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NEW YORK BANK ASKS RECEIVER New York. June (INS) Clarke Brothers, bankers, one the oldest private banking institutions in New York City, posted notice today that was unable to meet demands for and that, it was deemed necessary, "for the potection of to apply to the federal court for ap. pointment of receiver to take charge of the property The bank has been in existence since the days of the Civil war.
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PETITION FILED BY BANK FOR RECEIVER NEW YORK. June 29. (Exclusive) Clarke Brothers, a banking house, has applied to the United States District Court for the appointment of receiver. In a statement issued by the concern it was said that unexpected demands for withdrawals made the action necessary and that an orderly liquidation of assets should produce an amount sufficient to pay all debts.
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Old Banking House Fails Second Time New York, June 29 Withword of warning. Clarke Brothers, closed its doors today, going into bankruptey. A federal was put in control pending liquidation of the bank's affairs. The bank had some 85,000,000 of depositors' money, it is understood. This the bankers expect to pay In full. For 87 years Clarke Brothers had conducted its business. Some 20 years ago the bank suspended for time. but got under way again. Its collapse today thunderelap to its wide clientele The bank did business up to closIng time Friday night.
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RECEIVER IS ASKED YORK BANK NEW YORK June Clarke Brothers, bankers. the banking institu tions in posted today unable demands for creditors apply the Federal court receiver charge the had been existence since the Civil list depositors and conducted cated fringe of the district.
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Old N. Y. Bank Closes Doors; Had $5,000,000 Deposits NEW YORK word of warning. Clarke Brothers, bankers, closed its Saturday, going into bankruptcy. A federal receiver put control pending 11quidation the bank's affairs. The bank had some five million dollars of depositors' money, it is understood. This the bankers expect to pay in full. For 87 years Clarke Brothers had conducted business. Newspaper men Park Row, city employes, business men, clerks, stenographers deposited money in Besides that it did thriving business in bonds and securities, and travelers' checks and brokerage. Some 20 years ago the bank suspended for time, but got under way again. Its collapse Saturday was thunderclap to its wide clientele. The bank did business up to closing time Friday night. None of its depositors knew anything was wrong until they began arriving at the bank at opening time. They were amazed to find notice on the door.
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CLARKE BROS. PLAN TO REOPEN BANK Receivers Continue to Audit Books for Federal Court. A plan of reorganization. under which Clarke Brothers. private bank. ers at 154 Nassau st., Manhattan, forced.to close last Saturday, due to heavy hope to resume business, is in process of formation. This was known today by G. W MacCormack, acting for the Irying Trust Co., appointed receiver by the Federal Court Pending reorganization, however. MacCormack stated that his auditors, who have been going over the banks' books since Monday would continue their task, and when the work is complete, the receiver will file report with the Federal Court. The partners in the Clark Bros. firm James Rae Clarke, Philip Clarke, Hudson Clarké and F. "These men have plan for reorganizing the affairs of the MacCormack "and in a few days they hope to make announcement." Harry Zelkin. counsel for Clarke Bros., working with the bankers on details for While new plans are going for. cedure ward. it stated. the usual prounder which the receiver liquidates the assets of receivership. will go forward. The court would. the details explained. pass upon any reorganization submitted. When the bank closed Saturon day that the sets on totalled as believed sufficient to any and all demands Clarke Bouker with U. Attorney Tuttle in the latter's office today going the general aspect of and up the causes for the closing of the bank.
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Late Wire Bulletins WILSON FARM BOARD WASHINGTON, July 12 Wilson, former New York state commissioner of agriculture, has been pointed to the federal farm board. EX-CHAMPION DENIED LOW BAIL NEW YORK, July 12 writ of habeas corpus for the release in low bail of Johnny Wilson, former middleweight boxing champion, held as material witness in the killing of Frank denied today by Supreme Court Justice Walsh. Mary (Mickey) Seiden, night club hostess, held with Wilson and five other men each in bail, failed two days ago to obtain her freedom in similar proceedings. TRANSFERRED "MILLIONS" IN NEW YORK, July 12 Attorney Charles H. Tuttle, he opened before federal his "John Doe" hearing in the failure of Clarke brothers, private banking concern, declared today that the Clarke brothers had admitted to him that they transferred "many millions of dollars to their wives and families before the bank crashed."
