gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
07bab9bf18a28776
Response Measures
None
Events (3)
1.May 26, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumor circulated in the Italian section that the bank was going to close, provoking mass withdrawals
Measures
Police reserves kept order; local priests and city officials intervened to restore confidence; depositors later redeposited funds
Newspaper Excerpt
Officials ... began an investigation of which over the in withdra of about $200,000 from the bank. ... Shippee said the mysterious report ... was false and that the bank was solvent
Source
newspapers
2.January 2, 1932Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals/runs (spread after other local bank closings and loss of confidence) forced directors/commissioner to request temporary order and invoke notice provisions
Newspaper Excerpt
The City Bank & Trust Co. did not open for business this morning ... The State Bank ... issued temporary restraining order, said the action was necessary to protect depositors
Source
newspapers
3.January 7, 1932Receivership
Newspaper Excerpt
The Travelers Bank Trust Company named as temporary receiver. ... Thomas Hewes, the receiver of the bank ... plans for reorganization ... receiver was active in bank receiverships
Source
newspapers
Newspaper Articles (23)
1.May 27, 1930The Boston Daily GlobeBoston, MA
Click image to open full size in new tab
Article Text
SEEK CAUSE OF RUN ON BANK AT HARTFORD
HART Conn, May 26 (A. P.)Officials of the State Department of Banking and the City Bank and Trust Company today began an investigation of which over the in withdra of about $200,000 from the bank. Bank Commissioner Lester E. Shippee said the mysterious report which gained wide circulation the Italian was and that the bank was solvent and in sound Many of the depositors withdrew all but small portion of their savings, beginning Saturday morning when about $50 was withdrawn. The run continued today, totalling about $150,000. Shippee said he would press his investigation in the hope of apprehending the person who started the false report and prosecuting him. He said the heavy withdrawals would not affect the soundness of the bank.
2.May 27, 1930Transcript-TelegramHolyoke, MA
Click image to open full size in new tab
Article Text
STARTS RUN ON HARTFORD BANK
HARTFORD. Conn., May result culated the Italian here. more than 300 persons took part run the City Bank and Trust Company noon withdrew pprximately before officials could vince them that the institution on sound squad police reserves worked inside the bank and in the adjoining street keep the depositors Catholic from East Side mingled the crowd and aided in restoring confidence the bank. Lester Shippee, State Banking Commissioner, said the action stimulated "vicious He added that which one strongest In Connecticut, deposits aggregating excellent condition. State vestigators and ordered trace the rumor its source and to arrest the guilty perrush depositors began after could speak Engwas told clerk in bank would have to be identified before could cash check there officials of the opinion that the Italian misunderstood the and spread baseless rumor the funds on hand The report accepted more readily because the failure here last month banker. Many of the residents Hartford's Italian section lost all their savings that crash Laborers dropped their picks and shovels, owners of small shops. locked their doors to join the crowd that was hurrying the City Bank Trust Company. One of the first of them withdrew the its Frank counsel for bank stepped chair lobby pleaded for the hub-hub exhibition senselese." Mr. Hagarty bank in the strongest position its history. We enough take all and then enough for the This because of the failure of Andrew Kelly pastor Anthony's Catholic church. pleaded his parishioners halt the run. He inspected the and found to be the best condition. the result Father Kelly's efforts similar activities other priests, some the depositors returned their money the institution. Officials unusually large amount money had been withdrawn from the bank last Saturday, but the concerted run had not materialized until yesterday.
