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Marion (O.) National Bank Fails to Open Its Doors MARION. Dec. The Marion National resources failed to open today placed the hands of Currency for liquidaComptroller tion. the oldest in this surplus posits Frozen depleted given the reason for closing.
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NATIONAL BOSTON AND AFFILIATES Aggregate Deposits of ConAffected cerns 000, According to Their Latest Statements. By the Associated Press.. BOSTON, Dec. Massachusetts banking houses with aggregate deposits of cording to their latest statements, were closed today. The list includes four National banks and five State banks. The central figure the Federal National Bank of which has five city branches and with which all the the other banks closed were affiliated. The Federal National Bank, whose directors voted to ask thhe Comptroller of Currency to take charge after runs at the bank and its branches yesterday, had deposits, Sept. 29, of $28,235,238. The other banks and their latest available statements of deposits follow: Middlesex National Bank, Lowell, State National Bank, Lynn, $2,013,565; Gloucester National Bank, Bancroft Trust Co., Worcester, $5,876,474; Lawrence Trust Co., Lawrence, Inman Trust Co., Cambridge, $3,Brockton Trust Co., Brockton, Salem Trust Co., Salem. $2,115,530. Gov. Ely, in statement, said that with proper measures, plan for the speedy reopening of the institutions could be arranged and further said had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East Boston and South Boston experienced small runs today. They are independent of the group affected by today's closings and officers sought to assure depositors that their funds were President Daniel Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources. depositors in his bank would receive 100 cents the dollar. The Federal National member of the Boston Clearing House. It held State deposits of $729,889. National Bank at Marion, O., Closed: Ex-Cashier Missing. By the Associated Dec. B. Hane, president of the Marion National Bank, said apparent irregularities in the accounts of his son, H. W. Hane, former cashier, caused the closing of the bank today. The elder Hane issued statement that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. nature and the amount of the apparent defalcations have not been determined.' the stateHane, cashier, in whose accounts the confusion in records has been found, resigned an officer of the bank last week. He left the city at that time and his not now known. The bank's deposits are listed
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NEW YORK BOND MARKET [By the Associated Press] Boston. Dec. 15 (AP)-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, of $58,700,000. were closed today. The list included four national banks and five State banks. The central figure in the closings was the Federal vational Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the Comptroller of Currency to take charge after runs at the bank and its branches resterday, had deposits on September 29 of $28,235,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; the State National Bank, Lynn. $2,013,565; the Gloucester National Bank: the Bancroft Trust Company, Worcester, $5,876,474 the Lawrence Trust Company. Lawrence, $9.555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, Brockton, $1,508,753; the Salem Trust Company, Salem, $2,115,530. Sales Gas Runs On Three Banks Three savings banks in East Boston and South Boston were experiencing small runs today. They were independent of the group affected in today's closings and officers sought to reassure depositors that their funds were safe. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources depositors in his bank would receive 100 cents on the dollar. Clearing House Head Confident President Alfred L. Ripley, of the Boston Clearing House Association, announced that the association wished to assure the public that the banking situation in Boston was "in their best (Continued from Page 32) judgment" essentially sound and safe Sales in High Low Close Sales and that there was no just reason for apprehension or alarm on the part of depositors. The Federal National Bank had not been member of the Clearing House Association, he said, since May, 1930. The Boston Fish Exchange, which serves as clearing house between fishing boat captains and dealers, was closed today as result of the closing of the fish pier branch of the Federal National Bank. stp Gloucester National Shuts Gloucester National Bank. founded in 1796 and one of the oldest financial institutions in the United States. voluntarily closed its doors today after heavy demands for withdrawals had been made by depositors is associated with the Federal National Bank of Boston. Ohio Banker Blames Son For Closing Marion. Ohio, Dec. 15 /P)-Henry B. Hane, president of the Marion Na. tional Bank, said that apparent irregularities in the accounts of his son, H. W. Hane. former cashier, caused the closing of the bank today The elder Hane issued statement announcing that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. "The nature and the amount of the apparent defalcations have not yet been determined, the statement said, Hane, cashier, in whose accounts the confusion in records has been found, resigned as an officer of the bank last week. He left the city at that time and his whereabouts are not now known. He was under surety bond. Until the examiners make a complete check of the records, it not possible to announce any details of the possible shortage Investment Trusts NEW YORK DE Insurance Companies New York Bank Stocks
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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (AP)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the migst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank Lynn, $2,013,565; Gloucester Na tional Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474: Lawrence Trust Company Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412 Brockton Trust Company, Brockton. $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield. said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (P).-The Marion National National Bank with resources of $1,911,422 failed to open today.
