Article Text
AID NEW ORLEANS BANK RFC GRANTS $2,000,000 Loan Receiver Interstate Jan. The RFC today authorized $2,000,000 receiver Interstate Bank Trust ComNew Orleans. The money be used to assist in liquidatthe institution.
7650. Interstate Trust & Banking Company (New Orleans, LA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- March 1, 1933*
- Location
- New Orleans, Louisiana (29.955, -90.075)
Metadata
- Model
- gpt-5-mini
- Short Digest
eb08f1ef
Response Measures
None
Description
Articles indicate the Interstate Trust & Banking Company suspended operations and was placed in liquidation with a receiver; RFC authorized a $2,000,000 loan to the receiver (article dated 1934-01-26). The exact suspension date is not clearly given in the OCR text (one article says 'suspended shortly after March' but year unclear). No article describes a depositor run; closure/receivership is government-ordered/liquidation.
Events (2)
1.
March 1, 1933*
Suspension
- Cause
- Government Action
- Cause Details
- Bank suspended and placed into liquidation/receivership (receiver appointed); suspension appears to have occurred shortly after March (year unclear in OCR), leading to liquidation proceedings.
- Newspaper Excerpt
- the First National Bank in Detroit ... notified Mr. Thomof this bank, the fact the money in the Interstate Trust Banking Company have the letfrom Mr. under date March 1934, that speaks for itself: ... understand that you provided funds for obligaions with Interstate Trust Banking Company of New Orleans. the that his bank suspended shortly after March
- Source
- newspapers
2.
January 26, 1934
Receivership
- Newspaper Excerpt
- RFC GRANTS $2,000,000 Loan Receiver Interstate Jan. The RFC today authorized $2,000,000 receiver Interstate Bank Trust ComNew Orleans. The money be used to assist in liquidatthe institution.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
BOARD from page The superintendent's report was and upon motion by Mr. Chatellier, seconded by Crawford. received and spread upon minutes. Report. Covington. 1934. the Honorable President and the Members of St. Tammany Parish School Board. accept the following statement of interesting school facts: We have made application to the ERA for financial help to complete school term of usual length in parts the parish where the regular funds length books, budgets from state and sources. together such as could from the state department. find the General Fund. Our general fund operate all schools the parish four teachperiods and carry the ideas budget adopted February which the $13,000 the general fund bank and of the This based upon the supposition would collect the jury and receive the state by state This balance comes entirely the fact that the state depart estimates child from the instead of child originally later increased back state also estimated equalizing fund instead shown on budget. Of course trust that the departcorrect but at the present does not seem safe for spend before Consolidated Dist. No. this district collects of taxes assessed out its budget by nothing toward the teachers the session For this applied the ERA operate schools district four teaching periods, taken the fund. the teachers eight salaries for teaching enough days to make full 180-day session The public must understand aid much half salary for that day that they for help more no definite report Junior High school should have closed its this April fact impossiclose the make the and award graduation to ninth grade and call them back six more provided our for was acted authorized the the until further notice. III. District district appear follows: Payroll: period one period, Transfers periods America's biggest motor oil value. all stations. NEW OIL TEST detects motor dirt. Ask about it at any Gulf station. 245.70 necessary to complete teaching $3,249.70 paid from Dist. to Feb. 1934 Balance necessary to com plete teaching $1,725.40 Amount bank on March There on the collectors books for collection to credit of Dist. No mintenance fund Estimated collection. Amount collected ceived to Mar. If we deduct this amount received from collection estimated we should addition, which, with the amount bank on March would make $4,891.07 Now, deduct from this amount necessary complete 9-months' should leave us$ 3,165.67 leave 3,165.67 balance the end of the school fact there will items of and this by considerable IV. District No. District No. fund the schools that district four teaching periods shown by following statement. provided too much is not spent for repairs: The teachers' salaries for periods amount to Transfers 751.03 total for operating their schools for teaching periods Of this amount the special tax had paid through the period ending February 1,655.50 balance necessary This does not count an estimated tuition Consolidated District No. and for high school pupils 600.00 Total $2,655.53 On March first this fund had the bank to its credit $2,883.59 The assessor had placed on the books collect $5,927.66 The estimated would this report made we had received balance to be collected, the collection made, which, taken with the balance on hand, would give us with which to operate the school teaching periods from the would leave balance before for repairs and any other items listed in our budget. District No. order the schools of this district would require teachers' For transfers total of Up February 1934, this district had paid to be for the school If add this an