3.May 28, 1930New Britain HeraldNew Britain, CT
Click image to open full size in new tab
Article Text
Run On City Bank Ends As Depositors Return Hartford, May 28.-The run on the City Bank & Trust company appeared ended yesterday afternoon when depositors withdrawing their funds mingled with others who were redepositing their money. Although yesterday's withdrawals amounted to $400,000. the deposits reached $160,000, much of this sum being returned by depositors who had recovered their confidence in the institution. Mayor Batterson called at the bank during the morning and after making a. substantial deposit made a brief address in which he assured his listeners of the stability of the bank. Many other new accounts were opened by business and professional men. FOR BEST RESULTS USE HERALD CLASSIFIED ADS
4.May 28, 1930Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Baseless Fears
Were not so inimical to the welfare of the community, "run" on bank would seem merely pitiable of human fear. Probably few of those who, with scores others, seek withdraw their savings from trusted institution could cogently explain their action. Because others without the slightest casion appear to have confidence, their own shaken. The contagion spreads, the reason the individual yields psychology. Better judgment has returned many those during the days, withdrew their from the City Bank and Trust Company. One the old banks of Hartan unblemished reputation for safely protecting the funds its care. With ample hand meet demand, its financial condition was never sound. Its security attested to not only the State Bank Mr. Lester Shippee and the Hartford Clearing House by every substantial man affairs in the community. management in the hands of men unquestioned integrity and responsibility. Those who have deposited money with have not least reason to fear for the safety of their funds. Such "run" as has been in progress could resulted only from spread of rumor and gossip having basis whatever in truth. Malicious not, such tales should be traced their source the proper authorities. one bank, but the whole suffers from irresponwhispering against trusted institutions.
LINDBERGH TESTS NEW "FLEETSTER" PLANE
Morrow Wet Stand Approved by Sister Special Journal New York, May 28.-Mrs. Agnes Morrow Scandret, sister of Dwight W. Morrow, candidate in the republican primaries for United States senator from New Jersey, who returned today from world cruise on the Hamburg American liner Resolute, approved her brother's recent declaration in favor of the repeal of the Eighteenth amendment.
Priests Help Stop Eastern Bank Run
Special to The Journal. Hartford, Conn., May 28.-As result of a groundless rumor circulated throughout the Italian sec- tion here, more than 300 persons took part in run on the City Bank & Trust company and withdrew approximately $300,000 before officials could convince them the institution was on sound basis. A squad of police reserves worked inside the bank and in the adjoining street to keep the depositors in line. Priests from Hartford's east side mingled with the crowd and aided in restoring confidence in the bank.
THE new fleetster plane made by the Consolidated Aircraft Corporation of Buffalo, which was tested by Colonel Charles A. Lindbergh at Roosevelt Field, N. Y The new ship is an all-metal "job." today while one of the boys was near death in hospital. The child Edward Valjazz, 12 years old, was not involved in the window-breaking. his companions said.
Watchman, 81, Jailed In Shooting of Boy Cleveland, May (U.P.)- Ellis Napper, 81-year old night watchman, who fired on group of small boys "to scare them' after they batted a baseball through window of his facory, was in jail
6.June 1, 1930The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
HARTFORD BANK BREAKS RUN AND RAISES PRESTIGE
Mob Psychology Flares For Two Days But Fails to Harm Institution
POSTMASTER RESIGNS AFTER LONG STRUGGLE
K. Will Leave Harry Taylor Has Had to August Fight Without Support of Party Organization
From Our Special Correspondent Hartford, Ct., May 31-Hartford, the wealthy city, has experienced run bank. Happily it was on one on the our biggest and most substantial financial institutions, the City Bank bank and Trust without embarrasscame through with renewed prestige. Unment and the circumstances an teresting study mob psychology. Pushing, pulling, around for days this doors of the bank crowd 500 depositors, week mostly of Italian blood, frantle withdraw their their endeavors all came about from savings. And spread curious little rumors the closing recently of the following private bank where the positors will not get 100 cents on the deposited. the City Bank started The run on rather but after story spreading to East side that foreigner the bank with check had been in could not get was to close. The forbank going eigner could not get her check cashshe did speak and there no identify her, but said her own the bank going to close. The bank did not close and for two days the surging crowd depositors paid its deposits in turn for. Run Halted Successfully
Mayors past and present harangued the crowd and spoke the bank. Leading among the Italian tried to stop the Commissioner Shippee the bank splendid the other banks in the city their assistance, but for two days, until the anxious, nervous. depositors that they could get their money and then they didu't want and the crowd rapidly thinned. Then some the pacified ones their money the bank ever in money had from New million from Boston to help the City bank through the demand for cash and the mob psychology had no lasting damaging results. took the poreserves cool heads to handle the situation at times. Hartford's substantial stood by in style and hight came to the bank with large deposits.
