1814. Sanditz & Traurig bank (Waterbury, CT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 12, 1932
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 3e8fc155

Response Measures

None

Description

All articles refer to Sanditz & Traurig as a 'closed bank' with the Waterbury National Bank acting as receiver. No article describes a depositor run. The bank was placed in receivership (closed) and remained so while the receiver conducted foreclosure actions and distributed dividends to depositors. Dates are taken from newspaper publication dates; actual suspension likely occurred prior to Feb 1932 but exact suspension date not specified in these items.

Events (4)

1. February 12, 1932 Receivership

Newspaper Excerpt: The Waterbury National bank as receiver for the Sanditz & Traurig bank, has started a civil action against Frank J. Hyland of this city ... the local receiver brings the action to recover on a mortgage ... The Waterbury National bank as receiver for the Sanditz & Traurig bank, has started a civil action ... The Waterbury National Bank, receiver for the closed bank informed the court ... (articles published Feb 12 and Oct 14, 1932).
Source: newspapers

2. October 14, 1932 Other

Newspaper Excerpt: Permission to pay a 10 per cent dividend to Mrs Michael Stanwood on her $4,500 savings account in the Sanditz & Traurig bank, was granted after a hearing in superior court today by Judge Ernest A. Inglis. The Waterbury National Bank, receiver for the closed bank informed the court...
Source: newspapers

3. November 17, 1932 Other

Newspaper Excerpt: Counsel for receivers In the Merchants Trust Co and Sanditz He Traurig bank together with other attorneys are expected to be heard at the superior court hearing tomorrow on the status of the $40,000 certificate of deposit of Sanditz & Traurig Co in the Merchants Trust Co.
Source: newspapers

4. December 15, 1933 Other

Newspaper Excerpt: Depositors of the Sanditz & Traurig bank will receive a 15 per cent dividend on their deposits on Jan 10, according to an order passed in superior court today by Judge Newell Jennings.
Source: newspapers

Newspaper Articles (9)

1. February 12, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, February 12, 1932

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The Waterbury National bank as receiver for the Sanditz & Traurig bank, has started a civil action against Frank J. Hyland of this city, in which the foreclosure of a mortage on Stamford property, consisting of a big apartment building, is sought. The suit is returnable to the superior court at Bridgeport the first Tuesday of March. The local receiver brings the action to recover on a mortgage in the amount of $25,000, of which a balance of $20,000 is alleged to be due. There are two other mortgages on the property. One in the amount of $95,000 is held by the Connecticut Mortgage & Title

2. February 12, 1932 The Waterbury Democrat Waterbury, CT

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# Waterbury National Acts For Sanditz; $25,000 Involved Stamford Property, Owned By Frank J. Hyland of this City, Involved in Civil Action Returnable to Superior Court in Bridgeport Early Next Month The Waterbury National bank as receiver for the Sanditz & Traurig bank, has started a civil action against Frank J. Hyland of this city, in which the foreclosure of a mortage on Stamford property, consisting of a big apartment building, is sought. The suit is returnable to the superior court at Bridgeport the first Tuesday of March. The local receiver brings the action to recover on a mortgage in the amount of $25,000, of which a balance of $20,000 is alleged to be due. There are two other mortgages on hte property. One in the amount of $95,000 is held by the Connecticut Mortgage & Guaranty Co of New Haven, as trustees. The other mortgage, in the amount of $20,000, is held by Helen Daly of 140 Willow street, Waterbury. The complaint, prepared by Attorney L. Russell Carter, states the property was mortgaged, to the Sanditz & Traurig bank on October 25, 1928, to secure a note taken from the bank in the amount of $25,000. There is a balance due on the note of $20,000 the complaint states. The plaintiff also asks for the appointment of a receiver in addition to the foreclosure of the mortgage. Papers on the case were served by Deputy Sheriff Joseph Title P. Bauby.

3. October 14, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, October 14, 1932

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Permission to pay a 10 per cent dividend to Mrs Michael Stanwood on her $4,500 savings account in the Sanditz & Traurig bank, was granted after a hearing in superior court today by Judge Ernest A. Inglis. The Waterbury National Bank, receiver for the closed bank informed the court the reason for the delay on the dividend payment was due to instructions Mrs Stanwood's husband left before he sailed for Lithuania. Attorney L. Russell Carter told the court both Michael Stanwood and his wife had joint accounts at the bank. Mike's amounted to $3,000 and his wife's $4,500. There was an agreement that payments on either account should not be paid without the approval of either Mike or his wife. Mike left a year or so ago. The bank declared a 10 per cent dividend in June but held up Mrs Stanwood's payment. No word came from Mike so the receiver brought the case to court. Judge Inglis instructed the receiver to pay the dividend. to Mrs Stanwood. Permission was also granted to pay Rinaldo Marinelli a dividend

4. October 14, 1932 The Waterbury Democrat Waterbury, CT

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Court Orders 10 Per Cent Dividend Mrs Michael Stanwood to Benefit From $4,500 Ac= count in Traurig Bank on his $225 account in the Sanditz Permission to pay a 10 per cent & Traurig bank. It was explained dividend to Mrs Michael Stanwood that the account was in the namê on her $4,500 savings account in of Marinelli, By Maurice Greenthe Sanditz & Traurig bank, was berg, attorney." Counsel for the receiver explained that Greenberg granted after a hearing in superior owed a note to Sanditz & Traurig court today by Judge Ernest A. and that there was a question as Inglis. The Waterbury National to whether this dividend should Bank, receiver for the closed bank not be applied as against Greeninformed the court the reason for berg's note. the delay on the dividend payment On recommendation of counsel was due to instructions Mrs Stanin the same case, the motion to wood's husband left before he sell certain securities, was denied. sailed for Lithuania. Counsel felt it was not an opporAttorney L. Russell Carter told tune time to sell the stocks and the court both Michael Stanwood other securities, under present marand his wife had joint accounts at ket prices. Permission was grantthe bank. Mike's amounted to ed to sell $600 worth of Lithu$3,000 and his wife's $4,500. There anian and United States Liberty was an agreement that payments bonds worth $100, held as assets of on either account should not be the closed Kazemekas & Company paid without the approval of either bank. Mike or his wife. Mike left a vear

