First National Bank (Trafford, PA)

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The principal offices of the bank in East Somerville and its Steele Square branch were taken over by John F. Rich, a bank examiner, in the name of Arthur Guy, state banking commissioner.

The bank was subject to a heavy run at the time the Highland Trust Co. and the nearby Medford Trust Co. closed their doors last fall but at that time managed to weather the storm. Shortly thereafter, however, the 90-day clause was invoked.

Fred P. Stockwell is president and Harriet Osborne, treasurer.

In announcing the closing Commissioner Guy said: "The trustees of the bank were unable to turn their assets into cash fast enough to meet the demands for withdrawals, and for the protection of the depositors requested me to take over their affairs."

Three Banks Fail to Open.

PITTSBURGH, Feb. 3 (AP).—Three banks—the First National of Pitcairn, the People's National of Pitcairn and the First National of Trafford—failed to open today. Their deposits approximate $1,600,000.

Directors took the action to protect creditors.

B. J. Bleakley, national bank examiner, took charge of the closed institutions.

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Canadian Discount

Canadian this City this afternoon was the same

Tuesday Checks per cent 14% per

Pittsburgh Banks Close

Feb. INS) national the Fittsburgh metwere the First National the National and the First National Trafford City banks protect creditors totaled approximately

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CHANGED

WASHINGTON, June 7-(P)Senator Reed tonight promised new deal for veterans whose compensation has been cut. new regulations are so cruunfair that they will have elly modified,' he said in letter be in answer to thousands of veterpleas for relief ans' "If the President doesnt deal justly with the veterans, Congress will am satisfied that In the meantime can only ask you to be patient, and to believe that tue men who suffered in the nation's wars have friends in Washington who will fight for them whenever the need arises. Reed's office, as well as the offices the state's has been jammed with letters from veterans since the Veterans Administration started cutting compensation as a result of the onomy act. The first opportunity for action in the Senate came with consideration the Independent Offices Appropriation bill, the measure to supply funds to the Veterans' AdReed Limits Cuts After signing Round Robin which criticized the service-connected cuts as "indefensible and brutal," Reed undertook to limit them per cent After that move failed, Reed voted for a 25 per cent. limitation as provided by the Connally (D-Tex) amendment. With that amendment passed, President Roosevelt ordered modifications in the cuts in direct service-connected cases, bringing the average cut to about 18 per cent The amerdment is awaiting action by the House Reed assured the veterans he would give attention to individual cases as soon as all the modifications are made will do my level best to see that you receive substantial jushe said Reed has been a firm opponent of the immediate payment of the bonus. His first speech in the Senate decade ago was to oppose it. He was an artillery major in the World War and saw service

TRAFFORD BANK RECEIVER CANT GET SCHOOL FUNDS missal of a suit to recover $46.256.27 from the moreland Trust Company of Greensburg, and the Trafford School District, was ordered today Judge F. P. Schoonmaker in federal The action was brought by John H. Feather, receiver of the First National Bank of\Trafford Assets had been transferred from the bank to the trust company, before the bank was closed, to guarantee the deposits of the school district. The transfer was made with the stipulation that the assignment be not recorded until the bank was able to make payments on the school district accounts. The receiver claimed that since teh assignment was not recorded until the bank became insolvent. the assets should be returned to him.

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SCHOOL DISTRICT WINS BANK SUIT

Trafford Fund Deposit Guarantee Upheld

An order directing that the suit for the recovery of $45,000 in mortgages posted as surety for the Trafford School District funds be dismissed was handed down late yesterday by Federal Judge F. P. Schoonmaker.

John J. Feather, receiver for the First National Bank of Trafford, had instituted the suit, contending that at the time the agreement covering the posting of the mortgages had been entered into, Sept. 28, 1931, the bank directors knew, or should have known, of the impending solvency.

The bank suspended business four months after the agreement and the court held there was nothing to indicate either party to the agreement knew of the prospective receivership. The mortgages were posted to cover the Trafford School District's sinking fund deposits. The receiver was directed to pay the costs.

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BANK DIVIDEND AT TRAFFORD

A dividend of 13 per cent to depositors of the First National Bank of Trafford, bringing payments of the institution to 43 per cent, was announced today by Thomas J. Donahoe, bank receiver.

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A dividend of 13 per cent to depositors of the First National Bank of Trafford, bringing payments of the institution to 43 per cent, was announced today by Thomas J. Donahoe, bank receiver.

Donahoe said the latest payment amounted to $57,182.24. To date the bank has made available $189,162.29 for depositors, he reported. More than 3,500 claims were filed with Donahoe.

About 15 per cent of depositors of four banks for which he is receiver have neglected to present claims for dividends, Donahoe announced. They are the First National Bank of Trafford, Peoples National Bank of Pitcairn, First National Bank of Pitcairn and Peoples National Bank of Delmont.