1.
February 15, 1933
The Saginaw News
Saginaw, MI
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Banks' Announcement
The Saginaw Clearing House association Wednesday announced the following regulations. designed to render possible ance and to the people Saginaw during the period of bank holidays recently declared by Governor Comstock: banks and their branches will immediately open their banking rooms maintain facilities for making change.
Safe deposit departments be opened and held accessible to regular Safe keeping will be open during usual hours the having securities and other documents left the bank for
Pay roll checks. issued by corporations other business which furnish the bank currency sufficient cover total amount shall be promptly is expected that this provision will prove very helpful to Saginaw laboring men and merchants.
Dated Feb. 15. 1933. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW
BANK OF SAGINAW PEOPLES AMERICAN STATE BANK
2.
February 16, 1933
The Saginaw News
Saginaw, MI
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Banks' Announcement
All Saginaw banks and their branches open their banking and maintain facilities for change. Safe deposit will be opened and held accessible to during regular hours.
Safe keeping departments will be kept open during usual hours having securities and other documents left with the bank for safe keeping. Pay roll checks. issued by corporations or other business firms which furnish the bank sufficient amount shall be expected that this provision will prove very helpful to Saginaw laboring men and merchants.
SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW
BANK OF SAGINAW PEOPLES AMERICAN STATE BANK
3.
March 28, 1933
The Saginaw News
Saginaw, MI
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Named Conservator of Two Local Banks
A banker of more than Mr. assumes the the Bank Saginaw the Peoples State bank by reason of his appointment Tuesday conservator of both banks. The was made Banking Rudolph Reichert. now president of the Michigan company, associated with the Pigeon State for 1915. On 1915, he was named the late Gov. Woodbridge Ferris, serving under the subsequent Gov. Albert Sleeper and Gov. until the spring of 1921. He then retired from politics and after living Lansing for several years, his residence here. He now lives at 1023 Gene-
4.
March 28, 1933
The Saginaw News
Saginaw, MI
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Purpose is to Protect Interests of Depositors
Filing of the application for conservator the Bank of Sagiwas by the desire directors of the bank the depositors' interests pending reorganization of the issued the conclusion the meeting the conservator application the direcforth that the interests of the depositors was their first the end that the depositors directors and officials the of Saginaw making conservator, tempoform would serve the depositors' interests. of conservator bank has two der passed last the under an passed legislature, which safeguard depositors' and completed the bank than before and amply able to care of all its banking functions. Under the plan the can toward solely the end the tors shall protected the and the legal methods authority made available thoroughly accomplished the aid than any other On its the can tion its and the best Led in Developing City. Saginaw financial history business in decades has its lending freely in order that residents of build homes. policy which aided In having Saginaw gain recognias of the leading cities of respect "Naturally, in following this bank holds many homes that under present are exclusive to Saginaw general the nation. the were these assets cash would be foreclose these depriving owners and equities as to cause "Neither bank officials nor the federal reserve officers banking department favor such policy attempting to conthese cash and the United definitely committed against effort toward drastic liquidation or the visiting community of calamity this character. Having foremost in mind the of this tion and the desire to protect depositors and believing that the safest to both these ends would be found in ing state conservator, the directors accordingly took such action.
Encouraged Industries. "The Bank always in developing companies many years has been helping growing concerns to expand their productive facilities make major factors the growth Saginaw's industrial activities. During the this present depression the bank's policy has been one of assistance to these insofar with sound banking practice."
5.
July 6, 1933
The Saginaw News
Saginaw, MI
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FORMER SAGINAW MAN NAMED BANK RECEIVER
Trygve B. Johnson, formerly an of the Bank of Saginaw resident Big Rapids, has been appointed State Bank Press patches from Lansing
6.
