f3e240c5Full suspension, Books examined
Other: State bank commissioner ordered closing and took control; later criminal investigation and indictments of officers mentioned.
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HIGHLAND TRUST CO., SOMERVILLE, CLOSES SOMERVILLE, Oct. Highland Trust company Somerville closed noon today The bank the closing said all other must come from the office of the state bank The bank one of the largest this and had recently large new building. affiliated with Somerville Savings and the Winter Hill operative bank.
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SOMERVILLE BANK CLOSED AT NOON SOMERVILLE, Mass., Oct. 13(P)-The Highland Trust Co. of closed noon today. bank closing but other information must come from office of the State Bank The bank one the largest in city and had recently completed large affiliated the for and the Winter Hill Cooperative bank.
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Revere Trust Co. Doors Are Closed did not open Tuesday business The president bank Joshua Harron The affairs of the bank were taken over thur he would his action no OR the bank Tuesday and the bank Ixed notice bank door the closing public was of any change the bank's status The bank began 1916 A crowd of-about 250 depositors and friends the to the were on Somerville, Bank Closses SOMERVILLE Oct 13 AP) Highland Trust of Somerville closed at noon Tuesday The bank confirmed the closing but said all other must come from the office of the state bank is one the largest in this city and had recently completed large new building is affiliated with the Somerville Institution for Savings and the Winter Hill Cooperative bank Another Suspension NEW YORK. Oct 13 The investment banking house Kountze brothers. formed in 1870, by stock exchange for insolvency Tuesday The from at one time occupied a prominent position in bond underwiting but has been less recently Its difficulties were attributed to severe decline in the bond market in the past two months. The firm was active in stocks maintained no out of town offices
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State Banking Situation Sound, Ely, Guy Assert [Continued from First Page.] the State will make deposits to the full by namely 40 per cent of the bank's Since the bank capitalized deposits will amount approximately $60,000. Rumors current this morning of mild runs two banks namely the Somerville Institution for Savings the Somerville Trust and, Company also on several banks in Cambridge. Both the and the insurance commissioner took ate steps set the public mind in the stating that such tirely unnecessary and that the banks were solvent. The Governor declared that rumors that character criminal offense. In the case of the three banks that have been closed the weeks, that the action taken because banking and that he would at order an investigation to place the blame where belonged. The statement to the press read as "The Highland Trust Company absolutely sound meet of its The which been closed closed because of unsound banking and thorough investigation of those institutions be ordered by the Governor at once to place the blame where belongs. reference to one of the institutions recently closed. plans already are under way to provide for its reopening and have some announcemake on that within day or two. has come to me that the condition certain banks. Such statements detrimental the actual condition banking institution constitute criminal offense The Governor made it very plain that the Highland Trust Company 100 cent with no and there for any this bank. The three banks have been closed are the Medford Trust Company, the Trust Company the Highland Trust Company in Somerville
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BREVITIES ORDERS AIR SURVEY OF MAINE FOREST BLAZE Augusta- (AP) -Forest Commissioner Violette, Tuesday instructed Supervisor Harry Tingley to hire an the of the forest fire in which started two days ago. Violette dered the air survey after being formed by the fire wardens that impossible determine the limits of the blaze because telephones lines were down Pemadumcook was too Trough to cross. MARINE OFFICER HONORED FOR NICARAGUAN ACTION Boston- Evans Carlson, M. C., Tuesday ceived the Navy cross distinguished service in Nicaragua. presentation made the Navy yard, Lieut, Carlson the head Ma. 1930, and put flight than 100 Nicaraguan rebels who looting town. WOULD HAVE LEGAL PROFESSION OUST MISFITS St. Petersburgh. Edgar Hoover, director of the Bureau of the Justice, before the Police Chiefs convention Tuesday asserted that the legal profession would purge itself of those parasites who themselves "attorneys at law' but might be more properly styled "legal technicians and alibi framers, the courts function more and the problems enwould be materially simplified. 5 KILLED. 145 HURT BY AUTOS IN MAINE IN SEPT. Highway Po- lice Department reported Tuesday that five persons were killed 145 injured 167 automobile cidents in Maine during Septemfirst the persons killed and 767 injured. APPROVE INCORPORATION OF TWO MAINE CONCERNS Attorney General's office has approved incorporation papers the Rocky Gorge capitalized for $50,000. and Supply Portland, capitalized for BIG SOMERVILLE BANK CLOSES ITS DOORS Highland Trust Co., one of the largest this city, closed Tuesday bank conclosing but oththe office of the State Bank BANK FAILS TO OPEN FOR SINESS Revere, Mass. Revere Trust in 1916, did not open Tuesday for business. State Bank Arthur Guy took the affairs of the bank There run on the bank and until the affixnotice on the bank door, the public was unaware of any change in the bank's BRUENING FOREIGN POLICY NOT CHANGED BrueTuesday told the Reichstag that Germany's policy The Chancellor made the nouncement immediately after presenting his new cabinet to the representatives the people. nett; household editor, Mrs. Leo Coughlin: local editor, Mrs. Charles Green; fashion editor, Mrs. Everett Plummer; sports editor, to be nounced community singing social time will follow and ice cream will be on sale. The Pythian Sisters met Monday with good attendance and plans oldfashioned boiled at Columbia hall, Wednesday, Oct noontime This open to the pub. lic and the in charge Mrs. Elizabeth Moschner Mrs. Mae Curtis, Mrs. Sara Foster, Mrs. Evelyn Reynolds, Margaret Goddard, and Mrs Myrtle Estes. At the enjoyed, the prize in one nut going Mrs. Foster, and the other to Florence Dickinson. Mrs. Dickinson also won the prize in the guessing contest. committees Mrs. Maud Russell and Mrs. Kathryn Wrenn. The next meeting will Oct. The second series of whist parties under auspices of American Legion, was held Monday evening the four tables In First prize for men was won by Elmer Prince and the consola-
