617dbc97Capital injected
Other: Clearing house purchased outside holdings and took control; banks later reopened as branches of Central Trust Co.
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Two Cincinnati Banks in Hands of Clearing House Cincinnatl, Ohio, Nov. that the of the Brighton Bank Trust company the Pearl Bank and Trust company had passed clearing house largest Cincinnati banks issued statement supported clearing house its action the banks. 1929 acquire the two banks had been operated separately two banks together have resources of $30,000,000. No made that clearing house bought entire holdings of "certain outside interests".
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TWO CINCINNATI BANKS PASS TO CLEARING HOUSE Some of Their Stock Had Been Held bythe BancoKentucky Company. The Brighton Bank and Trust Co., and the Market Bank and Trust Co., some of whose stock was held by the Banco- Kentucky Co., today passed from individual control into the hands of the Cincinnati Clearing House association, it was announced by the clearing house. Eight of the largest banks in Cincinnati simultaneous statements and said they supported the clearing house in taking control of the two banks. The clearing house association issued the following statement: "We the undersigned banks of the Cincinnati Clearing House association announce that the clearing house association has bought the entire holdings of certain outside interests in the Brighton Bank and Trust and the PearlMarket Bank and Trust Co., and that the control of both said banks is now held by the clearing house association and that therefore the undersigned banks stand behind both of said banks The banks which signed the statement were the Fifth ThirdUnion Trust Co., First National hank, Central Trust Co., Provident Savings Bank and Trust Co., Westem Bank and Trust Co., Second National bank, Lincoln National bank. and Atlas National bank Officers of each bank signed the The Banco Kentucky Co., headed by James R. Brown, Louisville, former president of the National Bank of Kentucky, arranged on Sept. 25, 1929, to acquire control of the Brighton Bank and Trust Co. and the Bank and Trust Co. The two Cincinnati banks were consolidated but continued operation as separate units Gustave M. Mosler, who had been president of the Brighton bank, was made president of the combined banks. Brown's offer was accepted by stockholders of the two banks, Brighton shareholders being offered $900 share with the option of cash or part cash and part stock in the Banco-Kentucky, while stockholders were offered $750 share with the same option on stock. As a result of the deal it was announced the two local banks would have combined capital of $1,000,000, surplus and undivided profits of $1,900,000 and total resources of $30,000,000 After issuing the clearing house statement representatives of the various banks returned to their offices and took up regular duties refusing to comment on the clearing house action. They said the official announcement stood alone. The clearing house meeting lasted nearly 20 hours before any statement was made. Bank executives were called into session yesterday afternoon at 2 o'clock consider the Brighton and PearlMarket situation. The meeting lasted throughout the night and into this morning LOUISVILLE. Ky., Nov. 18.Eight Kentucky financial institutions with resources totaling more than $75,000,000 were closed today The largest of these was the National Bank of Kentucky at Louisville, which was under the control of receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust Co. and the Security bank, suspended operations Their directors said they were solvent and that they were closed as a precautionary measure. The three institutions are affiliated through the Banco- Kentucky, a holding comTwo small Negro banks in Louisville the American Savings bank and the First Standard bank, which cleared through the Louisville Trust Co., later closed. The bank of St. Helens, a Louisville B. CURTIS, JR., is the former Miss Louise MRS. WILLARD marriage took place Saturday, Nov. 8, in Joliet, III. Mrs. Curtis is the daughter of Mr. and Mrs. William H. Hough and formerly resided in this city Mr. and Mrs. Curtis will make their home in Chicago. (Don Wallace photo.) suburb, also suspended as a precautionary pleasure. Two outside outside Louisville also closed when IL was learned the National bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Co. at Franklin, and the First National bank at Horse Cave, Ky The National bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent. LITTLE ROCK, Ark., Nov. 18 for reopening some 43 banks which have suspended temporarily or closed were being worked out today by financial experts of the Closing of the American Exchange Trust Co. here. largest and one of the oldest banks in the state which suspended for five days, was followed by suspension of activities by the 42 other banks, the aggregate deposits of which were more than $27,000,000. WEDDING BELLS TROY, Nov. 18.-A marriage license was issued in the Miami probate court to Francis Karns, 89, production manager, Dayton, and Margaret Irene Weldy, 30, billing clerk, Piqua.