January 3, 1934
Battle Creek Moon-Journal
Battle Creek, MI
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WILL FILE BRIEFS IN RECEIVER CASE
Saginaw, Jan. Judge Clarence Browne Tuesday ordered briefs filed the suit of Bank of Saginaw seek ing to restrain Frank W. Merrick. bank receiver, from proceeding with reorganization plans. temporary restraining order has granted. Five days' time to file briefs was given the attorneys, and an adtwo days file answer was granted to the at torney, who seeks dismissal of the plaintiff is Miss Margaret Mitts, of the depositors committee.
7.
January 14, 1934
The Saginaw News
Saginaw, MI
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Suggests Organizing National if Funds Lacking to Reopen Closed Banks.
HOLDS FEDERAL AID NECESSARY
Court Refuses to Dismiss Action Brought Against Receiver for Bank of Saginaw, Holds State Law Void-Believes Quick Solution Possible.
Suggesting the for a speedy solution Saginaw's long-drawn banking difficulties, Circuit Judge Clarence M. Browne yesterday afternoon denied motion to dismiss litigation brought against Frank W. Merrick as receiver for the Bank of Saginaw and held unconstitutional portion of Michigan's emergency banking action by interested ties to decide whether there hope funds to reorganize one or both of the
The text of Judge Browne's recommendations for solution of Saginaw's banking difficulties appears on Page closed state banks here (Bank of Saginaw Peoples State without can state plan. Would Seek National Bank.
In the event such found impossible, Browne suggests prevent rapid assets old banks, committees formed by the depositors, positors stockholders, refederal authorities the matter forming single new national here under a fedThe judge's opinion denies the motion to bill plaint filed by Miss Mitts. chairman of the acting depositors committee the Bank Saginaw, which an injunction to prevent the bank's receiver from disposing the bank's assets until banking commissioner have creation of committee and the committee provided with information on all the bank's affairs. He allows for the filing of an answer by the defendant in the Sees Considerable Delay.
Pointing out that, whether his decision reviewed shortly by the appeal is until a. final hearing that there be considerable lost time, Judge Browne in his statement: given this matter careful thought, have listened the various and arguments the interested parties and have also followed the matter closely in the public press. have interest in this particular bank, either only interested the community all inhabitants, and from this interest
8.
January 24, 1934
The Saginaw News
Saginaw, MI
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HANDS TIED, SAYS REICHERT
No Progress Possible on Bank of Saginaw While Court Order Stands.
JUDGE CAN NOT MOVE
By GUY JENKINS. Correspondent.) the pending court injunction continues in force, the state banking commissioner can do relative to the affairs of nothing the closed Bank of Saginaw, memcommittee the bank of the Tuesday State Banking Commissioner Rudolph Reichert has written to Circuit Browne Saginaw, the judge issued the injunction. certifying him that the has received the of depositors representing 51 per cent of the deposit liability the bank, and ing him the satisfactory to him and whether the injunction will be lifted that department to deal with the affairs of the bank.
Judge Can't Act. Judge Clarence M. Browne told The News that has nothing to about the depositors' and that of the can only be brought about by or by agreement between the two have nothing to pass on garding the depositors' committee,' judge law provides how shall be and doesn't far as the injunction concerned will be by the if they to so, by agreement between the plaintiff and defendant. suit started Miss Margaret Mitts, chairman of the Bank of Saginaw depositors' asked the bank's be restrained from dis-
9.
March 10, 1934
The Saginaw News
Saginaw, MI
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President Cuts Army Mail Flying SMOKE-FLAME PILLAR ACTS TO HALT New Yorkers Thunder Indictment of Hitlerism ATTRACTS THOUSANDS ORDER AGAINST BANK TRAGEDY TOLL Box Factory Loss EstiRECEIVER BULK OF WORK mated at $64,000Executive Announces Decision After Conferring With Lack of Water Handi-
Chairman of Bank of Saginaw Depositor Committee Says Stipulation Will Be Filed.
PLAN PERMANENT COMMITTEE OF 3
New Body Would Serve with Receiver as Advisory Board Throughout Process of Liquidation. Necessary Revisions of Reorganization Plan to Be Considered.
