Cliffside Park Title Guarantee & Trust Company (Cliffside Park, NJ)

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Closed Bank Creditors Blame Officials

CLIFFSIDE PARK—A committee of the Cliffside Park Title Guarantee & Trust Company which was closed last week and taken over by the state banking and insurance department, today, in a statement, charged that the closing of the bank was not due to any trouble among the certificate holders, but to lack of wisdom on the part of some of the bank officials.

The bank officials last week had placed the blame on the certificate holders who are headed by William Robinson.

Article Text

Closed Bank Creditors Blame Officials

CLIFFSIDE PARK—A committee of the Cliffside Park Title Guarantee & Trust Company which was closed last week and taken over by the state banking and insurance department, today, in a statement, charged that the closing of the bank was not due to any trouble among the certificate holders, but to lack of wisdom on the part of some of the bank officials.

The bank officials last week had placed the blame on the certificate holders who are headed by William Robinson.

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Cliffside Park Bank Receiver Plea Is Ousted

Vice-Chancellor Charles M. Egan today denied the application of Counselor Carl Weitz, of Weehawken, for appointment of a receiver for the Cliffside Park Title Guarantee and Trust Co. Weitz filed his bill of complaint in Chancery Court last March, alleging officers of the bank wasted the institution's assets.

The bill of complaint specifically accused Joseph A. Preston and John Moles, president and secretary-treasurer, respectively, of the bank. Preston and Moles are now under indictment in Bergen County for their alleged criminal actions in connection with the bank.

Prior to the time Weitz filed his bill of complaint, Vice-Chancellor Egan appointed Thomas R. Armstrong and Joseph W. Marini trustees to take over and administer mortgage participation certificates for the benefit of certificate holders. Weitz's application was for a receiver to administer the remaining assets.

The bank has been under the control of the state banking department since January, 1934, and recently the state banking commissioner applied to Chancery Court to take jurisdiction of the liquidation of the remaining assets. Vice-Chancellor Egan is scheduled to hear argument of the banking commissioner's application Monday.

Weitz holds 77 shares of the bank's stock. He was represented by William Harris. John Milton and Thomas Doughty appeared for the bank and the state banking department.

Article Text

Cliffside Park Bank Receiver Plea Is Ousted

Vice-Chancellor Charles M. Egan today denied the application of Counselor Carl Weitz, of Weehawken, for appointment of a receiver for the Cliffside Park Title Guarantee and Trust Co. Weitz filed his bill of complaint in Chancery Court last March, alleging officers of the bank wasted the institution's assets.

The bill of complaint specifically accused Joseph A. Preston and John Moles, president and secretary-treasurer, respectively, of the bank. Preston and Moles are now under indictment in Bergen County for their alleged criminal actions in connection with the bank.

Prior to the time Weitz filed his bill of complaint, Vice-Chancellor Egan appointed Thomas R. Armstrong and Joseph W. Marini trustees to take over and administer mortgage participation certificates for the benefit of certificate holders. Weitz's application was for a receiver to administer the remaining assets.

The bank has been under the control of the state banking department since January, 1934, and recently the state banking commissioner applied to Chancery Court to take jurisdiction of the liquidation of the remaining assets. Vice-Chancellor Egan is scheduled to hear argument of the banking commissioner's application Monday.

Weitz holds 77 shares of the bank's stock. He was represented by William Harris. John Milton and Thomas Doughty appeared for the bank and the state banking department.