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BROCKTON BANK LIMITS WITHDRAWALS TO $100 Dec Plymouth County Trust Company of this city that depositors tice would limited $100 each. by Loring Hall, Mr there was no run the bank, but there had steady the since the closing other DEATHS invited North
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HAMDEN (CT.) BANK ALSO CLOSES DOORS 90-Day Clause Invoked in State ton Bank Stockholder Promises Pay in Full Boston, Dec. banks New England closed their doors day as the result of heavy withdraw- The institutions which either did not open for business which closed late the the nental National Boston: the Hamden Bank and Trust company of Hamden, Ct., the Arlington Trust company and the Plymouth County Trust company of Brockton. The financial status the banks at time official statements tinental, capital stock $1,000,000, surplus, ArlingTrust, deposits County, deposits of $3,816,Another Boston bank, the Grove Hall that bank open again meet The after all-day run the advice Bank Arthur Guy. Invoke Clause The banks Lowell the saving department the Trust company Boston the Millbury Savings bank 90-day banks require notice of intent funds. The officials dinarily heavy caused by general order the assets the bank, orderly pay full. the the Bostonbank the troller currency to take possesthe president the bank, Terrell and youngest in would the ordinary on dollar would be paid depositors. We
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SEEK TO HALT RUNS ON CLOSED BANKS IN MASS. Individuals and Groups Unite for EmergencyCredit Corporation De= posits Millions in Cash Boston, Dec 18.-(UP)-Many agencies and individuals cooperated to-day to halt runs that were sapping the available cash of several banks described as entirely solvent. Emergency measures had to be adopted in the face of 19 bank closings in New England since October 1. A national bank and three trust companies which closed yesterday increased to $93,463,262 the total deposits tied up at the height of the Christmas shopping season. Outstanding among the stabilizing steps was the depositing of a total of $2,600,000 in the Exchange Trust company of Boston by the National Credit Corporation, a group of Boston banks, the state, and the city. This was calculated to curb a run in progress at that bank Several Massachusetts banks whose solvency was threatened by apparently groundless fears of depositors invoked the 90-day privilege, under which, for the specified period, withdrawals will be limited to $100. Announcements by some, banks that many new accounts were being started were expected to have a strengthening influence. President Wilmot R. Evans said the Boston Five Cent Savings Bank, scene of n run yesterday, would stay open and permit unlimited withdrawals, without invoking the 90-day rule. After the Plymouth County Trust company of Brockton closed, Edgar B. Davis, the Texas oil millionaire who became famous as the sponsor of the profitless Broadway play, "The Ladder," guaranteed depositors 100 cents on the dollar. He is connected with the bank.
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FOUR NEW ENGLAND BANKS ARE CLOSED BY HEAVY WITHDRAWALS Boston, Mass., Dec. banks in New England closed today as the result of heavy The which either did not for or late in the day the Bostontinental Bank Boston: the Hamden Hamden, the Arlington Trust company of and the Ply mouth County Trust company of Brockton. The status of the banks at the time of their last official statements were nental, deposits of $6,281,960, capital stock of $1,000,000, surplus, $150,000; Hamden assets of 683: Arling Trust, deposits of ton County, of $3,816,state banks of Lowell the department of the Exchange Trust company and the Savings bank at Millbury posted notices invoking the day which permits banks notice of intent require days' withdraw funds. No Depositor to Lose. Edgar oil operator of Texas, and stockholder the County Trust company of Brockton, tonight notified of the bank he would see that no depositor would lose money from the bank's closing.
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BOSTON BANK READY TO MEET ALL DEMANDS Has Plenty of Money and Will Pay Every Depositor, President Says BOSTON, Dec. 18 Boston Bank, which meeting steady demands for withdrawal by depositors for two days, today it was ready and willing to pay every depositor every cent and that under no circumstance would the 90-day notice law be invoked. Wilmot Evans, president, said: "No matter how long the run continues, the bank has plenty of monhand to meet all demands. We are paying the depositors as fast as they come. Conditions which have prevailed some have affected the Boston Five Cents Savings We ready and willing to pay ery every cent. 77 years bank has met promptly every demand upon We have always that the entrusted to us the property the and that they to payment on demand. shall not invoke the 90-day law for holding back any We do not need its protection and have not the least intention of seeking The Grove Hall Savings Bank, which closed before its hour yesterday, was opened for business this with the requirement for 90 days' notice for withdrawal Four banks in New England closed their yesterday as the result withdrawals. The institutions which either did not open for business which closed in the were the National Bank the Hamden Bank Trust Company of Hamden, Conn., the Arlington Trust Company of the Plymouth CounTrust Company of Brockton. The financial status of the banks at the time of their last official statements weer as BostonContinental, of capital stock Hamden, assets of 683; Arlington Trust, deposits Plymouth County, deposits of The Lawrence and Brockton banks closed shortly their usual closing time while the other institutions did not open for business The state had on deposit in the Arlington Trust and in the Plymouth County. Conn. Bank Closes DANIELSON, Conn., Dec. 18 (AP). Danielson Trust Company remained closed today by order of the Board of Arthur Atwood, president, said accounts and trust funds were and would not be affected by the bank's difficulties. Continued on 33rd Page
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OFFERS TO AID BROCKTON BANK BROCKTON Mass. Dec. 18Edgar B. Davis. oil operator, who lost fortune trying to popularize the play "The Ladder,' yesterday telephoned from Luling. Texas. and pledged his entire estate to support the Plymouth County Trust Co., which closed here. After police had been called to quell noisy crowd which was conducting run on the bank, the directors met and voted to ask State Commissioner Guy to take over the bank as precaution to preserve its assets for the deposit-
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(RC BANCOS CERRAGON SUSPUERTAS sto dic. 19.-Como resulBdo de las grandes vetiradas de dinero, cuatro bancos cerraron a sus puertas ayer, en New Inde gland. de Las instituciones bancarias que han suspendido sus operacio freció nes son el Boston Continental un National, de Boston; el Hamden Bank and Trust Company de Hamden, Conn.; el Arlington Trust Co., de Lawrence, y el Plymouth County Trust Co., de PERBrockton. El estado financiero de los bancos, según los últimos informes rendidos es como sigue: Boston resiContinental, depósitos de 6,281, esqui960 pesos, capital en existencia los de $1,000,000, sobrantes $150, 000; Hamden, valores de 2,097, diez 683 pesos; Arlington Trust, deen pósitos de $7,150,003.70; Plyla a mouth County, depósitos de co- $3,816,073.73.
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TEXAN GUARANTEES DEPOSITORS' MONEY Edgar B. Davis, Oil Operator. Offers to Make Good Losses of Bank. By the Associated Press. BROCKTON, Mass.. December 19.Edgar B. Davis, wealthy oil operator of Texas and a stockholder of the Plymouth County Trust Co., of Brockton. yesterday notified directors of the bank he would see that no depositor would lose money from the bank's closing. The bank closed Thursday before the usual closing hour after a considerable run had caused directors to call in Deputy Bank Commissioner Frederick Bonner. Davis telephoned his representative on the board of directors, Carlton R. White, that after the condition of the bank had been determined and he had been given time to raise the necessary cash, each depositor would be paid 100 cents on the dollar. Davis' connection with the bank was not known generally, but directors said he had an interest in the bank and at one time owned controlling interest. The oil operator is widely known for his benevolences and for his part in backing the Broadway play "The Ladder" during its long run in New York.