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ALL BANKS IN DE LAND CLOSE FOLLOWING RUNS Three Florida Institutions Post Notices Simultaneously. Jacksonville, Fla., July 11.—(AP)—Three Florida banks—two at De Land and one at Miami—were in the hands of bank examiners tonight pending reorganization or liquidation. The First National bank at De Land closed its doors shortly before noon after a heavy run following the posting of a notice on the window of the Volusia County Bank & Trust Company, also of De Land, that that institution "has suspended business and is now in the hands of the state banking department." Closing of those two banks left De Land tonight without a single financial institution. The Colonial Bank & Trust Company, of Miami, capitalized at $100,000, and with a surplus of $50,000, failed to open its doors today after steady withdrawals of cash during the past four days. It was organized three years ago and first was known as the South Florida Trust Company. FOUTS IS ARRESTED FOR FAILURE. Bartow, Fla., July 11.—(AP)—John L. Fouts, president and director of four central Florida banks, all of which failed on May 15, last, was arrested late today on an information filed by State Solicitor Hardin Peterson, charging him with having violated the state banking laws. Fouts, who was director and president of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winterhaven, was arrested at Winterhaven and brought here. His bond was fixed at $10,000, which was furnished by John J. Swearingen and Vet L. Brown, of this city. The information charges Fouts with having "lent" himself $5,000 of the funds of the State Bank of Bartow without the consent of the board of directors of that institution, and with altering the minutes of the board to make it appear that the "loan" was regular when the resources of the bank were not up to the legal requirement. COMPTROLLER EXPLAINS ACTION. Washington, July 11.—(AP)—The office of the comptroller of the currency said today that the closing of the First National bank in De Land, Fla., was a measure to protect the interests of the depositors from any run on the institution resulting from failure of a state bank nearby. In cases of this kind, it was explained, where directors of a national bank feel that depositors are becoming panicky because of nearby bank failures, they close the national institution so that all depositors receive the same treatment rather than to permit a few to withdraw their entire deposits and place the bank in an embarrassing position. LASSITER RETURNS AFTER "BREAK DOWN." Birmingham, Ala., July 11.—(AP)—J. B. Lassiter, president of the closed Avondale Bank and Savings Company and the City Bank and Trust Company, returned to Birmingham tonight from New York city, where he had been in a hospital for several days following his collapse when informed that his banks had closed. He was taken to the home of friends to recuperate. He was accompanied here by Caron Capshaw, New York attorney. NEW YORKERS INDICTED FOR BANK FRAUDS. New York, July 11.—(AP)—Members of the firm of Clarke Brothers, a private bank, that failed to open its doors two weeks ago after having done business for 80 years on the fringe of the downtown financial district, were indicted today by a federal grand jury on charges of conspiracy and using the mails to defraud." Three younger brothers of the founder, William H. Clarke, who inherited the business on his death three years ago, were named in the indictment. Those indicted were: James Rae Clarke, Hudson Clarke, Jr., and Philip L. Clarke, together with John F. Bouker, who joined the firm recently. They were indicted on the eve of a public "John Doe" hearing on their management of the business, instituted today by United States Attorney Charles H. Tuttle, as long lines of the depositors, many of them middle-aged women, filed into his office with complaints; others included small business men, workmen, stenographers and clerks. Some of them told their stories while they wept. Shortly before Mr. Tuttle laid his case before the grand jury, accountants for the Irving Trust Company, receiver, at work on the bank's books, reported indications that the partners owed their bank more than $380,000 in addition to $440,995 which they had charged against themselves on the ledger.
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HEADS OF BANKING CONCERN INDICTED Federal Grand Jury Charges Conspiracy And Using Mails To Defraud NEW YORK. July 12-(P)-Members of the firm of Clarke Brothers, a private bank that failed to open its doors two weeks ago after having done business 80 years on the fringe of the downtown financial district, were indicted by federal Grand Jury on charges of conspiracy and using the mails to defraud. Three younger brothers of the founder, William H. Clarke, who inherited the business on his death three ago, were named in the indictment. Those indicted are James Rae Clarke, Hudson Clarke, Jr., and Philip L. Clarke, together with John F. Bouker, who joined the firm recently. They were indicted on the eve of a public "John Doe" hearing their management of the business, insti- long staple importations, the Department of Agriculture informs me, are small compared to the grown here. Besides about half of our total production is exported."
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OWNERS OF OLD BANK CLOSED ARE INDICTED FOR CONSPIRACY, FRAUD (By Associated Press) New York, July -Members of the Clarke Brothers, a private bank that failed to open its doors two weeks ago after having done business for 80 years on the fringe of the down-town financial district, were indicted yesterday by a federal grand jury on charges of conspiracy and using the mails to defraud. Three young brothers of the founder. William H. Clarke, who inherited the business on his death three years ago, were named in the indictment. Those indicted were: James Rae Clarke, Hudson Clarke, Jr., and F. Bouker, who joined the firm re-Philip L. Clarke, together with John cently. They were indicted on the eve of a public "John Doe" hearing on their management of the business, instituted yesterday by U. S. Attorney Charles H. Tuttle, as long lines of the depositors, many of them middle aged women, filed into his office with complaints. Others included small business men, workmen, stenographers and clerks. Shortly before Mr. Tuttle laid his case before the grand jury, accountants for the Irving Trust Company, receiver, at work on the bank's books, reported indications that the partners owed their bank more than $380,000 in addition to $440,995 which they had charged against* themselves on the ledger. The bank's failure was attributed to a shrinkage of between $4,000,000 and $5,000,000 in assets.
