Pennsylvania Trust Company (Pittsburg, PA)

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$100,000 NOTES NOW WORTH ONLY $150

Promissory Paper Almost Valueless; Pittsburgh Bank Receiver Reports

The receiver for the closed Pennsylvania Trust Company an accounting Thursday which disclosed that than $100,000 in promissory notes of Walter Bonitz, manufacturer, the late Roy D. Schooley and other Pittsburgh ers are now valued at than Schooley, until shortly before his city The notes listed among the bank's bills valued at but now praised at $328,381 An appraisal of $1 was placed on $9,000 note of Schooley's Pittsburgh Hockey Club. note $43,000 signed Bonitz ap praised $133.23 Anoter $42,000, signed by Ford for mer cashier bank, and dorsed by Benjamin Page, was appraised at $6. Bonitz, Repubican leader, was an backer of Francis Shunk Brown for governor four years Liabilities listed by included which the City Pittsburgh had deposit Other liabilities included savings accounts totaling $834 72. and checking ac counts totaling $436,035.92 No estimates were made regarding the probable amounts depositors will ultimately receive

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SENATE CANDIDATE WILL PAY NOTES HE INDORSED AT BANK

PITTSBURGH. 26. (AP) Joseph Democratic didute for United States senator. promised tonight that three of the closed Pennsylvania Trust notes. on which his name will The names dozen prominent Pittsburgh appeared on notes listed an accounting the bank's which several days ago. In addition $800 note now appraised at Guffey was dorser for sister, Ida appraised at $320 note for James Specifying the circumstances rounding the three Guffey each "like all other notes have had the Pennsylvania Trust Company, will be paid in full."

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Council Cool on Proposal To Compromise Bank Claim

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the Pennsylvania Trust Company set aside this lot of privately-indorsed notes for liquidation in an effort to return the city some of its deposit.

Deposit Whittled Down

By selling the $225,000 in posted securities—U. S. Government bonds—and liquidating private notes, the original deposit had been whittled down to $1,047,836 when the bank closed, last year.

The last report to Controller Kerr showed the face value of these securities as $1,095,737, but the State Banking Department's appraisal of these notes is less than $125,000.

These figures are based entirely on the reports. Payments may have been made since by certain debtors, but neither the State Banking Department or the Colonial Trust Company will make any comments on such payments.

$2; a $945 note of Theodore L. Moritz, secretary to the Mayor, appraised at $319.78, and a $500 note of Leo Rothenberg, former police magistrate, appraised at $128.96.

Guffey to Pay Sister's Note

A $9,000 note of Ida V. Guffey, indorsed by her brother, Joseph F. Guffey, Democratic nominee for the United States Senate was also in the list. Although the note was appraised as worth only $106.60, Mr. Guffey has announced that it will be paid in full.

Mr. Guffey said he had dealt with the bank for 30 years and believed the value placed on stock which secured the note of his sister was entirely too low, inasmuch as the corporation which issued is now operating again at a profit.

Others whose notes are held as security for the city's deposit have also announced that their obligations will be paid in full.

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Cites Guffey Notes

"The public records in the Prothonotary's Office of Allegheny County, open to anybody, disclose that Mr. Guffey has a $10,000 note in that bank which is officially appraised at $106.60. Guffey borrowed this money on July 3, 1930, over four years ago, and has only paid $100 in four years. He still owes to the depositors of this closed bank $9,900 with interest from March 2, 1933.

"In addition to the $10,000 note, he has a note for $300, also on record in the Prothonotary's Office of Allegheny County. That note is officially appraised at $1.00.

"On May 25, 1934, two days after the inventory and appraisal was filed in the Prothonotary's Office, Guffey said through the public press of Pittsburgh that these notes would be paid. Well, he hasn't paid anything yet.

"Have the people of Pennsylvania got to elect him to the United States Senate before he will pay what he owes to the depositors of the Pennsylvania Trust Company."

"The Sugar Daddy of Miss Democracy," was the label placed on George H. Earle, Democratic candidate for Governor, by Governor Pinchot. He discussed Mr. Earle's financial interest in the sugar business and accused him of garnering benefits from the "sugar trust."