5. October 14, 1932 The Waterbury Democrat Waterbury, CT

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Court Orders 10 Per Cent Dividend Mrs Michael Stanwood to Benefit From $4,500 Ac= count in Traurig Bank dividend to Mrs Michael Stanwood on her $4,500 savings account in the Sanditz & Traurig bank, was granted after a hearing in superior court today by Judge Ernest Inglis. The Waterbury National Bank, for the closed bank informed the court the reason for the delay on the dividend payment was due to instructions Mrs Stanwood's husband left before he for Attorney Russell Carter told the court both Michael Stanwood and his wife had joint accounts at the bank. Mike's amounted to $3,000 and his wife's $4,500 There was an agreement that payments on account should not be paid without the approval of either Mike or his wife. Mike left year so ago. The bank declared per cent dividend in June but held up Mrs Stanwood's payment. No came from Mike so the receiver brought the court. Judge Inglis instructed the receiver to pay the dividend to Mrs Stanwood. Permission was also granted to pay Rinaldo Marinelli a dividend & Traurig bank. It was explained that the account was in the name of Marinelli, By Maurice Greenberg. attorney. Counsel for the receiver explained that Greenberg owed a note to Sanditz & Traurig and that there question as to whether this dividend should not be applied as against Greenberg's note. On of counsel in the same case, the motion to sell certain securities, was denied. Counsel felt it was not an opportune time to sell the stocks and other securities, under present mar. ket prices. Permission was granted to sell $600 worth of Lithuanian and United States Liberty bonds worth $100, held as assets of the closed Kazemekas & Company bank.

6. November 17, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, November 17, 1932

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Counsel for receivers In the Merchants Trust Co and Sanditz He Traurig bank together with other attorneys are expected to be heard at the superior court hearing tomorrow on the status of the $40,000 certificate of deposit of Sanditz & Traurig Co in the Merchants Trust Co. The question as to whether It in to be considered a deposit on which dividends are due, a trust fund, payable In full. r an obligalion to be met by Adolph Sanditz is expected to be settled at the hearing before Judge Alfred C. Baldwin. The question arose at a hearing several weeks ago when Attorney Francis T. Reeves, counsel for the receiver for the Merchants Trust

7. April 13, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, April 13, 1933

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plaintiff to show that the New Haven bank is only receiving four per cent interest income on its mortgage. The receiver for the Sanditz & Traurig bank, the Waterbury National bank, presented evidence showing the New Haven bank realizes five per cent on its mortgage. The interest rate under the agreement is six per cent. Th petitioner's witness, W. C. Crandall, Stamford real estate broker said the property, which is a 22 apartment building, is valued to-day at $90,000. The local receiver pointed out that all moneys received from the property is being turned over to the New Haven bank, after the charges are deducted.

8. December 6, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 6, 1933

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Motions in 54 cases will be heard Friday in the short calendar session to be held before Judge Newell Jennings. The calendar is one of the heaviest in years, due to the fact that there was no short calendar session last Friday owing to Thanksgiving. Included in the motions to be heard are matters in eight receiverships, five divorces, 15 foreclosures an dthree motions asking the setting aside of defendants' verdicts. Important motions will be heard in the Marchents Trust Co. receivership, in which there are 10 motions listed. One of them asks instructions relative to the sale of Home Owners Loan Corp. bonds to depositors for their deposits in the closed bank. The receiver has taken in over $100,000 worth of these bonds through liquidation of mortgages. The receiver proposes selling these bonds to depositors for their deposits at a small discount. Another motion asks the court to fix the status of the claim of the Waterbury National bank, receiver for the Sanditz & Traurig bank. The latter bank has a $40,000 certificate of deposit in the Merchants Trust Co., upon which Judge Jennings recently ruled. The court is asked to determine whether the certificate is a commencial or savings account or whether it should be listed among "other liabilities" as a common claim. The divorces to be heard are those of Florence Kurtz Chapin against Charles A. Chapin, Alice Riggles Hurst against Ernest C. Hurst, Martha Breux against Ovide Breaux, Myrtle G. Holmes against Forrest K. Holmes and Concetta

9. December 15, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 15, 1933

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BANK TO SETTLE GOOD DIVIDEND ON JANUARY 10 Depositors of Sanditz and Traurig to Receive Fifteen Per Cent Depositors of the Sanditz & Traurig bank will receive a 15 per cent dividend on their deposits on Jan 10, according to an order passed in superior court today by Judge Newell Jennings. The dividend payment will require about $23,000. Attorney L. Russell Carter, counsel for the receiver, the Waterbury National bank, told the 'court the receiver recently received $12,000 from its certificate of deposit at the Merchants Trust Co. The sum represented payments on the three commercial dividends declared by the receiver for the Merchants Trust Co. Th receiver was allowed $1,835 for its expenses in the Sanditz & Traurig car and the same receiver was granted $2,735 for expenses in the operation of the Kazemekas & Co receivership. The sums represent amounts paid out by the receiver to its own employes in conducting the receivership, consisting principally of payrolls. The receiver thought it might be able to pay the dividend to the depositors f the Sanditz & Traurig bank by Christmas time, but there will not be sufficient cash to pay a dividend and still leave enough on hand for security purposes.