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BAIRD ELECTED NEW BROADWAY TRUST CO. HEAD Ephraim Tomlinson and Morse Archer on Board In Reorganization POWERFUL BANKS BACK INSTITUTION Camden Safe Deposit and First Camden National Support Finance Plan Editorial: "Great appears on Page With the backing of Camden's two largest financial institutions assured and election of former United States Senator David Baird, Jr., to the presidency, the Broadway Merchants Trust Company is being reorganized. The First Camden National Bank and Trust Company and the Camden Safe Deposit and Trust Company have thrown their full resources behind the reorganized institution. Their respective presidents, Ephraim Tomlinson and F. Morse Archer, have been elected to the board of directors of the Broadway Merchants Trust Company on which Baird also will serve Announcement of these steps in the reorganization yesterday acted instantaneously to restore public confidence which WAS in danger of losing through widespread and viclous rumors. Within few after the reorganization known, mild run on the bank by depositors which had been gaining headway of and unfounded reports subsided Statement Clears Situation The following statement issued after conference of banking officials Sunday and meeting of the bank's directors early yesterday bank is solvent, but it was deemed to about of deposits that has taken the Bank ers Company of Philadelphia, which voluntarily turned its fairs the state banking department (of about two weeks Broadway Merchants Trust the Bankers Company Philaand has with it. the Philadelphia directors of the Merchants Trust Company having felt that complete reorgan. ization of the affairs the bank would only help strengthen the position of the but that such fully confidence Under the plans of the reorganization, two Camden banks agreed to keep the affairs of Broadway Merchants Trust Company liquid. This means that these two institutions will guarantee every obligation of the Broadway Merchants Trust Company Present of the Broadway Continued on Page Two)