a37932f5Full suspension
Other: State Banking Department took the bank over; later dividend payments from liquidating/closed institution.
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STATE CLOSES TWO PHILADELPHIA BANKS Withdrawals Force Closing of Olney and Jefferson Title By The United Press PHILADELPHIA 2-The Olney Bank & Trust Company with two branches and the Jefferson Title & Trust Company taken over by the State Banking Department today Both institutions opened as usual for business this morning but they were closed later on orders from the Banking Heavy drawals were listed as the reason for the closings
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SIX BANKS IN FOUR STATES CLOSE DOORS Two Philadelphia and Two West Virginia Houses Lead City Failures. By the Associated Press. PHILADELPHIA, October 2. - Two neighborhood trust companies in Philadelphia closed their doors today. They were the Oiney Bank & Trust Co., Fifth street and Tabor road, with two branches, and the Jefferson Title & Trust Co., at Twenty-ninth street and Girard avenue. Their affairs were placed in the hands of the State Banking Department. City Without Bank. RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization. Last June 30 the Richwood Banking & Trust Co. reported deposits of $599,331 and capital stock of $50,000. The First National reported deposits of $533.770 and capital stock of $40,000. STEUBENVILLE, Ohio, October 2 (A).-The Union Savings Bank & Trust Co. of Steubenville suspended business today and was taken over for liquidation by Ira J. Fulton, State banking superintendent. Directors last night voted to ask the State to liquidate the institution to conserve assets which, they said, had been impaired by a heavy withdrawal of deposits during the past two weeks. The bank last June 30 reported total resources of $4,841,000. It was capitalized for $350,000 and reported a surplus of $275,000. Bank to Liquidate. MUSKEGON, Mich., October 2 (P).The Peoples' State Bank for Savings failed to open for business today. A notice stated that the bank was closed for reorganization or liquidation at the direction of the directors and the State banking department. The last financial statement showed total resources of $3,068,480, deposits of $2,286,938 and capital of $300,000.
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INDUSTRIALS RAP SHORT SELLING Samuel Hastings Of Highland Park Elected President Of The Midwest Association. CHICAGO Oct condemnation the stock was west Manufacturers meeting Short of and well organizations tends to confidence gambling the financial the nation according to the resolution be Pres dent Hoover Mellon and important exchanges urged cessation of bank loans brokers and traders who practice short ing Other resolutions adopted by the manufacterers group urged tion of public works so that many persons as possible might be given employment. condemned federal and state unemployment insurance being nothing more dole Samuel M Hastings Highland Park the Illinois Manufacturers elected president the associations Walter Kohler former governor of Wiscon sin named president Grafton Muncie Ind ond vice president John of Detroit secretary and J Rus sell St Louis treasurer The following executive committee was elected secretary Manufacturers association James Donnelly executive president Illinois Manufacturers association John secretary Michigan Manufacturers association Elmer Industries of Missouri H. M Coch rane. secretary Indiana Manufac turers asosciation Zumwinkel commissioner Nebraska Manufactur ers association Edward Kimball manager Iowa Manufac ciation: Harry Sharp secretary As sociated Industries of Kansas PHILADELPHIA BANKS CLOSE PHILADELPHIA (INS) Two Philadelphia banks failed open today reported taken over by the de. partment They The Olney Trust and the Jefferson Title and company Both institutions closed due to heavy withdrawals LIBERTY BONDS NEW bonds 1st Treas Treas 3%
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STOCK MARKET CLOSES DAY AT HIGHER LEVELS NEW YORK STOCKS First Higher Finish in Last Week. Steel Shade Higher. The average rise was 1.3 points, notwithstanding new bear market low for the carrier group. Since there is likely to be no particular news affecting the rails until the rate decision is reached it seemed probable that further profit taking was the explanation for the sag. United States Steel refused to break 70. although it was off more than point at the bottom and closed higher. The preferred was heavy American Telephone, up point net, sold as much as 21 lower and came within fraction of Thursday's minAmerican Can, General Mo. tors, Chrysler. Case and National Biscuit advanced to 11 on the day, while Consolidated Gas rallied two. New York Central. exdividend, was off 21. Norfolk & Western three, Atlantic Coast Line 51. Union Pacific one and Atchison and Baltimore & Ohio small fractions. Most rails firmed in the late upturn, reducing ex treme losses. Sterling Lower. Passing of the monthend and the unusual expansion in fed. eral reserve credit witnessed during the past week were reflected in easier money trends, which in turn aided government bonds. Sterling's reaction indicated that selling of securities here by Brit 1sh investors had decreased. although the same conclusion was obvious from the action of stocks The pound closed at $3.91. off five cents and at its high it was again around $4. French. Swiss, Dutch and Belgian currencies firmed slightly. while German, Norwegian and Danish sagged. This week's mercantile reviews agreed that cool weather had helped trade, stimulating buying of seasonal goods. Miscellaneous Markets Cotton. NEW YORK FRIDAY opened steady October. May futures closed barely steady points May. Spot- Quiet middling. 