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BANK FAILURE INVOLVES MANY Cincinnati Clearing House Comes To Aid of Bank's Facing "Runs" CINCINNATI O., Nov Cincinnati Clearing House Association today took over control of the Pearl Bank and Trust company Brighton and Trust company The association, in taking over the two financial institutions, announced that had bought the holdings of certain interests outside Cincinnati, in the two The seven institutions signing the announcement declared they were standing behind the Market and the Brighton institutions The transfer of control over the two banks to the clearing house association followed 'runs' which were attributed the suspension of eight institutions in Kentucky, which, in turn was a sequel to the closing of the National Bank of Kentucky in Louisville This latter bank was correspondent for number of banking houses in the bluegrass state, and through holding company, was linked to the others. two banks in Covingas of standing behind the People's and the Central Savings banks. clearing the Fifth Third
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Blame Public Hysteria For Closing of Doors LITTLE ROCK, Ark., Nov. hysteria" was blamed day for 39 Arkansas banks suspending business for five-day period Four other banking houses closed for reorganization liquidation. The five day suspenesion mitted under state law. A majority the 39 banks taking advantage the act were affiliated through B. Banks and company of Rock. The combined deposits, including those of change Trust company of Litle Rock given as more than September. Board members of the American Exchange Bank, largest banking institution in the state, said they were forced to suspend payments due hysteria which followed receiverof Caldwell and Company, Nashville, Tenn., investment house. Heavy withdrawals yesterday forthe move, it was announced. Three banks in the group to close had deposits $18,000,000. They included the Merchants and PlantTrust company Pine the Merchants and Planters bank of Helena and the American Exchange. LOUISVILLE, Ky., Nov. 18. (INS) -Business was suspended at eight Kentucky banks having resources of Among them was the National Bank of Kentucky old stitution for which named by the Federal Controldepartment. The Louisville Trust company and the Security Bank closed their doors precautionary measure, accordto the directors. Both tutions are solvent. directors said. Other institutions to suspend business were the American tual Savings Bank and the First bank, both clearing thru the LoLuisville Trust company; the Bank of St. Helens, Louisville suburb; the bank and Trust Company of Franklin. and the First National Horse Cave. CINCINNATI, Nov. 18. (INS)The Cincinnati Clearing House Association today took over control of the Bank and Trust the Brighton Bank company and and Trust company. The association, taking over the two financial institutions, announced that it had bought the holdings of certain interests, outside in the two banks The seven signing the declared they standing behind the and Brighton institutions. The transfer of control over the two banks to the clearing house followed "runs' which sociation were attributed to the suspension institutions in Kentucky which sequel to the closturn. was the National Bank of of This latter bank corresfor number of banking pondent houses in the Bluegrass through holding company linked to the others. two banks in Covington, Ky., across the Ohio river from experienced heavy as they opened for soon this They were the and the Central of which, like the Brighton banks in relations with the National Bank of Kentucky. Other banking institutions of Covington announced that they standing behind the Peoples and the Central Savings Banks. The statement of the clearing house association members the signatures of offimade over of seven Cincinnati banks. were: The First National Bank, the Second National Bank. bank, the Lincoln National the Atlas National Bank, the Provident Savings Bank and Trust company and the Western Bank and Trust company.
