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PELHAM NATIONAL STILL HAMPERED PELHAM. March 20 -Opening of Pelham National Bank for regular business, which had been expected today, will be delayed, probably for two or three days, according to Clyde F. Brown, president. In the meantime. he said, the bank will continue its limited business which has obtained for the last week. He said he is in close touch with
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MADE BANK RECEIVER Washington, D. C., July 22 (U.P.). -Warner Pyne has been appointed receiver for the Pelham, N. Y., National Bank. Liquidation of the bank's affairs will go ahead under his direction.
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MADE BANK RECEIVER Washington, D. C., July 22 (U.P.). Warner Pyne has been appointed receiver for the Pelham, N. Y., National Bank. Liquidation of the bank's affairs will go ahead under his direction.
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PELHAM BANK RECEIVER July Pyne, Manhattan lawyer, been appointed receiver the Pelham National Bank, closed the last months. by the Comptroller of Currency Washington Mr Pyne, the chairman of the Pelham Democratic Town Committee, accept the appointment. He had general banking experience
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WILSON PLEDGES AID TO PELHAM BANK'S RECEIVER Depositors' Committee Pleased With Appointment of Warner Pyne PELHAM with the appointment Warner Pyne National Bank, the Depositors' Committee Seven, by Dudley today issued statement pledging cooperation Mr. Pyne. The set forth sentiment the committee regarding the definite turn in the situation expressed favor for the estab lishing "sound bank sponsored by such men would have the confidence of the people. The reads: "The Depositors' Committee wishes to assure constituent that feels real victory has won for the depositors the pointment of He man of the highest integrity believe his ity make him exceptionally qualified for the position. Regret Necessity 'No regrets more than do, the necessity of having ceiver appointed. Had we been from very firs interview we had with the repre sentatives the Banking Depart ment that any thought reorgan ization because condition which found had long would turned our entire energy toward effecting reorganization, than urging that the affairs of bank be immediately placed and hands. "Knowing that delay coul mean only dwindling the mei pittance left to divide amon thousand depositors, greater opportunity for possibly sponsible individuals escape lia bility, was the sacred duty committee try to block all effort to effect further delay and to has all attempts see that the ends of justice are met. "Unprejudiced Mind" "While confident Pyne his duties with unprejudiced mind, without would lead him his positior favor individual interests not compatible honor and jus equally sure he not be governed by any prajudice that might cause unde served hardship injury "Since that has always been the policy of the this Com mittee, especially gratified his appointment. Pyne accepted the of the committee to assist him way that can and shall devote all time and effort pos that regard. Would Alu New Bank some trust worthy citizen establish sound bank here meet the needs of the community this Committee would be glad that accom plished would offer such assist able to no plans being formulated to that end, but believe new bank should be established here, sponsored such men would have the confidence of the people.
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CHANGE COUNTER BEGUN BY CLUB Pelham Lions Act to Provide Facilities While Bank Remains Closed PELHAM Sept. 12. Work in the establishing of Pelham Lions Club Change Booth for the benefit of local merchants while the Pel ham National Bank remains closed. was started yesterday James T. Bollettieri. Lions Club member in charge of the movement signed up five merchants in the process of securing 30 or more underwriters of the plan, necessary for success. Each of the 30 merchants will contribute $10 to create change fund to be available at the Pelham National Bank Receiver Warner Pyne has consented to the use of bank facilities. Willard N. Young, teller at the bank. will administer the change-making operations for the convenience of merchants At present because of the fact that the bank ot open for regular business local business men find it necessary to go to banks in Mount Vernon or New Rochelle for change.
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CHANGE COUNTER BEGUN BY CLUB Pelham Lions Act to Provide Facilities While Bank Remains Closed PELHAM, Sept. 12.-Work in the establishing of Pelham Lions Club Change Booth. for the benefit of local merchants while the Pel ham National Bank remains closed. was started yesterday James T. Bollettieri, Lions Club member in charge of the movement signed up five merchants in the process of securing 30 or more underwriters of the plan, necessary for its success. Each of the 30 merchants will contribute $10 to create change fund to be available at the Pelham National Bank Receiver Warner Pyne has consented to the use of bank facilities. Willard N. Young teller at the bank. will administer the operations for the convenience of merchants. At present. because of the fact that the bank 18 'ot open for regular business local business men find it necessary to go to banks in Mount Vernon or New Rochelle for change. STATE HENS PID GOOD JOB By the United Press HARRISBURG PA The 10,122 laying hens kept on state institution chicken lots provided 1,772,834 eggs for inmates of the institutions last year. the Department of Welfare reported. The average production for the year was 175 eggs per bird, as compared with 165 eggs for the previous season.
