15255. Mount Vernon Trust Company (Mount Vernon, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: March 1, 1933*
Location: Mount Vernon, New York (40.913, -73.829)

Metadata

Model: gpt-5-mini
Short Digest: 74526ad5

Response Measures

None

Description

The Mount Vernon Trust Company was closed/partially suspended in March 1933 during the statewide banking holiday and remained suspended with restricted withdrawals while a three-point reorganization plan was negotiated. Court hearings and a reorganization plan culminated in Justice Close's approval in late January 1934 and preparations to reopen. There is general contemporaneous reporting of runs/withdrawal pressure on Mount Vernon banks during the March 1933 holiday, but the sources describe the Trust Co. as failing to open or being partially suspended rather than a discrete depositor run specific to this bank. Dates were taken from article timestamps and internal references (March 1933; Justice Close decision Jan 28, 1934).

Events (5)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed/affected by the statewide banking holiday and subsequent restrictions imposed by state banking authorities (tie-up of funds and partial suspension of operations) following governor's decree in March 1933 and related state actions on bank operations during the holiday period. The bank was described as failed to open and partially suspended.,random_run:false,
Newspaper Excerpt: The Mount Vernon Trust Company failed to open for complete business. March 24 the bank announced that depositors could withdraw percent of their balances. the bank was also permitted to accept trust accounts ... the bank failed to open for complete business.
Source: newspapers

2. August 3, 1933 Other

Newspaper Excerpt: The campaign to reopen the Mount Vernon Trust Company moved forward ... the three-point plan passed the $8,000,000 mark ... mass meeting Washington Junior High School tonight to support plan. The Chamber of Commerce, reorganization committee ... moving to reopen the institution.
Source: newspapers

3. September 7, 1933 Other

Newspaper Excerpt: Directors Named For Closed Bank ... selected by the reorganization committee of the Mount Vernon Trust Co. to serve as directors if the bank reopens. ... bank would not be reopened unless it is admitted to the Federal Reserve System and state officials have set Sept. 12 as the deadline for completing the three-point plan.
Source: newspapers

4. September 20, 1933 Other

Newspaper Excerpt: Mount Vernon Trust Company, suspended since last March from carrying on complete banking business ... court litigation regarding receiver's funds and suits involving bank officials.
Source: newspapers

5. January 28, 1934 Reopening

Newspaper Excerpt: Justice Close announced decision approving the plan. ... The bank, through Mr. Taylor, has already served copies of an order to reopen the bank that must be signed by Justice Close before restrictions be lifted the State Banking Department.
Source: newspapers

Newspaper Articles (15)

1. August 3, 1933 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, August 3, 1933

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Merchants Will Take New Issue in Payment of Bills RALLY TO DRAW THRONG TONIGHT Bleakley to Discuss at Washington The campaign to reopen the Mount Vernon Trust Company moved forward today with the lowing new developments: included in ments supporting the three-point plan passed the $8,000,000 mark, with the deadline date set at August 15. and business men ready to accept the new stock in trade for bills, accounts receivable. merchandise rents and other obligations from depositors who do not desire the stock. minute preparations made from 3,000 depositors and stockholders mass meeting Washington Junior High School, Second Street and Fifth Avenue, tonight. bank announced that ready cooperate with City friendly move before the Appellate Division opinion on the status of municipal deposits. With the above developments, the Chamber Commerce, reorganization committee other moving reopen the institution Supreme Court Justice Bleakley depositors and stockholders the mass meeting. Workers Encouraged The from the bank that the $8,000,000 has mark been passed encouraged workers, and reported that steady stream depositors filing into the stitution sign agreements. Yestorday's total of signed dewas More than received yesterday. Eugene Orsenigo, president of the Chamber, hurried back the city this morning from Grand RapMich. that might able preside the Harry Levy, second vice-president, completed plans for the gathering. Justice Bleakley, who chairman of the special committee bankers and lawyers directed the drafting of the report made public Monday, be the principal speaker. Justice Bleakley answer questions pertaining his report and the three point plan. To Explain City's Stand William Brogan, President the Common Council, will represent Mayor Leslie Bateman and the City's attitude regarding the bank and plan. Comptroller Eugene Fiske already has nounced City favor of the plan intends sign soon legal technicalities cleared program of the meeting calls for Orsenigo the other speaker, but possible that two other prominent will speak few minin and sign before August the date set for completion of the Firms Back New Stock Mr. Levy Eric Bauer, secretary of the Chamber, announced that business ready accept new stock trade and that they expect additional pledges from merchants to crease the Among the business firms and have pledged to take stock trade and the amounts pledged by them following Genung's Department Store Will accept the stock for any purchase bill the store. Excelsior or Union Clothing Robitzek trade, bills. Economy Shoe stock. Pope's Charles for Among the individuals and firms who have stated amounts they in stock the following: Brodbeck Sons, musical instruments: Ben Buckley's Meat Market Harry Levy, will take for stock bills and back rent: EmanCuzzi, will take stock for back (Continued On Page Lunch, Dine at Bee Hive

