1.
August 18, 1931
Imperial Valley Press
El Centro, CA
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CLOSED BANK IS STILL SOLVENT SAYS OFFICIAL LOS ANGELES, Aug. 18. (U.P.)The main branch of the United States National bank closed its doors shortly after it opened for business today. A notice posted at the front of the institution said it was closed on order of its board of directors. The notice was signed by R. Foster Ramm, national bank examiner. Officials of the bank said a formal statement outlining the situation would be given out shortly after noon. The bank has eight branches in Los Angeles. LOS ANGELES, Aug. 18. (U.P.) The United States National bank is believed by its directors to be solvent, and was closed pending the outcome of litigation involving a large sum of money, an official statement said today. Written by Perry W. Weidner, president, the statement disclosed that an attempt had been made to borrow reserves to strengthen the bank's situation and that the attempt had failed. Though the statement did not name the litigation, it was understood from other officials the reference was to suits charging mismanagements of trusts growing out of the recent receivership of the Harold G. Ferguson company, large real estate concern. It was emphasized in Weidner's statement that cash on hand was sufficient to pay depositors. The bank's capital is $1,000,000 and its surplus $200,000. At the time the doors closed deposits totaled $6,400,000.
2.
August 18, 1931
Lincoln Journal Star
Lincoln, NE
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LARGE LOS ANGELES BANK CLOSES DOORS (UP). The main branch of the United States National bank here closed doors Tuesday notice posted the front the closed by order the The notice was signed by Foster Ramm, tional The has eight branches here.
3.
August 19, 1931
The Daily Report
Ontario, CA
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LOSSES IN BANK CLOSING SLIGHT
LOS ANGELES Yesterday's closing of the United States Na. tional bank, a small independent institution, was regarded in financial circles today as having no special bearing on the general economic situation in southern California. Pointing out that the bank is be- lieved solvent, experts also explained that even should depositors lose a portion of their funds it will be attributable to peculiar rather than general conditions. Eventual settlement of depositors' claims, it was pointed out, depends upon what disposition is made in the courts of suits pending against the bank as receiver for realty investment trusts of the Harold Ferguson interests. No official of the bank would es. timate the cost of the bank and to depositors of an adverse ruling on the suits, but all agreed that depositors would not lose anything
4.
August 19, 1931
Santa Maria Times
Santa Maria, CA
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Bank's Closing Little Affects Economic Set-Up
LOS Aug -Yesterdav's closing of the United States National bank, small independent was regarded in financial circles todav as having no special bearing on the general economic situation in Southern California. Pointing out that the bank believed solvent. experts also plained that should depositors lose portion of their funds will attributable to peculiar rather than general conditions Eventual settlement depositors' claims, was pointed depends upon what disposition made in courts of suits pending against the bank receiver for realty investment trusts of the Harold Ferguson interests. No official of the bank would estimate the cost to the bank and to depositors of an adverse ruling on the suits. but all agreed that would lose anything the suits were settled favorably.
5.
August 19, 1931
The Buffalo News
Buffalo, NY
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LOS ANGELES BANK CLOSES
United States National. With Resources of to Open.
LOS ANGELES The to though federal other any The bank resources of The at
BANK OF MAUMEE CLOSES by This State of deposited capital
6.
August 19, 1931
The Buffalo News
Buffalo, NY
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LOS ANGELES BANK CLOSES
United States National, With Resources of Fails to Open.
LOS United States National eight branches, Los falled to its Tuesday though the bank federal government other than any The resources of bank has and as of 30. 1931 showed. The surplus was shown at $202,797.
BANK OF MAUMEE CLOSES 19 more bank by its This the deposited of and total with capital at $25,000.
7.