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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS sachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, O., Dec. 15 (/P).-The Marion National National Bank with resources of $1,911,422 failed to open today.
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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (/P)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (A).-The Marion National National Bank with resources of $1,911,422 failed to open today.
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JONES NAMED BANK RECEIVER Former Secretary to Gov. Cooper To Liquidate Assets of Marion National. WILL BEGIN SATURDAY Appointment Made in Washington, by Comptroller of Currency. Jones Columbus has been appointed receiver for the Marion National which closed two Washington, roller currency Jones was in Marion short Saturday, preparing his duties as receiver Saturday His duties will to liquidate the assets the bank and take institution during Jones the process The appointment of Mr. Jones receiver in Washington last Thursday, disclosed here. Mr. Jones former tary to former Governor Myers Cooper and former secretary to the late Senator Frank His formerly was in Delaware days will required for Stroefer Pittsburgh, sistant national bank examiner, turn over the affairs of the bank Jones, who probably will main charge until instituaffairs settled. Although procedure to be fol. lowed by the federal receiver liquidating distributing the stitution's assets not definitely thought after getting the affairs the bank in hand, the receiver for claims depositors and other creditors With all claims marshalled. the assets of the bank probably be distributed much the same manner followed in the iquidation state bank.
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NATIONAL Receiver Here To Take Charge of Liquidation of Assets. Jones arrived from Columbus this morning assume receivof the Marion National ership bank, under appointment of the comptroller the currency Mr. Jones will begin the liquidation and distribution assets the institution as he has had opportunity the fairs the bank hand. Aldrich Columbus will his first assistant during the liquidation Mr. Aldrich process. assistant to Mr. Jones while latter secretary to former Governor Cooper. Harry Mercashier the bank when closed Dec. and other bank employes will retained to assist in work. Under receivership, regular banking hours will be maintained. The receiver, soon records shape, will confer persons ing business with the bank ing towards liquidation. Probably two weeks be quired to prepare receive proofs claims from depositors, the ceiver said. The law firm of Mouser Wiant this morning appointed by the comptroller currency the receiver in legal involved in the liquidation.
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BANK RECEIVER CALLS PASS BOOKS Progress has been such under the of the Marion Na tional bank that the force employed now prepared to check the the depositors they may be presented at the bank from day day. Naturally. this essential the liquida tion the bank's affairs, and depositors will forward liquidation by presenting their books.
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Banker Accused By In Failure, Held W. Hane. 32, former cashier of the Marion National Bank, was lodged in the Marion county jail here night, months after his father. Henry B. Hane, president, accused him of responsibility for the closing the bank. Hane, who disappeared week the bank closed arrested Columbus today when he attempted to cash check loan. Federal warrant for arrest issued father authorities bank's resulted from disprepancies in his son's account. The warrant charged embezzlement Prosecutor Russell Wilhelm said the former cashier had mitted took $90,000 bank's money lost stock market speculations in 1929.
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TWO FARMS LEASED BY BANK RECEIVER The Marion National bank by its receiver, C. A. Jones has leased two tracts of farm land, records of Charles A. Markert, county reA contract lease for 282 acres known as the Charles W. Mapes farm was leased to Amzy J. Sult of Grand Prairie township on plan whereby the bank will recelve two-fifths of the farm produce raised during the one-year term of the Eighty acres, part of the Coon farm north of here on route 23, was leased to S. W Gruber for use as pasture land until next Dec. 1. The lease price is $150.
