First National Bank (Edgewater, NJ)

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Bergen Men Named In Bank Suit

TRENTON. (AP)—Suits to collect $47,300 in assessments were filed today in Federal Court by Richard P. Layton, receiver for the First National Bank of Edgewater.

The bank suspended March 4, 1933, and was declared insolvent last Feb. 5. An assessment of $50,000 was levied last March 6 upon stockholders.

One suit to collect $38,300 was against the Edgewater Trust Co. Other holders of ten shares each against whom suits were instituted were:

Donald V., Malcolm, B., and Herbert G. Lowe, all of Tenafly; James D. Moore, Fort Lee; J. Howard Edsall, Palisades Park; Willis H. Palmer, Teaneck; Frank B. Plymptom, Oradell; Robert H. Nutt, Cliffside Park, and Henry Wissel of Edgewater.

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Serious Charges Made By Bank Receiver in $75,000 Claim Suit

Richard F. Lawton, Plainfield, receiver of the First National Bank of Edgewater, has started proceedings before Vice-Chancellor Vivian M. Lewis on a claim of $73,000 against the Edgewater Trust Co., which is in charge of Banking Commissioner Carl K. Withers.

David Stoffer, Newark, as a master, has been named by the court to investigate the claim.

In his bill filed with the court, Lawton stated that an investigation had revealed that the trust company owned 383 of 500 shares of stock which the national bank had outstanding and charged that officers of the trust company dominated the affairs of the national bank. He alleges the claim of $73,000 represents notes made by about 35 individuals and discounted at the trust company and that the officers of the trust company transferred

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Richard F. Lawton, Plainfield, receiver of the First National Bank of Edgewater, has started proceedings before Vice-Chancellor Vivian M. Lewis on a claim of $73,000 against the Edgewater Trust Co., which is in charge of Banking Commissioner Carl K. Withers.

David Stoffer, Newark, as a master, has been named by the court to investigate the claim.

In his bill filed with the court, Lawton stated that an investigation had revealed that the trust company owned 383 of 500 shares of stock which the national bank had outstanding and charged that officers of the trust company dominated the affairs of the national bank. He alleges the claim of $73,000 represents notes made by about 35 individuals and discounted at the trust company and that the officers of the trust company transferred

Article Text

Serious Charges Made By Bank Receiver in $75,000 Claim Suit

Richard F. Lawton, Plainfield, receiver of the First National Bank of Edgewater, has started proceedings before Vice-Chancellor Vivian M. Lewis on a claim of $73,000 against the Edgewater Trust Co., which is in charge of Banking Commissioner Carl K. Withers.

David Stoffer, Newark, as a master, has been named by the court to investigate the claim.

In his bill filed with the court, Lawton stated that an investigation had revealed that the trust company owned 383 of 500 shares of stock which the national bank had outstanding and charged that officers of the trust company dominated the affairs of the national bank. He alleges the claim of $73,000 represents notes made by about 35 individuals and discounted at the trust company and that the officers of the trust company transferred the notes to the national bank while

Motorists Told of Doom of Another Bergen Death Trap

HACKENSACK.—Municipal Manager Wilder Rich of Hackensack has brought cheer to motorists by announcing that traffic lights and signals will be installed at what many regard as one of the worst death traps in Bergen County, the intersection of Summit Av. and Essex St., where Summit Av. runs into the highway leading south to Williams Av., Hasbrouck Heights, and connecting with various state highways.

What makes the intersection specially dangerous is the fact that a high embankment with a house on it stands on the east side of the intersection, shutting out the view to the east with its state highway running east and west.

During the past year there have been several accidents at this intersection and some very narrow escapes from serious crashes. Motorists coming from Hudson County

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Richard F. Lawton, Plainfield, receiver of the First National Bank of Edgewater, has started proceedings before Vice-Chancellor Vivian M. Lewis on a claim of $73,000 against the Edgewater Trust Co., which is in charge of Banking Commissioner Carl K. Withers.

David Stoffer, Newark, as a master, has been named by the court to investigate the claim.

In his bill filed with the court, Lawton stated that an investigation had revealed that the trust company owned 383 of 500 shares of stock which the national bank had outstanding and charged that officers of the trust company dominated the affairs of the national bank. He alleges the claim of $73,000 represents notes made by about 35 individuals and discounted at the trust company and that the officers of the trust company transferred the notes to the national bank while the $73,000 went into the vaults of the trust company.

Lawton said he carried his claim to the banking commissioner and that it was rejected and that inasmuch as the Court of Chancery now has jurisdiction over the trust company's affairs, he is appealing to Vice-Chancellor Lewis from the decision of the banking commissioner.

The national bank has paid dividends aggregating 80 per cent. to depositors and the trust company has paid 28 per cent. On the ground that worthless paper was allegedly transferred by the officers of the trust company to the national bank, Lawton says that he, as receiver of the national bank, should now receive 28 per cent. of the $73,000 claim. The receiver is represented in the action by Martin J. Cummins and Gross and Gross.

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Richard F. Lawton, Plainfield, receiver of the First National Bank of Edgewater, has started proceedings before Vice-Chancellor Vivian M. Lewis on a claim of $73,000 against the Edgewater Trust Co., which is in charge of Banking Commissioner Carl K. Withers.

David Stoffer, Newark, as a master, has been named by the court to investigate the claim.