August 19, 1931
The Cincinnati Enquirer
Cincinnati, OH
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Broilers Regain Losses; Top Eggs Half Cent Lower breakfast bacon skinned yellow
Prices carload coarse and dingy Iron, Coal And Coke and
Sales BONDS. Straus Adams Val Balt grades, DRY GOODS TO August goods ers down the of after recovery from Board shock They from the week know that year Con current clean are Produce. Gains of 3 cents on 2 pounders on colored and and cent pound Leghorn springers of lesser weights will in the brisk registered yesterday were billing: the Mercantile Exchange cases trading on in firsts from temporary scarcity carload resulting Live producers several of these items. Colored fryers over 3 pounds were at 25c and colored left unchanged fowls also ruled steady and Leghorn as did other items of the poultry list including ducks and geese but there reported for was a strong inquiry 92% both colored and Leghorn springers exhausted the supplies which rapidly $3 Rallies were speedily made on hand. losses of the day previous from the end of the session all and by the heavy heavy back to where they were items were colored 2 pounders one last week except Fruits And Vegetables. Do higher at 24c. Legwhich were reported Cleve all their losses horns also regained in the springer class. Depressing elements entered Into Closing prices the fresh egg session and extra firsts Commerl too sales were reduced 1/2c to 21c following white further reduction of 1c at Chicago the slower unand irregular price conditions at New Groceries And Provisions. prices quoted meet York. Dealers here were complain- sales on cotton ing of the poor quality of many of New short patent family do market the receipts from the near straight spring market tory on account of the return of the York, Seconds closed barely stmpd hot skimped steady at quoted prices with fairly heavy city and suburban sales. butter and butter fat who Creamery were firm at quotations with urgent make demand for the latter. Outside cream- anything this time year : ery were reported in this territory jumbo balls York, August Do making bids for independent supplies demand butter fat at cent above honey good Dodge fabrics vailing prices here it was claimed prices few were quiet and Packing stock grades crates increased buying hesitancy instead steady. bushel Ed Bklyn the trade on Buying in jobbing was more or less crates tracks CALIFORNIA BANK CLOSED. continued weak with Watermelons of 78 with prices rang- Los Angeles, August cars 8@10c on small The United States National Bank, ing from higher sales low and on largest and with eight branches, all in Los Anmediums Fed Metals demand- market firm failed to its doors today. best with heavy open sunburned melons of all bank had resources of on weights. Peaches were and was capitalized at Gannett prices mostly 1931, stronger on receipts of 34 cars with statement as June 30, Gen up bushel. Head showed. The surplus was shown prices lettuce was white potatoes $202,797. about steady and the general line LEGAL NOTICES. receipts a sustaining Light gave were un- NOTICE HEARING effect to hay but prices changed. Only one car of the carryNew sold, receipts being cars HAMIL over cars of clover and timothy, split car. Low prices appeared public hearing russets, give no stimulus to the market. The for 22c, Swiss wheat basis was spots o'clock track receipts only cars. Elevator special demand urgent. Cash dressed bushel and with Cincinnati, was of cars. Oats ruled receipts the PROPOSED and lower for No. white and other grades unchanged. ReHum and ceipts were cars. Street Spring Illinois table nue poorer all PROPOSED CINCINNATI MARKETS. Road thence Grain furnished by HOME GROWN Spring at fancy mostly few bushel, Highway New mostly $1.25 via NOTICE FOR pork to per shelled lard Short mostly $3 Ohio barrel for on and No Meats Chief dozen mostly 49@50c,
8.
August 19, 1931
The Sacramento Union
Sacramento, CA
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CLOSED BANK- IS SOLVENT, CLAIM
L. A. Institution May Pay Off Depositors in Full
LOS ANGELES, Aug. 18.-(P)Whether loss is to be suffered by depositors in the United States National bank, closed here today by order for board tonight, on the success of claims advanced by certificate holders in two trusts accepted by the bank from the Harold G. Ferguson company. recently suspended. statement Perry W. Weidner. president of the bank, issued after the examiner's closing notice appeared the doors, that the board believed bank be solvent. The examiner tonight quoted the spokesman as saying that should the claims of Ferguson certificate holders be amicably settled depositors would receive 100 cents on the dollar. but that claims decided against the bank depositors may lose part their funds. The amount of possible loss is estimated. The bank, which despite name had connection with the federal beyond its national bank status, had eight branches, in Los Angeles. was capitalized and statement of June 30, 1931, resources 229. deposits $11,900.912 and surplus The institution is now in charge of the comptroller of the currency.
9.
August 20, 1931
The Daily Worker
New York, Chicago, NY
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LOS ANGELES, Cal., Aug. 19. The United States National Bank and its eight branches crashed today, cheating the small depositors of their funds. Over $13,000,000 is involved.
Three open air meetings in front of the banks were held and five thousand leaflets were distributed. The Provincial Committee of workers and small depositors is calling an indoor meeting tomorrow night of all small depositors to further consider ways and means of carrying on the fight and force the bankers and city authorities to return the life savings of the small depositors.
