15603. Chelsea Bank and Trust Company (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
December 23, 1930
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
0223fe23

Response Measures

Full suspension, Books examined

Other: State took possession (government receivership); later plan to reopen with outside capital approved.

Description

Contemporary articles report an organized whispering telephone campaign precipitated heavy withdrawals (a run) on Dec 23, 1930; State Superintendent Broderick took possession the same day (suspension/government takeover). By March 14, 1931 a plan to reopen (and pay depositors 100¢) was approved, indicating reopening after the suspension. OCR errors in some clips corrected (e.g., Broderick).

Events (3)
1. December 23, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Organized 'whispering' campaign via anonymous telephone calls (described as communist/short-selling smear) that warned depositors and precipitated heavy withdrawals.
Measures
Doors closed, police/patrolmen dispersed crowds and protected premises; bank subsequently taken into possession by State Superintendent of Banks.
Newspaper Excerpt
The closing of the bank followed a run on the institution which developed last night and continued this morning.
Source
newspapers
2. December 23, 1930 Suspension
Cause
Government Action
Cause Details
State Superintendent of Banks took possession of the institution following the run and heavy withdrawals; bank was closed to safeguard assets.
Newspaper Excerpt
State Superintendent of Banks Joseph Broderick today took possession of the Chelsea Bank and Trust Company.
Source
newspapers
3. March 14, 1931 Reopening
Newspaper Excerpt
Chelsea Bank Found Solvent; approval of plan to reopen the Chelsea Bank and Trust Company given today ... depositors to be paid 100 cents the dollar.
Source
newspapers

Newspaper Articles (21)
1. December 23, 1930 Morning Pioneer Mandan, ND
Article from Morning Pioneer, December 23, 1930

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START RUN ON YORK BANK RED OMMUNISTS USE PHONES TO CAUS1 F5AR FOR MONEY York, Dec. The of banks, seph today took posses of the Chelsea bank and trust company small institution largpatronized by actors and oth ely ers the theatrical business. capitalized at deposits and total resources of $23,000, The closing of the bank followed When notice Mr. Broderick's posted, branch in the Bronx tried Thep swept aside guard of latter and drove the crowd back plate glass panel the bank Sev. persons the group were Bank officials and police sought learn today and injure banks rumors about their financial The rumors have been spread, were told mostly phone starting runs finanfor small bank, told New Yirk the paganda campaign" had been ported him to fostered inimical to the UnitStates.

2. December 23, 1930 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, December 23, 1930

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5 o'Clock News Flashes State Takes Possession of Chelsea Bank NEW YORK, Dec. The state of banks, Joseph Broderick, today took possession of Chelsea Bank and Trust Company, a small institution largely patronized by actors and others in the theatrical business. It was capitalized at $2,500,000 has deposits of approximately $18,000,000, and total resources of $23,000,000. The closing of the bank followed a run on the institution which developed last night and continued this morning. Broker Gets 14 Years for Embezzlement Plot WASHINGTON, Dec. G. Bryan Pitts, former chairman of the board of the F. H. Smith Company of Washington, today was sentenced to 14 years in prison for conspiracy to embezzle millions of dollars from the company. Elbert Anadale and John H. Edwards, Jr., also officers of the company, who were tried with Pitts, were given sentences of nine and four years, respectively. Christmas Mail Rush at Peak Today WASHINGTON, Dec. 23-(AP) The gigantic Santa Claus sled of the Christmas mail was estimated to have hit peak today, and now is poised for its sharp toboggan to normalcy. If its aggregate equals last year's, as is expected by the Postoffice Department, the Christmas mails will have carried 1,670,000,000 letters, 20,000,000 package, and 17,000,000 postcards.

3. December 23, 1930 The Times Trenton, NJ
Article from The Times, December 23, 1930

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CHELSEA BANK HAS BEEN TAKEN OVER NEW YORK Dec. State Superintendent of Banks, Joseph Brodertoday took possession of the Chelsea Bank and Trust Company small institution largely patronized by actors and in the theatrical busiwas capitalized at has approximat $18,000.000 and total resources of $23 The closing of the bank followed run the institution which developed last night and continued this The Chelsea Bank and Trust Comwas in 1903 and has six offices. It a and State depository 16 not member of either the Federal Reserve or the New York Clearing House the membership of which includes virtually all of the largest financial institutions in New York The banks owns the Chelsea Exchange Safe Deposit Company and 1928 organized the Chelsea Exchange Corporation to deal in securities.