estimated tuition District for attendthe Slidell school of 370.00 ing would have the amount meeting place. made by necessary for 9-months' term this, the toilets On March there the bee separate buildings no longer bank to the credit of this needs of the fund There was placed on the brick building books steam and toilets The estimated collec- building, together with an would $1,079.37 Of this amount had been on March 328.88 Nolan this would 750.49 to be collected after March that the amount that on hand on March 1934 719.47 would have deduct from this the plete the 9-months' term 795.33 find balance at the end of session 674.63 District No. The same line reasoning District No. gives the Amount for white teachers periods. For colored teachers for periods For janitors for periods 448.00 For transfers 1,737.69 Total The special tax had paid on Feb. the balance necessary to finance schools for teaching periods On March 1934, there the bank the credit of fund 7,369.16 The books to be collected If receive of this amount would get On March 1934, had received 9,254.59 Leaving amount to be collected Balance in bank on March 1934 Total $16,651.69 deduct the amount Asst. State Supervisor of Eelementnecessary complete Schools. 7,935.62 Referring District No the term will have balance upon of the this on the year Out of this must of April, to run for years. As this tax began come some very important and necestaxes will end with sary repairs and also many other items covered by the budget, among which is the loan have Pearl 1934 the insur- Tax their has been upon by the Pearl port recommend that the covering River school loss building and for for and some fee of making object increasing architect's received portion total The checks coming in rapidly and writing (April had this quite possSchool No. until ible that total will be here before report that your buildwish wisdom ing appointed has Nolan, prepare plans Upon investigation found specifications and assist them the building of new house no blue prints or Pearl River. Your met floor plans and Savannah Branch, school, with Mr Nolan for their Bancks Grove school Sun white school, residence River Monday April dian Village Pearl seems that the the following the home agreed upon When last building burned teachers were This means building have have, had the that the new must classrooms. This Parish Training less than six backed by the fact that tracings of the four ion is up the near future will be built into Honey Island for anither room expected from that Since the last building the town and community so that an auditorium or folding doors rooms. not satisfactory that have school and belief the committee that possible) within the auditorbe had all possifinance plant. Architect quire outlay the There seems be available for buildpurposes from the insurmoney and not from the District No. special maintenance balance. letter from the State of Education be interest to you. have not yet cured necessary data with which to answer Baton Rouge, March 29, 1934. Superintendent Elmer E. Lyon, ington, Dear Mr. am writing inquire about the Indians the schools of Tammany parish. understand that there is group presume that they attend the Lacombe school. There some probability that able get the federal some for these they are in the time. order the for them that least If school probable that might open for them some time should like to have the facts: how many Indian children there in St. Tammany parish? many of these children are attending school the present time? the Indians concentrated single community the answer to number three name the community communities. Trusting will let have this information by return mail,I Very truly second day period of with the the 1933 being collected. means be voted, the State state much proportion of the school operating feel with will before the state this coming meeting. that election be held after the Pearl River school fire and cessity having on file in this office blue prints of every school building. that drawings showelevations of the Union Edgar and also building, home and toilet buildthe Parish school. principal of school make buildings his school and from which blue prints have been made. also am having prepared now floor plan and elevation for the other mentioned. copy of these be kept on file this office. glad to report that we have been able bonds issued by School District May 1933 You remember that were unable to these bonds when they became We now are paid up to date on this issue regret report that will, without doubt, unable care the bonds coming due your meeting held on May 19, reported follows: February 24 the Trust to the bonds of our No. together with pay the This the Banking Combank holidays came shortly after that and am informed bank that they can only pay cent. the opinion of our that we fulfilled our part he when placing money Trust Banking Company to pay the bonds, that should relieved and released from all to the these seems that the First National Bank in Detroit holder these bonds notified Mr. Thomof this bank, the fact the money in the Interstate Trust Banking Company have the letfrom Mr. under date March 1934, that speaks for itself: March 30, 1934. Elmer St. Dear reference value St. Tammany Parish School District building bond numbers 66 through due 1933, gether with coupons due March 1933 to were returned unpaid. understand that you provided funds for obligaions with Interstate Trust Banking