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ADOPT PLEA PARLEY Allege Present Appointee Is Not Conducting Adequate Prosecution REASONS ARE OUTLINED The Receiver Warner Pyne and attorneys representing him prosecution of John closed Pelham president National Bank. and the prosecuother the sought more than tense meeting Memorial High School last Dudley the Depositors Committee who engaged bitter concently troversy Receiver Pyne over the question of cooperation between Receiver's atttorneys and Committee attorney, presided which wound up with the the adoption of resolution to petithe Comptroller Curtion rency remove Pyne and his torney. Lynch in Case The Receiver represented by firm of Hardy, Stancliffe Hardy, whom former Judge Humphrey Lynch is alligned in the bank revelation that suits have been instituted against all other directhe within the past tors days, came during the meetafter Wilson had launched attack against Pyne and former Judge Lynch, which he contendthe two conducting prosecution. James Cavanaugh attorney and resident the front the auditorium that action had been against all directors, that he representing two the and that sumand complaints had been monses served directors Tuesday night. He appeared two yesterday in Supreme Court White The plaintiff, he said later, ceiver Pyne. who charges gence and his complaints. The total the suits the sought Mr. Cavanaugh Explains Objections scoring ReChairman ceiver Pyne former Judge charged that the latter had interested various ways in been banks the County which three closed. He explained his objections to Pyne's continuing Receiver the grounds that he resident that leader of the Democratic party town. and he declared that banking interests were civie mixed the social life the town. that political paid tribute to Caeser, qualified for citizenship Caeser realm." He told the depositors the Comptroller's office had held rule to appoint bank person the community the bank. the petition drawn night the Comptroller the Currency will be asked adhere that rule, by substituting and attorneys the Receiver place of Receiver Pyne and his torneys. The Committee Chairman spoke for nearly hour, listing reasons why he believed the employment of counsel by Committee He declared that, Receiver Pyne's contentrary tion that building of the John Brook and against arrest had been brought Brook's about by the Receiver and his that Wilson, the solely, Depositors Committee had supplied that led the Brook's pressure He that he had laid berest. said Receiver Pyne, thirteen specifications for action against before Brook was arfew days rested in Pelham. Wilber W. Chambers. member of retained by the Committhe firm his hearers to stick advising the plan independent counsel, his firm does not want to run foot race with Receiver Pyne, that the needs careful but study by counsel working independently the depositors. treasurer of the David Flynn, sub-committee seeking to collect defray the expense of depositors' counsel, said that 250 subthe have been scriptions to fund received.
