Naugatuck Bank & Trust Company (Naugatuck, CT)

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Receiver For Naugatuck Trust Borough National Bank Named To-day-Move Taken to Protect Depositors From Losses The Naugatuck National Bank Attorney John F. McDonough repwas appointed temporary receiver resented the closed bank. for the Naugatuck Bank and Trust Attorney Kosicki in his petition Company, closed yesterday by the pointed out that impairment of state banking department under a capital, frozen assets and nonrestraining order, following a hearliquid conditions prompted the ising before Judge Newell Jennings suing of the restraining order yesin superior court today. The court terday. He said the petition for set November 13 as the date for the temporary receiver is to prothe confirmation of the temporary tect the assets and creditors and receiver and for the appointment depositors from loss, stating it of the appraisers. The receiver would be unsafe for the defendant will be made permanent at that company to continue in business. time and will wind up the affairs Mr Kosicki declared after the of the company. hearing that the depositors will Attorney Bernard A. Kosicki of not lose anything because the the attorney general's office apliquidation of the company's aspeared for George J. Bassett, state sets will cover them. banking commisisoner, in seeking The Naugatuck Bank and Trust the appointment of the receiver. Company was organized in 1922.

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Naugatuck Bank Closed It Will Pay Depositors Naugatuck, Conn, Oct 8-(U. P.) -The Naugatuck Bank and Trust Company was closed today on order of the state banking department. Impairment of capital due to depreciation of securities was given as the cause of intervention by Deputy State Ranking Commissioner R. Gordon Baldwin. William Laube, president, issued a statement to-day promising no depositor "shall eventually lose a nickel." "All deposits are safe," he declared, "the bank merely having been closed to preserve the assets." A representative of the attorneygeneral was expected to apply for a receiver to-day. The last statement of the bank issued June 30, 1931, listed capital of $50,000. surplus of $20,000 and undivided profits of $10,000. Assets were set at $659,977.

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Sell Bonds Of Defunct Bank Court Authorizes Naugatuck National to Act for Trust Company Which Closed Doors of its closing held four sets of Austin L. Adams, president of bonds and it was his opinion that the Naugatuck National Bank has three of them should be sold. The an optimistic outlook for January court's permission is required behe so stated on the witness stand fore the sale can be completed. He said that the bonds should be in superior court this morning dursold and that January would be a ing a hearing on a motion involgood month to sell them because ving the closed Naugatuck Bank & he felt optimistic regarding generTrust Co. The Naugatuck National conditions during that month. al Bank is the receiver for the The court granted the application. Naugatuck Bank & Trust Co and The state referee's judgment on Mr Adams is active in the conduct the hearing on benefits and damof the affairs relative to the reages in the case of George Tracy, celvership. Inc, against the state highway He took the stand to state his commissioner, was accepted. By reasons for the granting of perthe terms of the judgment the mission to sell bonds held by the plaintiff is awarded approximately closed bank. He said the Nauga$900 damages. tuck Bank & Trust Co at the time

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Merchants Trust Co Rulings

(Continued from Page 1.) Watson. Mr Reeves pointed out that these claims were based on sight drafts transactions in which payment had been made to the Merchants Trust Company prior to its suspension. One amount is $240 and the other, $1,250.

Judge Frederick M. Peasley before whom the motions were heard also confirmed all previous orders that were granted at chamber sessions before the case came into court.

A foreclosure judgment of $3,240.37 was entered in favor of Alice E. Ineson against Jennie D. Foster with law day set for April 1. Permission was given for the release of the attachment in one of the claims involved in the receivership action of the Naugatuck Bank and Trust Company. In the same case Judge Peasley approved the reports of the doings of the permanent receiver.