Attacks Earle's Business

Mr. Pinchot recently attacked Mr. Earle because of labor troubles of the Pennsylvania Sugar Company, which occurred while Earle was in Austria serving as United States Minister to that country. Mr. Pinchot cited the statement of David L. Lawrence, Democratic state chairman, that Mr. Earle has but $6,000 worth of stock in the company and said "but what Mr. Lawrence neglected to say was that Earle's father left his millions as one of the largest holders of Pennsylvania sugar stock.

"George Earle is a very considerable part of the sugar trust. He is a vice president of the Pennsylvania Sugar Company and the Earle estates have tremendous holdings in the Pennsylvania Sugar Company.

Turning his attention to Senator Reed, the Governor said:

"So far as David A. Reed is concerned, I have said before, and I repeat again, that everything I said"

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CLOSED BANK SEEKS LOAN FOR DIVIDEND

Pennsylvania Trust Plans 13 Per Cent Payment

The closed Pennsylvania Trust Company is seeking a loan from the Reconstruction Finance Corporation to make an initial dividend payment of 13 9-10 per cent to its depositors.

This was revealed today when the receiver for the bank, Frank W. Jackson, and David Glick, deputy state attorney general, appeared before City Council and outlined the plan.

The city's permission for the deal is necessary since it is a preferred creditor to the extent of $1,046,000.

At one time the city had on deposit in the bank, in violation of city ordinances, more than $2,000,000 but this amount has been liquidated approximately $1,000,000.

Should the RFC deal go through the city would receive in cash at once $309,663 as a preferred creditor. The Finance Committee of Council took no action pending a study of the proposal. The bank has never opened since the national bank holiday, March 4, 1933, with total deposits of $2,354,333.

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COUNCIL FAVORS RFC BANK LOAN

Calls for Ordinance To Co-operate With Receiver.

City council is disposed to go along with the receiver for the closed Pennsylvania Trust Company in plans to obtain a Reconstruction Finance Corporation loan, it was indicated yesterday.

Council, without a dissenting vote, directed the law department to prepare legislation covering the city's co-operation with the receiver in the move.

The city is expected to receive $309,663 in the first distribution to depositors if the RFC loan is granted.

James C. Chaplin, president of the Colonial Trust Company which, as trustee for the city, is holding securities posted by the Pennsylvania Trust to cover the city deposits, advised council to go along with the receiver, Frank W. Jackson.

His approval of the plan was conditional on the city obtaining assurances that its position as a preferred and a common depositor would be protected and that it would not surrender its claim on the securities now held by his bank.

Receiver Jackson hopes to obtain a loan of more than $1,000,000 by lumping the assets of the closed trust company.

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DEPUTY BANK RECEIVER FRANK JACKSON IS DEAD

15 Banks in Western Penna. District Assigned Now to Other Deputies to Supervise.

HARRISBURG, April 3.—UP—Because of the death of Frank W. Jackson, Apollo, who was deputy receiver for the Banking Department in charge of closed banks in Western Pennsylvania, Dr. Luther A. Harr, secretary of the department, has assigned 15 banks in that section to other deputies.

This action made unnecessary the appointment of a successor for Jackson, who died yesterday of heart disease.

Following are the deputies and the banks, formerly handled by Jackson, assigned to them:

Walter C. Brenneis—Pennsylvania Trust Company, Pittsburgh; Peoples State Bank, East Pittsburgh; Carnegie Trust Company, Pittsburgh; and Modern State Bank, Pittsburgh.

J. E. Hill—Colonial Trust Company, Farrell; Peoples Bank of Farrell; the Dollar Title and Trust Company, Sharon.

Arthur McCune—Title and Trust Company, Uniontown; Brownsville Trust Company, Brownsville; Miners State Bank, New Salem; Peoples Bank of Greensboro; Joseph Vecchio (private bank), Uniontown; Jubelierer Brothers (private bank), Brownsville; and the Citizens State Bank, Salisbury.

