Farmers National Bank & Trust Company (Reading, PA)

Article Text

FARMERS' BANK RECEIVER

Appointment of Former Trust Executive Made at Washington

Edward Nolan, 437 Oley yesterday was appointed receiver for the Farmers' National bank. Announcement of the appointment came through the Washington office the comptroller of the currency, O'Connor. Nolan said he had been notified of his appointment would accept the The appointment effective immediately, Nolan will be on the job today, he said. His work will consist of liquidating the assets of the bank and making distribution to depositors creditors. Nolan well known in Reading and Pennsylvania financial circles. He executive president of the Colonial Trust company for number of years, and from 1902 1921 was vice president of the First National bank, before its merger with the old Pennsylvania Trust He brother Bennett Nolan, Reading lawyer and historian. Nolan's appointment gives two Reading's three defunct banks ceivers. Harvey Adams named receiver the Reading National bank last week. None has appointed for the Penn National bank. although the name Harold Bright for the post Wayne Weber has turned down the appointment.

Article Text

and for said County, and that the same will be presented to the Orphans' Court for confirmation and distribution of the balances shown therein to the creditors, legatees, next of kin, heirs and others legally entitled thereto, on Tuesday, the 4th day of June, 1935, at 9:00 o'clock in the forenoon, Standard Time. Audit and distribution by said Court at that time in the Orphans' Court Room, on the ninth floor of the Court House, in the City of Reading, Pennsylvania.

1.—AHRENS. April 30, The Reading National Bank, now the Reading National Bank and Trust Company, Trustee under deed of Trust executed by Hannah A. Ahrens, for the benefit of Elizabeth Ahrens, et al. Charles W. and Harry R. Matten, Attys.

2.—ALLEGHENY CEMETERY COMPANY, April 30, Mohnton Trust Company, Trustee under trust agreement for Elias Angstadt burial lot. Geo. B. Balmer, Atty.

3.—ALLEGHENY UNION CHURCH. April 30, Mohnton Trust Company, Trustee under trust agreement. Geo. B. Balmer, Atty.

4.—ANDREWS. April 30, Penn National Bank & Trust Co. of Reading, Trustee for Benjamin F. Alderman, under will of Emma Andrews, deceased. Franklin E. Kantner, Atty.

5.—ANDREWS. April 30, Penn National Bank & Trust Co. of Reading, Trustee for Mary E. Alderman, under the will of Emma Andrews, deceased. Franklin E. Kantner, Atty.

6.—ANDREWS. April 30, Penn National Bank & Trust Company of Reading, Trustee for Emma L. Clark, under the will of Emma Andrews, deceased. Franklin E. Kantner, Atty.

7.—ANGSTADT. April 30, Berks County Trust Company, Trustee for Frank A. Angstadt, under the will of Mary Ann Angstadt, deceased. Thomas K. Leidy, Atty.

8.—BAER. April 22, Mary B. Fegely and Bertha Baer Walter, Executrices of James M. Baer, deceased. Paul H. Price, Atty.

9.—BEAR. April 30, First National Bank and Trust Company of Hamburg, Trustee under the will of Solomon E. Bear. John S. Rhoda, Atty.

10.—BEIDLER. April 30, Mohnton Trust Company, Trustee for the care of cemetery lot of Samuel and Caroline Beidler in the Estate of John Beidler, deceased. Geo. B. Balmer, Atty.

11.—BERNHART. April 30, Berks County Trust Company, Intervening Trustee for John F. Bernhart, deceased, under Agreement. J. Wilmer Fisher, Atty.

12.—BERNSTEL. April 30, Berks County Trust Company, Intervening Guardian for Marvin Bernstel, a minor. J. Wilmer Fisher, Atty.

13.—BERNSTEL. April 30, Berks County Trust Company, Intervening Guardian for Melvin Bernstel, a minor. J. Wilmer Fisher, Atty.

14.—BIXLER. April 30, Mohnton Trust Company, Trustee under agreement with Joseph Bixler for care of cemetery lot. Geo. B. Balmer, Atty.

15.—BLACK. April 30, Lebanon National Bank, Executor of Benjamin F. Black, deceased. Max M. Yaffe, Edgar S. Richardson, Wm. E. Richardson, Attys.

16.—BOWER. April 30, Andrew P. Bower, Executor of William L. Bower, deceased. Sherman H. Hoverter, Atty.

17.—BOWMANSVILLE UNION CEMETERY ASSOCIATION. April 30, Mohnton Trust Company, Trustee under agreement for care of certain burial lots. Geo. B. Balmer, Atty.

18.—BROWN. April 30, Berks County Trust Company, Intervening Guardian of Sarah Bell Brown, a minor. J. Wilmer Fisher, Atty.