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Receiver Bank Appeals Tax Fee Naugatuck National Objects to Paying $636.55Claims Franchise Fee Void When Borough Bank & Trust Co Suspended Business 1, 1932, was filed in superior The appeal of the Naugatuck National Bank from the state court today. The papers state the equalization tax board's ruling on Naugatuck National Bank, as rethe tax on the Naugatuck Bank ceiver for the Naugatuck Bank and Trust Company, as of January and Trust Company., objects to the payment of the tax, amounting to $636.55, on the grounds that the franchise of the Naugatuck Bank PRINCE LENNART and Trust Company was lifted when that bank suspended on November 13, 1931. OF SWEDEN WAS The tax bill, called the "franchise tax," was sent out by Commissioner Blodgett. The NaugaMARRIED TO-DAY tuck National Bank objected and appealed to the equalization board on the grounds that the closed bank had no franchise as of JanRenounced Royal Rights uary 1, 1932. The equalization board upheld the tax commisBy Wedding Commoner sioner. Permission was then -Refused Church Ceresought to file an appeal to the superior court and the request was granted at last Friday's session of mony So His Mother superior court. Would Not Attend

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The appraisal of the Naugatuck Bank & Trust company filed in superior court today shows the assets are $26,018.70 lower than the liabilities. The report, a bulky volume, was compiled by Peter M. Kennedy of this city and Attorney William J. Neary who were appointed appraisers of the bank in superior court following its suspension several months ago. The report was first submitted to the Naugatuck National Bank, receiver for the Naugatuck Bank & Trust company, which filed it in court today. According to the appraisal, the total assets of the savings and com-

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A total of $46,938.72 was paid out by the Naugatuck National Bank, receiver for the Naugatuck Bank & Trust Co to savings and commercial depositors and holders

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PETITION FILED FOR HOME LOAN BONDS Naugatuck Bank Receiver Gets Authority to Adopt This Procedure The Naugatuck National Bank, receiver for the Naugatuck Bank & Trust Co., got permission in superior court here today to accept Home Loan Bonds in exchange for $150,000 of mortgages held as assets of the closed bank. Attorney W. W. Gager appeared before Judge John A. Cornell to present the application. Attorney Gager said it is impossible to liquidate the mortgages through the normal channels and that if permission were granted for the acceptance of Home Loan bonds, a substantial liquidation would result. xiowtnrgxarroll

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NAUGATUCK BANK PLANS DIVIDEND Application Before Judge Cornell-Would Distrib= ute $50,000 Present Depositors of the closed Naugatuck Bank and Trust Company will receive a nice Christmas present this year, provided an application for the payment of another dividend is granted by Judge John A. Cornell at the short calendar session of the superior court Friday morning. The Naugatuck National Bank, receiver, for the closed bank to-day asks permission to pay a 10 per cent dividend to depositors, which if granted, will make a total of 85 per cent they have received in dividends since the bank closed in October 1931. Payment of a ten per cent dividend will mean that a total of $50 000 will be paid out to depositors of that bank. This is considered excellent liquidation in view of the few dividends paid depositors in other closed banks throughout the country. Attorney W. W. Gager filed the application for dividend payment in superior court to-day. The application states the dividend would be paid all savings and commercial depositors and holders of Christmas Savings club ac counts. Dividends of 7.5 per cent have ben paid those creditors of the closed bank up to to-day. The receiver states there are enough funds to pay the ten per cent allotment. The money became available through liquidation of mortgages and Home Loan bonds. Attorney Gager said to-day. He added that the receiver hopes to do something further in the way of dividend payments, but that it cannot be guaranteed in view of the unstable conditions prevalent throughout the country. Judge Cornell in acting on the application Friday is expected to grant the application and to fix a date for the payment of the funds.