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NEGOTIATING FOR REOPENING ARKANSAS BANKS Eight in Kentucky With $75, 000,000 Resources Are Closed Today. Little Rock, Nov. 18 optimism today went forward for opening most the 52 banks Arkansas which have closed suspended within the past two days. Nine small institutions closed under were the One these was the so-called group most business yesterday the Exchange Company at Little Rock suspended five days. Although the institutions are known the Banks Banks most them. explained they are separate and are the AmeriTrust Little president. Mr said conferring rapidly the boards various including the American Exchange Trust Company with view within five period or re-organizing and re-opening An Arkansas law permits banks for the end that period placed the the Banking Department for liquidation. Louisville Nov 18 Kentucky financial institutions resources totalling more than closed today The largest the Bank was under the the of the currency Its Directors the National Bank the yesterday deemed necessary because rumors" its condition. with its two filiated Louisville Trust the Bank solvent that they closed three affiliated the holding company. Nashville, Tenn. Nov 18 Douglas Rutledge Smith. co-reCompany that the pursued will possible the the corporation for the benefit all The follows will the purpose of the reCaldwell and Company rapidly possible Corporation for the creditors Major Smith. who qualified for the last the duties office this morning and Mr. Douglas complete the policies pursued and work in utmost harmony 18 Owsley De Booneville and the PeoBank Sulphur, their funds were the Company announced the State Banking Owsley June statement showed resources of and deposits the showresources and dpeosits 18 of Brighton Trust the and Trust Company here passed the hands Cincinnati Clearing made today the largest Cincinnati banks statement saying they supthe clearing its action behind the The in 1929 control the banks they had separately The together resources $30,000,000. further ment made other than that the clearing house bought entire outside interests.' YACHT LOST British left Palmas the Canaries was believed today have She carried addition to owner, Major coast guard boats have returned for the missfor days.
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Cincinnati Banks Open As Branches CINCINNATI, Dec. 8. (INS) Two banks, bought by the Cincinnati Clearing House association a fortnight ago, when they were threatened by heavy "runs because of an epidemic of bank failures in opened today as branches of the Central Trust Co. The banks were formerly the Pearl Market Bank & Trust Co. and the Brighton Bank & Trust Co. FINDS CHICAGO SAFE Peeters, who has returned home after 10 months' study as fellow at the University of Chicago, has informed his friends that his life was quite as safe in Chicago as anywhere.
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CINCINNATI BANK OPENS BRANCHES CINCINNATI, Dec. by the Cincinnati banks, bought association fortclearing when they were night ago "runs" because of ened by heavy an epidemic of bank failures in Kentucky opened today as branchof the Central Trust Company The banks were formerly the Pearl Market Bank Trust Company, and the Brighton Bank Trust Central Trust Company took The the Brotherhood of Railway Bank last July when that Clerks forced to suspend institution was result of the failoperations as of the Cosmolitan Bank. The Saturday night, deal, completed makes the Central Trust the of its kind ond largest institution the city.
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REOPENING Temporarily Closed When Threatened by Heavy "Runs" CINCINNATI, Dec. (INS) Two banks, bought by the Cincinnati clearing house association fortnight ago when they threatened by heavy because of an epidemic of bank failures in Kentucky, opened today branches of the Central Trust company. The banks were formerly the Pearl Market Bank and Trust pany and the Brighton Bank and Trust company. The Central Trust company took over the Brotherhood of Railway Clerks bank last July when that stitution forced to suspend operations result of the failure the Cosmopolitan bank. The completed Saturday night, makes the Central Trust the second largest institution of its kind the city.
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BANKS OPEN UNDER CENTRAL TRUST CO. CINCINNATI. O., Dec (INS) Two banks, bought by the Cincinnati Clearing House Association fortnight ago when they were threatened by heavy "runs" because an epidemic of bank failures in Kentucky. opened today as branches the Central Trust company. The banks were formerly the Pearl Market Bank and Trust company. and the Brighton Bank and Trust company The Central Trust company took the Brotherhood of Railways Clerks bank last July when that institution was forced to suspend operations result of the failof the Cosmopolitan bank The completed Saturday night, makes the Central Trust the ond largest institution of its kind in the city.
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Cincinnati Bank President Sued March -Gustave M. Mosler, former presiof closed Brighton Bank and Trust company, sued today common court by Mrs. Lilian Osterfeld, widow former president of the Mohawk Brewing company for $123,480.10. The plaintiff charged Mosler with intent deceive and defraud bank's stockholders by falsely representing that highest price Bancokentucky would pay for the stock $90 share whereas knew Bancokentucky would pay than that. petition charged by reason Mosler's alleged numerous stockholders sold him their holdings for less than $90 share and Mosler later sold the Bancokentucky vidually received large sums money. Mosler was believed to be in Tampa.