4. December 23, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, December 23, 1930

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State Takes Over Chelsea Bank In New York State Superintendent of Banks Broderick announced to. day he had taken the Chelsea Bank and Trust Company The institution according to the latest figures, had gross of $16,323,000 on December 20th, The bank was closely identified with the motion picture industry in New York and two directors are active figures in the film world. ANOTHER MIAMI CLOSES MIAMI BEACH Dec. 23. The City Bank of Miami Beach was closed to-day to protect depositors, officials announced, after run on the bank yesterday. The city bank had capital stock of $100,000 and of approximately $600,000. The City National Bank of Miami was closed yesterday. CLOSE IN HARTFORD HARTFORD Dec. 23 Hartford banks, the Riverside Trust Company and Pallotti Andretta and Company, were suspended to-day by Bank Commissioner Lester E. Shippee, following runs both institutions. Pallotti Andretta and control the Riverside Trust ComThe state manual for 1930 gave the capital of the Riverside Trust Company as $400,000, surplus $600,000, undivided profits $24,229, savings deposits $643,805 and commercial deposits $3,185,455.10. B7SSEMER (Ala.). Dec. 23 The City National Bank the Bessemer Trust and Savings Bank failed to open to-day. RICHMOND (Va.), Dec 23 The state division of insurance and banking to-day the People's Bank of Gretna, Va., had

5. December 23, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, December 23, 1930

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State Takes Over Chelsea Bank In New York PROFFER OF FREE GAS TO CITY NOT PHILANTHROPIC NEW YORK. Dec. 23. (U.P.) State Superintendent of Banks Broderick announced to-day he had taken over the Chelsea Bank and Trust Company. (Continued From Page 1-B) The institution, according to the latest figures, had gross 99 cents and allow the city the one. of $16,323,000 on December 20th. This is much better for us than to last. lose the 99 cents or even stand the The bank was closely identified chance of losing it. with the motion picture industry "But the answer lies in this. In DO-X In Repair, in New York and two helping the City Fresno we figures in the film world. help ourselves This is mutual Ready For Hop benefit offer designed to help ANOTHER MIAMI CLOSES us both. Therefore, we will go MIAMI BEACH Dec. 23. the limit in everything to many's fifty-ton flying boat, DO-X, The City Bank of Miami date the city in respect to this free damaged by fire several weeks ago, Beach was closed to-day to protect gas. will be ready to resume her flight The gas, Terrill explained, would to South America January 15th, er run on the bank yesterday be taken from the absorption plant, the Dornier Works announced to- The city bank had capital stock clean stripped gas, ready of the burner with the exception of the day of $100,000 and deposits of approximately $600,000 The City National addition of an odorant to eliminate Repairs to her damaged wing Bank of Miami was closed yester- natural danger to the cunsumer have quickly at Lisbon that lies in the use of odorless gas Portugal, and ce Schildhauer the American pilot, has obCLOSE IN HARTFORD tained an extension of leave from Red Cross Chapter HARTFORD Dec. his employers so that he Two Hartford banks, the Riv- Seeks New Nurse may join in the transatlantic flight. erside Trust Company and Pallotti BROKER PLEADS GUILTY Harold Russell Ryder one of the most lavish of the Broadway spenders, pleaded guilty to grand larceny connection the $2,000,000 failure of the brokerage firm of and Company to-day Senwas deferred for two months ble him to assist creditors. SUGAR AND COFFEE YORK WOOL MARKET BOSTON Dec. Trading in wool is about steady compared with the early part of last week The limited amount of business being closed on wool is mostly on fine and grades. Graded French and finer territory wool sell in range of 65 to 68c scoured basis. Strictly combing 60's wools conto move to 68c scoured Andretta and Company, were suspended to-day by Bank Commissioner Lester E. Shippee, following both institutions Pallotti Andretta and Company control the Riverside Trust ComThe state manual for 1930 gave the capital of the Riverside Trust as $400,000 surplus $600,000. undivided profits $24,229, savings deposits $643,805 and commercial deposits $3,185,455.10 The City Bank and the Trust and Savings Bank failed to open to-day The state division of insurance and banking the People's Bank of Gretna, Va., had