2. September 7, 1933 The Daily Item Port Chester, NY

Article from The Daily Item, September 7, 1933

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Directors Named For Closed Bank Four Men To Serve When Mt. Vernon Trust Opens MOUNT VERNON. Sept. 7-Two Mount Vernon and two Rochelle men were selected by the reorganization committee of the Mount Vernon Trust Co. to serve as directors if the bank reopens. They are Harry R. Patten, president of the North American Dye Corp., of New Rochelle: John W. Green, assistant secretary of the Westchester Lighting Co., of New Rochelle; Edward J. Powers, head of an insurance company, of Mount Vernon, and Charles A. Speakman, retired official of a lithograph company, of Mount Vernon. The reorganization committee announced that the bank would not be reopened unless it is admitted to the Federal Reserve System and state officials have set Sept. 12 as the deadline for completing the three-point plan on which the reopening is based.

3. September 12, 1933 The Standard-Star New Rochelle, NY

Article from The Standard-Star, September 12, 1933

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JAIL IS YAWNING FOR ATTORNEY IN RECEIVERSHIP SUIT Mount Vernon Lawyer Ordered to Pay Realty Firm $965 in 10 Days WHITE PLAINS Sept 12 Benjamin Tunick Mount Ver non attorney was held in contempt of court today and to pay $965.17 within ten days or com mitment to the county jail will be issued against him The contempt ruling made at the request of the Wolomar and Marlene Realty Corporations whose property Tunick was appointed receiver by Justice Bleak ley on Sept 12. 1932 The compan ies claimed the Mount Vernon at torney had disobeyed court orders to pay over the money he After Tunick had collected $3,319 as special receiver in a suit, in which the realty companies were involved. an order handed down in the Supreme Court restraining him from collecting more money and ordering him to make an accounting He took an appeal from the order and the Appellate Division refused to change it. Thereupon. when he did not pay over the money or make the acanother motion was made last March to punish him for contempt. He then filed his counting and Justice Bleakley, set thing the account decided Tunick should pay over $965.17 to the companies. That decision was made on July 19, but the money was not paid Tunick contended in his own be half that the depository for the money is the Mount Vernon Trust Company now allowing only par tial withdrawal and he also claim ed that Justice Breakley through an oversight did not credit him with certain expenditures, but Oscar Levine, attorney for the realty companies submitted statement from the bank showing that Tunick had only $386 in deposit there

4. September 20, 1933 The Herald Statesman Yonkers, NY

Article from The Herald Statesman, September 20, 1933

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Mount Vernon Trust Loses Suit Against Two Business Men Special to The Herald Statesman WHITE PLAINS, Sept. The Mount Vernon Trust Company today lost the first move. its Supreme Court suit against Milton H. Hall. its executive vice-president, when Justice Frederick P. Close ruled against its action against two other Mount Vernon business men since there was no allegation or proof of conspiracy to deprive the bank, now suspended, of money. The jurist dismissed the action, which sought to foreclose a veollateral deed to Hall's home. as against Alfred Barbaresi. Mount Vernon contractor, Charles Gottloch, prominent insurance broker there The bank had claimed that Hall borrowed $6,575 in Deçember, 1932. on note due in five months and that the note remained unsatisfied In February of this year, the bank said. Barbaresi borrowed $3,852.23 from the bank on a short term note and the loan was not known to any bank official except Hall. Barbaresi then turned the money over to Hall, it was claimed In March. the bank alleged. Gottloch borrowed $1,600 from the bank without the knowledge of anyone but Hall and turned the money him. The bank. which holds the collateral deed on Hall's home. also holds all three notes and sought the right to foreclose on the deed. collect its money from Hall for all three notes and at the same time to have deficiency judgment against the other two. Justice Close affirmed the contentions of Francis M. Fallon. Gottlochs and Joseph Nanry, Barbaresi's attorney, that the two business men had not obligated themselves on Hall's note in any way nor had Hall given them any lien on his