Hundreds of workers attended the open air meetings in spite of the police and red squad attacks. Two workers were arrested and held for criminal syndicalism suspicion.
NEW YORK. -Bank crashes in Toledo, Ohio, involving over $100,000,000, tying up nearly the entire business life of the city, throwing new hundreds onto the streets without work, threatening thousands of unemployed with immediate starvation, has spread to the entire Northwestern section of Ohio.
On Tuesday two more banks crashed in Ohio, with over half a million dollars in deposits involved.
Runs started in other banks, and the capitalists tried to do everything possible-lying with their usual vigor-to keep down the bank runs.
From investigation made in the recent Chicago bank crashes it is
10.
August 20, 1931
The Daily Worker
New York, Chicago, NY
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# $13,000,000 Los Angeles Bank Shut; Chi. Bank Head Is Thief
LOS ANGELES, Cal., Aug. 19. -The United States National Bank and its eight branches crashed today, cheating the small depositors of their funds. Over $13,000,000 is involved.
Three open air meetings in front of the banks were held and five thousand leaflets were distributed. The Provincial Committee of workers and small depositors is calling an indoor meeting tomorrow night of all small depositors to further consider ways and means of carrying on the fight and force the bankers and city authorities to return the life savings of the small depositors.
Hundreds of workers attended the open air meetings in spite of the police and red squad attacks. Two workers were arrested and held for criminal syndicalism suspicion.
NEW YORK. -Bank crashes in Toledo, Ohio, involving over $100,000,000, tying up nearly the entire business life of the city, throwing new hundreds onto the streets without work, threatening thousands of unemployed with immediate starvation, has spread to the entire Northwestern section of Ohio.
On Tuesday two more banks crashed in Ohio, with over half a million dollars in deposits involved.
Runs started in other banks, and the capitalists tried to do everything possible-lying with their usual vigor -to keep down the bank runs.
From investigation made in the recent Chicago bank crashes it is revealed that the bank heads robbed the banks from the inside.
John Bains, leading Chicago citizen, head of 12 banks closed in June, "borrowed" $2,000,000 from his banks. Half a million of it was borrowed within 60 days and $90,000 within 8 days before the banks were closed.
Even the capitalist class is forced to give front page publicity to this open robbery by a leading Chicago citizen, 100 per cent patriot, sworn enemy of the reds, whose 12 banks, all in the working class sections, robbed about 120,000 depositors of their savings to the amount of nearly $15,000,000.
In order to quiet down the cheated depositors and the public in general, another big crook, former U. S. Senator Deneen, personal attorney to Bain, came out with the endorsement of Mr. Bain's character and with his doubts whether the report of the receiver is a correct one. According to Mr. Gelruff, the receiver, not a cent of the $2,06,356.70 borrowed by Bain without any security is collectable. In order to save their face, the Bank Bureau will probably submit the Bain bank management to grand jury investigation. The depositors may well know what this investigation means to them.
The only way to fight for the return of the stolen money is by the organization of a Workers Depositors Committee, which will force Mr. Oscar Nelson and the other grafters in charge of the banks to refund the lost money of worker depositors.
11.
August 20, 1931
Tulare Advance-Register
Tulare, CA
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BANK CLOSING BAD TIMES
LOS ANGELES. Aug. 19. terday's closing of the United States National bank. small independent institution, was regarded in financial circles today as having no special bearing on the general economic situation in southern California. Pointing out that the bank is believed solvent, experts also explained that even should depositors lose portion of their funds it will be at, tributable to peculiar rather than genera! conditions. Eventual settlement of depositors' claims, it was pointed out, depends upon what disposition made in the courts of suits pending against the bank as receiver for realty
12.
August 20, 1931
The Times
San Mateo, CA
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BANK RECEIVER NAMED LOS ANGELES, Aug. 20.-(LP) F. Schilling, representative of the comptroller of the currency, has been appointed receiver for the United States National bank, which closed its doors Tuesday. The bank has deposits of $6,400,000.
13.
August 20, 1931
Oroville Mercury Register
Oroville, CA
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L. BANK RECEIVER
LOS ANGELES, Aug 20 H Schilling, representative of the comptroller of the currency. has been appointed receiver for the United States National Bank, which closed its doors Tuesday
14.