6. December 23, 1930 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, December 23, 1930

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RUN CLOSES BANK. NEW YORK, N. Press. Dec. The state superintendent of banks, Joseph Brodery, today took possession of the Chelsea Bank and Trust company, a small institution largely patronized by actors and others in the theatrical business. It was capitlaized at $2,500,000, has deposits of approximately $18,000,000 and total resources of $23,000,000. The closing of the bank followed a run on the institution which developed last night and continued this morning. Associated Press.) RICHMOND, Va., Dec. 23.-The state division of insurance and banking today announced that the Peoples bank of Gretna, Va., had suspended business. The bank was capitalized at $50,000 and had deposits of $474,000. (By The Associated Press. HARTFORD, Conn., Dec.

7. December 24, 1930 Morning Pioneer Mandan, ND
Article from Morning Pioneer, December 24, 1930

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START RUN ON YORK BANK OMMUNISTS USE PHONES TO CAUS1 F5AR FOR MONEY New York, Dec. of banks seph Broderick, today took posses. of the Chelsea bank and trust company small larg ely by actors and the business. $2,500,000. has deposits of and total resources of $23,000, The closing of the bank followed When notice Mr. Broderick's was posted, 300 depositors of branch in the Bronx tried doors. Thep swept aside guard of dozen policemen the latter drew and drove the crowd back. plate glass panel the bank entrance Sev eral persons in the group were roughly handled. Bank officials and police sought learn today malicious and concerted campaign was underway injure banks circulation false rumors about their financial condition. The rumors have been spread, officials were told, mostly by phone by persons apparently terested in starting runs on finan institutions. One informant, for small bank. told the Yirk Sun the "telephone paganda campaign" had been ported to be fostered inimical to the Unit States.

8. December 24, 1930 The Independent-Record Helena, MT
Article from The Independent-Record, December 24, 1930

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SMALL NEW YORK BANKS CLOSES AFTER HEAVY RUN New York, Dec. 23.-OP)-The Chelsea Bank and Trust company, small institution patronized mostly by theatrical people, was taken over by State Superintendent of Banks Joseph Brokerick today, following heavy withdrawals. Broderick he closed the bank to its assets for depositors. The institution operated seven offices. owned the Chelsea Exchange Safe Deposit company and the Chelsea Exchange corporation, securities firm. When the notice of closing was posted at the Bronx branch afternoon line of 300 depositors stormed the door. Several patrolmen rushed through drawn revolvers and formed small circle around the doorway. Emergency squads dispersed the crowd. The Chelsea bank was a national and state but ber of either the Federal of the New York was capitalized at had deposits. of approximately 000,000 and total of 000,000. Holland maintains a which children are taught crets of windmill the art may be country

9. December 24, 1930 Times Union Brooklyn, NY
Article from Times Union, December 24, 1930

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CHELSEA BANK'S PLIGHT BLAMED ON 'WHISPERS' State and Federal Agencies Trace Malicious Rumor Origins Four separate inquiries were begun to-day by four different authorities -the State Attorney-General; District Attorney Crain, the United States Attorney and the Police Department-into the apparently organized campaign of rumor-spreading which brought about a run on the Chelsea Bank and Trust Company yesterday and forced the State Banking Department to take possession of the institution. The State Bureau of Securities has subpenaed the records and accounts of a dozen stock brokerage houses believed to have operated in bank stocks, including that of the suspended bank, it was announced to-day. A number of the brokers were expected to be questioned later to-day. The belief that a "public enemy" is at work attempting to undermine various financial institutions in the (Continued on page 4)

10. December 24, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, December 24, 1930

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State Takes Over Chelsea Bank In New York NEW YORK Dec 24 --(U.P) State Superintendent of Banks British Refuse Charge Broderick announced he had taken in over the Chelsea Bank and Trust the region and Diedrichs told me Company he wanted to get the Romanoff The institution, according to the remains into the of the latest figures, had gross Grand Duke Nichols as quickly as of $16,323,000 on December 20th. possible He had asked British representatives to take charge of The bank was closely identified this but they were with the motion picture industry when they asked authority in New York and two are their government active figures in the film world was then, General Janin wrote Diedrichs asked him ANOTHER MIAMI CLOSES take charge of the relies and he MIAMI BEACH (Fla.), Dec. 24 The City Bank of Miami accepted the of his own friendship for BAY CITRUS (By Press) SAN

