gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
91bddd74e8c873be
Response Measures
None
Receivership Details
Depositor recovery rate
50.0%
Date receivership started
1933-08-24
Share of assets assessed as good
39.2%
Share of assets assessed as doubtful
53.3%
Share of assets assessed as worthless
7.5%
Description
Statewide moratorium (Feb 1933) preceded a limited reopening; the bank was later closed (Mar 19) and placed in conservatorship/receivership.
Events (8)
1.August 21, 1865Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Statewide eight-day banking holiday proclaimed by Governor Comstock (Michigan moratorium).
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
3.February 23, 1933Reopening
Newspaper Excerpt
JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS ... institutions resume on 5 per cent basis. Union & Peoples National Jackson Bank stated ... under decisions announced separately ... savings and commercial deposits permitted five per cent.
Source
newspapers
4.March 19, 1933Suspension
Cause
Government Action
Cause Details
Bank was closed (placed under conservator) and assets later arranged for sale under supervision of Comptroller of the Currency.
Newspaper Excerpt
This bank was closed March 19 of this year.
Source
newspapers
5.July 14, 1933Other
Newspaper Excerpt
BOMHOFF IS NEW CONSERVATOR ... conservator charge of the affairs of the Union National bank ... to bring about the opening the new institution ... Bomhoff conservator took over his duties Friday.
Source
newspapers
6.July 16, 1933Other
Newspaper Excerpt
Payoff Is Assured for Jackson Bank ... The Union and People's National Bank was closed March 19 of this year. Contract for assets purchase signed ... to provide payoff depositors of the Union People's Bank.
Source
newspapers
7.August 24, 1933Receivership
Source
historical_nic
8.August 25, 1933Receivership
Newspaper Excerpt
Jackson attorney Reuben H. Rossman has been appointed receiver of the Union & Peoples National bank.
Source
newspapers
Newspaper Articles (22)
1.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
BY LESLIE D. HARROP
United Press Staff Correspondent
DETROIT, Feb. 14.—Every bank and financial institu-
tion in Michigan was closed today under a sweeping, eight-
day suspension order issued in the early hours of the morning
by Governor William A. Comstock.
The closing order brought to a standstill the financial
affairs of Detroit, the nation's automobile capital, and
halted similar activity in scores of farming and industrial
communities of the state, which has a population of more
than five million.
Immediate necessity for the unprecedented moratorium
was created, Governor Comstock declared, by a crisis in the
2.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
Possibility that the eight-day banking holiday "might be modified in a day or so, after the banks get straightened out," was mentioned by Governor Comstock this morning, as he prepared to return to the capital.
Banking officials estimated the holiday paralyzed approximately $1,410,978,629 in banks and $144,407,139 in trust companies. These amounts virtually are "frozen" during the suspension period.
# Citizenes Are Bewildered
Approxmately 420 state banks and 120 national banks were closed by the Governor's proclamation.
Banks will retain skeleton staffs on duty, during the holiday period, to advise as to the credit of those wishing to check on funds on deposits.
Reichert, ill with influenza at Ann Arbor, left early today by motor for the state capital against the advice of his physician.
Stunned by the suddenness of the Governor's proclamation, citizens everywhere went about customary duties bewildered as to the outcome.
Stores generally opened as usual and most announced that they had available funds for today or longer. What will be the outcome toward the end of the week, when pay rolls fall due, was not known.
# Money Rushed by Truck
Banking department officials were positive in asserting that, despite the legal closing of the banks, arrangements must and would be made to allow small withdrawals for necessary current funds to operate fundamental businesses.
The actual plan that will be adopted was to be announced later in the day.
Western Union telegraph rushed orders to offices in nearby states to ship currency into Michigan by armored truck. A. A. Burr, Detroit superintendent, said they had available cash for today and would secure funds to cash any and all money orders of the company that might be presented.
3.February 15, 1933The Indianapolis StarIndianapolis, IN
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Article Text
BANK RELIEF SEEN IN MICHIGAN CRISIS
CONCLUDED FROM PAGE ONE. branches of facilities for making reguhours of safe deposit departAmong the industrial concerns plans meeting pay rolls in cash were the General Motors Corporation, Ford Motor Company and the Chrysler Corporation.