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COURT NEWS Sets Up Bank Claim C. A. Jones, receiver for the Marion National bank, set up claim for $1,127.46 on mortgage note against property involved in the foreclosure action of the Marion Building, Savings & Loan Co., in an answer and cross petition filed in common pleas court yesterday Judgment for the amount of the note against John and Mary Mitton is sought by the receiver. The law firm of Mouser, Young. Mouser & Wiant represents the receiver. Answers Cross Petition The assertion that George Dodrill's only interest in property involved in a divorce action brought against him by Mrs. Clara Dodrill is contingent on his dower in terest as husband of the plaintiff is contained in Mrs. Dodrill's answer to her husband's cross petition, filed yesterday in common pleas court. She asks that the cross petition be dismissed. The law firm of Mouser. Young Mouser & Wiant represents Mrs. Dodrill.
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TAX BODY ASKS LIST OF BANK DEPOSITORS State Moves To Collect 2-Mill Levy on Money in Marion National. The state tax commission Jones, receiver for quested A National bank to the Marion nish a list of depositors of the deposits of the amount in order that as of Nov two-mill tax rate on bank the building and loan company its recently levied by the be assessed and can lected Jones this morning would obtain ruling that of the currency the comptroller whether he should determine Loan Citizens had return tax wheth depositors said assessed Thomas from the depositors amount of the the amount of taxes This amount would them taxes and other levied would affect Mission Festival Held. 21 The Young society of Good church held mis Lutheran night in festival Wednesday A feature parish of the festival collection of New Guinea curious obtained of Charles Gallinger president Mrs the organization. from Dr. August president of Wartburg Normal college at France has become the second largest producer of motorcycles ranking next to Great Britain and being followed by Gemany and the United States
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LOANS HEAVILY DURING AUGUST Report Made Public By Trimble Over Protest Of Atlee Pomerene New Finance Cor poration loans aggregating $111.authorized in gust. was revealed the report corporation made public by clerk of the house, South Trimble Previously authorized loans were increased during August $10, report making aggregate of The report made public by Trimble over protest of the fin: corporation. Chairman Atlee Pomerene the corporation protested to Trimble that publication interfering with of the relief project and should stopped. In the summary of loan operations made public today the aggredivided banks and trust companies. $85.including reorganization or liquidation closed banks Akron the Commercial Trust Co., (two and the Harter Bank of Canton. the Citizens Union Trust the Zitiofello Banking toria. The Bank and Savings Gallon. The Citizens National Galion. (receiver) $17,500 percent: Lima. First American Trust Co., Lorain, Lorain Bank$83,500; National Bank Marion. Marion National receiver $130,000 per cent; PainPainesville National Bank Trust Steub $39,000 The Union Savings Bank and Trust Co., of
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RECEIVER NAMED IN PASS BOOK ACTION Mrs. Edna Bodiey Kennedy of Marion has filed suit in common pleas against Jones, receiver for the Marion National bank, to recover Citizens' Building Loan Co. deposit book which according to the petition, assigned to Mr Jones without any consideration return The deposit account the loan company showed balance of $1,632.15 when she assigned according to the petition. She seeks amounts that also recover the receiver for the loan company given the Marion might have National bank receiver on the account. attorney this Mrs. Kennedy's morning explained that she had been induced assign the deposit account as additional security National bank loan held by Marion her father. She represented by the law firm of Jacoby & Jacoby, Asks Judgment Fulton, superintendent of banks in charge of the liquidation of assets of the Marion Savings bank, seeks judgment for common pleas court action against John Brugger and others Fulton is represented by the firm of Carhart, Warner & Carhart.
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Suit Against Marion Bank Receiver in Federal Court TOLEDO, June 22. (UP) A suit against C. A. Jones as receiver of the Marion. Ohio. National Bank, today was transferred to Federal Court here from the Marion County common pleas court. The suit originally was filed by Miss Edna Bodley Kennedy, Marion, who alleged she was induced to transfer an account from the Citizens Building and Loan Company, Marion, to the Marion National Bank. She asked that the transfer be set aside.