Company of New Orleans. the that his bank suspended shortly after March were not the funds have been In this connection we have to adrise that we are not interested the lace payment the method payment these obligations which unpaid. Due the state time ured difficult items collection promptly at the maturity date. lo not, therefore, feel that should for fact that the the office Interstate Trust Bankng Co. date. As understand case the deposited you your funds such time the relative presented. and, further, it be necessary for you execute form claim in order benefit by any dividends paid by the closed bank the bank will not recclaims executed the holders bonds coupons. that still hold valid obligaion your parish and shall endeavcollection. For convenience in replying your envelope. Very truly THOMAS. Receiver First National Bank, Detroit. have again referred this matter Attorney Frederick who advises that that these bonds have been paid by us placing money Bank May addition what Frederick these bonds sold Trust Banking Company and their quest stated face of the office the Interstate Trust Banking Company, and had the bond that they were and payable holder the bonds presented them for on the first day of March. 1933, when they became due, they would have been paid. The following opinion from the attorney general reference controlling the placing of windstorm and will be to you and all the of the of Justice, Baton Rouge, April and Secretaries Police Juries; Presidents Secretaries Parish School Members of Boards Supervisors of Various Institutions. has been made department an expression the controlling law the placing windstorm and hail insurance covering rochial and municipal public buildings, other public property Section of Act 302 of reads follows: stock fire insurance company licensed to business state shall engage participate the suring of property located in damage by fire, against windstorm, and automobile fire and theft either directly through reinsurance except compliance the rules and regulations lated, by buerau by unless any herein write or cause to of fire, windstorm, written any policy automobile fire and theft and covering loinsurance this state except the cated in fixed by said not than $25 more than shall be by insurance commission posed but be shown to the satisfaction said commission that the lation the fine may remitted if correction be promptly made "The rates of fire, windstorm and hall insurance covering state, municipal public buildrochial and other property shall be ings visory and subject to provisions The above fully explanatory. The next phase of the question to sider whether or not for insurance by public body of fire contract would this state controlled by the Revised Statutes 6720, Louisiana General Dart: relating the of and letting lowest bidder, parthe in ture is to be in ercess of $500. tenor of this the law not of the opinion that we are embraces the award of fire insurance contracts. The language work be done out paid public funds shall be advertised,' The third provision of law which must consider coming our final that wide discretion left by police jurof our institutions, we give it as our opinion, view the deductions, that police juries, school the boards of perivsors vested with full and controlling discretion in the manner of awarding fire insurance. They may give same after regular advertisement the lowest bidder, may apportion the business to the various local agents the community at the regular standard rates on the particular publie buildings involved, or may total business single agency their discretion, they at rate in of that fixed the Louisiana Rating and Fire Prevention Bu- Very truly GASTON PORTERIE. President and Mr. retary: convey this information to your membership. Mr. Telford. representative the Finance Corporation, and assisting the liquidating Covington Bank Trust recently called view ascertaining just when could pay notes given the Covington Bank Trust Company and now held by the R. reminded me that these were long past due, and the no desire this board or interthe operating schools, still his official duty to urge that the notes be paid as soon help pedite the liquidating of the CovingUpon our records find that Covington Bank Trust Company now in liquidation, the following General fund: dated August 23, 1933. and due January District No. nance: dated due January also dated July 1933, and due January 1934 making total of $20,due the Covington Bank Trust Company. There course notes due the Commercial Bank Trust also the Bank Slidell on which Slidell and due the Commercial Bank Trust Company The following letter was received from the state of home and have this meeting when can officially upon State Department of Education of Louisiana. Baton March 1934. Superintendts: There possibility federal funds being for continuing the the vocational homeeconomics teacher one month more purpose home projects and teaching and women can foods. this project approved means that many home economics departments can be used for canning centers summer. During the past two or three years several ployed vocational home economics teachers ten with the derstanding that they would the extra supervising home special activisurplus food time urgent for and and women, and like opinion from you relative to employing vocational home economics teacher for this educational project the home economics half the salary can be paid from federal funds. After receiving