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Pelham Bank Receiver Sues 11 On Board $750,000 Asked, Directors Accused of Shutting Eyes to President's Violations Special to The Herald Statesman WHITE PLAINS, Dec. 8. Charges that 11 officers and directors of the closed Pelham National bank, including its jailed ex-president, John T. Brook, failed to observe proper, diligent and honest handling of the bank's affairs and permitted violations of the United States banking laws are contained in a 000 suit against them by Warner Pyne, receiver of the bank. The suit was filed in Supreme Court last night. Pyne alleges misadministration of the bank's affairs by Brook, and charges that the other directors and officers knew of his derelictions but took no action. Brook is sued individually for his 'fraudulent transactions' as president and is in the County Jail in default of a $25,000 bond. Wording Of Charges "The defendants the complaint reads in part, "did not diligently or honestly administer the affairs of the said bank, but on the contrary, wrongfully, carelessly, illegally, negligently and at times fraudulently failed, neglected and or refused diligently, honestly or properly to administer its affairs, and knowingly violated and permitted to be violated various provisions of the statutes of the United States. Then follow 35 printed pages in which maladministrat and fraudulent handling of the bank's assets are charged by Humphrey J. Lynch, attorney for Pyne. Charges were made that the bank directors permitted Brook to make loans to himself for stock gambling purposes, and that such gambling totaled $5,000,000 in 1928 and almost $15,000,000 in five years. Lent Funds to Own Firms As far back as Jan. 6, 1930, the complaint says, bank examiners warned the directors that $108,291 was outstanding in loans to persons or corporations in whom Brook had an interest, but nothing was done to get the money back, and there is still due from and his affiliates the sum of $86,466. All this time, it was charged, Brook was bonded for only $5,000. Wrongful loans were made to directors, including Clyde F. Brown, the complaint charges, and worthless loans were to be made bank officers, in violation of the trust imposed on the directors. One of the serious charges against the directors in the complaint is that in 1929 they authorized Brook, chairman of the building committee, to contract with one of his companies, the John T. Brook Company, to build new bank building a cost of not more than $250,000. His company was then paid fee of $25,000 for acting as agent of the bank, received $207 401 for the building and $96,656 for equipment and furnishings. Even though the cost, through Brook's own company, ran more than $50,000 higher that the amount specified, no objection was voiced by the directors, it was charged. The suit is against all the directors and officers of the bank, who include Brook, Loren Thompson, former Congressman Benjamin L. Fairchild, Francis E. Haag, Michael J. Leo, Carroll E. Latimer, Clyde F. Brown, Myron T. Townsend, George W. Lawrence, C. Robert Adams and Henry W. Nuchols.
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Fight Over Hit By Democratic Leader Village's Democratic Committee Chairman Defends Pyne and Administration April Receiver Warner Pyne and his ministration the affairs of the closed Pelham National Bank, John Pritchard, chairman the North Pelham Village Democratic Committee, today deplored the movement depositors in opposition to the receiver. letter The Daily Argus, he expressed intimations that the movement against the who Town Democratic Commitchairman, is politically inspir- The receiver, Pritchard's letter states, has found guilty" being Democrat. The letter reads attendance the meeting depositors committee of the Pelham National Bank which so fully described in The Daily gus of April left with definite feeling of regret that least 200 of the depositors still persist in course which me to be directly contrary to their best interests and to the best interests the depositors. important which these people seem have forgotten entirely that unnecessary law suit initiated them puts burden only their own pocketbooks but adds expense the costs of the receivership and decreases the assets the bank. Are Hunting Themselves "Thus, through foolishly permitting themselves accept policy of suspicion and hostility spect the sworn official ted by the United States Government manage the affairs of the closed bank, they hurting not only themselves but each and ery depositor this bank. "When review the record of the past year very pertinent fact stands bold relief. Warner Pyne's appointment receiver received with wide approval in Pelham and the chairman the Depositors Committee was reportto have joined in this approval. was not until months after this event the time when Mr. Pyne found necessary to disapprove of the attempts of this committee collect large sum money from the depositors that horns began to grow out of Warner head and he became, forsooth, scheming politician gaged sorts secret and mysterious machinations designed to protect the officers the bank and to dissipate the funds of the depositors. the expense of the depositors several attempts have been made to discredit the receiver. But ery such attempt when reached impartial tribunal, whether in Washington New York White Plains, met the same definite setback. "The depositors' committee has always lost its case and Warner Pyne has won. The reason obvious. honest man not to be convicted of wrongdoing merely because decides to ask him tricky questions. The reader of this letter does not become wifebeater even by being forced to answer no to the question Have stopped beating your wife?' Nor any of the attacks made upon Warner Pyne decreased way the full his honesty and ability which all who know him well cannot fail to hold. Gullty of Being Democrat will admit that Mr. Pyne has been tried and found guilty in one respect. He has been found to be Democrat. While being Democrat may have been somewhat of crime the Pelham of long ago is now held to be serious fense by only few. In fact there very many people Pelham today who consider that no crime all. the will of the people of the United States the Democratic Party control the National Government and Democratic officials charge of the various agencies the Government. The depositors committee must accept they like They will best aid themselves and the interests of all depositors by cooperating with the they will, be helpful but they must not expect rect the work nor his policies nor the whom he hires to guard the inter sts. the final analysis the receiver his shoulders the burden trust and he alone will held accountable for his care of the trust. cannot shift his burden to any committee nor escape the duty performing his work to the best of his bility is to his own best intertests to make the welfare the depositors identical with his own welfare and this he is doing and will continue to do. Declared Honest Man true that every depositor realized this fact and forgetting all other considerations decided to help Warner Pyne in his task of recovering for the depositors the maximum obtainable and of bringing anyone and everyone who may be guilty of misusing the bank's funds to the proper tribunal of justice. Warner Pyne an honest man and deserves the confidence of every other honest man. before sign my name this letter, which written on my initiative and an expression of opinion individual citiand without consultation with anyone else, will state that too Democrat chairman the North Pelham Democratic Village Committee. This being said there will be no for anyone else to rush into print with this in- am confident that intelligent readers will consider the thoughts the basis of the merit lack of merit of these thoughts and will make no difference them whether am Democrat or Republican."