11. December 26, 1930 Joplin News-Herald Joplin, MO
Article from Joplin News-Herald, December 26, 1930

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SEEK CAUSE OF RUN ON NEW YORK BANK New York, Dec. 26.-(P)-Communists and short-selling brokers of bank stock were equally suspected today in official attempts to trace to inspired sources the run which has resulted in the closing of the Chelsea Bank and Trust Company early this week. Against neither group, however, were those in authority prepared to make supported accusations, although it was intimated the state banking department had information tangible enough -to warrant the attention of District Attorney Crain. The closing of the Chelsea Bank and Trust Company, a small institution patronized largely by stage people, was blamed by Joseph A. Broderick, state banking superintendent, on run which gained in proportions until the doors had to be closed to safeguard the institution's assets. Assistant Attorney General Watson Washburn was seeking evidence that operators who were selling Chelsea bank stock short were interested in depressing its value, and Assistant District Attorney Pilatsky has been assigned to run down rumors that a concerted communist conspiracy has been under way to start bank runs.

12. December 26, 1930 Times Union Brooklyn, NY
Article from Times Union, December 26, 1930

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Bank Whisper Plot Spreads, Small Shopkeepers Centre City Officials and Financiers Warn Against Reds Warning was sent out to-day by Ity officials and bankers that the larmists who early this week speard umors that resulted in the closing the Chelsea Bank and Trust Company have also directed their whispering campaign" at other intitutions and will probably conto do so. Officials of the State Banking Department, which is now invesligating the affairs of both the Chelsea Bank and the Bank of United States, expressed the belief that the agitators are trying to carry out "an organized and mallclous programme," directing their efforts at several institutions in turn. In each case the method is to shake the confidence of depositors by anonymous "warning" phone calls, eventually resulting in a run on the bank. While refusing to mention names. Joseph A. Broderick, superintendent banks, that depositors at least three other banks in the city have in the last week re- (Continued on Page 8)

13. December 26, 1930 Times Union Brooklyn, NY
Article from Times Union, December 26, 1930

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Bank Whisper Plot Spreads, Small Shopkeepers Centre Officials and JANUARY RECRUITING City Financiers Warn PLANNED BY NAVY WASHINGTON, Dec. 26 (U Against Navy recruiting will be resumed Warning was sent to-day city officials and bankers that the alarmists who early this week speard rumors that resulted in the closing the Chelsea Bank and Trust Company have also directed their "whispering campaign" at other institutions and will probably continue to do so. Officials of the State Banking Department, which is now investigating the affairs of both the Chelsea Bank and the Bank of United States, expressed the belief that the agitators are trying to carry out "an organized and mallclous programme," directing their efforts at several institutions in turn. In each case the method to shake the confidence of depositors by anonymous "warning" phone calls, eventually resulting in a run on the bank. While refusing to mention names, Joseph Broderick, superintendent of banks, intimated that depositors of at least three other banks in the city have in the last week re- (Continued on Page 8) January, the Navy Department anto-day. Acceptance of recruits was stopped last October, with the adoption of new fleet organization calling for reduction in navy personnel by about 5,000 men.

14. December 26, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, December 26, 1930

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Communists, Brokers Accused of Starting Run on Chelsea Bank NEW YORK, Dec. 26. (/P)-Communists and short selling brokers of bank stock were equally suspected today in official attempts to trace to inspired sources the run which has resulted in the closing of the Chelsea Bank and Trust company early this week. Against neither group, however, were those in authority prepared to make supported accusations, altho it was intimated the state banking department had information tangible enough to warrant the attention of District Attorney Crain.