Postmaster Resigns
Postmaster Harry K. Taylor has resigned. was general public was of the opinthat the spirited little postmaster. is scarcely half through his second term. would in as long Fenn Mr Fenn's first and was Mr Fenn's nomination for the postmastership. He not have indorsement the Republican town committee and he has not lain in political bed roses. When his was vigorously posed by labor there out the town although the Chamber of Commerce and the Manufacturers association came to his support. Mr Taylor apparently did not mind lone hand and he has won in his contests with certain groups of postal employes, but he has had no smooth sailing the large staff at the Hartford Just what brought about his resignation this time has not been made clear Once man himself, Mr will some day give the news. His resignation comes at the time when Clerks Harry Norton, Lawton, Louis Lopinsky Yaca. vone and others short periods. Mr Taylor Augut Grand Jury Holds Spotlight The June the court comes has docket 150 to be presented State's Attorney Hugh M. Alcorn. The chief interest the March term is over expected report the grand jury which has been con-
7.January 2, 1932The RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
SEVERAL OTHER INSTITUTIONS INVOKING THE 90-DAY CLAUSE
East Hartford Bank Also Suspends, Restraining Order Is Issued
Ct., Jan Bank and Trust today every savings bank savings department vicinity promptly evoked the notice provision tection depositors. Despite the closed bank there sign of undue uneasiness. in 1851. the City Bank and Trust, by mergers and steady total asof $30,500,000 as of its last cial
Heavy Withdrawals
The bank by ing George J. Bassett on request of the after an all-night plans were immediately taken under hopes pressed that full repayment of savings depositors be eventually effected. The bank severe more than year ago following circulation of false rumors concerning its Commissioner Bassett issued statement bility to to meet steady and heavy bank, founded and capitalized for $1,000,000, was of the largest this Its was $2,000,000, and undiv profits nearly of its deposits were in the savings depart"They had reached the limit of their liquid and unable to securities at this time except at great sacrifice, conditions in the due security said Commissioner Bassett's "Effort made during the which would supply sufficient uid capital to meet all of time made tion impossible. "The therefore, at meeting last night that in justice all the they the banking department place temporary order and this this at the moment in is will be sufficient to eventualall depositors. In meantime it is the reorganization may be effective in the result of the run on the City Bank and Trust it was today that all mutual would the in permits them demand notice of to deposits. This it the request of the bank commisorder that public may be and may be assured their being protected."
Second Bank
City Bank Trust company in the the Hartford Trust shut issued State Bank George request statement had $2,067,000 was incorporated 1916.
CONNECTICUT BANK CLOSED.
Hartford Conn., January 2-(AP) The City Bank & Trust Co. did not open for business this morning The bank was incorporated in 1851. In report to the State Banking Commission the savings deposits were given at $15,500,000, commercial de posits at $5,500,000, capital $1,000,000 surplus $2,000,000 and total resources $25,000,000 The East Hartford Trust Company closed at noon after heavy withdrawa the morning The State Bank who issued temporary restraining order, said the action was necessary to protect depositors The bank's assets are $3,540,000. with deposits totaling
9.January 3, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
BANKS IN HARTFORD CLOSE AFTER RUNS
City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days' Notice Hartford, Jan. City Bank and Trust company East Hartford Trust company today because heavy withother banks here require days' notice for savings accounts of $100 or City Bank Trust company, with deposits and accounts directors asked banking department business action heavy from the East Hartford which noon protect total commercial deposits George bank comthe City Bank Trust should to pay all depositors
10.January 3, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
BANKS IN HARTFORD CLOSE AFTER RUNS
City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days Notice Hartford, Jan. City Bank Trust company the East Hartford Trust company closed because heavy withtoday drawals, and other banks here cided require days' notice for removing savings accounts $100 more. The City Bank Trust company, commercial deposits $5,500,and savings accounts of $15,500,not after the directors asked the banking department to take over the business. The action brought heavy withdrawals from the East Hartford bank, which closed noon to protect depositors. Its savings and commercial deposits $747,000. George J. Bassett, state bank comthe City Bank and Trust in 1851, vance should able to pay all depositors eventually.