Plans for removing the circuit court injunction obtained by Margaret Mitts. chairman of the depositors' committee of the Bank of Saginaw, against Frank W rick receiver of the bank, were announced today in statement Mitts. said that the committee and banking department have that necessary plan reorganizing bank shall submitted the committee for its approval and nent shall advisory board process liquidation of old The injunction restrained disposing of any of the the The Statement.
In her statement today Miss of held lately the Bank of depositors' W. Merrick, chairman, Miss Marthat filed court the expected that it filed been agreed between the the department that permanent committee
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10.
April 6, 1934
The Saginaw News
Saginaw, MI
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COUNCIL OK'S REESE FINANCE PLAN
Delay in Bank Action Scored BOARD OF ESTIMATES
CO-OPERATE OR QUIT, COMMITTEE IS TOLD
Bank of Saginaw Reorganization Held Up by Depositor Group, Says Merrick.
SEES LIQUIDATION AS ALTERNATIVE
Failure to Co-Operate in Government Plan Is Only Thing Holding Up Pay-Off and Organization of New Bank, Receiver Declares.
Unless the depositors' commit tee of the Bank of Saginaw in plan for reorganizbank quirements state and federal thorities should aside permit the organization of bank, said in ment He said that the committee's failure in the plan thing that prevents of new payoff to depositors. A number depositors alarmed the prosthat the lead to closing and quidation of bank the great disadvantage of the depositors, he
To Wait Reasonable Time. Inviting depositors to him to able give them an oppor. tunity to protect their and they do not do will compelled recommend state department that the firmly said Mr. Merthe attitude of committee is keeping the deposigetting good city from getting and by ing closing of Bank of Saginaw and liquidation its which generally agreed would the worst thing that could happen to the debank Mr Merrick number of large of Bank Saginaw conferred with me during the two or days in regard to the parties at the serious possibility that this bank be closed suggested ment concerning the affairs of bank that all this community be fully advised with respect parties fully serious conse. that permanent closing the bank and liquidation of assets for depositors of the the effect munity, and they in complete that would be the best terests of depositors of the the direction of the state banking department, been steadily for many months
11.
April 6, 1934
The Saginaw News
Saginaw, MI
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News Summary
Bank of Saginaw receiver calls on committee to operate with state banking partment RFC way selection of another Council approves Reese finance plan amendments: of estimates asks Yard and Garden contest.
Auto Labor Board may aid in settlement of tool and die strike.
Senate and galleries "treated" to more Huey Long ces. Fan mail guide to new deal develops. Wilson penned name to war declaration
King of Sweden dodges errant and on getting royal blessing. Chinese bandits lay waste town in manner of the middle Direct Tokyo-New York trade link sought by Japanese industrialists. Domestic-
The fight over the Vanderbilt Burghers help police. Crime increases laid to door of school
Red Wings straight hockey game to Black Detroit reach semifinals of national amateur boxing City table tennis tournament reaches final round tonight. Jira Sato. Jap tennis star, ends life with leap into ocean Michigan C. in national A. U. swimming
Markets and BusinessStocks develop irregular trend in quiet dealings Grains rally after early downturns.
12.
June 5, 1934
The Saginaw News
Saginaw, MI
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See Reorganization of Bank of Saginaw as Best for Depositors, Community.
HEAR OUTLINE BY
Frank Marxer Points Out That New Committee Has Taken Initiative in Effort to Avert Liquidation of Bank Heavy Liquidation Loss.
Plans for reorganization of the Bank of Saginaw brought the Retail Merchants Credit Bureau approved without dissenting vote Monday night the Retail Grocers' and Meat DealMeeting the Schust company plant for monthly gathering. the heard explanation the plan Frank Marxer, chairman of motion Henry Strobel supported Walter Loeffler went on record the Compares Plans. Mr president the Credit former president the and Meat Dealers' that lieves the according to the will produce the best for the depositors the munity He his audience that liquidation probably would produce great losses the assets bank He stated that the committee that the that they the committee support prepared to end. He invited the positors the bank for the Solution of Problem no the in the paper tonight regarding to reopen the Bank Saginaw Mr Marxer Many people inquired why action called of bank whether there problem, either the bank liquidate solution, opening of the depositors, business acting in the terest of two that could be adopt to the You will what means to liquidating stocks, that there liquidation there much Money for Business. "But there money into business Some people have that would coerced to people buy but how many times been coerced during the you few have been many have done lot times, things not want our business. the depositors want protect their believe they by a little of vesting bank receiver has given cooperation He on and basis The has and only for plan the bank good for dont why isn't good cities for Saginaw This with about eight million of believe solution that for the depositors will reopening will not depositors lot of stock. There asked to payoff and per cent would have probably taken leaving be
(Continued Column
13.