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TWO BANKS CLOSE IN GREATER BOSTON BY STATE'S ORDERS Revere Trust of Revere and Highland Trust of Somerville Suspend to Conserve Assets Boston, Oct. greater Boston the Trust company of Revere and the Highland Trust company of Somerville, closed today. The Revere bank failed to open for business and the Somerville bank's doors were closed noon: The actions in both by order Arthur Guy, state bank The Revere bank on July 30 had deposits and savings of $900,000. There commercial 4660 savings accounts. The bank of and deposits of There 2500 commercial and 12,000 savings accounts. Heavy Withdrawals Made Guy said the closing both banks was due to desire to protect the positors and conserve the assets of the institutions. Heavy withdrawals had made continuation business unsound. His department took control of both institutions. Depositors at the Revere bank were unaware until they found on its this morning saying had closed. Within short hundred persons and policethe building. Many the crowd wept. The Somerville bank did business those doing busiwithin were cleared from the premises and doors locked. this city, depositors who could not believe the news hurried to the bank make sure it. Public Funds Banks The state had $10,000 on deposit in the Highland Trust and $15,000 deposited the Revere bank. In this latter there was on deposit $46, 000 of the which the state treasurer had supervision. The Revere bank established in 1915 and its president Joshua Harron. Somerville bank began business in 1917 George G. Brayley was president.
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PREDICTS EARLY REOPENING OF BANK Head of Gloucester National So Informs Directors Special Dispatch to the Globe GLOUCESTER, Dec 6-Following a meeting of the board of directors this evening, Pres Thomas J. Carroll of the Gloucester National Bank expressed confidence that the bank will reopen within few Mr Carroll said that National Bank Examiner W. P. McCall had explained to the meeting that, because of the demand for examiners, he would have to conduct the examination of the Gloucester bank's affairs without assistance. Mr McCall said that probably 10 days required for him complete the His then go the Comptroller of the Currency at The reopening of the bank, Pres Carroll said is, in his opinion only matter the time that will be required for the bank examiner to complete his work. In addition to the fact that the city of Gloucester amounting about $46,000 will be honored by all checking institutions in this city came the news shortly before noon that the Cape Ann National and the Gloucester Safe Deposit Companies will henor all Christmas checks of the Gloucester National, amounting to $100,000. These had been mailed few days ago. The of two Gloucester banks to cash the checks extends only to the city's account and Christmas checks and to no other accounts. This, of course, is big help to depositors and local retail dealers. The yesterday that the city of Gloucester checks would be honored is due to the prompt action an Associate Justice the District Court, Lincoln who also chairman the Board Aldermen and one of the trustees the Cape Ann Savings Bank, solidly entrenched He immediately came into the and made arrangements the other commercial banks that all checks of the city should be paid on presentation. CLOSED BANK'S DEPOSITORS WARNED OF LOAN "SHARKS" warning to the of the Highland Trust Company and the members of the Christmas Savings Club of the Somerville Institution for Savings to beware of getting into the hands of small-loan 'sharks' was issued by Mayor John J. Murphy of Mayor Murphy said there is determined effort being made by money lenders to acquire hold on the money of depositors by offering small loans to them and requiring them to pledge their equity in the as security. Mayor Murphy said that plans are being considered for the benefit of depositors and urges them to retain their
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ATTY LEETE NAMED RECEIVER FOR BANK AT WINDSOR LOCKS (Continued from First Page) eral opinion in Windsor Locks tonight that Windsor Locks Trust and Safe Deposit would pay every cent depos The bank was closed on the request of the board direct cial had been held last night and after the the state had Closing Explained The by Moran the bank, was as , 'At the the board of directors of this bank, commissioner this afternoon tempothe Vindsor Trust Deposit company Windsor Locks, from ing out deposits and of the ing loans in frozen shrinkage the of securities in the banks' all their depositors, the restraining order was that loss will Mr no further saying that the the control of that he had no M. Morse the bank the situation There the closing the stir the About the door been few reading statement. signed of the with that bank was Inside the of the by with in an the taking the Mr the vising and aiding in every Officers of Bank The M D. first Bidwell, R Moran. and Robert S. Bidwell, assistant treasurer Bidwell, R. M. Morse. H. S. Pease, D. Phelps and Andrew The condition of the bank has been due the of and the many to farmers year beextremely paid people Mr Moran was be of the finest men in Connecticut by more man in the town confidence in his integrity was common utterthe bank of October $ from deposits deposits 499 Two Indictments In Cambridge Probe Cambridge, Dec (AP)-DistWarren Bishop today said concerning the closed Highland Trust company of Somerville had come to his attention and that he would lay them before the grand jury next Wednesday Investigation of the bank's affairs has already resulted the indictof Ray R. Rideout, chairman of the and Miss Helen Averbeck, assistant urer, in connection an alleged 11legal withdrawal of $3700.