Text of Statement. The text of the clearing house statement "The Detroit Clearing House Association today to reguladesigned the ience the bank holithe day by the Governor last night. The arrangements which of considerable benefit the Acting upon the supplemental the Detroit arranged Thursday morning excess depositors, both checking and savings, may withdraw for purposes not in excess per cent the net on the of Feb. Such withdrawals made counter which will be paid in
Safe Deposit Vaults Open. "2. All banks branches will maintain facilities for making change deposit departments will be open and will on the regular Arrangements are being made with many the large life insurance companies whereby for premiums will be order that the policies not
Not in Bad Shape, View. "Let assure you, the Governor said in statement to the public, "that the banks Michigan, generally speaking, are not in bad The late reterms earlier that are "not as bad they might appear do not think there will the holimuch day as generally the Governor merely an emerthe gency of the banking struc-
Period of Feb. 14 to Feb. 23. The closing, the banks was for the period Feb. 14 to Feb. 23. Although all banks in the lower peninsula the proclamation, stitutions in the upper peninsula, which the the Federal Minneapremained The Detroit Stock Exchange closed but were accepting selling orders made on exchanges outside Detroit Trading of any sort in Detroit bank stocks startled populace first order moved this morning when extras issued newspapers in the larger Immediately tion began afford relief to citizens.
Plight for Farmers. Milk distributors planned extend credit temporarily but said they didn't know how farmers would get paid "when they can't checks Retail stores main. to cash during the day Groceries held determine and many reported they policy, would extend credit to regular tomers. Many gasoline did likewise Mayor Frank Murphy Detroit citizens to "be calm." and said resources the city government would be thrown into relief work, needed. At first, dazed by suddenness the action, the citizens adopted the main an apathetic Many, dollars' cash their planned message friends outside the funds to be sent in by for until the closing order lifted. companies said Telegraph cash money were orders for any "reasonable amount. Millions in Gold Received. $15,000,000 and Between shipped into the city gold today from the Federal Reserve bank Chicago, consigned to the Detroit Federal reserve bank branch the Accompanied by detail fifteen was transported to the detectives, vaults of Detroit any part the state Banks kept small staff on hand for and officials reported work depositors at any of the financial At resolution praising "courageous statesmanship in proclamation.
Prevented Crash, Assertion. State Representative Vernon Brown, Republican, in supporting the resolution, said he convinced that the Governor had not declared there crashes in the history of the coun-
The resolution had no legal stand bills were introduced but two the House which would force banks and trust One the during declare banking holidays and that banks and 'shall not trust The other during designates Feb and 21 as legal holidays and in Michigan
May Shorten Holiday introduced The measures after some of the messages received by the during the day challenged his authority order holiday said there was The Governor holiday might possibility full cancelled United that Moran agents had eviobtain the spreading relating information arrest therefor responsible Chapin Goes Back to Capital. people of The urged the local the state report secret any fice of the the spreading false Chapin of the Secretary Commerce Department Ballentine Saturday confer on ington returned to the banking being straighten this out possible moment In these the steps the Federal the secretary of the treasury are
4.February 15, 1933Steuben RepublicanAngola, IN
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Article Text
MICHIGAN BANKS ORDERED CLOSED
Proclamation Provides for Eight Day Holiday
Nearly 600 banks the lower peninsula state Michigan ordered Governor Comstock Tuesday morning of the ment the Union Guardian Trust Company of which with large of branch banks tions the state Unable their the bank meet steady demands made on Conferences called with state officials leading of including the heads of the General Motors. Chrysler Ford The former companies while the Ford company deposits excess of and claims have supported the bank with exceeding request made Ford company interests to those of smaller depositors and of Finance Corporation which already made loans the bank This port which they had already the bank Fearing bank panic after conference with leading and and state officials holiday decided upon until adjustments could made whereby all banks of the state would prepared withstand demands usually follow such financial upheaval Much citizens over the and particularly the large cities such Detroit denied made Wednesday ing. permitted withdraw per their relief and that perfected many the banks of again full before expiration of the eightday appreciable effect the Indiana cities by the the Michigan banks Banks of this county had with Michigan local bankers state that they amply able to render full their and depositors that he knew the general banking condition good. that the plan adoptwith approval struction Finance Corporation simply calculated to maintain steadiness an unstable financial situation.