5. September 21, 1933 The Daily Item Port Chester, NY

Article from The Daily Item, September 21, 1933

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Court Quashes Closed Bank's Suit On Notes Justice Close Rules That Mount Vernon Trust Showed No Proof WHITE PLAINS, Sept. 21.-The Mount Vernon Trust Co. lost the first move of its Supreme- Court suit against Milton H. Hall, its executive vice president when Justice Frederick P. Close ruled that its action against two other Mount Vernon business men would have to be dismissed since there was no allegation or proof of conspiracy to deprive the bank, now suspended, of money. The jurist dismissed the action, which seeks to foreclose a collateral deed to Hall's home, as against Alfred Barbaresi, Mount Vernon contractor, and Charles A. Gottloch, prominent insurance broker there. The bank had claimed, through its attorneys, that Hall borrowed $6,575 in December, 1932, on a note, due in five months, and that the note remained unsatisfied. In February of this year, the bank said, Barbaresi borrowed $3,852.23 from the bank on short note, and the loan was not known to any bank official except Hall. Barbaresi then turned the money over to Hall, It was claimed. In March, the bank alleged, Gottloch borrowed $1,600 from the bank, without the knowledge of anyone but Hall, and turned the money over to him. The bank, who holds the collateral deed on Hall's home, also holds all three notes, and sought the right to foreclose on the deed, collect its money from Hall for all three notes, and at the same time to have deficiency judgment against the other two. Justice Close affirmed the contentions of Francis M. Fallon, Gottloch's attorney, and Joseph Nanry, Barbaresi's counsel, that the two business men had not obligated themselves on Hall's note in any way, nor had Hall given them any lien on his home, and dismissed the action against them.

6. September 25, 1933 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, September 25, 1933

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TRUST COURT Gets Verdict to Hold Receiver's Funds WHITE PLAINS, Sept. Mount Vernon Trust Company, suspended since last March from carrying on complete banking bus. iness, won its first Supreme Court victory today on the question of withdrawal receiver's funds. The victory in court mand by Eleanor Siegel, receiver under court order of property at 29-31 South Second Avenue, Mount Vernon, which Momelay, Inc., seeking foreclosure judgment against William and Harry E. Campbell. The named by Jus. tice Morschauser September, and present has closed bank. Repeated demands for the the funds have been made, she but bank officials refuse to to The receiver, through Frank Claydon, her attorney, relied Appellate Division ruling obtained Francis Fallon, attorney, which the Brooklyn court reversed Justice George Taylor and held that Fallon entitled more than which he had bank Justice Taylor pointed out, however, today, denying the Siegel request, that Fallon specificdirected deposit the the Mount and that such directions made special court trust funds, while Miss Siegel merely dered deposit the with bank named depository. He denied request to pel the bank officials pay money. Lunch, Dine Bee

7. October 20, 1933 The Herald Statesman Yonkers, NY

Article from The Herald Statesman, October 20, 1933

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Semple Counsel Denies'Politics' In Teed Case (Continued from Page One) being able to give out the information demanded. Funds in Suspended Bank His deputy, Louis Horowitz, disclosed today that all of the money in estates handled by Miller were on deposit in only two banks, the Citizens' Bank of White Plains and the Mount Vernon Trust Company. With the Mount Vernon bank partially suspended for business, is doubtful, Horowitz pointed out, if funds can be withdrawn. Horowitz has made a complete record of all steps in the administration of the estates in Miller's hands and has submitted to Surrogate Slater a chronological resume of the data and steps taken in each estate, showing the amount in the estate at the start, withdrawals made and by whom. The balance in the estate at present is also known to Horowitz, he said.