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NOTICE NAUGATUCK NATIONAL BANK

a corporation duly organized under the laws of the United States and located in Naugatuck, Connecticut, AS IT IS RECEIVER of THE NAUGATUCK BANK AND TRUST COMPANY. corporation duly incorporated and located in said Naugatuck. VN. CHARLES B. PHILLIPS, MELENDA A. PHILLIPS, JOHN BELLEAU all of said Naugatuck, ENA EFFRON. of Stamford, Connecticut, EVA L. ADAMS, of Waterbury, Connecticut as she is EXECU. TRIX of THE ESTATE of JOHN BELLEAU, DECEASED. and the HEIRS of SAID JOHN BELLEAU. and MARGUERITE ADAMS, of Waterbury, Conn., and GEORGE BELLEAU, of Wallingford, Conn.

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Catherine P. Hanlon and Attorney George H. Lynch bring the suits for the respective plaintiffs to the superior court. An appeal from the setting of the boundary line of his property on the Country Club road is taken to the superior court by Dr Charles H. Beere from the action of State Highway Commissioner John A. McDonald.

### WOMAN ASKS $3,000

Mary E. Blackburn asks $3,000 from the City of Waterbury in an action based on a fall on an alleged defective sidewalk on Oak street, March 3, 1935. The Charles F. Fischer Company, Inc, of New York brings a $400 action on a common court writ against R. Min, icucct. The Alexander Hamilton Institute asks $350 in a common count action against G. E. McCar-they. Alta T. Smith asks $500 on a common count writ against W. B. Duchan. The Stratford Acceptance Corporation asks $200 on a note transaction against B. A. Bradley.

Frank T. Healey, administrator of the estate of Enos Ball brings a $500 action against the Prudential Insurance Company. The suit claims Ball held a policy with the defendant but after his death, February 5, 1935, the company refused to meet the policy's terms. Mrs John L. Gray asks $500 damages from the State of Connecticut for damages to her automobile caused in a collision with one of the highway trucks on the Bethany road, January 23.

Charles P. Boylan claims $10,000 damages from William H. Wyrick for injuries, permanent in nature, sustained March 25, 1934, when he was struck by the defendant's automobile at Grand and Bank streets. Four of the plaintiff's front teeth were knocked out and he suffered other cuts which will leave permanent scars. Attorney F. P. Guilfoile brings the suit for the plaintiff. Irving M. Martin of Higganum brings a replevin action to recover ice cream equipment from I. H. Zackin of Waterbury.

### SEVERAL FORECLOSURES

Foreclosures instituted include: Colonial Trust Co, trustee under the will of Martin W. Hall, against Clara Bronson Dennison, property on Columbia boulevard; Waterbury savings bank against Donato Ieronimo, property on Norman street; Naugatuck National bank, receiver for the Naugatuck Bank & Trust Co, against Charles B. Phillips, property on Beebe street, Naugatuck; Juliet Granger against Mary Capobianco and others, property on Hawkins street; Federal Finance Corp against Hyman Wilson, property on North Main street.

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BANK COUNSELLORS

GIVEN $1,000 FEES

Attorney W. W. Gager and Attorney John F. McDonough were awarded $1,000 each for services rendered as counsel to the receiver for the closed Naugatuck Bank & Trust Co., by Judge Frederick M. Peasley in superior court to-day. Attorney Gager who presented the application said counsel have received no remuneration for services since a year ago. The Naugatuck National Bank, receiver, has paid about 85 per cent in dividends to depositors of the bank.