"Assigning these closed banks to deputies already appointed will not mean any diminution of efficiency," Dr. Harr said. "This action is being taken because we believe these deputies can handle the work and to reduce the costs of liquidations to depositors."

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Paul Field Bayard and Gladys May Bayard, Owners or Reputed Owners. F. F. 1088, Oct., 1935. $5,500.73 Patterson, Crawford, Arensberg & Dunn, 1404 First National Bank Building, Pittsburgh, Pa.

Lot in Richland Twp., Allegheny County. Beginning at the center line of the right of way of Pittsburgh and Butler St. R. Co. at line of property herein described and property now or late of Frederick McClain; thence by a line of McClain S. 66° 02' E., 360.45 ft.; thence S. 81° 55' E. 117.50 to line of private road; thence S. 6° 53' W., 68.96 ft.; thence N. 81° 55' W., 451.71 ft. to right of way of Pittsburgh and Butler St. Ry. Co.; thence along said right of way N. 3° 20' E., 168.17 ft. Containing one acre more or less. Together with a 20-foot right of way along line of Street Railway Co. over lands of Samuel Austin to Bakerstown Macadam Road. Having thereon erected a one-story frame and shingle bungalow.

Luther A. Harr, Secretary of Banking, Receiver in Possession of Pennsylvania Trust Company of Pittsburgh, Administrator c. t. a. of the Estate of James J. Davey, Deceased, with notice to Potter Title and Trust Company, Guardian of the Estates of John G. Davey, Marie E. Davey, Marguerite E. Davey, Francis Louis Davey and Anna D. Davey, Minors. L. F. 1089, October, 1935. $1,593.32 Patterson, Crawford, Arensberg & Dunn,

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Luther A. Harr, Secretary of Banking, Receiver in Possession of Pennsylvania Trust Company of Pittsburgh, Administrator c. t. a. of the Estate of James J. Davey, Deceased, with notice to Potter Title and Trust Company, Guardian of the Estates of John G. Davey, Marie E. Davey, Marguerite E. Davey, Francis Louis Davey and Anna D. Davey, Minors. L. F. 1089, October, 1935. $1,593.32 Patterson, Crawford, Arensburg & Dunn, 1404 First National Bank Building, Pittsburgh, Pa.

Lot in Shaler Twp., being Lots 202 and 203 in P. B. 9, p. 10. Fronting 50 ft. on S. side of E. Pennview St. (formerly Penn Ave.) and extending back 100 ft. preserving even width. Having thereon erected a 2-story frame dwelling house.

James Jordan and Rosa Jordan, his wife, Owners or Reputed Owners. L. F. 1090, October, 1935. $6,084.83 Patterson, Crawford, Arensburg & Dunn, 1404 First National Bank Building, Pittsburgh, Pa.

Lot in Eighth Ward, Pittsburgh. Beginning at S. E. corner of Harriet St. and Atlantic Ave.; thence E. along S. line of Harriet St. 131.07 ft. more or less; thence extending back 44.96 ft., preserving an even width of 131.07 ft. Having thereon erected a 3-story brick dwelling, No. 401 So. Atlantic Ave.

Max Rosen, with notice to Adolph Terkel and Mollie Terkel, terre tenants, Owners or Reputed Owners. L. F. 1091, October, 1935. $11,922.75 Patterson, Crawford, Arensburg & Dunn, 1404 First National Bank Building,

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Jacob J. Voegtly, Atty. Lot 23rd Ward, Pgh., being the early 1/2 of Lot No. 111 in John Gtly, et al., Plan, P. B. Vol. 2, 111, fronting 22 ft. on Conce (formerly Congress) St. and nding back of even width along mon St. (formerly Green Alley) t. 9 inches. Having erected 2 ne buildings.

