Click image to open full size in new tab
Article Text
Reorganization Is Started Officers By
(Continued Page One) might lend hand by loaning the bank funds. Possibility depositors the might funds realize through the liquidation the proposed new national One Per Cent Limit On bank today accepting money' the and operating on the per national bank charter and was That mean the the trust all denew institution was condepartments as that would under Would Transfer Assets gradual transfer the FirstCentral's present assets to the purchase, would worked out, volume such transferred depending entirely upon inthe future. With Park and already there was Firestone Park circles plan main office downtown was being cussed
Guard Against Hoarding Only one made the and the MorPlan for hoarding and no gold certificates Building and loan companies and associations Ohio clearing house cities, like Akron, were permitted the today return the status occupied the national bank holiday, Directors of the Standard bank called cashier, into confertoday Musser, president of the directors that institution would meet "in Cramer directors of FirstCentral Monday night the need reorganize they tentatively approved the The changed status of the banks George Merz, vice presiof president the Akron Clearing House ciation, alter clearing house setup. It may in short time, but present the clearing house will reMany state banks including Akron, was had asked reopen restrictive basis, the departThis was refused, and the banks were ordered reopen,
Open New Accounts
The First-Central receiving accounts Tuesday, operating on withdrawal makchange and permitting stricted access money" accounts and safe deposit boxes. The Dime, Standard and Commercial likewise they been the past, although Musser the not new accounts, but merely change and access "free money' Demanding unrestricted license reopen, spent Federal bank officials Cleveland, and returned Tuesday Spokesthe insisted that Evans he hope obtaining the necessary license.
State Washes Hands
The banking department washed hands of responsibility the Firstwhich member the Federal Reserve system, until secretary of the treasury should approve business without restrictions. Ira Fulton, state banking, the following telegram to Cramer
Under order of H. Woodin, secretary the March bank the tem not yet licensed the secretary of treasury are subject the under the and order. "Under no responsibility Co. receiving deposits transacting business under control of the secretary of the treas-
Resume Former Status
Building and loan and clearing house Tuesday the status they occupied the national banking holiday, Heppert, retary the Great Northern Building Loan Co., Barberton, announced. Heppert also president of the Summit County Building Loan League. telegram the building and companies ner, superintendent the building and loan department the state at contained the formal order. telegram received by Heppert 'Building in cities having clearing associations may Tuesday, March on an except far they be legal tracts the associations depositors respect drawals, notices gold are to paid Albright, secretary of the Akron Savings president of the Ohio Building Loan said restored the house city's building loan to status occupied before banking holiday order. Firestone's Statement As chairman the of the Firestone Park H. Firestone, issued statement Tuesday "The officers directors of the Firestone Park Trust Savings pleased the bank given permit by the the treasury States, and resumed its banking in normal manner, today, March of this country are to people President the vision, age, and ability formulate make solution of the banking problem in so short time constructive work which has done first few days in which citizen must feel the greatest other national problems handled this aggressive and effective there be no question marked improvement general business in the There of city, county public school money frozen Akron. Barberton, Hudson, Clinton banks. This divided as follows: Counschools, $325,000 $619,000. Neither the city of Akron, or Summit county, used the Firestone Park Trust Savings bank depository The board education has had deposit there funds divided follows the Standard, $75,000; branch $50,000; Clinton $10,000; Hudson main, total, school depositories FirstCentral, operating moneys, service; Firestone $50,000; $100,000, and County Fund Division The county funds are follows: tral Barberton Clinton savings, $20,000; Commercial, $600,000; Dime Savings, $350,000; National bank Hudson, $10,000, and Standard bank, $40,000 The county and school moneys include operating fund counts, but the balance on posit includes no operating city operating entirely hausted, Galleher, finance rector,
Funds Were Secured member of the board education, lumbus Tuesday, declared that when the board made its deposits several banks finance upon 125 per got Mong, county auditor also Columbus, declared funds are secured mortgages other bank paper, and looks like we may lot estate, instead money deposit. lifted the several banks can any of these moneys distributed meet public payrolls, debt service. Hundreds Akron women hold city, county school bonds notes, and cannot receive either payments principal, or the interest due long the moneys congealed. In addition the public moneys frozen the banks, there 000 charity funds, the property agencies participating Better Akron Federation, Larrick, executive secretary, disclosed. The county funds include public school township funds, relief and debt accounts. The city bond funds debt service. The schools had more than $300,-
000 state teachers' retirement fund hand for when the bank holiday declarSince time the teachers have working whatever salary paid out of meager tax collection now under The purpose ascertaining much money the county, schools had deposit to vide guide consideration by the county commissioners, city school officials when they discussed issue be for an scrip, money paying provides that scrip must be issued against the public moneys already collected from guide member the county Scrip not issued against anticipated tax collection, it was declared.
Organized In 1919 The Park Trust Savings came into existence Feb. the Rubber Savings which was organized Capitalization of the Rubber City when the bank chartered, the doubled the Firestone Park bank of 000; Jan. 1918, Jan 1919, $2,664,000; Jan. 1920, $4,When the depression became pronounced during 1920, period thereafter, resources of the Firestone Park bank showed falling off, company with resources all other dropping in that to $2,891,000. However, officials of the bank rethat been steadily in recent years, until were Dec. Calls For Confidence In the of the Park last the "America called the of But been realized through an unfaltering in future. Confidence as much American success. Park Trust Savhas this tradiConfident future of the has enjoyed the community's This relation has enabled meet banking needs these changing times-to provide constantly increasing measure of service for its customers. Under joint federal and state suthan per cent the state banks Ohio were open unrestricted today. These three Canton in Youngstown. bank Columbus to satisfy treasury of business on full 100 cent Other Permits Foreseen Fulton today, impossible the lems by the banks the opportunity that still banks be able the resume terms of the federal ruling, and comply with the state banking department The National bank of Hudson, which applied the Federal bank system license, the Clinton Savings applied Fulton, whether they permitted resume The banks house notified morrow, and government reach them by that Crisis 1931 During October, the Akron situation reached its first major crisis. run the Central Depositors panic and institution would bankorders had Savings bank merger, saved the Central brought the First-Central Trust Akron Corp., institution backed Akron business and which enabled weather the severe storm that blew about its Reconstruction Finance Corp. began March, and the first loan it made Akthe paying of the Akron Credit Corp., was sequently disbanded, except proposition Later the borrowand last December had been reduced $15,000,000.