an opinion from the details of the program will be outlined further. However, for the program to be practical the teacher should be duty when surplus foods available for canning This that she would go home when school closes and resume work the latter part June. shall be glad for you to confer one of your teachers and write me the week. State Supervisor of Home Economics. You will remember that during the scrip and on behalf of School District No. months salaries transfer drivers. One-third this amount matured January Feb and the remainder ruary before April 1934. pleased that have paid all of the report first issues and most the third issue due before with cash the bank pay the amount remaining done the debt of paid. Consolidated District maintenance total of owed the Commercial Bank, ington Bank and Bank Slidell. To naturally added may issued issued and all bank loans will be tired, with possible exception of whatever might be paid during the year which made. closing, press support and that remain worthy this in the may remain Most respectfully yours, ELMER LYON, Parish At the request of superintendMr. Telford, representing Finance Corporation, appeared before the board for the of discussing with them purpose notes of the school board given to the Bank Trust Company, now in sold by them the Mr. Telford plained that while government did not want to embarrass school still they were anxious to board, sist liquidation the CovingBank as rapidly possible, and that his for before some plans the notes the school board. now held by his amounting to should and be financed. careful discussion of the After matter, was moved by Mr. Abney, seconded Mr. Dutsch, that the have pared by the tenth April much cash could be applied the notes now. The superintendent and president of the board were also directed ascertain from the Commercial Bank Trust Bank Slidell they willing allow board apply cash make entirely Bank Trust notes, allow their notes, held by wait for some future for pay ment. president directed ascertain how additional loans would for the the notes given the board the Covington Bank Trust Company and now held by the Carried unanimously. The then referred letter his report, written Clyde Mobley, state home suggesting employment home economics teachers ten months. After was that the board regretted its inability accept this offer as could the expense for small the increased time the ferred he had Thomas, the First Bank of Detroit, reference value Tammany Parish School District bonds Nos. 66 through due March 1933, together with interest amounting The read letter he pared upon advice the district torney, from Mr. Thomas. dated March Whereupon, by Mr. Chatellier, by Mr. Manint. that the board approve the letter he was to Carseconded by Chatellier the understanding the that where teachers' paid scrip, that for substitutes during that time shall also be paid with Moved by Abney. seconded by Mr. Manint. that all their passed April 1930, objecting to the teaching of schools after the closing. final or graduating exercises. Carried unanimously that time the board adjourned High Promptly the ing again called order by President Warner, the members present as in the morning session. Moved by Mr Bancks, seconded by Mr. the teaching schools seventh, eighth and ninth authorized the upon which Saturdays should be, consultation principals of these schools. The Saturday teaching being the purpose closing schools order to allow of the Slidell mar school attend the club camp then report for the summer school at its opening. Carunanimously by Mr. Chatellier, led by Mr. that consent of this board be granted attend the Seventeenth district conference of Rotary to be held dria, April and roll voted the and the motion declared adopted. by Mr. seconded by Mr. Mitchell, that schools of School District No. of with eight the fednow applied for granted. In event scrip to be authorized transfers. janitors and teachers' salaries not paid by the In the event that be refused the schools School District No. to run for seven and one-half months, with six one-half months' pay, and scrip months authorized issued to teachers, transfers janitors. roll call the following members voted Victor ChaBrunning, Warner, Louis Mitchell, Keller, Bancks, Walter Abney Weller the None: and motion declared unanimously adopted. following resolution duced by Mr. who moved its adoption. It was seconded by Mr. Whereas, this board had certain the Bank Trust Company, Covington, in liquidation, and January 1934, other obligations Bank Trust Company and Bank Slidell, fallApril that funds appears from regular state current school fund and the special district maintenance funds this parish for the session of 1933-34 been sufficient meet these members board regular That the secretary thereof be and they are hereby thorized to negotiate with their fiscal agents, the Commercial Bank Trust Company Covington, and the Bank Slidell, Slidell, exceed dollars time may lected throughout parish. The following taxes hereby pledged and hypothecated according for of this loan and are hereby declared to be follows: General fund $31,750.00 Con. Dist. No. maint. District No. 2,378.14 Total finally That president secretary hereby authorized execute necessary carry resolution into effect. That the said loans shall not mature later than June 1934. or bear greater rate of interest than Carried Moved seconded by that stand adjourned, subject WARNER. President. ELMER E.