5.February 15, 1933Daily NewsNew York, NY
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Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
6.February 17, 1933Angola HeraldAngola, IN
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Article Text
Michigan Recovering from State Wide Bank Holiday Order
Nearly 600 banks in the lower peninsula of the state Michigan ordered closed by proclamation of Governor Comstock Tuesday morning because of the embarrassment of the Union Guardian Trust Company of Detroit which with large of branch banks was one of the largest banking institutions in the state. Unable to convert their the bank was able to meet the steady demands made on its reserve. Conferences were called with state officials and with some of the leading industrialists of Detroit. including the heads of the General Motors. Chrysler and Ford Corporations. The two former companies were depositors. while the Ford company had deposits in excess of and claims to have supported the bank with investments exceeding request was made that the Ford company subordinate their interests to those smaller depositors and of the Reconstruction Finance Corporation. which had already made heavy loans to the bank This the Ford company refused to do in view of the heavy investment support which they had already given the bank Fearing general bank panic after conference with leading financiers and government and state officials the proclamation for an holiday was decided upon until could be made whereby all banks of the state would be prepared to withstand demands usually follow such financial upheaval. Much inconvenience was occasioncitizens over the entire state, and particularly in the large cities such Detroit when banking privileges were denied them. Arrangements were made Wednesday morning. however. whereby depositors were permitted to withdraw five per cent of their deposits as emergency relief. and is predicted that will be perfected whereby many of the banks of the state again be in full operation before the expiration of the eightday holiday. Much cash was poured into Michigan from outside sources on Wednesday and Thursday and it appeared Thursday that would available for circulation in than in the during the boom times Many banks were expecting to resume operations by Friday in limited and reported that in view of the expected recovery from the situation that state banking department would leave at discreation of the banks the matter of reopening before the expiration of the holiday set.
7.February 19, 1933The Atlanta JournalAtlanta, GA
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Article Text
WEEK'S
SURPRISE SHOCKS WELL RESISTED BY PRICES IN GENERAL and
CHARLES F. SPEARE BY Consolidated Leased Journal. Feb. The episodes in our unexpected business life and with all of their implications, could not have failed to produce certain liquidation securities fact that they did not The create an even greater degree of of this that stocks meaning have The liquidated group of values. other the most reother developments the subtract from what be encouraging appeared had The present average being the lowest since Octhe confitober, dence that has taken place since that time rather than conditions. measuring a The world was unprepared statewide banking moratorium in Michithat greeted it Tuesday morning some months been assured was sound the and that that while might be weaknesses in that will have supported, the crisis in last banking was there was distinct shock in the spectacle an entire one state, the country largest having its banking entirely withdrawn order to prewhose assets the extent of over per cent were invested in real the heart of this situation is of investing large banking portions the those paper that are not marketable and, while profitable fair weather. are liability disturbed public sentiment. realized now in many that the value of their banks little and henceforth is with the of The Michigan incident recalls the credited the Fidirectors that no major trouble would be permitted banking This might be supported the while no institution Detroit deposits over 500 banks and aggregating have been for prescribed period. That there on the part Corporaassist instiand that toward deinflation apparent each Report Scanned This the report of committee to the opinions and where the ing in mat in the past ters some promoted the investitransportation keen for if they the would of in the frank has closely follow Salt Lake City and Louis railroad conagain the position of the the bondhave abused their and up deearly must be accepted There for continuto railroads that handicapped ratio embarrasses such propreasonable financial the for the railroad sitsituations must an the market totheir the Reconstruction Finance Corporation to additional railroad practically defaulted price
Firmer Some banking dismarket, with weakness has developed year suggestion fiinapparent exchanges Japan's credit rest quest for greater considerable loans by the the the foreign trade outlook in South republics the inColomCongress Still Lagging during been helpful legisthe fears the would been an institute what are termed and part in the shrinkage now the general not the time to They the betterment of the situinvolved listenrecital of the Insull vandal may have York Stock ago utterly immediate good and distraught people and farm sidetracked Pressuspend congress abruptly Comstock stopped the
8.February 23, 1933Jackson Citizen PatriotJackson, MI
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Article Text
JACKSON BANKS OPEN: NO RUSH BY DEPOSITORS
Little Excitement Noted as Institutions Resume on 5 Per Cent Basis.
