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Head of Closed Bank Ends Life With Gun LARCHMONT N. Y., April (AP -Samuel R. Bell, president of the Larchmont National Bank and Trust Company, shot and killed himself today His bank had been closed and in the hands of a conservator since the national bank holiday.
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TREASURY DELAYS RECEIVER ACTION Protests Against Proposal at Larchmont Hold Up Appointment A protest against the appointment of receiver for the closed Larchmont National Bank and Trust Company has indefinitely any such action by the Treasury Department, it was learned Announcement would be named followed the appearance in Washington of Joseph S. Johnston, Larchmont village attorney and counsel for the depositors of the bank. Although Mr Johnston denied earlier this week reports he had requested receiver. he stated in the course of his conversation with officials of the Treasury Department had been told one would be appointed. Pending complete investigation of the situation. the Department has now declined to name the receiver Further than to admit no action had been taken and it was being held up because proofficials of the department maintained complete silence about matter Earlier indications were that if were appointed for the bank would be one of the regular receivers on the staff of the Comptroller the Currency. In view of the heavy demand for bank receivers this time. however, now appears if one is named he an "outside" man. probably a resident of Westchester County
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BANK WOMAN TRAPPED RECEIVER NAMED Major Brooks Appointed to Supervise Liquidation of Closed Institution Major Franklin Brooks of Larchmont, York and dependent Republican candidate for Supervisor from the Town of Mamaroneck this Fall, has been appointed receiver of the closed Larchmont National Bank and Trust Company, was learned day. He succeeds Irvin Clary, conservator. The bank was one of those which failed open after the expiration the bank holiday in From that time until two weeks special depositors' commitappointed by Mayor Munroe Stiner worked in vain attempt to or reorganize institureopen but finally disbanded without accomplishing its purpose Although the process of liquidation expected to start shortly Major Brooks stated today he could what percentage the deposits would be realized. Rumors been current some time depositors might receive 50 cents on the lar, these never been officially confirmed.
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SEEK TO RELEASE EDUCATION FUNDS Bank Receiver Says Mamaroneck Board's Plea Will Get Early Consideration Action is expected within few the efforts of the Mamaroneck Board of Education to collect $6,500 deposited under bond in the closed Larchmont National Bank and Trust Company Major Franklin Brooks, receiver of the bank succeeding Irvin Clary who left his post as Thursday stated today the school board would be one of the questions considered either today or Monday by Mayor Hornidge of Mamaroneck recently appointed attorney for the receiver Receipt of the money at this time is of particular importance to the school board which to date has been unable to meet either $5,000 payroll due July 31 or $20,000 in bills which have accumulating for the past four months. Major Brooks also stated money was now being paid out on trust accounts opened the bank since the holiday in March. In accordwith from Washington, he said, funds will temporarily be paid only on those accounts deposited by persons who owe the bank no money
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BROOKS REQUESTS CLAIMS FILED Last-Minute Action May Boost Expenses of Bank. He Warns All persons with claims against the closed Larchmont National Bank and Trust Company urged to present them immediately, Major Franklin Brooks, bank receiver, informed members of the Larchmont Lions Club yesterday noon. Although depositors legally have three months in which to present their claims. Brooks warned the club that leaving to the last minute may force the bank to add its staff of employes and thus reduce amount of money to realized on the deposits Major Brooks spoke briefly on subjects connected with the closed institution. answering questions from the floor. He stated. he prevented by law from many which concerned the bank's private affairs. was made that the golf match with the Club tomorrow had been postponed until next week the place and exact date be decided upon later. This will the fourth series games between two service clubs with the Rotarians leading 2-1. George Erickson attended the meeting the guest of Lloyd Harris, and Major Brooks as the guest of Judge Walter C. Burbank.