8. October 20, 1933 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, October 20, 1933

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SEMPLE AIM NOT POLITICS, Seeks Administrator Only for Duty, Says Attorney CHECK IS MADE ON ESTATES Treasurer Is Flooded With Queries Heirs, Lawyers WHITE PLAINS. Oct. that political purposes motivate County Treasurer Semple's desire to be named more than handled decessor. M. Miller, from which more was made today by Humwas phrey Lynch, Semple's attorclerks Surrogate's Court wading through mass of detail which be pleted before Semple appointed. Lynch countered charges seeking political the of estates which former Deputy Treasurer Leonard E. Teed, now prison from 20 years for his embezzlements. Semple is interested starting once duties imposed by said Judge Lynch. duties in Administrator part certain types of estates.' 225 Petitions Filed In the meantime, Lynch's office has filed about 225 petitions for the issuances of letters tion those estates to Semple, who law, County Treasurer, must named to administer tates where there are no heirs in country where heirs do not qualify administration. These petitions being checked by members of Surrogate Slater's staff complete listing of the estates to be turned over Semple being made today by Henry Marshall, accounting clerk, offices of County Attorney William Davidson. Davidson has had the papers in the estates which Miller handled since the latter's death, and refused to turn them over to Semunless ordered to do Judge Slater yesterday, conference with attorneys who were counsel estates looted by Teed, defended Davidson's action, saying that Milestate is entitled hold the until successor named. papers Semple will not be named Administrator until same time next week, which time all clerical work will have been finished. Heirs Press Semple The County today office been flooded inquiries about estates from heirs, and creditors, and lawyers immediate possession of the sought with view to being legal papers out the information give demanded. Louis Horowitz, disdeputy, closed today that the money handled by Miller two banks, deposit Bank of White Plains Citizens' Mount Vernon Trust Company. Mount Vernon bank With the for business, tially suspended doubtful. pointed be withdrawn. can Horowitz made complete the adminrecord of all steps estates in Miller's istration the has submitted hands rogate Slater data and steps taken resume of the estate, showing the amount estate the whom. The made, and by the Horowitz, he said. known

9. October 20, 1933 Mount Vernon Argus White Plains, NY

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WON'T APPOINT BANK RECEIVER Court Denies Kahle ReCalls Ruling "High-Handed" WHITE PLAINS, Oct. out waiting hear counsel's swering final questions without voluminous papers submitted to him. Supreme Court Justice Graham yesterday denied request by Henry M. Kahle, minority stockholder the Mount Vernon Trust Company, for appointment an equity the Guy Morrison Walker banking authority and attorney for Kahle, announced would peal Appellate what called Justice The bench ruling came before Walker, deaf, had portunity questions the for by his associate, Miss Penfield. Clinton Taylor, bank, had argued great length and nied charges which Kahle made in his counting and hold the directors and bank Walter Young New Rochelle then appeared group directors asked time submit and Frank the firm Sirignano and appeared for another director and made similar quest. Justice Witschief declared. fore Walker made the customary court reply, that charges withholding wrongful statements leged of stock and alleged wrongful acts did that Kahle's tion accounting could without and could trial in due course for disposition. owns in stock the bank, charged that criminal conversion being tempted by the bank officials trying into effect threepoint plan for reopening the pended bank. He contended that the plan to take some the bank's assets and use raise value the stock depriving stockholdtheir property. Such "calls the intervention of equijurisdiction to protect the He the directors and officials "left the handling of the bank's assets strangers were bank examinuntil lately special Mischanko, he charged. originally resentative State tendent Banks, capacity This private nied by Mischanko's attorneys, and "Donnell, and Taylor that Cheney former pointed head, resigned since the started. Charges by Kahle that 20 powered been ployed basis sell stock met with answer from Taylor that the bank the but that paid by He also denied Kahl's charges that and other means threats used force stockbeing holders to agree the plan for Walker complained that bank

10. October 20, 1933 Mount Vernon Argus White Plains, NY

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FALLON RECEIVES TRUST CO. ORDER WHITE PLAINS. emptory order of the Appellate Division, signed by Presiding Justice Edward Lazansky, ordering the Mount Vernon Trust Company and interest Francis M. Fallon. Mount Vernon White Plains lawyer, here The order, resettled after court punish officers and directors of the bank for contempt of court in fusing over the money, that Fallon redeposit the rects money special receiver foreclosure suit in the County Trust Company here. Fallon took an appeal to the Appellate Division and versal ruling by Justice after the latter refused to of the to the the return money lawyer.