11.January 4, 1932Evening StarWashington, DC
Click image to open full size in new tab
Article Text
BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, January 4.-The first trading day of the new year opened under rather unfavorable auspices. The closing of two banking institutions with aggregate deposits of about $50,000,000 was probably the main cause for the downward trend on Saturday. The decline was helped materially by the announced receivership of American Commonwealth, a $200,000,000 utility holding company, headed by Frank T. Hulswit of Grand Rapids, Mich. It would be very helpful if a statement could be issued by competent authorities, which would once and for all clean up the many peculiar notions entertained by the bulk of the American public in regard to the status of the National Credit Corporation. There is no doubt that depositors in the City Bank and Trust Co. of Hartford, Conn., which closed its doors on Saturday, or in the People's State Bank of Charleston, S. C., which was also forced to shut down together with its 44 branches in 41 towns, would like to know the reasons why the corporation does not function. What has become of the promises and the many reassuring statements made at the time the organization was launched? Swing of Pendulum. It was not so very long ago when economists of the new school scoffed at those who hesitated to purchase comI mon shares, which sold for more than 10 times reported earnings. Such a conception was regarded as too orthodox and as distinctly backward. At the present time, the pendulum has swung too far in the other direction. Even sound financial institutions are quoted in the market at prices , equal to or appreciably below 10 times shown profits. A notable instance is the stock of the Chemical Bank and 2 Trust Co. of New York. Earnings for 1931 are estimated at $2.44 a share, an 8 4 increase of well over 8 per cent, as compared with the previous year's showing. The decline in General Motors to a new low level was attributed in Wall Street circles to belated liquidation, rather than fear over unfavorable action at the forthcoming dividend meeting several weeks hence. It is, of course, possible that the setback may have been helped by the
12.January 7, 1932The Daily WorkerNew York, Chicago, NY
Click image to open full size in new tab
Article Text
HARTFORD BANKS SHAKEN BY LONG RUNS ON MONDAY Savings Banks, Gov't Postal Savings Are Stormed In City HARTFORD, Conn. - Following the closing of the city bank and trust Co., the East Hartford Trust Co. Saturday, a run of major proportions developed here Monday when depoitors of all savings banks and governmental postal savings stormed the banks and formed long, insistent lines until the Federal Reserve Bank of Boston rushed $1,000,000 to meet the demands of the depositors. Banks thruout the city immediately invoked the rule of ninety days notice for withdrawals. All day Monday anxious crowds formed in front of all savings banks here, as well as the postal savings, calling for a return of their deposits. Bank officials are seeking to cover up the seriousness of the situation by the usual promises of "rehabilitation" and "need for confidence." . * The Freehold Trust Co. of Freehold, Monmouth County, New Jersey placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals. Depositors Try Recover Money. Desperate because of the closing of the People's State Bank of Monck's Corner, S. C., two depositors forced an entrance into the closed bank and took $2,000, a sum equal to that which they had in deposits at the time of the bank closing. The two depositors later surrendered to the sheriff, after burying the money they took.
13.January 7, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Withholds Decision On Bank Receiver
(Continued from Page 1.) closing of the City Bank & Trust Company, Holden that would be the work of the appraisers to give the depositors correct picture of the conditions existing the closed bank. He said he believed their findings would aid in restoring confidence in the banks Hartford Mr. Holden told the court that the depositors of the closed bank number of the city's
Hearing Friday.
