Article Text
Demand Release Fund For Students' Prizes Frank Poucher, Donor of Fund for Vocational School, and Board of Education, Enter Suit Against Atlantic City National Bank There will be battle in the United States courts at an early date the recovery of trust fund originally up in the Northside Trust Company for the purbuying prizes for VocationSchool pupils. The defendant Lawrence receiver the closed Atlantic City National suit was at first started in the State Chancery Court, but upon motion of counsel for the bank ceiver been transferred by Vice Chancellor Sooy to the federal courts. Frank Poucher, president of the Atlantic Sewerage Company and donor the fund, and the Board of Education are the complainants. Poucher has for time been interested in the vocational schools. About three years ago, in addition placing land which he owned the disposal the boys for athletic games Mr. Poucher placed the Northside Trust Company $500 trust fund. Both princiand income to be used for the purchase prizes be awardfor athletic contests and other school When the Northside Trust Company turned over business to the Atlantic City National Bank for liquidation, this trust fund went with the other funds of the Northside Following the closing of the Atlantic City National Bank January, this fund frozen. Demand for the fund was refused Mr. Slaughter His position the prize fund became merged the other funds of the and cannot be paid except as other monies are paid depositors when dividends are dethe receivership But Mr. represented by Walter Hanstein, and the school board, for whom Ralph Harcourt counsel, contend this money was placed with the Northside trust and should be considered trust and so disposed of.