78b15511Full suspension
Other: Receiver appointed and dividends later paid to depositors; prolonged receivership and litigation followed.
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Chase City Bank Closes Its Doors (Special Register) CHASE CITY, Oct. First National Bank closed here today after run by the bank's on the door the bank this stated the closed matters could be adjusted with the The First Bank reported be and its action in closing for while taken safeguard the interests its
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SHORE OF OF EASTERN Few Members Are Retained On Grounded Steamer at New Castle Work of Dredging to Release Vessel Expected to Start Today NEW Oct. skeleton crew now remains of the 30 more men who manned the "Robin Goodfellow, the freight and passenger steamship belonging to the Seas Shipping which grounded on the beach Dobbinsville, where went ashore week ago, During the week the cargo was taken off and after being loaded into lighters removed Toboat loads of men, members of the crew, were lowered over the ship brought ashore. The work of dredging about craft, in an effort to float her, will probably started tomorrow. The Current Events Class of the New Castle Century Club, of which Mrs. Jacob H. Speicher chairman, meet in the Century Club. Alternating current events program, the members the class sewing articles wearing apparel for small children the community, which, when completed, will be donated the mayor's committee for distriburelief work. The Hallowe'en party to be held the Castle Century Club parnext Tuesday without doubt of the most delightful frolies the season for club members. Mrs. George Williams and her committee are arranging program and The League the First Presbyterian Church hold Hallowe'en party the church social rooms next Friday evening. Mrs. George Tobin chairman of and William Denny is arranging the program. Edward Megginson is chairman the appointed by the members of the Rose Hill Grange, for the purpose obtaining site for portable which was purchased from the Board Education recently use by the Grange meeting house. the special of meeting the Grange the home of Megginthe presented its report giving the locations prices of plots sirable for placing building. Miss Ethel nurse in charge the health registered center has announced that she be the center from to 1.30 o'clock week days except Saturday to all calls aid the of the city. The funeral Mrs. of Ellen White. who died Monday Mary will take place from the home of her and Mr. and Mrs. George tomorrow morning o'clock with requiem mass in St. Peter's Church at Rev. Crowley, terment will be in the St. Peter's cemetery. The degree team of William Penn Temple. Sisters. put on initiatory degree in the Masonic Temple this evening The monthly birthday party for October has been deferred until next month when October November party will combined. Plans have been completed for the Hallowe'en party in auditorium the William Penn School on Friday evening. This will take the place of the usual class parties each of the two upper classes The senior class rehearsing almost nightly its May to presented in of October 29 and Miss Louise Jackson. coaching Proceeds benefit the Washington trip merchant, Bradford Conley, of Grove. near and culminated in the of two Baltimore whose car he appropriated to make escape after he had ditched the from Cambridge man. Federal Bank Receiver William Lifsey, who since last summer has been here adjusting affairs of the First National Bank, which closed its doors early in July, has Chase City, Va., to other gone government. He has work for by Alonzo who charge of similar work the People's National Bank Del. Mrs. Emma Charles. formerly of Secretary Md., now residing the Parson's Home for the Aged at bury, the guest of Mr. and Mrs. Edward this week. Max Chambers, instructor in industrial the high of the Arts and and president Crafts Club Maryland, will tend the third annual fall meeting of that organization on Saturday will be held at the Rennert which Baltimore.