OFFICIALS HEARTENED
Comply With Comstock Order in All Particulars; No Change Anticipated.
Jackson's banks opened Thursday morning there rush of depositors seeking their Officials of the Union & Peoples National Jackson Bank stated gratified at the of excitement. Under decisions announced separately the banks, nesday savings and commercial deposits permitted. There no indication Thursday morning be changed the future the Comissued during holiday which opened must those sued cepted during holiday Statement Issued. The statement issued by the Jackson City Trust pany Wednesday afternoon folin that the banks should open in their business manner. ply with the intent the lamation pay only cent (Turn to No. on Page 2.)
9.February 23, 1933Belleville Daily AdvocateBelleville, IL
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Article Text
MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.
10.February 24, 1933Star TribuneMinneapolis, MN
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Article Text
NEWS
Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page
Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2.
Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page
SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page
The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17.
MARKETE
Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page
11.February 25, 1933The Kokomo TribuneKokomo, IN
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Article Text
OPEN DEMAND OF MICHIGAN BANKS
Mich. Feb. and busimerchants Seventy-five Michiof southwestern ness men the capitol today came state gan Governor William demand Comstock newly ac. to force powers quired bankers open of the normal business governor group require banks, should afteight-day closing an commercial restrictions while continuing checking accounts with around savings safeguards
Church Pentecostal 2445 The Pentecostal street holding North Kennedy studies, conducted series of Bible on Sunday Elder Irvin Bradley, by subject bo "What Sin Unto The form an open take study Herman Basore, Mr. and sing the afterBeech noon and evening services.
Resigns as Ambassador Feb. Hoover today accepted President Reuben Clark, the resignation Mexico, effective ambassador immediately. The ambassador told days Presithe after he would submit his resignation.
Restrict Withdrawals the Lima First American Trust Company meeting night placed restriction withdrawals of effective today resolution, directors limit of two per cent on
12.March 8, 1933Imperial Valley PressEl Centro, CA
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By CLAUDE J. MARKLE United Press Staff Correspondent (Copyright 1933 by United Press) LANSING, Mich., March 8. (U.P.) -The man who three weeks ago in the dim dawn of early day penned the preface to one of the most crucial chapters in American financial history firmly believes he took the only possible course. "I would do the same thing over again," Governor Wm. A. Comstock said today. At 2 a. m. on February 14, seated in the massive directors' room of the Union Guardian Trust company in Detroit, Governor Comstock signed a drastic eight day holiday proclamation that marked the beginning of the present nationwide period. Governor Comstock believes that the developments of the last 21 days which have seen state after state--and finally the federal govPernment-follow the lead of Michigan into restricting of banking activity will quicken the pulse of economic recovery and will place the nation's financial structure on a firmer foundation. "I faced the most difficuit decision of my life three weeks ago this morning, just before I signed the proclamation which closed Michigan banks during an eightday moratorium," he told the United Press today. "Since then there have been moments when I have flinched at the thought of the results of that act. I have always, however, been able to calm that feeling with the assurance that I was merely an impersonal agent of government. "Consider what would have happened had the moratorium not been declared. One of the large financial houses of Detroit, a part of a powerful group operating throughout the state, would have closed its doors. Foresaw Panic "The rest of the day would have seen bank after bank in Michigan stripped of its cash and liquid reserves by panicky customers and turned into empty shells contain-
13.July 14, 1933Jackson Citizen PatriotJackson, MI
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BOMHOFF IS NEW CONSERVATOR
Succeeds Stuart M. Schram as Director of Affairs of Union Bank.