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BANK'S RECEIVER INCLUDED IN SUIT Brooks Named Party Defendant in 2 Court Actions Special to The Standard Star NEW YORK Oct Permission to include Franklin Brooks receiver of the Larchmont National Bank and Trust Company. as party defendant in two suits pending in the Westchester County Supreme Court was granted yes. terday by Federal Judge John M Woolsey the United States Dis trict Court here The first was the request of C Whitney Banks of Oxford Road New Rochelle to include Mr Brooks in suit for the partition of certain premises in the Chatsworth Park section of the Town of Mamaroneck The property is owned jointly by the plaintiff and Robert Keand and Paul W Richardson The reason for including the re. ceiver defendant is that the bank holds three g m against Mr McKeand and others. The judgments are for $469 34 and $484 83 respectively There was no opposition to the motion which was made by the firm of Fauver, Albertson and Scoble of 542 Main Street. New Rochelle The second was brought by Har riet M Morgan of Washington Depot. Conn. through the same at torneys and was likewise granted without opposition The plaintiff won permission to include Mr Brooks as a defendant in foreclosure action she has started against Charles B Lane and Anna M Lane over a $20,000 mortgage The receiver is brought into the case as the bank holds a judgment for $14,189.13 against Mr. Lane
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BANK'S RECEIVER INCLUDED IN SUIT Brooks Named Party Defendant in 2 Court Actions NEW YORK Oct Permission to include Franklin Brooks, ceiver of the Larchmont National Bank and Trust Company. party defendant in two suits pend ing in the County Supreme Court granted terday by Federal Judge John M Woolsey the United States District Court here The first was the request of C Whitney Banks of Oxford Road, New to include Mr Brooks suit for the partition certain premises in the Chats worth Park section of the Town Mamaroneck The property is owned jointly by the plaintiff and Robert J. Keand and Paul W Richardson The for including the defendant is that the bank holds three m against Mr McKeand and others The judgments are for $469 34 and $484 83 respectively There was no opposition to the motion which was made by the firm of Fauver. Albertson and Scoble of 542 Main Street New Ro chelle The second was brought by Har riet M Morgan Washington Depot. Conn through the same at torneys and was likewise granted without opposition. The plaintiff won permission to include Mr Brooks as a defendant in foreclosure action she has started against Charles B. Lane and Anna M Lane, over $20,000 mortgage The receiver brought into the case as the bank holds a judgment for $14,189.13 against Mr. Lane
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BROOKS HOPEFUL OF EARLY FUNDS Larchmont National Bank Receiver Expects Dividend in December Major Franklin Brooks receiver for the closed Larchmont National Bank and Trust Company, today expressed the hope depositors in the institution would receive payment of a percentage of their accounts early in December With the receiver and his staff working day and night, it is expected by the end of this week or the beginning of next an application will be filed through Washington for a loan from the Reconstruction Financ Corporation to make the dividends possible. Granting of loans to closed banks has been inaugurated as means of securing immediate relief to depositors without incurring the sacrifices brought about by quick liquidation. is understood the dividends will be an advance pay ment on what depositors will receive after the full process of liquidation. Making application for the loan in Larchmont has involved review of more than 5.000 claims from depositors and of both the present and estimated future value of all assets of the bank
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BROOKS HOPEFUL OF EARLY FUNDS Larchmont National Bank Receiver Expects Dividend in December Major Franklin Brooks, receiver for the closed Larchmont National Bank and Trust Company, today expressed the hope depositors in the institution would receive payment of percentage of their accounts early in December With the receiver and his staff working day and night. it is expected by the end of this week or the beginning of next an application will be filed through Washington for loan from the Reconstruction Financ Corporation to make the dividends possible. Granting of loans to closed banks has been inaugurated as means of securing immediate relief to depositors without incurring the sacrifices brought about by quick liquidation. is understood the dividends will be an advance payment on what depositors will receive after the full process of Making application for the loan in Larchmont has involved review of more than 5.000 claims from depositors and of both the present and estimated future value of all assets of the bank.
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LAN PRESENTED FOR P.O. PURCHASE archmont Bank Receiver Takes Up Proposal With Treasury Major Franklin Brooks of Larchont, receiver for the closed archmont National Bank and ust Company. is expected back morrow from Washington, D. here he has been discussing the ssibilities of the Treasury Depurchasing the bank ilding for postoffice Major Brooks inferred with officials of the InIvent Bank Division of the ficials rties admit that it station be desirable solution of ont. 15% Paid To Date The bank has thus far paid 15
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LARCHMONT BANK RECEIVER TO ACT ON NEW DIVIDEND Will Go to Washington Next Week to Seek Early Declaration Hope that depositors in the closed Larchmont National Bank and Trust Company will receive their second dividend checks early in the Fall was expressed today by Major Franklin Brooks, receiv- Major Brooks stated he was leaving for Washington the first part of next week to take up. among other things, the possibility of declaring a divident for distribution of checks in the Autumn. Last December the bank released approximately $200.000 by declaration of 15 per cent die vidend. The receiver said today he hoped the second group of checks would be at least as large. In statement of the bank's condition last week, Major Brooks showed that the institution which suspended business in March, 1933 and went into receivership the following August, had liquidated approximate ly $1,000,000 of its $3,000,000 assets in less than a year. He said also $100,000 of the $200,000 total liability in stock assessments had been collected to date.
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Bank Receiver Sees Prospect Of Dividend Special to The Herald Statesman LARCHMONT, June 29.-Major Franklin Brooks, receiver for the Larchmont National Bank and Trust Company, is expected to return home tomorrow from Washington bearing news on the success of his mission there in search of second dividend for depositors with funds tied up in the closed bank. Recently he said he hoped the next dividend, which he expects to declare before Fall, will be at least as large as the first one of 15 per cent distributed last Christmas. The bank has been in liquidation less than a year, but already onethird of its $3,000,000 assets have been converted into cash, Mr. Brooks states.