Full suspension, Books examined
Copyright, 1932
BANK CLOSED
Newark, N. J.—(AP)—The New Jersey National Bank and Trust Company did not open today.
An American-financed line in Brazil is adding more planes to its fleet.
Many airports are being opened in Chile, which had none a year ago.
NEWARK, N. J., June 11 (I.N.S.)—The New Jersey National Bank and Trust company, operating a main office and four branches in this city, failed to open for business today.
A statement by the board of directors declare the state comptroller of currency had been asked to take over the institution as the result of heavy withdrawals during the last few months.
Morgan F. Larson, former governor of New Jersey, is a director of the bank and chairman of its executive committee. On Dec. 31 last, the bank had a capitalization of $2,800,000 and deposits totalling $13,878,941.
Erie Newark, N. J., June 11-(AP)The New Jersey National Bank & Trust Company did not open today. The Directors' statement said heavy withdrawals had been made in recent months. The bank's statement, December 31 last, showed deposits of $13,878,941.
Newark, N. J., June 11-(AP)The New Jersey National Bank & Trust Company did not open today. The Directors' statement said heavy withdrawals had been made in recent months. The bank's statement, December 31 last, showed deposits of $13,878,941.
Few Good Grass-Fed Steers Appear-Swine Values Hold Firm.
OLD UNION STOCKYARDS June Daily receipts during the closed Saturday were light, 480 cattle. 906 hogs and 340 sheep The better quality beef cattle met good demand. with dry fed baby beef selling at $6.35 per cwt and dry fed steers per The few good steers that appeared sold at 85.50 per cwt. For the most part grass cattle Moderate 340
AT few
AT CHICAGO. June and closing fat
13 Million Dollar Bank Quits. NEWARK. N. June The New Jersey National Bank and Trust company did not open today The board of directors voted to ask the comptroller of the take over the The bank's statement December 31 last showed deposits of $13,878,941.
COTTON. NEW closed October quiet
Few Good Grass-Fed Steers Appear-Swine Values Hold Firm.
OLD UNION STOCKYARDS. June 11.Daily receipts during the Saturday were light. 480 906 hoss and 340 sheep The better quality beef cattle met good demand, with dry baby beef selling at $6.35 per and dry fed steers demanding $6 per cwt. The few good grass steers that appeared sold at per For the most the cattle the ship340 fed for
AT fed fat
NEWARK N. June 11. The New Jersey National Bank and did not open today. The board of voted to ask the comptroller of the currency take over the institution. The bank's statement December 31 last showed deposits of $13,878,941.
NEW
Few Good Grass-Fed Steers Appear-Swine Values Hold Firm.
OLD UNION STOCKYARDS, June 11.Daily receipts during the week closed Saturday were light. 480 cattle, 906 hogs and 340 sheep. The better quality beef cattle met good demand. with dry fed baby selling per cwt and dry fed steers $6 per cwt The few good grass steers that appeared sold at per cwt. For the most part the grass cattle the class. odd good fed with 5278 choice
AT CHICAGO.
CHICAGO steady: week fat
13-Million Dollar Bank Quits. NEWARK. N. June 11. The New Jersey National Bank and Trust company did not open today The board of voted to ask the of the currency to take over the institution. The bank's statement December 31 last showed deposits of $13,878,941.
COTTON. NEW June middling.
Newark, N. J., June 11 (AP).—The New Jersey National Bank and Trust company did not open today. A directors' statement said heavy withdrawals had been made in recent months. The bank's statement December 31 last showed deposits of $13,878,941.
Patersonians to Attend Rites for Francis Higgins
Many Paterson friends will be among those attending the funeral of Francis A. Higgins, Newark newspapermen, who died on Saturday night. Services will be held at 9:30 o'clock morning in Church of Our Lady of Good Counsel, North Newark Interment will be made in Holy Sepulchre cemetery, North Newark. Mr. Higgins suffered stroke on Tuesday and died at 9:35 on Saturday night. His wife, Emma. his son, Francis G. and his two brothers. Michael and James P. were at the bedMr. Higgins, who was was one of the best known newspapermen in the state. At one time in his career be served as secretary Charles Gillen. when he director of parks and public property in Newark, and acted in similar capacity when Mr. Gillen became mayor of that city. Mr. Higgins was born in Paterson, and attendetd St. John's parochial school. His education also included instruction at St.
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RODGERS BANK RECEIVER Newark, June Charles Rodgers was appointed receiver today of the New Jersey National Bank and Trust company which closed quest
June 17 (A. -John W. of Currency, pointment Rogers, receiver New National Bank Trust Company Newark. The bank placed hands national Rogers authorities Saturday affairs the institution during liquidation.
Court Instructs Trustee For Mortgage Company to Draw Petition Citing New Jersey National Official.