11. October 20, 1933 The Standard-Star New Rochelle, NY

Article from The Standard-Star, October 20, 1933

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Semple's Idea Is Non-political, Says Lynch in Teed Case (Continued From Page 1) Judge Slater yesterday, in a conference with attorneys who were counsel in estates looted by Teed. defended Davidson's action, saying that Miller's estate is entitled to hold the papers until a successor is named. Semple will not be named administrator until some time next week, at which time all preliminary clerical work will have been finished. Inquiries Numerous The County Treasurer said today that his office has been flooded with inquiries about estates from heirs. lawyers and creditors, and he sought immediate possession of the legal papers with view to being able to give out the information demanded. His deputy Louis Horowitz, disclosed today that all of the money in estates handled by Miller were on deposit in only two banks. the Citizens Bank of White Plains and the Mount Vernon Trust Company With the Mount Vernon bank partially suspended for business, doubtful Horowitz pointed out, if funds can be withdrawn. Horowitz has made complete record of all steps in the administration of the estates in Miller's hands and has submitted to Surrogate Slater chronological resume of the data and steps taken in each state, showing the amount in the estate at the start, withdrawals made and by whom. The balance in the estate at present also known to Horowitz, he said.

12. October 20, 1933 The Standard-Star New Rochelle, NY

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Semple's Idea Is Non-political, Says Lynch in Teed Case (Continued From Page 1) Judge Slater yesterday, in a conference with attorneys who were counsel in estates looted by Teed, defended Davidson's action, saying that Miller's estate is entitled to hold the papers until a successor is named. Semple will not be named ad ministrator until some time next week, at which time all preliminary clerical work will have been finished. Inquiries Numerous The County Treasurer said today that his office has been flooded with inquiries about estates from heirs lawyers and creditors, and he sought immediate possession of the legal papers with view to being able to give out the information demanded. His deputy Louis Horowitz. disclosed today that all of the money in estates handled by Miller were on deposit in only two banks, the Citizens Bank of White Plains and the Mount Vernon Trust Company With the Mount Vernon bank partially suspended for business, is doubtful Horowitz pointed out, if funds can be withdrawn. Horowitz has made a complete record of all steps in the administration of the estates in Miller's hands and has submitted to Sur rogate Slater chronological resume of the data and steps taken in each state, showing the amount in the estate at the start, with drawals made and by whom. The balance in the estate at present is also known to Horowitz, he said.

13. October 25, 1933 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, October 25, 1933

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Parade Tonight Marks Advance In NRA Program Weeks Of Preparation To Culminate In Great Display - Work Is Reviewed When the fire whistle sounds the call of 1-9-3-3 at 7:30 o'clock tonight and 24,000 feet start tramping behind 45 bands through the business district Mount Vernon will witness the climax to months of tireless effort to swing the City of Homes behind President Roosevelt's recovery war. Mount Vernon will be in a unique position tonight. For the first time in months political disputes will be forgotten; members of the Citizens Union will sit in the grandstand alongside of city officials and cheer the paraders; Democrats and Republicans will march as one division; rival storekeepers will close their shops unafraid of unfair competition and school kids will celebrate a half-holiday. In short the city will be united into one complete faction striving for the same goal-success of the National Recovery Act in the battle with Ole Man Depression. It was three months ago when the Chamber of Commerce was asked by General Hugh Johnson to lead the drive here. The Chamber, although involved in a campaign to reopen the Mount Vernon Trust Company and other civic projects immediately launched into the Meanwhile, Postmaster LeRoy Powell directed the distribution of thousands of letters to firms and businesses here from President Roosevelt asking employers to sign the President' Agreement. The first week witnessed a flood of agreements and more than 500 were returned. As national codes were drawn for various industries additional agreements were filed. The Chamber, however, was not satisfied with merely helping the Post Office obtain signatures to codes. It decided to go a step further and organize Mount Vernon's economic being into a permanent organization to maintain fair practices even after the National Recovery Act is taken off the lawbooks two years hence. Looking about for a man to handle the organization job the directors of the Chamber asked Christian E. Burckel, executive vicepresident of the Westchester County Branch of the New York State Retail Meat Dealers Association, to do the task. Mr. Burckel, an instructor in Lincoln School at Columbia University, had then organized the meat dealers effectively and agreed to assist the Chamber. He was named executive secretary of the Chamber and the offices of the meat dealers association and Chamber were merged and located in the Lucas Building, Fiske Place. General Johnson, in the meantime, named Mr. Burckel as NRA Administrator of this city. Within a few weeks nearly every business and industr had been organized and governors chosen for each group. They found a Board of Governors which in turn named an exec. utive committee to steer Mount Vernon's NRA course. The list of firms enrolled in the President's Reemployment Campaign jumped to 1,800 and today nearly 1,900 are members of the NRA. The Board of Governors also acted quickly and at its second session authorized Mr. Burckel to name a "'super-committee' of representative officials and citizens to assist the City Government and Board of Education in planning work relief projects. The Governors recommended that $2,000,000 be spent on this program and the "super-committee" is scheduled to meet tomorrow night to begin its deliberations and planning. Slowly the NRA movement gained impetus until State, County and Federal officials finally commended the unit here as one of the outstanding in the country The United States Chamber of Commerce, in asking for copy of the Mount Vernon Plan, said it hoped to submit the Plan to General Johnson as a model for other municipalities throughout the country With the organization and public works problems almost completed the NRA Administration next turned to the third stage of the recovery program and sponsored the "Buy Now" campaign here. As a means of creating interest and enthusiasm in the "Buy Now' appeal mass meeting was held last week in Washington Junior High School auditorium. Norman Hapgood, editor and diplomat: Platt K. Wiggins, County NRA Chairman and William F. Conway, chairman of the New York State Recovery Board were the speakers. Merchants of the city announced they would back the drive and have fixed tomorrow, Friday and Saturday for special sales days. And tonight's parade will climax the drive. The parade will be held, rain or shine. When the fire whistle sounds