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Giants May Shift Lineup; Crowd For Game Very Small Leslie, Leiber, Koenig Are $232,000MAYBE Likely Replacements in National League Team PAID DEPOSITORS HAL SCHUMACHER TO Authority Sought From GET SECOND CHANCE Court By Merchants Trust'Receiver Red Ruffing Will Be Yank's Hurler; Giants Are Con= Depositors of the commercial and savings departments of the closed ceded Slight Chance Merchants Trust Co., will receive dividends totalling $232,000 within the next few weeks. Bank ComBY GEORGE KIRKSEY missioner Walter Perry, the receiver (United Press Staff Correspondent) for the bank, filed in superior court today u motion asking permission to Yankee Stadium, New pay a dividend of 10 per cent to York, October 5. - (UP) commercial and savings depositors. The New York Yankees and Judge Patrick B. O'Sullivan is exGiants resumed the World pected to approve the motion and sign an order authorizing the diviSeries, with the American dend payments at the short calenleaguers expecting to end the dar session of superior court Fricontest today with their day morning. fourth victory. The Merchcants Trust Co., dividend is one of several that will be Even the fans considered distributed to closed banks in the the series is as good as state providing superior court finished after Carl Hubbell's failjudges grant their approval. A ure to check the Yankees in Sun14 1/2 per cent dividend for savings day's game before a record-breakdepositors of the Naugatuck Bank ing crowd of 66,669. and Trust Co., bringing their total An early estimate placed the to 99 1/2 per cent, and a 5 per cent probable attendance under 50,000. dividend for commercial depositors The bleachers, jammed with 18,000 at the same institutoin, bringing fans more than two hours before their total to 90 per cent, were reSunday's game started, were only cently authorized. sparsely filled an hour before game The new 10 per cent dividend time. The $3.30 unreserved seats will bring dividends paid to comin the upper deck of the triple-tiered mercial depositors in the Merchants stadium were almost empty. Trust Co., to 50 per cent, and diA reported shakeup in the vidends to savings depositors to 40 Giants' line-up in one last desperate per cent. effort to stem the tide of Yankee The motion filed here today, triumphs, now at three straight, signed by Joseph A. Levy, special could not be confirmed. assistant attorney general, says that When a reporter attempted to see the bank's commercial account has Manager Bill Terry in the Giants' cash on hand, as of Sept. 30, of dressing room under the stands, he $110,455.68, while the savings dewas barred. partment has cash assets of $160,115.70. In the commercial departWhen the Giants came on the ment, the dividend to be distrifield Terry was not with them. The buted will amount to $80,000, while Giants' leader, so crippled in the in the savings department the total left knee, that he was hobbling distributed will be $152,000. around the field like a one-legged man at the finish of yesterday's Plans for the Merchants Trust dividend were announced recently game, planned to remain in to the last. by Commissioner Perry, but the motion for permission to make the "I'm going to stay in there as long payment was not filed until today. as my knee will hold me up," Terry The bill which made Commissionsaid yesterday. "I'll never play er Perry the receiver of all closed again though after the world banks in the state was introduced series." at the last session of the state genTerry may have changed his mind eral assembly by Senator George T. overnight and decided to send Sam Culhane of this city. Leslie, who has made two hits in

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DIVORCE DECREES

RECORDED TODAY

Judge Simpson Acts on Charges of Desertion; Reports Rendered

Two divorces were granted in superior court today by Judge Earnest C. Simpson.

Jeannette C. Franken of this city was granted a decree from Adolph Franken of New York on grounds of desertion. They were married September 15, 1920, and parted March 15, 1934.

Frank J. Breen of Oxford obtained a divorce from Margaret C. Breen of Yonkers, N. Y. They were married June 29, 1934, and he was allegedly deserted April 9, 1935.

The case of Lillian May Aspell against James Joseph Aspell was placed on the uncontested list.

State Referee

The superior court civil action of Frank Kremski and others against Ignacy Kwiatkowski and others is to be heard by a state referee. Counsel for both sides stipulated today that the case might be taken from the superior court and heard by a referee. Judge Earnest C. Simpson granted approval.

Reports Filed

Judge Simpson in superior court today took under advisement four receivership semi-annual reports. The reports were submitted by receivers for the Merchants Trust Company, Sanditz and Traurig Company, Naugatuck Bank and Trust Company; and William H. Lowe Company.

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RECEIVER SEEKS FINAL DISCHARGE A supplemental report, a final account and an application for final discharge of the receiver in the case of George J. Bassett, state banking commissioner, against the Naugatuck Bank and Trust Company, was