With conservator charge of the affairs the Union National bank recting the steps the forBank mation drive bring about the opening the new institution the possible speed, Friday Stuart the Union PeoThursday afternoon, immediately after president Bank Jackson, which to the closed few hours the appointment Bomhoff servator Bomhoff O'Connor, comptroller the curThe conservator took over his duties Friday former official the Products company city the Peoples Work Contract. The the opening the arranging National Jackson taining approval the Union Peoples bank providing taking assets by its sucUnion on this Friday this step has been completed, the deposits released the ples expected the comptroller's office and the Reconstruction Finance corporation, spent Thursday directors National returned their Thursday They took them the artiof the bank which must final Officers the NaJackson willing Friday forecast when its doors opened for business, although the opening virtually in future. The the Union Peoples expected.
14.July 16, 1933Detroit Free PressDetroit, MI
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PayoffIs Assured for Jackson Bank
Contract for Assets Purchase Signed
An order approving the contract into between the conservator the Union and People's Na tional Bank and the new National Bank was signed Federal Judge Edward Moinet Saturday The contract already had been approved by the Comptroller of the Currency Under the terms the agreement. the Union and People's Na tional Bank permitted to sell certain of its consisting cash, and National bonds and notes to National for The money will be for an ate payoff depositors of the Union People's Bank This bank was closed March 19 of this year. The new bank the contract states, has the right to return the assets within months for cash the old bank has the take back the assets, should so desire The agreement signed Thurs day between Fred servator for the Union and People's National Bank and M. Schram and Clark, president and cashier respectively, of the Na tional Bank
15.August 25, 1933Battle Creek Moon-JournalBattle Creek, MI
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JACKSON ATTORNEY IS BANK RECEIVER
Jackson, Aug. 25.-(U. P.)Reuben H. Rossman, Jackson attorney, and chairman of the Jackson county Democratic committee. has been appointed receiver of the Union & People's National bank. it was learned today. He succeeded L. Fred Bomhoff, conservator since July 14.
16.August 25, 1933Jackson Citizen PatriotJackson, MI
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ROSSMAN RECEIVERSHIP
Jackson Attorney, Democratic Leader to Direct Liquidation of Bank.
BOMHOFF ORDERED OUT
Comptroller of Currency Notifies Conservator to Quit Job at Once.
The appointment of Reuben H. Jackson attorney, ceiver for Union Peoples telegrams to afternoon O'Connor, comptroller the currency. Rossman succeeds L. Fred Bomhoff, closed since Mr. Rossman over his duwith the that does not intend to make changes personnel the office although entire working time of the Union Peoples National will continue maintain his ofin Dwight building. headed meeting Friday no issued its conclusion. committee will take no action for the Bomhoff Notified.
Mr. Bomhoff the folfrom O'Connor the commission Union Peoples National bank, terminated Reuben H. receiver, effective date of instructed to take trust Take detailed receipt triplicate for delivered Mr. Bomhoff's last official act of schedFriday fixed the last day for depositors, Saturday allotted to the Dividends "J" depositors be available While announcement to the of legal advisor was ing Thursday afternoon, generally believed that Elmer Kirkby, will be appointed. Rossman of the Democratic mittee and has active in the for many years. Mr. Kirkby prominent Democrat and candidate in the
Committee to Meet.
Before his succeed Stuart M. president tional Jackson, Mr. Bomwas member the Union depositors' final were made for the 35 cent payoff now in progress.
17.August 25, 1933The Herald-PressSaint Joseph, MI
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NAME BANK RECEIVER ment of Reuben H. Rossman, Jackson attorney and chairman of the county Democratic committee, as receiver for the Union and Peoples National bank was announced here Thursday.
18.October 19, 1933Jackson Citizen PatriotJackson, MI
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ATTORNEY IS OFF FOR CAPITAL
Bank Receiver Also Takes Trip, but Mr. Miner Delays Journey.