August 20, 1931
The Whittier News
Whittier, CA
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Bank Receiver Appointed Today
LOS ANGELES, Aug. Schilling, representative the comptroller the has been appointed receiver United States National Bank, which closed its doors Tuesday The which has deposits of said to have difficulties through recent failure the Harold Ferguson Corporation. Schilling said formal statement would issued until complete examination the bank's books made. He liquidated the First National Bank Fresno.
15.
August 20, 1931
The Fresno Bee
Fresno, CA
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H. Schilling, federal bank ceiver for the comptroller of the currency, who has been in charge the of the First National Bank In Fresno for the past year, to-day was appointed receiver for the United States National Bank of Los Angeles, which closed its doors Tuesday. The bank, which had deposits seven branches Los Angeles, was said have got difficulties through the recent failure of the Harold Ferguson assets no formal statebe complete examination of the bank's has been Schilling came Fresno year from Ore., to liquidate First National closed 7th. He recently the defunct First Bank Terra and the First National Bank of H. Thomsen, assistant remain in charge the local pending the of successor
16.
August 28, 1931
Los Angeles Evening Express
Los Angeles, CA
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EARLY U, S. BANK PAYMENTS SEEN
L. A. Clearing House Asks Parley With Receiver
Hope for early part payment of claims against the closed United States National Bank toda: was extended to depositors through preliminary negotiations between the Los Angeles Clearing House Association and Federal Receiver H. F Schilling. Written reply was made today by Receiver Schilling to the suggestion of A. M. Chaffey, president of the association, that it is ready to entertain any plan of the receiver by which the organization can advance to depositors portions of their claims. Safety deposit boxes at the head bank and its eight branches today were made accessible to the bank's patrons. Receiver Schilling also is prepared to release trusts, securities for safe keeping and items for collection. Announcement of the organization of the closed bank's depositors was made this morning by Leavitt. chairman of the depositors' committee. William Busick was made chairman of a committee to organize depositors of the bank's branches. Meetings of depositors of the Spring and Second Street branch and the Pasadena Avenue branch were scheduled late today and Monday.
17.
September 16, 1931
Los Angeles Evening Express
Los Angeles, CA
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Witness in Clark Slaying Leaves State Jurisdiction
Lucille Fisher, Who Heard Shots Which Killed Spencer, Crawford, Goes East
Beautiful Lucille Fisher, state witness in the sensational David H. Clark case, has vanished and the district attorney's office made no effort to keep her here for the new trial starting next Monday, it was revealed today. The pretty young stenographer for the slain Charles H. Crawford, whose testimony was of vast importance to SUITS PLANNED the case, left Los Angeles a week ago for the East. She now out of the jurisdiction of California and cannot IN BANK CLOSING be forced to return. The discovery was made during an attempt to interview Miss Fisher at her apartment, 654 South Detroit street. Residents there said she Recovery of Millions "went East to stay with her parents.' The district attorney's office did Withdrawn Before not subpena any witnesses for the coming case until last Monday night, Crash Sought just week before the case comes up in court. 'Why, I never knew she was gone,' Between three and four hundred District Attorney Buron Fitts said former depositors of the United excitedly. "I'll have to make a check States National Bank, believed to right away. don't know when she was subpenaed. Joe Ford didn't tell have been advised to withdraw their me she was gone." funds from the bank shortly before it Special Prosecutor W. Joseph Ford closed its doors on August 18. soon said he "knew Miss Fisher was gone. will be named in court actions to The embarrasses the prosecution, as Mr. Ford is under- force them to return their withstood to have planned to ask the drawals. girl many questions regarding CrawThis was learned today from ford's affairs in an effort to find sources close Federal Bank Rethe motive for the double slaying. ceiver
18.
September 17, 1931
Los Angeles Evening Express
Los Angeles, CA
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SEEK ACTION IN CLOSING OF BANK
Committee Chairman Says Fitts Will Be Petitioned
District Attorney Buron Fitts will be asked today to bring charges in connection with the recent closing of the United States National Bank. This statement was made today by G. M. Grant, chairman of the depositors' committee. who says he represents depositors with more than $1,000,000 in the bank at the time it closed. "The state law provides punishment of employes of banks who accept deposits when they know their bank is insolvent.' said Grant. "We will ask District Attorney Fitts to invoke this section of the penal code." Grant also announced that there will be a general meeting of depositors on September 24 in the assemhly-room of the Alexandria Hotel, Fifth and Spring streets. MEETING CALLED
For the purpose of assisting in prosecution recovery suits against those depositors who withdrew funds just before the bank closed its doors, Mr. Grant also said he would place in the hands of Federal Bank Receiver H. S. Schilling all information in the hands of his committee. His committee will hold a special meeting this afternoon to authorize this and other steps he plans to take. "We already have considerable information which leads us to believe there was connivance within the bank by its officials and employes to enable certain large depositors to gain preference by advising withdrawal of their funds just before the bank closed,' said Mr. Grant. "I am going to advise our committee to turn all such information over to Mr. Schilling. I shall also ask the committee to authorize me to proceed with a further inquiry along these lines. I believe we can force thousands of dollars back into the bank's assets where it will benefit all of the depositors.