Mr. Holden said he felt the duty of the court aid in removing from the public mind the idea that things are being done behind closed doors. He said that list of possible praisers would submitted the court as possible. Mr. Holden told Judge Brown that to the shaken confidence of the public in banks thousands their and putting in postal trend which he said might acts to prevent suffering. Mr. Holden "when private either fail to act or not know what to do. becoming apparent that capital does not know how act. The government going once steps will never step out. These so-called capitalists ought realize it. Here an opportunity for their effort. Unless situations these are in my opinion there will not be privately owned bank in the country in Frank A. Hagarty. vice-president and counsel closed bank and Attorney Harrison B. Freeman of the board of directors agreed with Mr. Holden's position but urged that careful consideration be given naming of the Mr. said their appointment should wait until the receiver has been by the court and Mr that be needed proper appraisal of the bank's holdings He said that while the value of the bonds and securities are readily, the appraisal of the bank's require great deal of His recommendation that the appointment of appraisers be deferred until Friday with general Judge Brown indicated that if he names receiver today he would accept the of Mr. Bassett and fix bond. Tells of Withdrawals.
Judge Brown inquired of the bank commissioner when Mr. Bassett took the stand what the of the bank when closed. Mr. Bassett said that in such condition that would been unable to secure funds pay the expected lacking the bond capamoney for loans. He said that total of $500,000 in loans had been that had been steady withdrawal of commercial deposits and that $500,000 more be taken out on January 2, the day the bank was closed.
Has Nearly $5,000,000. Mr Bassett disclosed that there was indicated an impairment of the capital of the bank, which $1,000,000. caused by the shrinkage of its securities. A more favorable side of the picture he drew was that there are between $4,000,000 and 000,000 in quick assets, that is securities readily convertible into cash, cash on hand and deposits in other banks. Mr. Freeman told the court that the bank has in mortgages and $7,000,000 in commercial loans Most of its investments are in 3AAA bonds and only one bond, for $7000. has dropped the BAA standard. Hewes Active.
Mr. Hewes, the proposed receiver for the City Bank & Trust Company, has been active in bank receiverships for more than year. In addition to playing an important in the reopening the Riverside Trust Company, which ditional capital and deposits. he actas counsel the Merchants Bank Trust Company, receiver for closed Pallotti, Andretta Bank He resigned as counsel in that case after opposition had been made by the Pallotti. Bank his fee against that On Monday the Bank Company the Trust Company. is planned stitute for the Pallotti, Andretta Bank Attorney William Mulligan and treasurer of the Merchants bank until the merger Attorney Allen E. Brosmith, who represented the depositors committee in opposing the fee granted Mr. Hewes as counsel for the Pallotti Andretta Bank receiver is now counsel for receiver, having succeedMr.
Reorganization Discussions. Plans for reorganization reCity Bank Trust opening Company gathered momentum Wednesday it can now be stated authoratively plan has been formulated the bank reopens with new capital Further that those gaged promoting the plans the bank would no Further progress was made with the plans in connection the reopening of the East Hartford statement at this time would The Bank Trust Comofficers also made further progress with their plans but regard little early to make definite statement The Travelers Bank Trust Company named as temporary receiver. Wednesday. Appraisals First. Before definite plans for can be formulated be to have appraisals made in order determine the exact condition the banks With this hand those in the the institutions can Bank Business Normal. Banking conditions were increasmore normal and any day, during periods of boom activity.
Storrs Dean Speaks.
Storrs, Jan. SumDole Connecticut Agricultural College said parents were sponsible for handicaps which hindered the work college students. talk broadcast tonight WCAC. Students he said. are often forced enter college against best interests by on their for specific and un congenial occupation He urged that early take only light work under careful supervision.