City Attorney Brower and R. H. Rossman, receiver for the Union Peoples National bank left Wednesday afternoon for Washington, they on arrangements the release percentage of city's balance in the Mr. Brower intended to conwith federal public works cials on city's sewage disposal plant there some would expend deal on this problem. John W. member of the Michigan advisory committee of the Reconstruction Finance corporation. was lied city attorney aiding the drive speedier tion on the disposal plant applicadid make trip to Washington. Mr. Miner stated Thursday that he go to the national capital later on R. F. business
19.June 25, 1934Jackson Citizen PatriotJackson, MI
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'DEATH VICTIM' BANK RECEIVER BELIEVED ALIVE MAKES REPORT
Cleaning Shop Employe Positively Identifies Photos of Miss Tufverson.
SAW WOMAN THIS MONTH
Two Packages of Evidence on Way to New York From Europe.
June Miss missing torney has created an those of woman who garments cleansed Boston month was today by Mrs. Ruth previously had the opinion that customer cleansing establishment strongly resembled published shown supplied by missing persons of the New York police promptly identified the picwoman the establishment and June 10. Furtherdress in which Miss Page
Union & Peoples Receivership, Conservatorship Costs $145,204.
$12,359,749.33
Liabilities Accounted for $9,576,434.95; Collections $5,298,316.
Expenses of the and the Union Peopl. National from March 1933. when the was placed under to March 31, totaled according to statement made public Monday by Reuben H. Rossman, the statement the first formal issued by the receiver with instructions from the Treasury Herethe statements will be issued quarterly the next one dated copy the March 31 statethe door of the office and was
Uncolle Total the receiver Of this listed as total uncollected assets. includes $700,000 in an stock Liabilities for amount to according to the all made under the March tal as Cash collected from assets stock cash collected interest, premiums rents, trustee tion loans Disbursements. The disbursements during the period from and 31, 1934, taling including the following preferred liabilities paid, dividends paid to unsecured creditors (35 per cent to protection of assets, receiverhands of and comptroller,
In Closed Bank Case.
NEW SUITS FILED
COMMON PLEAS COURT A44259 Robert Wachendorf : For Homan Martin Harbrecht For divorce and custody children 44264 Ada and Woodward Nancy Springer Harry Western Bank Trust Hueftlein For Trust A44269 Ferdi closure mortgage Rinck Security Trust A44271 Alene Louis A44272 Board George Riesenberg Carl Frederick $2,500 Ice Wagon Drivers Frank George Elmer Braker Marcus Genevieve Roy May Bank Joseph For National Bank Carrie Resussing For Nathan Koper Heat Catherine of
In an appeal and cross appeal filed in United States Circuit Court of Appeals yesterday by Paul H King and George Referee Detroit Mich., as appellants, and Reuben H Rossman receiver of the Union Peoples National Bank of Jackson, Mich Appellate is asked determine the status of bankruptcy of funds in bank which has been over by the of the Currency The order appealed from is that of District Judge John Knight Detroit reversing order the referee summarily directing Receiv er Rossman into Court pay $2,526.28 deposited by the bank trustee in bankruptcy of the Hills dale Company, bankrupt in its commercial The referees took the position that the fund held by the bank was legis' and subject to summary order for pay ment into Judge Knight held that the fund was held by the trustee "ex and the hands of the receiver trust fund and that was to be considered as preferred claim subject to payment with other pre ferred claims as directed by the Comptroller of Currency The bank and its receiver and Conservator appeal from this order contending that the fund not entitled to preference but is simply deposit entitled only to the dividend which be declared to general creditors and
Florida Corporation Appeals.
Appeal from the judgment of District Judge Robert Nevin at Dayton, Ohio, directing the jury to return verdict for the de fendants their suit against Ar thur R Hill al. Springfield Ohio, was filed in United States Circuit Court of Appeals by the Gratigny Development Cor poration et al., Miami, Fla The case is an outgrowth of an alleged deal for land in Miami in 1925 The Florida corporation alleged the defendants entered into contract with to purchase tract of land for $152,000 and that $96,666.65 with interest per cent from January 1926, due on it.
