d2eecaabFull suspension
Other: Receiver (Waterbury National Bank) appointed; liquidation actions and collection of assets follow.
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Sanditz and Traurig, local private bankers, closed at 10 o'clock this morning. Officials of the bank denied that the closing was primarily caused by the suspension at the Merchants Trust Company. The Sanditz & Traurig Bank opened for business at 9 o'clock this morning and closed at 10 o'clock following an intensive "run" on the funds deposited there. The closing was ordered volun-
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BANK SUES TO RECOVER ON NOTE Manhunt Ends Waterbury National Acts On Sanditz & Traurig Loan 7, / 1. Dibner, Defendant in $1,000 Action-Litigation Marks First Civil Action of Receivership Follow= ing Permission By Judge Peasley to Take Step erick M. Peasley in superior court The Waterbury National Bank, several days ago, At that time the receiver for the Sanditz & Traurig applicant pointed out that a conBank, brought its first civil action veyance of property from the desince its appointment to that posifendant to another party was tion when it filed suit to-day in pending and if it went through the common pleas court against Isaplaintiff bank would be deprived dore Dibner, doing business as I. of making an attachment against Dibner & Bros. The action asking the defendant. $1,000 damages is brought to reThe writ for the receiver's suit cover on a note dated Nov 2d from is signed by Attorney L. Russell the defendant to the Sanditz & Carter, who was appointed counsel Traurig Bank. The note is in the for the receiver when permission amount of $800 and was to be paid was granted to institute the suit. $16 monthly until retired. It is returnable in court the first Permission to bring the civil acTuesday of February. tion was granted by Judge Fred-
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The Waterbury National Bank, receiver for the Sanditz & Traurig Bank, brought its first civil action since its appointment to that position when it filed suit to-day in common pleas court against Isadore Dibner, doing business as I. Dibner & Bros. The action asking $1,000 damages is brought to recover on a note dated Nov 2d from the defendant to the Sanditz & Traurig Bank. The note is in the amount of $800 and was to be paid $16 monthly until retired. Permission to bring the civil action was granted by Judge Fred-
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Continues as Rent Collector Waterbury National Acts for Traurig Under Court Ruling The Waterbury National bank, as receiver for the Sanditz & Traurig Bank, is to continue as collector of rents on an apartment building in Stamford and out of the receipts, pay expenses consisting of insurance and the like, under a ruling issued in superior court to-day by Judge Frederick M. Peasley. The balance of the receipts is to be turned over to the first mortgage holder for the payment of taxes on the property. Attorney Loren R. Carter, counsel for the Waterbury National, stated the Sanditz & Traurig was collector of the rents in the property as the holder of a $25,000 second mortgage on the property. The receiver was also given permission to repay $200 held in escrow by the Sanditz & Traurig Bank on the claim of B. Bailey. Mr Carter explained the sum was given to the bank as payment for a land purchase that never materialized and that the bank was holding the money in trust when it suspended business. Judge Peasley reserved decision on the motion to set aside the verdicts in the cases of Anna and Archie Mazziotte against the Bridgeport & Waterbury Passenger Service company. Mrs Mazziotte was allowed $10,000 and her husband, $2,000 for injuries Mrs Mazziotte received in a bus collision in Beacon Falls. Attorney Vincent A. Scully, defendant's counsel, argued that the verdict be set aside on the grounds that the judge erred in his charge to the jury in instructing them that the plaintiff had received an injury. Mr Scully said It was a highly contraverted fact, that the woman had been injured. Attorney Clayton L. Klein argued that the verdicts should stand. The Citizens & Manufacturers National Bank, receiver for the Merchants Trust company, was given permission to bring a mortgage foreclosure action against Schroeder et al. The amount involved is $2,500.
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Judge Grants Permission To Close Quarters Motion of Waterbury National, Receiver, Granted in Superior Court-Furniture and Other Equipment in Institution Will Be Sold-Offers Solicited weeks. This appraisal is being Judge Newell Jennings granted made by the appraisers appointed permission to close the Sanditz & by the superior court several Traurig Bank quarters on North months ago. Mr Carter said the Main street at a hearing in superSanditz & Traurig Bank did not ior court this morning. The moown the building in which it was tion was presented by the closed located and that the Waterbury bank's receiver, the Waterbury National Bank could handle the National Bank through its counsel, business of collections on notes and Attorney L. Russell Carter, who so forth that is being done at stated the receivership would be North Main street. saved considerable expense in rent, Judge Jennings granted permisheat and lighting. sion to the receiver to accept ofAttorney Carter told the court fers for the furniture and equipthat the appraisal of the closed ment now in the closed bank. bank would be ready in about two
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Permission to file a preferred claim against the Merchants Trust company amounting to $40,000 was granted the Waterbury National Bank, receiver for the Sanditz & Traurig Bank, at the short calendar session of superior court to-day. The claim represents the certificate of deposit of the Sanditz & Traurig bank in the Merchants Trust company which is also in receivership. In granting the motion, Judge Jennings stated that the receiver must first establish the validity of the claim.