TRENTON. Aug 10 (P).-A clash over court jurisdiction has brought contempt proceedings against receiver and counsel of the New Jersey National Bank and Trust company of Newark. The receiver is Chester P. Rogers. appointed by the controller of currency. and the attorneys are D. Frederick Burnett and former State Senator J. Henry Harrison, both of Newark Vice Chancelor Malcolm C. Buchanan late yesterday directed Aurtur T. Vanderbilt. appointed by chancery court as a trustee for the Lincoln Mortgage and Title Guaranty company of Newark. to draw a petition calling upon the receiver and counsel to show cause why they should not be held in contempt. Control of $700.000 of the Lincoln's securities, deposited with the New Jersey National to guarantee payment of $382.000 trust funds held by the national bank. is sought by Rogers thru the federal courts. Vanderbilt is defendant, but a chancery court rule for. bids anyone to bring suit against a court trustee without its permission. Vice Chancelor Buchanan week ago temporarily restrained the federal receiver from prosecuting his suit, and yesterday delayed for two weeks decision on whether the restraint should be made permanent.
BANK STOCKHOLDERS Silk Chiffon and WILL BE ASSESSED
NEWARK, N. J., Aug. 11 (AP) -Chester P. Rogers, receiver for the New Jersey National Bank & Trust Company, made public today statement of liabilities and assets as of June 10. when the bank suspended operations, and notified stockholders of a 100 per cent. assessment. Assets are stated as $16,935,633.37 and liabalities as The bank owes depositors No estimate can be made what dividends will be paid depositors or when they will be paid, Mr. Rogers said. They will be disbursed as soon as possible, 3 Pairs for $1.50 however.
LIABILITIES, ASSETS OF BANK AT NEWARK NAMED BY RECEIVER
NEWARK, Aug. 12.-Chester P. Rogers, receiver the New Jersey National Bank and Trust Company, made public yesterday a statement liabilities and assets as of June when the bank suspended operations, and notified stockholders of 100 per cent assessment. Assets are stated as 633 and liabilities as $13,650,087.56. The bank owes depositors No estimate can be made what dividends will be paid depositors or when they will be paid, Mr. Rogers said. They will be disbursed as soon as possible, however.
Proceedings Against Ex-Senator Harrison and Rogers Assigned by Chancellor
Contempt proceedings against forSenator Henry Harrison Frederick Burnett, counsel, and Chester Rogers, receiver for Jersey National Bank and Trust Company Newark, referred today Walker Vice Backes for hearing. The action was brought by Arthur Vanderbilt by direction Chancellor Buchanan, the petition being presented today to Chancellor Walker. not the practice prohear and other member of the court asked. Involved in the alleged contempt the filing in the Federal Court petition and amendment by for the bank ceiver $700,000 in securities Vanderbilt chancery trustee for the Lincoln Mortgage Title Company. securities posted guarantee trust deposit with the bank the company. Burnett action constitutes against other the questions at issue whether Court of Chancery should consulted before Federal action brought, whether petition violation imposed by Buchanan. argued Mr. Burnett courtesy but necessity that the Court of Chancery be sulted. and that the amended petiwas thought present certain added facts Following the of the tempt matter, Vice Chancellor chanan signed directing Vanderbilt to apply the Federal Court an remanding the litigation the Court Chancery.
Bank Receivers Named in Action Brought at Order of Buchanan
Trenton, Aug. 17.—Contempt proceedings against former Senator J. Henry Harrison and D. Frederick Burnett, counsel, and Chester P. Rogers, receiver for the New Jersey National Bank and Trust Company, of Newark, have been referred by Chancellor Walker to Vice Chancellor Backes for hearing.
The action was brought by Arthur T. Vanderbilt, at direction of Vice Chancellor Buchanan.
Involved in the alleged contempt is the filing in the Federal Court of a petition and subsequent amendment by counsel for the bank receiver seeking to recover $700,000 in securities held by Vanderbilt as a chancery trustee for the Lincoln Mortgage and Title Guarantee Company. The securities were posted to guarantee a trust deposit with the bank by the title company. Burnett contends that the action constitutes a discrimination against other creditors of the bank.
The questions at issue are whether the Court of Chancery should have been consulted before the Federal action was brought, and whether the amended petition was in violation of a temporary restraint imposed by Vice Chancellor Buchanan.
It is argued by Burnett that it was a courtesy but not a necessity that the Court of Chancery be consulted, and that the amended petition was with no thought of defiance, but simply to present certain added facts in the case.
Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.
In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.
Receiver of New Jersey National Files Four More Complaints
NEWARK the closed Jersey Bank and Trust filed Federal Court today against stockholders accused failing meet their personal liability ments. The latest complaints, making Louis holder 106 shares stock assessed $2650; Asher Fisher, Hoboken. shares assessed $2650; Sol 106 assessed AbraHauptman, Newark, shares assessed $1575.
ARRESTED LOUD TALKING
David Diamond, of 509 diana will given hearing morning before Recorder Altman on charge of disorderly conduct. Diamond arrested creating trolley He began to discuss conditions city and country quested Detective refrain the remarks making. This Diamond would not do.