEWARK, Aug. 13 (P).-Representatives of the Port Newark National bank, of the comptroller of the currency and of a stockholder who sought appointment of a receiver today agreed to either sell the institution, which was closed Friday, or to operate it to collect funds due and outstanding. Decision on which course to pursue will be made in few days. The agreemnt was reached at confer ence with Judge William N. Runyon of the United States district court, who today appointed Theodore Ackerson, president of the Franklin Washington Trust company, receiver. Counsel present indicated the bank's depositors would receive all of their money by the middle of September. tentative offer to purchase the institution for $700,000 has been
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For Bank Receiver Aug. M. Newark contractor sought appointment of ceiver for the Port Newark National bank, today said he would confer his counsel the advisability withdrawing his suit. The bank closed yesterday national banking officials and Peterson, examiner, placed charge. Waldron's inclination drop suit came after he tolo that authority the examiner would exceed that receiver In filing federal dron alleged fraud" part bank's officials, possibility considerable financial Waldron he believed "everything would come right" before the banking when their Julius Rippel, of the board directors of the and Trust has offered take over the bank.
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May Run Port Newark Bank For Creditors Merchants Trust Offers $700,000 for Defunct Institution NEWARK, Aug. 13 (P).-Representatives of the Port Newark National bank, of the comptroller of the currency and of a stockholder who sought appointment of a receiver today agreed to either sell the institution, which was closed Friday, or to operate it to collect funds due and outstanding. Decision on which course to pursue will be made in few days. The agreemnt was reached at confer ence with Judge William N. Runyon, of the United States district court, who today appointed Theodore Ackerson, president of the Franklin Washington Trust company, receiver. Counsel present indicated the bank's depositors would receive all of their money by the middle of September. tentative offer to purchase the institution for $700,000 has been
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REVIVED BANKS TO YIELD STATE CASH Jersey Income Jumps As They're ReOrganized. Press) Trenton. and re-openings banks closed in New Jersey the past year releasing state the now need adequate revenues for Records the Treasurer's office has been repaid and added to the state's curtailed income largest deposit affected by held the Peoples' National Bank and Trust Company, consolidated the Elizabeth Company Re$330,000 made the balance available. $10,000 of deposits totaling six banks been repaid and The ed banks the Freehold Trust Company, the First National Trust Merchantville, the Merchantville Trust Company, the First National Bank of Ocean City, and the Port Newark National Bank In fifteen closed banks. however which been released. Jersey Na. these banks tional Bank and Trust Newark. recently, with deposit