June 5, 1934
The Saginaw News
Saginaw, MI
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MERCHANTS NEW PLAN
Grocers and Meat Dealers Unanimous in Backing Committee.
PROGRAM IS OUTLINED cent in cash. The committee believes that 25 per cent is much depositors would get out of liquidation. satisfied that the depositors would 100 per better off through reorganization than by liquidation. 40 per cent payoff would mean There cured deposits of that have to paid. Under liquidation they would have paid first. That leaves to loose in the community. When look at more than two million dollars released the community that means something for the and for retailers. positors Someone might say it was done business men the protect bank but does anyone these business men forced out of and their employes thrown out of work Loans to Be Realized. this handled in sane manner lot loans realized 100 cents to tell that the depositors will 100 cents on the dollar, but think they will lot little into more putting that the stock will money. take what Liquidation under this Steagall bill means that the would have to be the praiser only worth $500 that would The Bank of Saginaw up worth of assets and that's only 50 cents the dollar on the good assets. That's the way the That same thing would happen with liquidation. got through ceivership be much think the would get 25 and think than Liquidation Would Be Slow the positors 25 per cent cash 15 per cent stock in bank Under liquidation think the depositors would anything First there would the the bank the that would to be and then there would that would to paid to secured positors takes time beileve that liquidation the thing But Do the Bank of Saginaw and get the most that possible of and take you The propothe of the bank the the they should to the Bank Saginaw and proxies for the the committee that opened. you don't care. entirely voluntary Considered As Duty leave up you. If the committee to open the the bank the proxies cent the felt duty think that is the most solution the the depositors wish. Go to the bank and tell them want to proxies for the quicker you the quicker get the bank We the biggest depositors, asked them they support the plan and they said they would. will good many out for quick the there million released the depositors. We don't want get any just think people want the bank opened
Favors Reopening. Edward Schust spoke briefly garding the plan the efforts that have been made in the past regarding its affairs believe the best way for the community and the depositors would be to get the bank open possible" said. But things run along long and are disgusted know you do. You can't blame them. heartily favor of opening if it can done.'
14.
June 5, 1934
The Saginaw News
Saginaw, MI
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McCurdy Says No Longer Wants Depositor Group to Represent Him.