5.70c. Chicago Cotton. CHICAGO FRIDAY Cotton made were still further posedly YORK FRIDAY December smoked ribbed closed steady: Metals. NEW YORK FRIDAY spot and unchanged York East St. spot TRADE TRENDS OF NATION (By The Associated Press.) Construction-A heavy list of contemplated school and federal government operations featured heavy construction activity through. out the country in the final week of September, Construction Daily reports Proposals of all types, except highways and residential, were valued at 537,000, compared with $29,257 000 in the preceding week and $50,437,000 in the like period last year. Coal-With the passing of unseasonably high temperatures which held consumer buying at low cbb during the greater part of September, retail dealers are again selling more anthracite and are consequently buying more, Sawards' Journal says. The revival in the wholesale demand came too late in the month. however, and was of too modest proportions to pull the September tonnage up to a level that would go far toward overcoming the light summer business. Railroad Equipment There were three freight cars ordered in September, compared with 534 in August and 565 in September a yar ago, Railway Age reports. Locomotive orders totaled one, against six in August and 25 in September of 1930. No passenger cars were ordered either in September or August, but in September last year 62 passenger cars were ordered. Silver-Bar silver eased an eighth of a cent in New York to 27% cents an ounce. while in London the metal held steady, unchanged at 15 15-16 pence, Hide Market. Beef hides Moines YORK Following the Sales High Prod IN U. S. ISSUES AIDS BOND LIST Domestic Loans Irregular at Close. CORPORATION BONDS STOCK AVERAGES NEW YORK The bond market hardened Friday, led Friday Previous day ited States governments. Week Signs of recovery noticed Thursday spread to all sections of the list, and although domestics presented a somewhat mixed appearance, the breadth of the up turn was an encouraging develop*New 1931 low ment. In many cases where corporate loans continued downgrade NEW YORK For the first there was evidence of a slackentime in week stocks closed ing of selling pressure. higher Friday. U. S. Issues Gain. Share buying on an early rally Liberties and Treasuries was exhausted before noon and traced about as fast as they had prices followed the rails on slid down and net gains ranged slow downward movement in the up to 3 quarters of a point third and fourth hours. How- Liberty Fourth 41s were in heavy ever. liquidation such as recently demand and rallied 5-16. and the has been experienced was con- Treasury 3s. in larger turnover spiculolsly absent and there was a closed 1-16 higher brisk recovery in the final deal- Minus signs virtually disap ings, although final quotations peared from the list of active was under the morning highs. foreign issues. Belgian govern Volume fell to 2,527,340 shares ments soared 2 to points, and against 3,590,640 Thursday gains in Italian issues were near ly as large Japanese, French an German issues improved marked ly, although German 51s. after early strength receded 21 net Argentine and Colombians were the strongest of the South AmeriDomestics Mixed. The domestic section reflected buying of selective character, and railroads, utilities and industrials were mixed. American Telephone 51s, Baltimore & Ohio issues, Columbia Ghs and Electric 5s, Great Northern, Grand Trunk and International Telephone bonds, North American 5s, Stand ard Oil of New Jersey 5s. Atchi son 4s, and Union Pacific 4s were among those that improved. General Theaters 68 receded two points. Other weak spots Auto were Frisco 41s. Texas corp. New York Central 4s of '98 and B Burlington Illinois 48. Baldwin Loc AVERAGES 193 SEVEN ILLINOIS BANKS CLOSED Others Shut Down in Michigan, Ohio and Pennsylvania. Seven banks in three sections of northern Illinois had closed their doors Friday, according to The Associated Press. Four Cook county institutions were shut down. The Calumet National bank, with $3. 500,000 deposits, the Hegewisch State, Brighton Park State and Marshall Square State bank were closed. The First National bank of Kewanee also closed. The bank is solvent and deposits were listed at $1,594,275. In La Salle county the La Salle Savings Bank and Trust co. and Utica, III., State bank, suspended operations. In Philadelphía, the Olney Bank and Trust co., with two branches, and the Jefferson Title and Trust co. were taken over by the state banking department. The Peoples State bank of Muskegon, Mich. with deposits of $2,286,938 closed for reorganization or liquidization and at Steubenville, O., the Union Savings Bank and Trust co. with total resources of $4,841,000, suspended business. Investment Trusts NEW YORK Following are the latest Rubber. quotations on Shares Diversified Following Wool. FRIDAY Minneapolis Banks. scored on the sales Bank Turpentine and Rosin. year Unit of trading earned shares
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SOON HOOVER URGES FIGHT BE PAID BY UPON WANING CRISIS; FIFTEEN BANKS PARLEY ADOPTS PLANS 153,000 Depositors in Six Closed Phila. Institutions Benefit Within Few to Weeks Bankers Trust, Darby, Girard Ave. Title, Glenside, Jeffer- son and Mortgage Security Co. Included Six closed Philadelphia banks and nine in communities throughout the State will pay dividends to deposi- tors within little more than month, according to announcement made yesterday by Dr. William D. Gordon, State Secretary of Banking The Philadelphia banks are the Bankers Trust Company. Darby Bank and Trust Company of Darby Girard Avenue Title and Trust Company, Glenside Bank and Trust Company of Glenside, Jefferson Title and Trust Company and the Mortgage Security Trust Company More than 153,000 depositors in Philadelphia and elsewhere will benefit through the dividends The payments will bring the total amount paid by closed banks to positors to approximately $19,600.000. Of this $8,478,412 will have represented payments by the Bankers Trust Company alone. Payements to Be Made According to the announcement, the Bankers Trust Company will pay 10 per cent. dividend of $2,792.on September 30, following 20 per cent. payment last November. This reduce the remaining deposit liability of the institution, which closed in December 1930. to slightly more than $25,- Darby Bank and Trust Company will make payment of $56,060.52 representing five per cent. of its present deposit liability, next Wednesday. It made first payment of 20 per cent. last October Five per cent. will also be paid by the Girard Avenue Title and Trust Company September 13, that percentage amounting to $121,- Glenside Bank and Trust Company will pay per cent., or $155,041.52 September It made previous payment of ten per cent. August *Jefferson Title and Trust Company will pay total of or 7½ per cent. of its total present deposit liability on September five per cent. payment, totaling will be paid by the Mortgage Sescurity Trust Company next Wednesday A CALL TO ECONOMIC ARMS