14. January 22, 1934 The Standard-Star New Rochelle, NY

Article from The Standard-Star, January 22, 1934

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NEW AGREEMENT 'COVERS' DEPOSITS MOUNT VERNON City Acts Following Tieup of Funds in Closed Bank MOUNT VERNON Jan. aftermath of the tie-up of City funds in the Mount Vernon Trust Company, the Board of Estimate and Contract today had passed resolutions calling for full coverage of its deposits hereafter. The Board designated the First National Bank and the Fleetwood bank as depositories. Mayor Leslie V. Bateman protested today to State Senator Seabury Mastick against the tax receiver law which has been introduced in the Senate aimed aid New York City and few The Chief Executive said that bill submitted any benefit to Westchester County and departure from the measwhich been proposed the Mayor and the State Conferof Mayors.

15. March 3, 1934 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, March 3, 1934

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Year Vernon History Deal, Old Has Made Mount Tomorrow, Roosevelt Inauguration On Day Of Bank Holiday Spurred City's Recovery Banks and Jobless Most Affected by President's Program to Revive Nation One year ago tomorrow, Mount Vernon's four banks failed to open their doors for business. Governor Lehman, acting to prevent a devastating financial collapse, had decreed a banking holiday. A shaky public wondered even more where it was all going to end. That afternoon, in rain-spattered Washington, Franklin Delano Roosevelt rode to his inauguration as President of a stricken nation. The country waited for his and breathed bit easier when they came. fateful, they bespoke the "New Deal. That was to pump new life into the veins of community in the country. has written history in Mount Vernon. Three of the four banks which closed down resumed business soon as President Roosevelt gave the signal. successful end is in sight the struggle to reopen the restricted Mount Vernon Trust Company. 'New Deal' For Idle But more than banks been reshaped in Mount Vernon by the Deal.' To the unemployed, probably the most on that March 1933. has mean actual cash the pocket through multifarious relief CWA, the PWA and the State TERA. Many them have found work NRA codes opened new jobs. Those emMoyed now receive highwages, enjoy shorter hours. The NRA campaign here. climaxed by exuberant street parade the night of October 25. pushed vigorously. That has complished much is evidenced by the numerous occasions when ficial Washington fit commend organization work here and the spirit of those serving under the Blue Eagle. Payroll increases resulting from NRA codes estimated average year here. vey back in December showed payrolls had mounted $21,816 week and that jobs had been creatfor 581 men and women. Funds Poured Into City Funds have been poured the city through the Civil Works Administration. total of been expended since Nov. 20, 1933, when the great CWA offensive was launched, and the payroll 1,081 who would otherwise be jobless. By contrast. only 450 were being employed under the State relief program year Very especially bank depositors. will remember the March when Roosevelt dramatically took office. Saturday, like today, and the end of week which had been of rumors, reports and gloomy prophecies. Police Fear Violence Small groups of depositors clustered about the windows the four banks and read the telegrams from State Banking Broderick. Patrolmen and detectives moved among the crowd listening for any murmurs that might lead hints of violence. Other policemen politely asked the curious to move once they had read the contents of Broderick's message. the morning passed the leading bankers congregated in their rooms. Assurances went forth from all institutions that the holiday would be short one. In the afternoon exchange was up in The Daily Argus to change large bills into small coins and bills that merchants could continue their trade unhampered. Thousands found themselves with only few dollars in their pockets. Hundreds openly boasted that they had withdrawn money some days back and were able to jingle the coins in their pockets. Hundreds rushed safe deposit vaults to replenish their supply of cash. Monday, March banks still closed under further