19.—BURKEY. April 30, The Reading National Bank and Trust Company, Trustee of Edward B. Burkey under deed of trust. Ira P. Rothermel, Atty.

20.—BURKHART. April 30, Mohnton Trust Company, Guardian of Arlene M. Burkhart, a minor. Geo. B. Balmer, Atty.

21.—CHAMBERLAIN. April 3, The Kutztown National Bank, Guardian of Donald O. Chamberlain, a minor. John G. Rothermel, Atty.

22.—CHRIST. April 30, The Farmers Bank & Trust Company of Kutztown, Guardian of Warren Christ, a minor. Harvey F. Heinly, Atty.

23.—CHRISTENSEN. April 30, Edward C. Nolan, Receiver of Farmers National Bank and Trust Company of Reading, Pa., voluntary trustee of Harry Christensen. Wm. Abbott Witman, Jr., Atty.

24.—CHRISTMAN. April 30, Berks County Trust Company, Intervening Trustee under the will of John F. Christman, deceased. Franklin E. Kantner, Atty.

25.—CHRIST YOCUM'S LUTHERAN AND REFORMED CHURCHES OF GRILL. April 30, Mohnton Trust Company, Trustee under agreement for Fred E. E. Shilling Burial Lot Fund. Geo. B. Balmer, Atty.

26.—COLLIER. April 10, Charles Lengle and Minnie R. Rhoda, Executors of Elmer E. Collier, deceased. Martin L. Long and Harry S. Craumer, Attys.

27.—COLLIER. April 30, Berks County Trust Company, Intervening Guardian of Anna V. Collier, a minor. J. Wilmer Fisher, Atty.

28.—COLLIER. April 30, Berks County Trust Company, Intervening Guardian of Marjorie R. Collier, a minor. J. Wilmer Fisher, Atty.

29.—COLLIER. April 30, Berks County Trust Company, Intervening Guardian of William R. Collier, a minor. J. Wilmer Fisher, Atty.

30.—CORNYN. April 29, Dr. James A. McGovern and Kate Reusing, Executors of Mary R. Cornyn, deceased. Henry Maltzberger, Atty.

31.—DECK. April 30, The Pennsylvania Trust Company, Executor of Frank Deck, deceased. S. H. Hoverter, Atty.

32.—DEEM. April 30, William E. Deem and Larue A. (Deem) Bloom, Executors of Rosa A. Deem, deceased. Franklin E. Kantner, Atty.

33.—DERR. April 30, Evan J. Derr and Amanda Long, Executors of Jacob E. Derr, deceased. H. Franklin Brossman, Atty.

34.—DREIBELBIS. April 30, Penn National Bank & Trust Company of Reading, Guardian of Matilda L. Dreibelbis, a minor. John S. Rhoda, Atty.

35.—ECKENROAD. April 20, Charles M. Eckenroad, Executor of George S. Eckenroad, deceased. David Sharman, Jr., Atty.

36.—ENGEL. April 30, First National Bank and Trust Company of Hamburg, Executor of Jacob S. Engel, deceased. John S. Rhoda, Atty.

37.—ERMENTROUT. April 30, The Reading Trust Company, Executor of Eugenia M. Ermentrout, deceased. J. H. Jacobs, Atty.

38.—ESTERLY. April 30, Berks County Trust Company, Intervening Trustee for Emily B. Esterly, under the will of John P. Esterly, deceased. J. Wilmer Fisher, Atty.

39.—FARRINGTON. April 12, John D. Briner, Guardian of Robert D. Farrington, a minor. Charles H. Tyson, Atty.

40.—FICK. April 26, The Pennsylvania Trust Company, Executor of Milton H. Fick, deceased. Ira G. Kutz, Atty.

41.—FIRESTONE. April 30, Sallie Kegerreis, Administratrix of Isaac B. Firestone, deceased. Thomas K. Leidy, Atty.

42.—FIRST NATIONAL BANK AND TRUST COMPANY OF HAMBURG. April 30, First National Bank and Trust Company, Trustee of mortgage pool. John S. Rhoda, Atty.

43.—FOCHT. April 16, Howard A. Focht, Administrator C. T. A. of Dorothy Focht, deceased. William A. Shomo, Atty.

44.—FRANK. April 24, Amelia Frank, Executrix of Peter J. Frank, deceased. Thomas K. Leidy, Atty.

45.—FRITZ. April 30, Mohnton Trust Company, Guardian of Howard C. Fritz, a minor. Henry Maltzberger, Atty.

46.—FRITZ. April 24, The Reading Trust Company, Testamentary Trustee of Karl H. Fritz, under the will of Karl Fritz, deceased. Geo. W. Manderbach, Atty.

47.—FRITZ. April 30, Mohnton Trust Company, Guardian of Kenneth C. Fritz, a minor. Henry Maltzberger, Atty.