CITES LIQUIDATION LOSS to the receiver that would provide for the 40 per cent payoff wants to make available to It the firm intention the RFC to avoid any "dumpthese assets they hold security to their loans; they plan nothing except at sound normal values. Therefore anticipated that after their loans completely liquithere will substantial amount left to be liquidated for the of Receiver Can Make Loan. this approximate 40 payoff the simulof bank But the and future of this bank seems that be especialhaving bank which government large stock interest. big bugaboo has been trayed depositors will be forced subscribe stock bank. have before forma statement the pro bank proposed by RFC under Spokane Plan" and that every positor to subscribe of his total deposit, would $300,000 stock, $120,000 surplus and 000 undivided which with the to the forms the capital the firm lief (and expressions belief from that squabbling were personalities elimiall got behind the formation new number substantial most whom have even tended the public would subscribe for cash for some the common stock Why Block Sound Plan? "And block sound plan for bank because of feelings toward the The nothing with he should elected director by the stockholders. will use the facilities the new bank making positors Bank of Saginaw making collections but not run His will look after the assets the Bank Saginaw ject to the approval the Reconstruction corporation, the circuit court and the state banking department and these checks on his actions, be dispose assets sacrificial prices or ruthless "Statements recently been to the effect that the bank's assets million dollars and that the collection of of the stockholders would add making total of around 000. This may have been
Assets Have Shrunk. "The statement March 30, showed resources But. this did not take the market value several million dollars of assets or the though they will likely paid date, would not sold their face value this the future doubtful than half the of some of old to pay made ing the the 1933 May 22. have ing of elimination of During this period, the total of the bank This income would be larger all mortgage and bond terest being received Expenditures period total leaving net gain
"Of the has been paid interest the RFC loan and other bills payable Our accounts have been credited with interest totaling Payrolls Approximately $5. 000 has been spent for insurance, prepaid for three items we find that the to handle and for old net gain of has been received. Closing the bank and eliminating the that are given would few off the rolls doubtful the ing would great the ings item above referred Too, believe thousands of old customers appreciate the privilege handling their affairs through the old bank's facilities. want here refer all to the editorial which appeared in The Saginaw News on Sunday,
June "Liquidation means quitting and Saginaw has never quit Surely we are not going to put this bank through straight liquidation when will mean of our business houses and the selling at sacrifice prices of property presently marketable at far below normal values. Such sales would the value of all of Saginaw's real estate for years to come. Let not let our minds be poisoned by any feelings and let all get back of the organization of the new bank, to organized in the plan offered by the Reconstruction Finance corporation. This plan sound and, having such strong bank aid in the of our old will at least have chance to realize our total deposits. do feel that this letter should be looked upon as only wanted to summarize what you all know as fair and prejudiced means of aiding, not ourselves depositors, the entire community.
15.
July 8, 1934
The Saginaw News
Saginaw, MI
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The People's Forum
Letters for The People's Forum signed the the Unsigned long cannot publication.
On Bank Committees. Editor of The Sunday NewsPertaining to my article in your paper under date of July 5, bearing on the organization of new national bank and the appraising and liquidating of the assets of the Bank of Saginaw, wish to make further comment: am still convinced that the assets of the bank should be liquidated through legally authorized trustees but in event that this method is not followed wish to emphasize the importance of a depositors' committee. At present there are two committees, one known as the "Mitts committee," of which Miss Margaret Mitts is chairman, organized in October. 1933. and the other known as the "Marxer committee of which Frank A. Marxer chairman, organized in June, 1934. Please understand that am not holding brief for either committee but wish the depositors to understand the facts pertaining to the activities of these committees as understand them. In the face of most discouraging opposition, due to the Mitts was finally recog nized as being legally constituted. This committee acted honorably and sincerely in behalf of the depositors and Miss Mitts and Mrs. Ida Ferris. together with all other members thereof. to be congratulated because of their earnest efforts. Because of misapprehension. there was some lack of cooperation between the banking department. the receiver and this committee, causing delay in securing relief for the depositors The second committee. the Marxer committee, did most ef. fective and constructive work in securing the organization of the new bank but must go much further in its insistence upon proper appraisement of the bank's assets and their liquidation. This committee, in order to be effective. should control the proxies of majority of the depositors by large To be really effective a depositors' committee should represent not less than 85 per cent of the total deposits of the bank. depositors' committee of any closed bank should not be in any way directly or indirectly under the control supervision of receiver or of any of his assistants and no member of such committee should be indebted to the bank. These committees are composed of well-known, reputable and honorable residents of Saginaw and have the welfare of the depositors at heart as well as that of the community. My opinion is that both these committees should work together in harmony in an effort to secure the best results for all concerned would advise that combination be had of all proxies heretofore secured. Otto Schupp. 606 South Jefferson avenue.
WURTTEMBERG Germany P)-Instruction in Jewish religious precepts has been discontinued in Wurttemberg high schools by official order. but Jewish organizations conduct religious schools privately. camp of the neolithic period has been discovered in Noglika on Sakhalin Island Flint arrows, stone axes and clay utensils were found and sites of 120 earthen huts traced.