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COMMEND OFFICER FOR BANDIT CHASE J. Phillip Wright Aided in Capture of Brennan Hubbard; Club Session. Special Evening County Officer Phillip Wright, Preston, being people that locality as running down leading capture the alleged bandit, Brennan Hubbard this tion recently when he shot and Preston merchant, Manville Arnie, robbed pistol point, other Bradford Conley, Grove near Preston, and his banditry the holdup of two Baltimore whose car he to make his escape after he had ditched the car stolen from Cambridge Federal Bank Receiver William Lifsey, since last has been here adjusting the affairs of the First National Bank, which closed its doors early July, to Chase City, Va., other for the GovHe has been succeeded Alonzo wh in charge similar work for the Bank at and liquidation process of the local instructor in inthe local high school and of the Arts and Crafts Club of will at third Fall of that Saturday at the Hotel Last Fall this club met at Preston, here. organized in at Johns Hopkins Summer School suggestion John Seidel, State supervisor of industrial arts, bringing State teachers this subject closer relations well greater interest and achievement in this
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SECURITY FIRM FORMED LOCALLY General Securities Corporation Is Headed by Eugene R. Jones. Announcemen of the formation of the General Securities Corporation, with offices the State-Planters' building. was made today. The will furnish complete investment service and will deal in listed and unlisted local securities. Eugene R. Jones president of the firm and Garland Hood is vice-president. With them on the boar dof directors D. Brinser. Joseph Jr., and R. E. Jr. DIVIDEND IS DECLARED. Directors of the First and Merchants' today declared the regular quarterly dividend of The payment, which will amount to -60,000. be made July ostockholders of record June 20. DIRECTORS TO MEET. Dividend action will be taken tomorrow by the Central National 21 21 bank, Central Trust Company Mechanics Merchants The 18 American Bank and Trust Company and Morris Plan Bank of Virginia directors will meet Thursday to act. while the Virginia Trust Company meeting will be Monday. BANK RECEIVER TO PAY. W. Lifsey, receiver of the First National bank. of Chase City, which that first dividend of 20 per cent. will be paid to all depositors who proven Dividend checks amounting to $135,000 being given. The bank had $676,000 on deposit when TOBACCO EXPORTS DROP. Tobacco exports from United States in were 32,874,633 pounds, valued at against 031 pounds worth year ago. Four months' leaf tobacco ports 118,594,355 pounds against pounds worth $40,224,854 year ago.
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Infant Priority Trust Claims Declared Valid U. Appeals Court Ruling Considered in Reference to American Bank Cases Plans Legal Probe Prosecutor to Study Facts Presented in RecentAudit An important decision establishing a principle applicable to the administration of trust Runds has been handed down by the United States Circuit Court of Appeals for the Fourth District, this tribunal sustaining the District Court in the case of G. H. Tucker, receiver of the First National Bank of Chase City, Va., fant suing by Rosa Maylor Walker. Lawyers here are studying the appellate court's decision wth view of its applicability to the trust funds of the closed American Bank and Trust Company of Richmond, customers of the bank having made numerous inquirles concerning the status of their investments. The court's decision states. in part, as follows: "Two questions of law were presented to the District Court, to wit: (1) whether trust relationship between the infant and the bank was created in regard to the funds of the infant in its custody: and (2) if whether the property or funds of the bank. which came into the hands of the receiver. were impressed with the trust in such way as to entitle the infant to priority of payment over other creditors of the bank. The district judge decided both questions in favor of the infant, and the receiver appealed.' Quoting from the appellate court's decision in Schumacher vs. Harriett the Circuit Court stated in regard to the Newcomb claim: "The parallel situation in the pending case requires a similar ruling here. Former State Senator George E. Allen represented Mrs. Newcomb The decision was handed down by Circuit Judges Parker and Soper and District Judge Ernest Cochran. Replying to an inquiry by Dr. Nelson Mercer, depositor in the American Bank, Commonwealth's Attorney Dave E. Satterfield yesterday sent Dr. Mercer a letter stating he would begin probe of the facts brought out in the audit and report of the bank's receivers, and now a part of the record in City Circuit Court. In the letter the prosecutor confirmed an previously given to the press. Mr. Satterfield's letter follows: "In reply to your letter of October 2, in which you invite my attention to certain parts of the report of the receivers for the American Bank and Trust Company, beg to advise that if this report. together with the report of the auditors, set up sufficient grounds for the institution of an investigation of the management of this bank, you may rest assured that this office will do everything possible to develop the true situation. "If it appears that penal statutes have been violated, prosecutions will follow. However, heavy docket which has piled up for the months of July, August and September will require every moment of my attention for the next two weeks "It may interest you to know that I have for some time been busily engaged in gathering all the information available in order that this office might, at the proper time, and if necessary, intelligently and fairly