Attorney Francis T. Reeves. counsel for the Citizens & Manufacturers National Bank and Thom. as F. Moore, in charge of receivership at the Merchants Trust Co., were among the 23 lawyers attending the session of the supreme court of errors at Hartford yesterday when four questions of law relating specifically to the Hartford City Bank & Trust company recelverships, but which may be applied TO other bank receiverships in Conecticut were presented. Several bank receivers in other parts of the state joined in the case which was reserved to the supreme court after a conference between Judge Allyn Brown. Judge Newell Jennings and Judge Edwin
15.April 22, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Court To Grant Authority Today
Payments to Be Made in Strict Numerical Order Beginning April 25, It Is Announced
For the purpose of greatly reducing the expense of the receivership, Judge John A. Cornell of the Superior Court today will approve an order authorizing Thomas Hewes, receiver of the City Bank & Trust Company, to pay in full all savings accounts of the bank which are not in excess of $100. There are 27,000 such accounts, 24,000 of which involve less than $50. The total disbursement to be authorized in this manner by the Court today is $420,000. By this action Judge Cornell not only relieves the receiver of the City Bank of the necessity of carrying considerable expense, but allows him to eliminate great amount of clerical work and bookkeeping which will facilitate the administration of the receivership. Payments, in pursuance of the court order. will be made definite schedule with which depositors familiarize themselves. First Payments April Payment will be made to depositors on presentation and surrender of their pass books, and upon lease by the depositors of against the savings department of the on account such deposits. The first payments will made Monday April when those holding one to 3000, are asked the bank, which will be open Payments In Order. On April 26, the accounts in passbooks from Nos. 3000 6000, inclusive, will be paid. The next the accounts in passbooks 6001 9000, be paid. Payments will be continued in this way from Monday Friday, inclusive, each week until Tuesday, May when accounts passbooks numbering 132,001 to 134,000. inclusive, will paid. The passbooks may be those sued the Bank Trust those of the Mutual Bank Trust Company. the American Bank those designated Industrial Banking Systhe City Bank Trust Company which have not been changed for passbooks of the City The receiver has classified the depositors entitled payment
Supreme Court Of State Decides On Bank Receivership state supreme court of rors to-day issued special cision covering four points stake in bank receiverships the state. The decision made conwith the test brought George Bassett, bank commissioner, against the City Bank and company of Hartford, decision which reserved in superior court the supreme court errors by Judge Newell Jennings. In decisions written by different justices, the court ruled Makers transferred before maturity the savings dein order compensate for depreciation in market value of investments by the department are entitled to off deposits in the savings or commerdepartments the bank against such notes. The Reserve bank of Boston cannot have other creditors the bank in behalf of owners certain for collection. In Associate Justice Avery The should not pay to the istrators deposited the department by the bank as trustee administrator. the day the ing and which customwould not have been credited until the day deposit not special deposit to be classed with general deposits.
17.June 25, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
City Bank Receiver, Depositors Clash
(Continued from Page 1.) all, Mr. Holden said. contending should the money the depositors not be used. they don't give us the dividend,' Mr. Shipman followed up few minutes later, say unjust public servants!" "There dire necessity in this community," Mr. Shipman declared. "Those of us with money have been straining aid the community chest. The miserable savings department of this bank was always and now it clogging their ideas. I'm talking now for the small Mr. Shipman later disclosed that he has on deposit with the bank and if he ever gets chance to get. out, "you won't see me for the dust." plan by which depositors of the bank who are need may borrow from other banks giving their deposit books being worked out by Henry H. Conland, publisher The Courant and chairof the depositors and Charles B. Cook the stockholders Mr. Hewes disclosed. He said was expected that this plan would be completed and within Mr. and Mr. Holden atthis plan and said that many needy depositors have not got money to pay interest loans. Conland appeared at the hearing later the day and was asked Judge Ells to speak. He told the court that the committee of which he chairman is unanimous for the payment of the dividend.
Bank Officials Back Hewes.