15. December 26, 1930 Burlington Daily News Burlington, VT
Article from Burlington Daily News, December 26, 1930

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Investigate Run On Chelsea Bank And Trust Co. NEW YORK, Dec. 26. (P)-Communists and short-selling brokers of bank stock equally tosuspected day in official attempts to to trace inspired the run which has sulted in the closing of Chelsea bank and Trust Company Tuesday Against neither, were those authority prepared to supported accusations, although It intimated that state banking department had information tangible enough warrant the attention of District torney Crain The closing of the Chelsea bank and Trust Company. small institution patronized largely stage people, was blamed by Joseph Broderstate banking superintendent, upon which gained in propor. tions until were closed to safeguard the

16. December 26, 1930 The Item Sumter, SC
Article from The Item, December 26, 1930

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Communists And Stock Gamblers Wrecked Bank New York, Dec. munists and brokers bank stock were equally pected today official attempts trace inspired sources the which resulted in the closing of the Chelsea Bank and Trust Company The of the Chelsea Bank and Company, small stitution patronized largely by stage was blamed flatly by Joseph Broderick, state upon which gained in until the doors be closed guard the Assistant Attorney General Washburn that operators Chelsea bank stock in its and AssistAttorney Pilatsky has been assigned to down that has been under way to start bank runs.

17. December 26, 1930 Mount Vernon Argus White Plains, NY
Article from Mount Vernon Argus, December 26, 1930

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"RED" RUMORS State Blames Runs On New York Banks to Communist "Whispering" Campaign NEW YORK, Dec. 26 accused by the State Banking Department today of "whisperings' paigns to undermine public confidence in New York banks. Officials the Banking Department traced 1,000 bank last and by the Banking Department checked the Officials expressed belief that money have anced the operations stocks the Chelsea Bank and Trust Company prior whispering heavy and caused the bank closed. Records brokerage houses today Washburn, Assistant torney General charge of the State Securities fort they Chelsea and other bank stocks Crain Orders Inquiry. District Attorney has signed alleged whispereffort being trace telephone warned depositors the Chelsea Bank withdraw their funds. their their campaign against banks, names and horting their coopersaid official touch with the banking gone store to store spreading campaign has been shown only when began hours reached that Communists had made their target." TREASURY BALANCE Dec. 26 The Treasury ance December for that month to that date

18. December 27, 1930 The Coeur d'Alene Press Coeur d'Alene, ID
Article from The Coeur d'Alene Press, December 27, 1930

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the Chelsea Bank and Trust company prior to the whispering campaign which precipitated heavy withdrawals and caused the bank to be closed Records of eight brokerage houses were examined today by Watson Washburn, assistant attorney general in charge of the state securities bureau in an effort to determine for whom they sold Chelsea and other bank stocks. District Attorney Crain has as- signed an assistant to investigate the alleged communist whispering campaign. An effort is being made to trace telephone calls that warned depositors of the Cheslea bank to withdraw their funds. "That the campaign has not been without results was shown only last Saturday, when run on one bank began only two hours after information had reached us that the communists had made It their target."

19. January 16, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, January 16, 1931

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Lack of Aid by Other Banks Efforts of Officers to Obtain Accounts of Bank of United States Depositors Brought DiffiTheories Scouted The Eagle has retained Charles Recht, an attorney of the New York Bar, to act as its counsel and legal advisor in an investigation of banking conditions in New York City. Mr. Recht will give his services free and will also advise depositors in any failed bank. Inquiries should be addressed to The Brooklyn Eagle and not to Mr. Recht. What caused the run and the closing of the Chelsea Bank and Trust Company, which an outside financial group is negotiating to take over and reopen under another name after supplying new capital? for Banking Superintendent Broderick in midafternoon on Dec. to take over this "Great White Way" institution on whose ledgers appear such names MorGest, Roxy's, Texas Harry Richman latter place frequented dered gambler, Arnold Rothstein? Overshadowed by recordbreaking smash of the Bank the United States, there been little official unofficial taken answer although the funds involved the Chelsea closing are amount volved City Trust collapse. The Chelsea closing involved surplus and deposits the City Trust book without taking account the looting, did not reach $10,000,000. Chelsea Lacked Support Investigation by the Eagle indithat the for the run and closing the Chelsea the part the bank's officers obtain counts depositors the closed Bank the United States and the failure other banking institutions to give full support when the Chelsea got into acute difficulties. Charles special counsel Eagle in inquiry into banking analyzed the Chelsea run closing 'Reports published the day after Please Turn to Page