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CLARKE LOOT FEATHERS NEST IN ITALY JAMES REMITTED SUMS REGULARLY, MINTZER IS TOLD By GRACE ROBINSON. That James Rae Clarke, chief factotum of Clarke Bros., private bank which failed for $5,000,000, was feathering a nest in Italy to which he intended to fly before the crash came, was the lurid version of the banker's schemes brought to the government yesterday. Assistant United States Attorney George Mintzer is investigating the report. Clarke, according to the government's informant, sent regular remittances of money to that country and would now be basking on the Mediterranean instead of walking in the shadow of two prisons, had he realized how soon his tottering institution was to crumble about his ears. Trial Set for Wednesday. The three Clarke brothers and their partner, John F. Bouker, yesterday heard Judge Cornelius Collins fix Wednesday, July 24, as their trial date on the six indictments found by a New York county grand jury. While the four well-dressed men submitted to fingerprinting and mugging, the routine meted out to pickpockets and murderers, their pal and handy man, Milton C. Quimby, was revealed as a hardened and experienced criminal. Quimby, the white-haired promoter, was shown to be not Quimby, but Milton Cogswell Quinn. Under that name he served two terms in New Jersey state penitentiary. Quimby's Prison Career. At 19 he went to prison for horse stealing and served one and onehalf years. Later he served a fiveyear term for forgery. In 1922 he was indicted with Charles W. Morse on a charge of attempting to defraud the government in warship construction. This charge was dismissed. The federal case against the Clarke partners goes to trial July 29. New Indictments Loom. Other important developments were: 1-New county and federal indictments loomed, as investigation revealed more clearly how others mentioned in the inquiry had assisted the Clarkes in hoaxing of 2,200 depositors. 2-Milton C. Quimby's Arabian Nights' schemes were revealed in their glorious fullness when the senior Clarke's secretary, F. J. Sheehan, produced his notes of affidavits signed by Quimby June 14. The promoter was expecting $48,850,000 within sixty days, $25,000,000 of it from the Soviet Republic of Georgia "for personal services." A half interest in these gossamer hopes was assigned to the Clarkes, and on this basis they expected to rehabilitate their crumbling bank. 3-Panic spread among the Clarke cohorts when Pecora's early trial date was announced. Their attorney in this case, H. H. Shepherd, objected violently to the date and to the bail, fixed at $25,000 for each of the Clarkes, and $5,000 for Bouker, who has turned state's witness. 4-Today government sleuths will open two safe deposit boxes of Quimby's, one in Jersey City and one in Newark.
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Hoover Would Cut Military Expenses WASHINGTON, July 23. President Hoover today plan to set up the general of the army study of drastically reducing military expenses during the next four years. program outlined the chief executive persontoday press contemplates of the tire military program of the United States with view to bringing prospective into line with the world military situation fected by the treatles and the progress of naval duction discussions. ACCEPTS FAILURE BLAME NEW works blame for the failure of the private banking firm of Clarke Brothers was shouldered today James Rae Clarke, senior part- maker Russ when he pleaded guilty to comic dictments in both Federal and General Sessions courts. The the eral Court indictments charged with using the mails defraud while those in General STAR THE accepted knew the bank
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Banker Admits Using Mails Fraudulently NEW YORK, July 23. (P)-James Rae Clarke, senior partner of Clarke Brothers, private bank, pleaded guilty today to using the mails to defraud and accepted full responsibility for the banks $5,000,000 failure. Sentence was deferred until the brothers can get together and assist in salvaging the wreckage. One indictment charged them with concealing assets in bankruptcy and another with accepting deposits after the bank was insolvent.
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CLARKE BANK ONLY HAD $34 AT START Partner Testifies at Senior Bankruptcy Hearing New York, Aug. 1 (AP)-James Rae Clarke, senior partner of the defunct private banking firm of Clarke Brothers, testified at a bankruptcy referee's hearing today that when he reorganzed the bank in 1904 the total capital was $34. During the next 10 years, he said. there were deposits of $1,000,000. When the bank went to the wall recently there were deposits on its books of almost $5,000,000. Clarke pleaded guilty to both federal and state indictments after the clash. assuming full responsibility for the failure. He testified today that he had turned over to the receiver all real and personal property held in his name or his wife's. his sentence having been deferred on his promise to do this. He said he signed the deed of transfer from his home in Yonkers last night.
