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Withholds Decision On Bank Receiver (Continued from Page 1.) closing of the City Bank & Trust Company, Holden that would be the work of the appraisers to give the depositors correct picture of the conditions existing the closed bank. He said he believed their findings would aid in restoring confidence in the banks Hartford Mr. Holden told the court that the depositors of the closed bank number of the city's Hearing Friday. Mr. Holden said he felt the duty of the court aid in removing from the public mind the idea that things are being done behind closed doors. He said that list of possible praisers would submitted the court as possible. Mr. Holden told Judge Brown that to the shaken confidence of the public in banks thousands their and putting in postal trend which he said might acts to prevent suffering. Mr. Holden "when private either fail to act or not know what to do. becoming apparent that capital does not know how act. The government going once steps will never step out. These so-called capitalists ought realize it. Here an opportunity for their effort. Unless situations these are in my opinion there will not be privately owned bank in the country in Frank A. Hagarty. vice-president and counsel closed bank and Attorney Harrison B. Freeman of the board of directors agreed with Mr. Holden's position but urged that careful consideration be given naming of the Mr. said their appointment should wait until the receiver has been by the court and Mr that be needed proper appraisal of the bank's holdings He said that while the value of the bonds and securities are readily, the appraisal of the bank's require great deal of His recommendation that the appointment of appraisers be deferred until Friday with general Judge Brown indicated that if he names receiver today he would accept the of Mr. Bassett and fix bond. Tells of Withdrawals. Judge Brown inquired of the bank commissioner when Mr. Bassett took the stand what the of the bank when closed. Mr. Bassett said that in such condition that would been unable to secure funds pay the expected lacking the bond capamoney for loans. He said that total of $500,000 in loans had been that had been steady withdrawal of commercial deposits and that $500,000 more be taken out on January 2, the day the bank was closed. Has Nearly $5,000,000. Mr Bassett disclosed that there was indicated an impairment of the capital of the bank, which $1,000,000. caused by the shrinkage of its securities. A more favorable side of the picture he drew was that there are between $4,000,000 and 000,000 in quick assets, that is securities readily convertible into cash, cash on hand and deposits in other banks. Mr. Freeman told the court that the bank has in mortgages and $7,000,000 in commercial loans Most of its investments are in 3AAA bonds and only one bond, for $7000. has dropped the BAA standard. Hewes Active. Mr. Hewes, the proposed receiver for the City Bank & Trust Company, has been active in bank receiverships for more than year. In addition to playing an important in the reopening the Riverside Trust Company, which ditional capital and deposits. he actas counsel the Merchants Bank Trust Company, receiver for closed Pallotti, Andretta Bank He resigned as counsel in that case after opposition had been made by the Pallotti. Bank his fee against that On Monday the Bank Company the Trust Company. is planned stitute for the Pallotti, Andretta Bank Attorney William Mulligan and treasurer of the Merchants bank until the merger Attorney Allen E. Brosmith, who represented the depositors committee in opposing the fee granted Mr. Hewes as counsel for the Pallotti Andretta Bank receiver is now counsel for receiver, having succeedMr. Reorganization Discussions. Plans for reorganization reCity Bank Trust opening Company gathered momentum Wednesday it can now be stated authoratively plan has been formulated the bank reopens with new capital Further that those gaged promoting the plans the bank would no Further progress was made with the plans in connection the reopening of the East Hartford statement at this time would The Bank Trust Comofficers also made further progress with their plans but regard little early to make definite statement The Travelers Bank Trust Company named as temporary receiver. Wednesday. Appraisals First. Before definite plans for can be formulated be to have appraisals made in order determine the exact condition the banks With this hand those in the the institutions can Bank Business Normal. Banking conditions were increasmore normal and any day, during periods of boom activity. Storrs Dean Speaks. Storrs, Jan. SumDole Connecticut Agricultural College said parents were sponsible for handicaps which hindered the work college students. talk broadcast tonight WCAC. Students he said. are often forced enter college against best interests by on their for specific and un congenial occupation He urged that early take only light work under careful supervision.