Harrison B. Freeman, director of the bank, filed statement, the payment of the dividend and indorsing the plan outlined by Mr. Hewes. Mr. Hewes also was supported by Frank A. Hagarty, and general counsel for the bank. first duty of the bank is to have the assets applied to the satisfaction of the Mr. Hagarty said. He said he was interested having the depositors paid in full and felt better result can obtained the petition of Mr. Holden is denied. He argued that the money in the receiver's "the cream," or that hands which was comparatively easy to get. asked where, if 10 per cent dividend it paid now, the next 10 per cent dividend come from and predicted that it would be at least five years before any more cash is realized from the assets the savings department. Holden Points to Times.
Mr Holden next turned his attenMr. Hagarty, who had expressed faith in the integrity of the country the restoraof prosperity. Mr. Holden pointed out that many large corporations are unable to meet their obligations and that one of Hartford's panies recently was forced to pass its "What hope for reorganization here today founded on fact?" Mr. Holden asked "The prescribe the rules under which the court can exercise discretion, that the duty of the receiver to marshal the assets and make those entitled to share in the funds," he continued. was skeptical of the solicitude of these gentlemen for the depositors, and stockholders directors have no rights until the depositors been fully satisfied. Mr. Hagarty and Mr. Freeman were sincere if they wanted to reopen the bank they had the right to go and make their organization subscribe the fund capital and bid for these assets and not try to rip twenty cents on each dollar out of the depositors. Their scheme untenable when the deposits in the savings bank belong to municipalities, religious societies, fraternal orders, etc. and it ridiculous to think that those people could convert any part into stock. Mr. Hagarty stated that the receiver had taken off the cream on the top.
18.July 16, 1932Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
Petition Heard For Of Bank Assets
Mrs. Florence G. Judd Claims Funds Should be Set Aside for Creditors
A hearing on the application of Mrs. Florence Gates Judd of New Britain for segregation of the assets of the Mutual Bank & Trust Company, which was taken over November 1930 by the City Bank & Trust Company, now in receivership, was heard Friday by Judge Arthur F. Ells of the Superior Court. Mrs. Judd. through her counsel, Attorney Harry Nair, claimed that the assets which the receiver has not used, amounting to about $216,000. should be set aside for the benefit of creditors, of which she one. She has two months rent. totaling 666.66. the bank' quarters at 75 Pearl Street. this is upheld by the Supreme Court of Errors. her total claim will be about $30,000 for the lease had until July 15, 1935 to run. The City Bank & Trust Company took of the Mutual Bank Company which had book value of $3,500,000 and also agreed to assume the liabilities. amounting to about 3,100,000 Mrs. Judd claims that the bank was not sold to the City Bank & Trust Company but that its assets were assigned for the benefit of creditors. She claims that the closing of the City Bank prevents it from carrying out its obligation to these creditors. who want to be paid from the Mutual Bank assets rather than come in general creditors the City Bank & Trust Company Luclus Robinson and Barclay appeared for the receiver of the City Bank & Trust Company, who opposes the petition on the ground that the turning over of the assets of the Mutual Bank was an outright transfer to the City Bank. Judge Ells also heard Friday an argument the right of Sage& Company Inc., claimed setoff of $27,000 against notes owed the City Bank & Trust Company totaling $50,000. The receiver claims the situation is different than the ordinary set-off claim because the notes were discounted by the City Bank with the Central Penn Bank of Philadelphia on 1931 and later returned to the receiver. Sage-Allen & Company, represented by Nathan A. Schatz and Louis M. Schatz. claim that on December 31, 1931 it had $27 000 on deposits in the City Bank On that day $4500 in checks were charged against the account but it claimed that this should not have been deducted because the bank never paid them. having failed to open after that date. Sage- Allen & Company later sent check for $23,000 to pay off the balance of its $50,000 in notes, claiming that the $27,000 on deposit should make up the balance The receiver refused to accept this check Judge Ells granted the receiver authority to accept $200 from John
19.September 4, 1932The Springfield Daily RepublicanSpringfield, MA
Click image to open full size in new tab
Article Text
HARTFORD BANK DEPOSITORS TO SOME MONEY
Court Instructs City Bank Receivers to Pay 15 Per Cent Dividend
REORGANIZATION PROPOSAL FAILS.