nationbanking holiday decreed by President Roosevelt. was nounced, however, that money for food and the most important cessities of life could be Banks Start to Open Later. the First National Fleetwood Bank and Eastchester Savings ank opened their doors. Withdrawals in the savings bank. however, were limited to $250 person. The Mount Vernon Trust Company failed to open for complete business. March 24 the bank announced that depositors could withdraw percent of their balances. bank was also permitted to cept "trust accounts" which guaranteed and were set aside from the already restricted accounts. plan of reorganization was. formulated bank officials but was rejected April Superintendent Broderick's office. Cheney's Aid Obtained The bank turned for aid to H. Cheney, former Superintendent Banks, and he engaged advisor April 10. Three weeks ter the much discussed plan was announced. The comprised an offer pay the depositors on reopening 55 percent cash, 11.25 percent stock and 33.75 percent certificates of beneficial interest Recovery Fund. It met support stockholders mass in the chester Women's Club May velopments were rapid from that day and the bank applied for membership the Federal System published 27 claiming that the new bank would in assets the opening day. Plan Meets Snag Agreements from stockholders and depositors did not come in rapidly as had been expected. The plan also called for voluntary contribution three dollars share by every stockholder. there 75,000 shares old stock in the bank, estimated that the stockholders would make total contribution of $225.000 towards the capital of the new bank. Depositors told that 11.25 percent of their available balance would help set up the capital of As the drive to gain signatures of depositors and slowed down, the Chamber of Commerce threw its forces into the campaign and an army of 1,500 volunteers began canvassing the city June 10. This drive was climaxed by mass meeting of 1.000 depositors June 19 at Davis High School. June 21 group of lawyers announced backing for the plan. At the request of the chamber. the board directors of the bank agreed July 13 to permit an impartial committee to investigate its condition. Bleakley Heads Committee Supreme Court Justice William Bleakley asked to head the committee. He was reluctant first but finally agreed July help the bank. Unlimited powers were granted Justice Bleakley's Committee of Seven. The Bleakley report approving the plan was made public July also was announced that the Banking Department had fixed August 15 deadline completion of the campaign to obtain consents from depositors and stockholders. Justice Bleakley himself pealed to at Washington Junior High School Auditorium to support plan. The drive gained impetus but August 15 was from its goal. The of Banks granted another extension to October committee of meanwhile, went Albany and urged passage of an act special session the Legislature. The act, known the tenbach Bill was adopted August by both branches the Legislature. with special from Lehman. The act permits bank to reorganize percent of the depositors and 66 2-3 percent of the stockholders approve reorganization plan. The act also binds minority to the plan. Shortly afterwards the plan was and the bank called stockholders' meeting to ratify the reorganization. The plan was adopted by large vote. Hearing is Held After the stockholders meeting bank an order from Justice Close calling on stockholders and depositors show cause why the bank should not reopen under the Justice Close fixed January 18 date for public hearing. Justice Close heard arguments for four hours and held special hearings for attorneys claiming preferences on other days. Monday night, January 28, Justice Close announced decision proving the plan. Last Tuesday the Court of peals reversed the Appellate vision and held that receiver's counts were not preferred. The bank, through Mr. Taylor. has already served copies of an order to reopen the bank that must signed by Justice Close before restrictions be lifted the State Banking Department. The order returnable before Justice Close Wednesday. After he signs, the of Banks may fix an opening date unless further court litigation prevents such Today 22,000 depositors are awaiting the next in the drive step the bank.