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OBJECT TO BANK RECEIVER'S EXPENSES HOLLIDAYSBURG Jan first hearing on exceptions filed against the report of George F. Taylor. representing the State Banking department receiver for the defunct Mountain City Trust Company of Altoona, opened today before Judge Marion D. Patterson Stockholders of the bank obpected bills filed Taylor. They promise hard fight. Taylor testified this morning Miss Ruth Forsht of Pittsburgh. Taylor advisor. expected to take the stand this afternoon
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Bank City Receiver Quits State Position Resignation, Tendered in 1931, Effective January 14; Liquidation Here Far Advanced George Taylor, receiver for the Mountain City Trust company since closed almost has resigned his position in the banking department. Mr. Taylor, affiliated with the department for eight years and holding the banking the closed bank since April resignation become effective January He originally tended leave the January but due condicontinued his duties through the past addition to the Mountain City has many closed banks western Pennsylvania der his supervision. the time directing liquidation Mountain City, the Miners and Deposit bank, PortCitizens Trust BelleFranklin and Trust company, Pittsburg To Resume Practice Taylor expects resume his private practice Pittsburg yesterday that, addiappointment associate counsel for promiPittsburg trust company. receiver the MounCity been named but probably announced from Harrisburg about January that individual receivers expected appointed each of supervision. Mr. Taylor leaves the affairs Mountain City bank excelcondition. ments. per have been made depositors than years and, accordannouncement yesterday, another eight per cent be paid in the near may Definite decision this will lay the state department Dr. William and with the receiver, however. exceptions filed to the Despite first and partial of the and ceivership, illegal liquidation, the of conducting Mountain pense affairs since the bank closed according to yesterday explained that liquidation the local institution. others under Mr. Taylor's direction. proceeding threeinstead 15-year arrangement, as had been customplan centers use "revolving" force of skilled by training experience assist instruct the local force conducting complex and technical affairs liquidation for which and experience requisite. Although salaries and penses "revolving" force items chiefly under fire in the exception proceedings. the use experts declared be vindicated by comparison cost results obtained revolvin necessary only until the the first and partial account will be needed the Mountain of liquidatthe Mountain City with other ing banks, Mr. quoted figures from the United States comptroller which showed that liquidating 989 banks closed between the years 1865 and 1931 averaged 6.7 cents per dollar For banks closed October, 1931. the figure cents dollar. In marked contrast with these figures, the cost the Mountain City cents dollar paid dividends. These figures cover cost from the time the bank closed, February April when the first and partial account Another way of figuring the cost percentage the value stock assessments. Taylor pointed this that the comptroller of the (Continued