Investigation in Case of Child Who Died After Accident in Pope Park Results in Recommendations
From Our Special Correspondent. Hartford, Sept. news week. affecting thousands of Hartford was the order by Judge Arthur Ells of the superior court for the City Bank and Trust company, to pay per cent dividend to the depositors the department. Closing the bank major tragedy in Hartford affairs; Judge Ells Thursday discussing from the bench liquidation. The difficulty has been enough There deposits about of them depositors support the whereby the depositors would their bank work own quite cent the plan and Judge not grant for committee add to the signatures. to have large majority the could commitobtain that large hand Receiver Thomas 15 cent the savings department. Plans under sell the department of the
Investigation in Hanshaw Case The has seethed the past following little Shirley 604 struck Pope ago died the doctor four hours. The the board deresulted the disCohen. dispensRosella Pope more handling and that city cases direct doctor instead leaving President report of his with the Beginning next month the banks make charge of cents for handling each check specified number (about per based in account the One element the displaces the cents charge accounts less than $100 balances and to make small near the cost of handling. probably take Hartsmaller business men little time used this check fee the check in less Indications that justice these Louis Gentile, jail for obtaining money from welfare $30 week roads Unionville. attempting the poor Paul Peter's church street. Gentile laid fraud upon his who, wanted accumulate money pay some bills, that working. Griffin offered What portends weeks before the common pleas who street board the street project. More 20 estate appraisin week and the interand by CorpoCounsel Frederic Corbett furnish contention.
20.March 11, 1933Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
City Bank Receiver Will Be Allowed to Cut Mortgage Rate After a hearing in the Superior Court Friday, which had been continued from the previous week, Judge Newell Jennings said he would sign an order the receiver the City Bank & Trust Company to the interest rate on mortgages to the prevailing rate in Hartford. Several Hartford banks have reduced the rate from to 5½ per cent. Thomas Hewes, the receiver of the bank. Lucius F. Robinson, Sr. and Barclay Robinson, appeared in favor of the motion.
Hadassah to Present Dance Soloist Tuesday Miriam Louis, soloist of the Ruth St. Denis group of American dancers, will appear in recital at the Weaver High School auditorium Tuesday evening under the auspices of the Hartford Chapter of Hadassah. the women's Zionist organization. Proceeds will be devoted to Hadassah funds for rehabilitation work in Palestine.
21.June 10, 1933Hartford CourantHartford, CT
Click image to open full size in new tab
Article Text
City Bank Receiver To Take Over Property Of New Dom Hotel
The receiver the City Bank Friday by Judge Foster of Court to take Dom Hotel property Trumbull Church streets. which the closed departfirst the of ceiver's the court in interest owed the first $7000 taxes and due for and spent take the the hotel. said was granted claims $1500 in against inactive posits reserve fund, which totals $27,000.
With his white bulldog Zealand. walking around the world arrived recently Abroath, Scotland.
22.June 16, 1933Springfield Evening UnionSpringfield, MA
Click image to open full size in new tab
Article Text
State Senator Alcorn Named Bank Receiver
HARTFORD, June (AP) State Senator Howard W. Alcorn of Suffield, minority leader of the session of the General Assembly today appointed receiver of the City Bank and Trust Company by Judge Carl Foster in the Superior Court. Senator Alcorn succeeds Thomas Hewes recently became Assistant Secretary of the Treasury in Washington.
23.June 17, 1933The Morning UnionSpringfield, MA
Click image to open full size in new tab
Article Text
State Senator Alcorn Named Bank Receiver
HARTFORD. June 16-(AP) State Senator Howard W. Alcorn of Suffield. minority leader of the session of the
General Assembly. was today appoint ed receiver of the City Bank and Trust Company by Judge Carl Foster in the Superior Court. Senator Alcorn succeeds Thomas Hewes who recently became Assistant Secretary of the Treasary in Washington.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