20. February 2, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, February 2, 1931

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DEPOSITORS' HOPE DIMMED AS BANK REPORT IS MADE Continued from Page $200,000 held by the Chelsea Bank and Trust Company, which closed few days after the Bank the United States. Register James McQuade of Brooklyn shown as indebted the bank by $10,000. His note indorsed by former Controller HerMetz, director of the closed Other jurists in the loan list are Magistrate Louis Brodsky cently exonerated by the Appellate Division on charges of engaging business while bench; Supreme Court Justice Aaron Levy, County Judge Max Levine former City Court Judge Gustave Hartman. The loans Justice Levy and Judge Levine were revealed in the Eagle some time The estate of James Riorago. dan, president of the County Trust Company and close friend end clate former Governor Alfred Smith, on the list indebted the bank by $340,037, secured notes. Jurists' Loans The jurists' loans are given follows: Magistrate Brodsky County Judge George Martin, of Brooklyn, also appears rower on unsecured note $10,000. declared. did Register McQuade, that he ranging to pay the loan when matures. Sheriff Aaron Jacoby, Brooklyn, listed as having two loans totaling $5,120. Isidor Kresel, director and counsel the bank, said today that has been paid since the bank closed. Samuel Koenig, Republican leader of Manhattan, listed owing the bank unsecured, on the day closing. He issued that obligations have been paid off his since the bank closed. Edward Flynn, Secretary State Bronx Democratic leader. listed having secured loan: Joseph Tumulty. secretary the late President down having discounted and Dr. Wilnote liam Greeff, Hoshaving an $800 unsecured pitals, as note. $20,000 unsecured note of the Holding Company bears the "indorsed by Arnold Rothstein." Loan Distributions The bulk the loans are distributed in the garment and real estate trades. Several, however, are listed against theatrical personages, cluding unsecured note held against Florenz Ziegfeld small notes signed Mariyn Miller Winnie Leightner. William Klein, theatrical lawyer and close friend of the missing Justice Crater, carried owing $100,000 secured note. Former Judge Emil Fuchs down obligated the extent secured by stock the Boston National League Baseball Club, of which he president. Among the large borrowers are Samuel Rubel, Brooklyn coal ice operator, unsecured obligations totaling Telsey, Simon Kugel, director the Samuel Rubel, Loans well up in the mark involve Seel Ringer. brother Saul Singer, vice president of the bank, the extent of Morris White, director, $900,000. Loans Political Clubs The Manhattan County Committee and the National Republican Club are listed as having obligations $20,000 and $5,000 spectively, while the West Flatbush Democratic Club and the New Utrecht Democratic Club Brooklyn are down for loans of $600 and each. Churches, synagogues, educational centers religious and social organizations listed having substantial loans. The Key to Lifuidation The "meat" schedule is garded centering the 800-odd pages devoted to the 10,000 loans and the lists of mortgages, building loans stock bond holdings. amount realized from liquidation of these resources the key the liquidation. The loans are down as totaling which are distributed among the bank's chain 57 affiliates investing, speculating, in real estate. of these loans unsecured. with the ception note of the Bankus Corporation. security this instance consists entirely shares of members of the affiliate chain, which record as heavy debtors the bank with unknown resources. The collateral comprises 100 shares Manhattan Square Inc.; shares of York Corporation, 20,516 shares of Municipal Financial Corporation and 20,906 shares City Financial Corporation. The bank's involvements. through stock holdings and building mortgage loans, in affiliate chain total more than $32,000,000. Not Damaging in Itself That the bulk of the loans are amounts are tabulated in the held damaging itself, because the large among the garment trades. howare that many of the smaller loans may have taken out by small of the bank units when stock hit the high point the 200s, and number these may be hard recover. The unstable condition of the real estate market makes the liquidation on estate obligations hazardous the best. The Department's examination last September placed $37,000,000 the loans in the classes slow, doubtful criticized. Just which these loans were is not apparent in the schedule. The vailing opinion that the exigencies including virtually forced sales, further impair loan list, $60,000,000 of the outside figure. Realty Market The slow real estate market may, pointed effect of nearly 50 percent the each under the headings and building loans the market. Approximately 10 percent the mortgages are listed Among the bond on the skyscraper the Borough Hall section. Real estate involvement in bonds and affiliate stocks figure, according

21. March 14, 1931 The Washington Herald Washington, DC
Article from The Washington Herald, March 14, 1931

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Chelsea Bank Found Solvent; NEW YORK, March proval of plan to reopen the Chelsea Bank and Trust Company given today by preme Court Justice Townley. positors to be paid 100 cents the dollar. The approval thus vindicates the conviction of directors that the institution was solvent when malicious whispering campaign was started that led the bank's closing December 23, last.