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Banker Has Enough; Depositors Are Asked To Withdraw Money
Chicago, September B. McGrath Jr., started run in his own bank today and made history thereby. He wrote all of the customers of the Mayfair State Savings Bank, owned by him, that the bank wasn't making any profits and that he had decided to close it. He added that all depositors had better come and get their money because he was going to shut the bank Wednesday of this week. State Auditor Oscar Nelson said it was the first time the history of the United States that bank was being closed voluntarily with full payment to all depositors before closing.
The tall, slender McGrath, called by one of his depositors, "most honest man in told the of the Bank, thus: fell for this bank business and now I'm going to fall out of it. I'm simply it isn't profitable. Last April we had deposits $2,000,000. Then there was flurry of bank failures our deposits dwindled $600,000. Other banks asked for written notice when they wanted to withdraw money. My bank did not. After all, it was their "Last April we had 400 empty deposit boxes. Now they are filled by people withdrew their money from savings accounts. Last April my deposit box around all day with nothing to do. Today he is opening one box after another all day long for who come in and take $2 and $3 at
"Banks all over the neighborhood failed. My depositors withdrew their money from my bank because they were frightened. can't blame them. "But I'm no philanthropist. The bank is being closed for good. I've learned my lesson. I'm banking attorney. made my money representing bankers and then was fool enough banker myself. I'm going back to my legal practice."
Cut-Off Plan Adjourned.
New York, September 28-(AP)Following extended conferences here between excutives of the Denver and Rio Grande Western, Missouri Pacific and Western Pacific on one hand, and Representatives of J. P. Morgan Co. and the Chase National Bank, was today that no had been reached the Denver & Rio Grande Western accept the Interstate Commerce order pay minority tockholders of Denver Salt Lake $155 share for their holdings and construct the proposed 41-mile Dotsero cut-off. It was intimated in official quarters that adjournment of the confer- ences without reaching decision is not to be interpreted as the abandonment of the plan to link Denver and Salt Lake City by route 143 miles shorter than the one now used. It is understood that the problem confronting the road one of financing the purchase of the minority stock and the construction of the cutoff.
To Pay In Dollars.
New York, September 28-(AP)Representatives of the Swedish match trust today called attention to an interview granted by Ivar Kreuger to French financial news service Paris which Kreuger pointed out that the interest on the Kreuger and toll debentures held America is payable in American dollars, so that any depreciation in the Swedish krona would not affect of these securities. Mr. Kreuger was also quoted pointing out that the European debentures are into the American issue, so that European holders are against loss. As fact, to avoid this conversion, the company has decided to guarantee European holders the privilege of taking payment in dollars. Mr. Kreuger denied that company planned to take advantage of current low market prices to redeem the debentures. Kreuger & Toll holding and financing company, which stands at the head of the Swedish match trust. The Swedish match trust has loaned some $350,000,000 to foreign Governments in the post war period in exchange for match monopolies. It said endeavoring to conduct most of its international pay. ments in dollars, to avoid the fluetuations other currencies.
Seeks To Restrain Stocks.
Newark, N. September 28-(AP) -Asserting the Continental Television Corporation, Delaware concern owns no plants nor patents, but only patent applications, Philip Coffin Jr., attorney, asked Vice Chancellor Backes today for an injunction the corporation, its and houses from selling stock in or from New Jersey. The Vice issued an order the and individuals show cause October 13, why such a restraint should not be granted.
Nickel Plate Bonds Approved.
Interstate has authorized the New York, Chicago, St. Louis to issue $10,500,000 refunding 41/2 per cent bonds, Series C, of which $6,000,000 will pledged collateral for short term The remainder will be held in the company's treasury subject to fur her order of the Commission.
IRON AND STEEL.
New (AP)-Steel per Pittsburgh: sheets, rolled, $2.40; steel bars, $1.60,