e Andrayko and Annie Andray-, his wife, also as Mike Andrej-, and Anna Andrejko, his wife, ith notice to Joe Hirjak and ary Hirjak, terre tenants, Owners or Reputed Owners. F. 506, Jan., 1936. $1,581.17 Johnston & Voegtly, Attys. ot in 8th Ward, McKeesport, 98 Sarah Hoffman Plan, P. B. age 326, fronting 30 ft. on north Sylvan St. and running back even width 99.51 ft. to Ridge Having erected a frame dwell- D. B. Vol. 2258, page 631.

ry Telishka, Owner or Reputed wner. F. 507, Jan., 1936. $4,361.64 Johnston & Voegtly, Attys. ot 7th Ward, McKeesport, be- part of Block "A" in Central k Plan, P. B. Vol. 19, page 99. on the west side of White st. ft. south from a 40-foot st.; nce along White st. S. 12° 31' 35 ft.; thence S. 77° 29' W. 157.12 to a 20-foot alley; thence along e N. 23° 22' E. 43.20 ft. and nce N. 77° 29' E. 131.80 ft. to inning. Having erected thereon rame dwelling.

liam A. Regensburger and Mae . Regensburger, his wife, Own- s or Reputed Owners. F. 508, Jan., 1936. $3,630.38 Wm. J. Herrchen, Atty. t. Lot 6 Jas. Penney Plan, 2nd d, McKeesport. Beg. north side ney Ave. at east line of A. ckel; thence east by Penney ., 26.25 ft.; thence north and allel with Steckel's lot of even th of 26.25 ft., 71 ft. to alley. ving thereon a 2 sty. frame se, No. 413 Penney Ave. and a y. tile garage.

liam Burneik and Paulina Bur- eik, his wife, Owners or Re- uted Owners. F. 509, Jan., 1936. $4,281.38 Wm. J. Herrchen, Atty. ots 35 and 36, Sill View Park n of Lots, P. B. 20, page 32, Mc- esport. Having thereon a 2-story me house No. 3421 Walnut st., a frame garage.

eph Giedl and Cecelia Giedl, his ife, Owners or Reputed Owners. F. 510, Jan., 1936. $2,836.56 Wm. J. Herrchen, Atty. arts lots 1656 and 1657 "West k" Plan, P. B. 21, pages 80 and Stowe Twp. Beg. north side adway 10 ft. east of lot 1655; nce southeast by Broadway, 30 thence north and parallel with t line of lot 1655, of width of 30 100 ft. to Penn alley. Subject to lding restrictions in D. B. 2196, e 336. Having thereon a 2-story me house, No. 1416 Broadway.

lliam D. Jeanak and Hazel U. eanak, his wife, Owners or Re- uted Owners. F. 511, Jan., 1936. $7,171.50 Wm. J. Herrchen, Atty. Part lot 1, F. A. Opperman and M. Prugh Plan, P. B. 18, page 29th ward, Pittsburgh. Beg. theast cor. Amanda st. and nview ave.; thence east by Linn- w ave., 27.28 ft. to lot No. 2; nce by same north, 77.71 ft.; nce west, 46.29 ft. to Amanda thence south along Amanda st. ft. to Linnview ave. Together h and subject to easement, and o sale of coal and mining rights, forth in D. B. 2134, page 434. ving thereon a two-story frame elling, No. 101 Linnview ave., d an iron garage.

eph Hirko, Owner or Reputed Owner. F. 512, Jan., 1936. $2,641.10 Wm. J. Herrchen, Atty. ots Nos. 167 and 168, Rockwood n, P. B. 26, pages 10 and 11, For- Hills Borough. Subject to sale coal and mining rights and re- ictions, stipulations and streets plan as set forth in D. B. 2204, ge 391. Having thereon a two- ry brick house called a one-story ngalow.

Ira J. Patterson and Ira J. Patterson, administrator of the estate of Lena May Patterson, deceased, Owners or Reputed Owners, and John C. Cronin, terra tenant. L. F. 519, Jan., 1936. $5,599.17 Powell & McKibben, Attys. Lot No. 49 in Paul Place Plan of Lots, 19th Ward, Pittsburgh, P. B. 21, page 156, etc., fronting 30.43 feet on westerly side of Woodward Ave., extending back on one side 130.57 ft. and on other side 124.21 ft., rear width along alley being 30.03 ft. Having thereon two-story frame dwelling, 1934 Woodward Avenue. D. B. 2224, page 731.