19.
September 18, 1931
Los Angeles Evening Express
Los Angeles, CA
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PATRONS LOSE FIGHT AGAINST BANK OFFICERS
Tipoffs on losing Permitted Under Present Laws
No protection is afforded to the rank and file depositors in national banks against bank officials and employes who tip off their friends in advance of failures, or who accept deposits from unsuspecti depositors while knowing that the bank is This was revealed today when G. M. Grant, chairman of depositors' committee of the United States National Bank, late yesterday attempted to launch criminal action against officials of the bank, which failed on August 18, after keeping its doors open but 20 minutes. Grant alleges that nearly $6,000,000 was withdrawn from the bank on the eve of its failure through advance information given favored depoitors.
NO ACTION POSSIBLE Grant conferred late yesterday afternoon with Assistant District Attorney Robert P. Stewart with view to instituting criminal ction under California state law prohibiting the giving of advance information of a bank's closing to favored depositors Stewart advised Grant that no action could be brought inder this act against national bank fficials. Rollin McNitt. dean of the Southwest Law School, whose advice was sought as to civil action. ruled late yesterday that the depositors cannot even institute civil action of any kind against the United States National Bank officials for any of their acts.
H. S. Schilling, Federal bank receiver in charge of the defunct bank, is reported to be preparing suits against depositors who withdrew their money. "It appears from all of the authorities that there is no action of any nature we can ring now," said Grant. The comptroller of the currency at Washington a ppears to be a czar under the Federa banking act so long as he is in charge of the bank.
CHARGES HURLED
"Until he releases the property no one else can anything about it. "I am advised that on the afternoon before the bank closed large number of city employes deposited their pay checks in the bank, including 14 members of the staff District Attorney Buron Fitts. The directors of the bank must have known when the bank was going to close the next morning, yet they let these and other depositors place their earnings in the bank-and bright and early the morning the bank closed had messenger at the treasurer's offices to collect the checks. This latter tion was less than an hour before the bank actually closed.
20.
January 1, 1932
Los Angeles Evening Citizen News
Hollywood, CA
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DEFUNCT BANK PAYMENT SEEN
Announcement that if certain agreements recently worked out are adopted by the proper authorities, clearing house banks will be willing to advance to depositors in tns defunct United States National Bank 40 per cent of their approved claims, was made today. The cheering affecting 18,000 depositors in the institution which crashed, came from A. M. Chaffey, president of the Los Angeles Clearinghouse Association Mr. Chaffey explained that the agreements worked out included settlement of claims made against the bank by receivers of two trusts of the Harold G. Ferguson corporation claims which admittedly influenced the bank's closing
21.
May 3, 1933
The Los Angeles Times
Los Angeles, CA
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TRIAL BEGUN COUNTY RELIEF FOR RETURN FUND ALLOTTED FOUND OF DEPOSIT (Continued from First Page)
United States National Bank Receiver Asks Sum Withdrawn by
First of series of suits filed by H. Schilling, appointed by the Comptroller of the Currency to be the receiver for the United States National Bank of Los Angeles, to require depositors to return to the bank's estate money they withdrew shortly before the bank became insolvent, was placed on trial yesterday before United States District Judge James, who hearing the testimony in the absence of jury. The suit concerns the withdrawal of deposit Mrs. Bertha Sieroty. The amount involved is $5902. It was withdrawn August 1931, eight days before the board of directors the bank adopted directing the suspension of the bank's business. While the nine suits are similar in the evidence in each said to be different In the bill of complaint Receiver Schilling charges that the cials, knowing their bank be insolvent, permitted these als to be made, and that the fendant have ignored his demands that they restore the withdrawn deposits for the benefit of all creditors. Judge James said the cases will taken under advisement. by the purchase of bonds issued for financing such projects." As an example of projects to which the Stabilization Bureau may supply workmen, Shaw cited the San Gabriel dams, the Metropolitan Water District aqueduct and the transmission line to Hoover Dam. "In all such projects the Stabilization Bureau stands ready to supply immediately upon notice any type of workman artisan required and in any number specified by the contractors, whether not the project being constructed with funds," Shaw declared. "In addition, the Stabilization reau will maintain its policy of contacting and enterprises with view to unemployed workers throughout the county.