Truck Driver Arraigned
Under charge that he forged and passed compen sation check for $38 issued to Luther Marion Morgan, 1336 Main Street Cincinnati, last February Frank Dewitt, 38 years old 103 West Fourteenth Street truck driver, was arraigned before Will liam Hohmann, United States He de nied guilt and he was held in $1,000 bond for his appearance for preliminary hearing August 18. In default of the bond he was committed to Hamilton County Jail.
Sisters-In-Law Fail.
Mrs Amelia M. Williams, housewife, 1119 Eighth Street, Ports mouth Ohio, and her Mrs. Anne E. Williams housewife 1515 Jackson Avenue. Portsmouth yesterday filed voluntary petitions in bankruptcy in United States District Court for relief from debts totaling $14,588 and $14,446.92 re spectively Each lists as her principal creditor B. Kimble receiver for the First National Bank of on 759 88 Mrs. Amelia Williams lists no Mrs Williams lists assets valued at $332 all of which she says are exempt
Enter Bankruptcy Petitions
Voluntary petitions were entered in United States District Court yesterday by the follow ing
Carl Fairfield Monk 2925 Brant Avenue Portsmouth which said Molloy printer 2214 Street assets which he claims Winfield Wilson Heaton
Bankruptcy Case Closed.
Final record closing the case of Lester Clifford Roberts wage earner Ironton Ohio, was filed in District Court by Mark R. Craw ford referee bankruptcy Ports mouth Liabilities totaled $1,527.28 There were
Seeks Bankruptcy Discharge
Petition for discharge from his debts filed in District Court by Raleigh Smithson, Ironton
Bankruptcy Funds Involved In Closed Bank Case.
In an appeal and cross appeal filed in United Circuit Court of Appeals yesterday by Paul H. King and George A. Marston, Referee in Bankruptcy, Detroit, Mich., as appellants, and Reuben H. Rossman, of the Union Peoples National Bank, of Jackson, Mich., cross-appellant, Appellate Court, is asked to determine the status of bankruptcy of funds in bank which has been taken over by the Comptroller of the Currency. The order appealed from is that of District Judge John Knight, Detroit, reversing an order of the referee summarily directing Receiver Rossman to pay into Court $2,526.28, deposited by the bank as trustee in bankruptcy of the Hillsdale Grocery Company, bankrupt, Hillsdale, Mich., in its commercial department. The referees took the position that the fund held by the bank was in "custodia legis' and subject to summary order for pay. ment into Court. Judge Knight held that the fund was held by the bank as trustee "ex maleficio" and came into the hands of the bank's receiver as trust fund and that was to be considered as preferred claim subject to payment with other preferred claims as directed by the Comptroller of Currency. The bank and its receiver and Conservator from this order, contending that the fund is not entitled to preference but simply general deposit entitled only to the dividend which may be declared to general creditors and depositors.
Florida Corporation Appeals.
Appeal from the judgment of District Judge Robert R. Nevin at Dayton, Ohio, directing the jury to return verdict for the defendants in their suit against Arthur R. Hill et. al., Springfield, Ohio, was filed in United States Circuit Court of Appeals by the Gratigny Plateau Development Corporation et al., Miami, Fla. The case is an outgrowth an alleged deal for land in Miami in 1925. The Florida corporation alleged the defendants entered contract with to purchase tract of land for and that $96,666.65, with interest at per cent from January, 1926, is due on it.
Truck Driver Arraigned.
Under a charge that he forged and passed Government compensation check for $38, issued to Luther Marion Morgan, 1336 Main Street, Cincinnati, last February, Frank Dewitt, 38 years old, 103 West Fourteenth Street, truck driver, was arraigned before William P. Hohmann, United States He denied guilt and he was held in $1,000 bond for his appearance for preliminary August 18. In default of the bond he was committed to Hamilton County Jail.
22.May 29, 1942The Ypsilanti Daily PressYpsilanti, MI
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Article Text
CHECKS TURNED over Jackson, Mich., May 29-The comptroller of currency in Washington received five thousand checks. most of them for small amounts and unclaimed by depositors in the closed Union and People's National Bank. Receiver Reuben H. Rossman said Thursday that depositors had received 60 per cent of their deposits.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
