1b042690Capital injected
Other: Clearing house purchased outside holdings and took control; later banks were sold/merged into 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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ARKANSAS BANKS ASK FOR PLEDGES OF PUBLIC'S FAITH Loyalty From Affected Communities Sought to Assure Safety LITTLE ROCK Ark., Nov. Opt permeated statements of Arkansas financial leaders as they laid to re-open of the banks which temsuspended or Monday The the American Exchange Trust Company largest and of the oldest banks in the state which for days. was employed upon plans operations Closing of the American Exchange was by activities the -eight banks. Banks, president of American rolling stockholder in of the other banks scattered the state, said the boards directors try. ing of loyalty from their and capital to assure freedom of danger Resumption of normal business by the banks, he shid. would follow such to Expressions of confidence in the of the financial added by nor Parnell and Senator Joe T. RobThe Little Rock Clearing House Asthe public that local banks are in sound cash resources and relatively small amount of bills Hysteria following proceedings against Caldwell & Co. until cently the Ex change was attributed by directors of the latter as the cause of steady withdrawals which reached about The Exchange Bank's capital was deposits of about as of the last call September EIGHT CLOSED KENTUCKY BANKS INVOLVE $75,000,000 LOUISVILLE Kentucky more nan closed Tuesday The larg. est was the National Bank of at the of a Paul C. Keyes. of the staff of the comptroller the at Washing ton Its approximate $60, 000 Directors of the National Bank of Kentucky the suspension Monwas of wild its condition. with its closing two the Louisville Trust Company and the Security Bank Their disaid solvent and that as precautionary measure The institutions are affiliated the banks in Louisthe American Mutual Savings and the First Standard Bank, cleared through the Louisville closed. The of St Louisville subalso as precautionary banks outside Louisville also closed when the Na. tional Bank of Kentucky had sus. McElwain Me. & Ky. Bank at Ky. National Bank of as correspondent Officers of other leading Louisville Monday night deposits new were opened during the the were solvent. CO RECEIVER IS APPOINTED FOR ALDWELL & COMPANY for the Railway entered his investment bank for ing house He and Lee Douglas. Nash Thursday night, will enjoy Mr Smith named co-receiver Monday by Federal Judge John. Gore application of AtGeneral Smith who torney pointed out that Caldwell & Co. was interested in the closed of Tenwhich the had on de$3 000 the time was tak by the superintendent further appears,' the attorney the may be in other respects dithe of Caldwell & ns for reasons later pointed out the had and Mr Douglas reason of the large far the best hat Mr Douglas said he weland tha had asked informally for and said in state Douglas in acthe be pursued and possible the tion for the benefit of all its credistatement follows The of the will & Co. work the rapidly as for the creditors Major for the ership has assumed the duties office this morning. and he and Mr Douglas in complete policies to be will utmost together during the entire period of the World naturally under stand one another's ideas During the Mr. Smith was chairman of the Council of National Defense, for Tennessee and Mr. Douglas was United States district attorney Nashville, and in these capacities they were closely assoCLEARING HOUSE TAKES OVER TWO BANKS AT CINCINNATI CINCINNATI The & Trust Company and the Pearl Market Bank & Trust was held by the Company Tuesday from trol into the hands of the Cincinnati Clearing House Association it was anounced by the clearing house Eight of the largest banks in Cincinnati issued a simultaneous state-
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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.