48.—FRITZ. April 30, Mohnton Trust Company, Guardian of Paul W. Fritz, a minor. Henry Maltzberger, Atty.

49.—GEHRIS. April 30, Berks County Trust Company, Intervening Guardian of Shirley S. Gehris, a minor. J. Wilmer Fisher, Atty.

50.—GERHARD. April 30, John S. Rhoda, Executor of Martin L. Gerhard, deceased. John S. Rhoda, Atty.

51.—GRAEFF. April 9, The Reading Trust Company, Guardian of James H. Graeff, a minor. Charles K. Derr, Atty.

52.—GREENAWALT, et al. April 30, Penn National Bank & Trust Company, Trustee under Agreement and Deed of Trust of Kate L. Greenawalt, et al. Franklin E. Kantner, Atty.

53.—GRIESEMER. April 30, The Pennsylvania Trust Company, Ellen N. G. Davidheiser and Irwinna A. G. Shirey, Executors of Hannah C. Griesemer, deceased. John H. Bertolet, Stevens & Lee, Attys.

54.—HAGY. April 29, Harry B. Hagy, Trustee for William D. Hagy, under the will of William Hagy, deceased. Edward D. Trexler, Atty.

55.—HAIN. April 30, Wernersville National Bank & Trust Company, Executor"}

Article Text

BANK RECEIVERS FILE PETITION

Ask Court to Sanction Compromise in Claims Against Creditor

Judge Shanaman yesterday took under advisement a petition of receivers of the Farmers National Bank and Trust company and the Reading National Bank and Trust company seeking permission to compromise claims against Merritt Lumber Yards, Inc.

George B. Balmer for the receivers claimed the controller of the currency has agreed notes held by the receivers against the lumber company should be exchanged for preferred stock under a proposed reorganization plan.

Edward C. Nolan and Harvey S. Adams are the receivers. The Farmers' bank claim is more than $100,000 and the Reading National more than $23,000.

Plans of reorganization, together with the manner creditors are to be handled and claims listed, were contained in a lengthy statement made part of the record.

Largest Note Holder

Since the Farmers' bank is the largest holder of the notes, Balmer said Nolan, receiver, would have control of the lumber company, although Fred H. Ludwig, would continue as active manager and certain common stock held by the bank is not to be sold for a period of five years unless authorized by him.

Article Text

$164,928 SOUGHT ON STOCK, NOTES IN DEFUNCT BANK

Receiver of Farmers National Sues Four Berks Corporations

ACTION IN U. S. COURT

Proceedings Are Based On 488 Shares and Promises to Pay

Following suits several weeks ago against four local industrial corporations for $90,000 each, and against Ferdinand Thun for $93,000, the amount representing 100 per cent assessments on their holdings in the old Farmers National Bank and Trust company, now in receivership, further action was reported yesterday in United States District court in Philadelphia against the four corporations for $37,572 each.

The four corporations are Rosedale Knitting Mills, Inc., Oakbrook Hosiery Mills, Inc., Vanity Fair Silk Mills, Inc., and Reading Hardware corporation.

The proceedings are based on promissory notes and on an additional assessment on Farmers stock.

Named Jointly

Edward C. Nolan, receiver of the Farmers, also named the four companies jointly in a suit to recover an assessment of $14,640 on 488 shares of the bank's stock, registered in the name of George D. Snyder. This brings the total involved in the new suits to $164,928.

The receiver states that Snyder was not the real owner of the stock, but represented the four corporations under a trust agreement, the four companies being the real owners.

The suits filed separately yesterday against each of the four corporations by William H. McGowan, as receiver for the Penn National Bank and Trust company, is to recover from each company $18,786, alleged due on promissory notes for $20,000, all of the four notes having been dated August 13, 1932, and twice renewed.

In addition, Harvey S. Adams, as receiver for the Reading National Bank and Trust company, sued each of the four companies for $18,786, alleged due on notes the defendants are said to have given the bank, for $20,000 in each case, on February 9, 1933.

Claims $150,288

This makes a total of $37,572 claimed from each corporation on two notes, or $150,288 from the four corporations on eight notes.

All of the eight notes were unpaid, it is stated, when the federal comptroller of the currency took over the affairs of the three institutions for liquidation after the bank holiday of March, 1933.

The previous suits against the four companies, for $90,000 assessments on Farmers stock totalled $360,000. All of the above amounts, if collected, will go towards refunding depositors in the several institutions.

EDITOR TO SPEAK TO ROTARY CLUB

Rotarians at noon today will hear David A. Miller, managing editor of the Allentown Morning Call, tell about Ethiopia.

Miller's daughter is a missionary in the African empire and two years ago, with Mrs. Miller, he paid a visit to that country. Edward R. Hintz will be chairman. The club's council will hold a business session tonight at 7.30. Both meetings will be in the Berkshire hotel.