Missing Woman's Body Discovered Under Floor of Inglewood Hospital
The emaciated body of Mrs. Martha Whitcost, patient Retiro Sanatorium, Inglewood, was found yesterday by an employee of the sanatorium in an aperture underneath the building's flooring, where had lain, according to police, since March 27, when she disappeared from the instituMrs. Whitcost, patient in the sanatorium six months, had suffered nervous breakdown, according to relatives, the breakdown necessitating her removal to the sanatorium. The body was found in tight space, into which the woman had crawled, replacing section of iron grating in the opening of the aperture through which she had crawled, investigators said. Mrs. Murphy of Ontario, sisof the dead woman, said Mrs. Whitcost had come to Los Angeles her health, leaving her husband in Detroit. The body was taken to the Hardin mortuary in Inglewood and an autopsy was ordered.
22.
May 5, 1933
The Los Angeles Times
Los Angeles, CA
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TAKING CASH OUT OF BANK EXPLAINED
Mrs. Sieroty Testifies Personal Reasons Cause of Vithdrawing $5902
It was for personal reasons and not that she feared she might lose her deposit that caused Mrs. Bertha Sieroty, daughter-in-law of a director in the bank, to withdraw her account, $5902, from the United States National Bank of Los Angeles, eight days before the directors voted to suspend the bank's business, according to her testimony yesterday before United States District Judge James. This was corroborated by her husband and her father-in-law. Mrs. Sieroty who is active in relief, charity and club work, had asked one of the high officials of the bank for a donation for relief work, and when it was not made she determined to withdraw her account and place it in a different bank, she said.
SERIES OF SUITS Mrs. Sieroty and her husband are defendants in the first of a series of nine suits filed by Receiver H. F. Schilling in an effort to restore to the insolvent bank's estate money withdrawn just before the bank closed its doors. Testimony in this suit was concluded yesterday by Attorney Leonard B. Slosson, representing the receiver, and Guy Knupp of the law firm of Mitchell. Silberberg & Knupp. and Attorneys I. B. Benjamin and Jacob Samuels, appearing for the Sierotys Judge James took the case under advisement following brief oral arguments.
RUN ON BANK
In yesterday's testimony it was brought out that there had been A quiet run on the bank for several weeks prior to its closing, due to reports that the court appointed receivers for the Harold G. Ferguson trusts, were threatening to sue the bank to recover $3,500,000. The bank officials, learning of these reports through counsel for the trust receivers, retained Attorney C. C. Montgomery, who, after an examination of the records, as he testified yesterday, informed the bank officers that there was no liability against the bank, in his opinion. Later the law firm of O'Melveny, Tuller & Myers was employed, and Myers was said to have estimated there was possible liability of $700,000. To meet this threatened claim the bank officials first planned an issuance of additional stock, and discussed the plan of seeking financial aid from the Los Angeles Clearinghouse Association, but wound up the problem by voting al resolution to suspend business. The resolution was adopted August 18, 1931. Emanuel Cohem who retired as executive vice-president of the bank in June, 1931, and who was, he testified, the largest stockholder in the institution. admitted that the criticism of the Comptroller of the Currency as to certain loans and bank paper "might have had something to do with my resignation."
23.
June 9, 1933
Monrovia News-Post
Monrovia, CA
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LOS June Payment of an additional 25 depositors the defunct United States National Bank today awaited only the final action the federal court on the receivers for the Harold Ferguson corporation. settlement between Receiver Schilling the bank, and receivers for the defunct totaling announced late yesterday through the bank's receiver The agreement already has been authorized by the court behalf the bank's receiver. The settlement involved Ferguclaim which originally amountto more than when Mines and Allen receivers and trustees for the Ferguson Corporation. Mines and Allen have moved for authorization the compromise, was said.