Luther A. Harr, secretary of banking, receiver in possession of Pennsylvania Trust Company, administrator of the estate of Sarah D. Conway, deceased, with notice to John F. Lang, terre tenant. L. F. 526, Jan., 1936. $7,097.90 Patterson, Crawford, Arensberg & Dunn, Attys. Lost in 1st Ward, Pittsburgh, being Westerly part of No. 4 in Plan of B. N. aven, D. B. 56, page 384. Beginning on the S. side of 5th Ave. on line dividing lots 3 and 4; thence S. along said line 120 ft. to Ann St.; thence Eastwardly along Ann St. E. 21 ft. 2 1/2 in.; thence N. along lot now or late of Margaret A. McNulty 120 ft. to 5th Ave.; thence W. along 5th Ave. 23 ft. 1 1/2 in. Having thereon a 2 sty. and attic brick dwelling, 1912 Fifth Ave.

John A. Ingram, Owner or Reputed Owner. F. F. 527, Jan., 1936. $6,956.93 Patterson, Crawford, Arensberg & Dunn, Attys. Lot in Fourteenth Ward, Pittsburgh, being No. 4 in Squirrel Hill Heights Plan P. B. 32, p. 111. Fronting 33 ft. on westerly side of Shady Ave. with use of 20 ft. private way. Having thereon erected a 2-story brick dwelling, 3212 Shady Ave.

Elias Khalil, Owner or Reputed Owner. F. F. 528, Jan., 1936. $2,873.48 Patterson, Crawford, Arensberg & Dunn, Attys. Lot in Third Ward, Pittsburgh. Being No. 12 in Plan of John and Henry Irwin, P. B. 1, Part 1, p. 158. Fronting 24 ft. on southeast side of Webster Ave. Having thereon erected 2 3-story brick dwellings and storeroom, 1318 Webster Ave.

Jane Owen Connor, executrix of the estate of Julia A. McGeary, deceased, with notice to Jane Owen Connor, terre tenant, Owner or Reputed Owner. L. F. 529, Jan., 1936. $5,810.88 Patterson, Crawford, Arensberg & Dunn, Attys. Lot in Richland Township. Beginning at center line of State Road, formerly Allegheny and Butler Plank Road, at N. W. corner of land of C. M. Moorhead; thence along the center of said road 447.5 feet, extending back 957 ft., preserving an even width of 447.5 ft. Containing 9.81 acres. Having thereon a one-story frame dwelling and 4-car tile garage.

Louis Schuman, deceased, in the hands of Eleanore Wilhelmina Schuman, executrix of his estate, with notice to Eleanore Wilhelmina Schuman, widow; Ronald E. MacDonald and Louis Schuman MacDonald, residuary devisees, and with notice to the Allegheny Trust Company, guardian of the estate of said Louis Schuman MacDonald, a minor, Owners or Reputed Owners. L. F. 532, Jan., 1936. $6,491.23 Albert Barnes Smith, Atty. Two lots in 21st Ward, Pittsburgh. (1) Lots 33 and 34 in plan of Overseers of Poor of Pittsburgh, P. B. 1, page 107, fronting 48 feet on Liverpool St. and extending back 130 ft. to Decatur St., having thereon a 3-story brick house, No. 1108 Liverpool St. D. B. 2263, page 319. (2) Northeast corner of Bidwell and Decatur Streets, fronting 32 ft. 6 in. on Bidwell St. and 47 ft. 6 in. on Decatur St. Having thereon a 2-story brick house, No. 1516 Bidwell St., and a 2-story brick house, No. 1028 Decatur St. D. B. 2231, page 242-243.

William Losman, Owner or Reputed Owner. F. F. 534, Jan., 1936. $15,750.00 Clarence B. Nixon, Atty. Lots in 13th Ward, Pittsburgh, being Nos. 105, 106, 107 and 108 in Mellon's Plan of Homewood Lots,