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LIKELY PELHAM BANK Committee Backs Suggestion Pyne Call Meeting to Discuss Details PELHAM April move toward between the Committee of Depositors the closed Pelham National Bank and Receiver Pyne was made today by the committee an announcement by Dudley A. Wilson chairman of the committee. he states the committee is in accord with recent suggestions the receiver call meeting of depositors for discussion of the bank situation. Declaring the common end the efforts of all concerned recover the 89 per cent of deposits still owed depositors Wilpoints out that depositors will be happy Mr. Pyne recovthe $750,000' for which he is suing the former directors. The committee chairman said: issue in this bank situation is the successful conclusion of the suit against the directors Winning this suit is the only thing
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PERMITTED TO TRADE BONDS Receiver to Accept HOLC Issues for NEW YORK. May receiver the insolvent Pelham National Bank, thorized yesterday Federal Judge Francis Caffey in United States District Court to accept bonds the Home Loan Corporation exchange for mortgages among the assets of the bank. Pyne through his attorneys. Hardy, Stancliffe and Hardy, petitioned the court for make exchanges. stated that bank number mortgages private homes and that many in default reason failure to pay instalments of principal, interest, water charges. has been customary for bank receivers permission each specific of mort gage for HOLC bond but Mr. Pyne asked that court give him blanket permission for changes. He cited letter from Gibbs Lyon, Deputy Comptroller of Currency, approving such procedorder expense of numerous individual orders. Judge Caffey authorized Mr. Pyne accept bonds subject only the approval of the Comptroller. addition gave permission for the sale of bonds assist in liquidation of the
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PYNE FIGHTS COURT ORDER Pelham Bank Receiver Appeals In Action to Collect Assessment NEW YORK, May order allowing Warner L. Pyne, receiver the insolvent Pelham National for Bank, to appeal from decision by Judge Henry W. Goddard Federal by Federal signed Robert Patterson in Judge United States District Court. The order was signed on presentation Hardy, attorneys for the assignment of errors tended have been made by Goddard. Judge Patterson Judge directed that the matter be ferred to the Circuit Court of peals. Goddard signed an order Judge April 10 directing two motions made in suit brought by against Charles Avenue, Pelham
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DEMOCRATS LOSE COMMITTEE HEAD AS PYNE RESIGNS Closed Bank's Receiver Gives Reason as 'Overburden of Other Work' Warner Pyne. for the past four years chairman of the Pelham Democratic Town Committee. resigned last night. His resignation was accepted with regret by the Committee at a meeting at which Mrs. Alice Sweeney, vice-chairman, presided. Mr Pyne, who is Receiver for the closed Pelham National Bank and also has law practice in New York City, gave as his reason for resigning 'an overburden of other work in his letter addressed to James Connolly, secretary of the committee. Mrs. Sweeney will act as chairman until successor to Mr. Pyne has been chosen after the party primaries in September in accordance with State statutes and party rules. The committee last night designated Mr. Pyne as delegate to the State convention. and designated Mrs. Sweeney as alternate Other designations made were: delegate to judicial convention, James F. Carroll: Solon J. Liebeskind.