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MANY MOTIONS WILL BE HEARD IN HIGH COURT Thirty-one Cases to Be Discussed in Superior Court Friday - Six of Merchants on Them Trust Co. Motions in 31 cases are slated to be heard at the short calendar session of superior court before Judge Alfred C. Baldwin, Friday morning. Six of the motions are to be heard in the Merchants Trust Co and two uncontested divorce actions are down for hearings. The divorces are those of Giuseppe D'Addona against Maria D'Addona, statutory grounds, and Isabella Shappy Vanderlip against James Holton Vanderlip, on grounds of cruelty. In the Merchants Trust Co receivership case the following motions are to be, heard: Order receiver not to set off; advice as to bill of state of Connecticut; determine amount and legal status of claims of K. T. Hutchinson and others; allowance of claim of Waterbury National Bank, receiver for the Sanditz & Traurig Bank: withdrew claim of P. N. Bernstein, trustee, for preference and sell property on Laval street. The claim of the Waterbury National Bank is for the $40,000 certificate of deposit of the Sanditz & Traurig Bank which is included among the assets of the latter bank, and which was on deposit at the Merchants Trust company at the time of its closing. There has been considerable discussion as to the status of the certificate. the receiver for the Merchants Trust company claiming the amount as a set off against a personal note of Adolph Sanditz.
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Three Uncontested Divorce Actions Complete Roster Peasley to Preside at Session Friday-Receiverships and Foreclosures Lead Docket / Sanditz and Traurig Seek Sale of Stocks in Liquidation Plan The motions in civil matters perTwenty-five short calendar motain to receivership cases before tions and three uncontested dithe court and foreclosure actions. vorce actions are to be heard at The receiver for the Sanditz & the short calendar session of the Traurig Bank asks permission to superior court Friday before Judge sell certain stocks held as part of Frederick M. Peasley. The divorces the assets of the closed band, in include: Raymond Peffers against conjunction with its liquidation Sylvia A. Peffers, grounds of misplan. conduct (continued from last
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Two Banks Wanted To Sell Some Assets (Continued from Page 1) and that it has deteriorated to Laube bid and the third, calling some extent. for the order of sale by the receiver for the Merchants Trust Co. The asset came into the MerLux Clock Co Stock chants Trust Co through the placThe receiver for the Sanditz & ing of a $40,000 mortgage on the Traurig Bank was instructed not to property by the American Crystal accept a bid for 145 shares of the Co in 1924. The Merchants Trust Lux Clock Co stock which are inCo took $25,000 of the mortgage cluded as part of the assets of the and the balance was distributed closed bank, by Judge Frederick among several Waterbury residents M. Peasley at the short calendar who took notes ranging from $500 session of the superior court this to $5,000. The Merchants Trust Co morning. The bidder offered to acted as trustee for these mortgage pay $125 a share for the stock holders. Attorney Reeves was inwhich is appraised at $150 and has structed to prepare three orders. a book value of $240. one calling for the resignation of the Merchants Trust as trustee, one In presenting the motion to calling for the acceptance of the court, Attorney L. Russell Carter, counsel for the receiver, the Waterbury National Bank, introduced Attorney Max R. Traurig who said TEACHER HUNTS he investigated the present financial condition of the clock company. It was Mr Traurig's recommendation that the stock not be ANTIQUE GLASS sold at this time. Mr Traurig said the clock comWhitewater, Wis.-(UP) - Sanpany is in excellent condition at dars H. Hoyum, grade school printhis time, having no obligations cipal, believes he has one of the outstanding and having a $65,000 largest private collections of rare cash deposit In a strong New York glass in the world. He has been bank. The stock is paying $8 divcollecting glassware for 20 years idends yearly. The company also and every house along a road he had $95,000 in cash in the Merbelieves may hold treasure for him. chants Trust Co when that bank A. large part of his collection he suspended a year ago. The clock found preserved as heirlooms. "It company has received a 10 per in surprising how much glass has cent dividend on that deposit 80 stood the effects of time." Hoyum that its deposit now totals about says, "Most of it is unbelievably $86,000 in the Merchants Trust Co. fragile, of uneven thickness and After Mr Traurig said the clock shot through with bubbles. In spite company stock has a book value of that, I am continually finding of $240 a share, Judge Peasley perfect specimens in homes where opined, "We had better hold on to they have been used for generait for a while." tions. do les. not in class
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SET DATE FOR DEPOSIT HEARING Receiver for Closed Sanditz & Traurig Bank Seeks $40,000 From Merchants' Trast Merchants Trust Co. denies the The long awaited hearing of the claim. alleging that the certificate issues in the claim of the receiver is merely a scrap of paper. It, is for the Sanditz & Traurig bank atfurther alleged that when the cerfecting its $40,000 certificate of tificate was issued by the Mer: deposit in the Merchants Trust Co chants Trust Co to the Sanditz has been set down for trial next bank, there was no cash involved week in superior court and it is it being merely a bookkeeping quite likely that actual trial be transaction. held on Wednesday, It is expected that Attorney L. It is one of the important cases Russell Carter, counsel for the re, affecting receiverships of both ceiver for the Waterbury National banks. The Waterbury National bank, assisted by Attorney Max R. bank, receiver for Sanditz & TrauTraurig, will argue that the cerrig. claim the certificates of detificate is worth $40,000 to the posit entitles it to $40,000 cash out Sanditz claim. Attorney Francis T. of the funds now in the hands of Reeves will represent the receiver the receiver for the Merchants for the Merchants Trust Co. Judge Trust Co. John Richards Booth will preThe Citizens & Manufacturers side. National bank, receiver for the
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Sanditz Bank Receiver May Pay Christmas Dividend Deposit Certificate Rated As Commercial Account By Decision Would Entitle Sanditz & Traurig to Three Merchants Trust Co Dividends-$12,000 Available for Distribution-One Dividend Already Paid Depositors of the Sandits and Traurig Bank may receive a Christmas present in the form of dividend payment on their deposits if plans of the receiver, the Waterbury National Bank, materialise. This morning in superior court, the certificate of deposit of the Sandits and Traurig bank was