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BANK MAY PAY IN PART. Clarke Depositors Expected to Get 20 Cents on Dollar. NEW YORK, August 9 (.P).-Depositors of the defunct Clarke Bros.' private bank may realize 20 cents on a dollar, the Irving Trust Co., receivers, announced today. The closed bank's liabilities total $4,972,147.97, with the estimated deficit $3,811,364.46, according to a new tabulation printed by the receivers. The Clarke Bros.' bank at the time of Its failure had several thousand depositors representing the poorer classes, many of whom lost their life savings when the institution crashed.
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THREE PARTNERS ALL BANKERS GO TO PRISON NEW YORK, Aug. 9 (By A.P.) Three partners of Clarke Brothers, eighty-year-old private bank, today were sentenced to serve terms in a Federal prison on charges growing out of the $5,000,00 crash of the bank June 29. Another partner also received a prison sentence, but It was commuted to probation. AH four had pleaded guilty to Federal and State indictments resulting from the failure. James Rae Clarke, senior partner in the bank his grandfather founded, was sentenced to eight years in the Federal Penitentiary at Atlanta, Ga. He was also given a suspended sentence not to exceed eight years in the New York State Penitentiary Philip L. and Hudson Clarke, Jr., brothers of the senior partner, and John F. Bouker, all partners In the defunct institution, were sentenced to a year and a day in the penitentiary at Atlanta. The sentence of Hudson Clarke, Jr., however, was commuted to two years probation, the court indicating it was moved by compassion for his aged father, who was described
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THREE BANKERS Sentenced To Prison On Federal And State Counts Growing Out Of Crash. And Mail Of Deposits Acceptance Misuse Are Charged Against Clarke Brothers. partners of today year-old private to in sentenced charges prison $5,000,000 crash of the the June 29. partner received Another prison All four muted probation. and pleaded guilty resulting from failure. Rae senior partner James bank his grandfather founded. in the eight years in sentenced Federal Penitentiary. Atlanta. Ga. He received suspended tence not exceed eight years the New York State Penitentiary. Philip and Hudson Clarke the senior and brothers partners in the John defunct sentenced and the penitentiary The sentence of Hudson Clarke however. two the Court indicating for his aged moved by described father. needy circumstances. The latter three partners also from year and sentenced years and two days of the state tences The pleaded guilty more 13 Federal the his plea, send 127 The state charged him the partners with accepted after they knew their bank The Federal charged them with having used the mails defraud and conspiracy to Six hundred of the depositors had early in the forenoon elect Trustee for which they selected the Irving Trust Company. the bank's receiver. meeting informed that they would probably receive than 20 per cent their money.
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BANKERS TO SERVE TERMS IN PRISON Partners in Clarke Brothers' 80Year-Old Institution Held in $5,000,000 Failure. By the Associated Press. NEW YORK, August 10.-Three partners of Clarke Brothers, 80-year-old private bank, yesterday were sentenced to serve terms in a Federal prison on charges growing out of the $5,000,000 crash of the bank June 29. Another partner also received a prison sentence but it was commuted to probation. All four had pleaded guilty to Federal and State indictments resulting from the failure. James Rae Clarke, senior partner in the bank his grandfather founded. was sentenced to eight years in the Federal penitentiary at Atlanta, Ga. He also was given a suspended sentence not to exceed eight years in the New York State penitentiary. Philip L. and Hudson Clarke, jr.,
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Private Bank Failure Causes Sentences For Clarkes And Partner NEW Aug. Three brothers and their partner under to prison today for wrecking the Clarke brothers which closed doors with liabilities approximating $5,bankers, all of whom pleadguilty, yesterday by, Federal Judge Harry B. Anderand Judge Collins, ting in court The defendunder both state and fedJames Rae Clarke, attempted brother assuming "full responsibility' the crash, eight in Atlanta federal prison. similar tence suspended. Philip Clark, Hudson Clarke, and John Bouker, partner taken shortly before the crash, each sentenced year and day The sentence Hudson Clarke, commuted probation. federal and judge been together in this jurisdiction pronounce tence Clarke dered closed six ago owing its and other credithe Irving Trust receiver for the yesterday that dividend of on the dollar may be realized for the creditors.
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New York, Aug. 9 (AP)—Three partners of Clarke Bros., 80-year-old private bank, today were sentenced to serve terms in a federal prison on charges growing out of the $5,000,000 crash of the bank on June 29th. Another partner also received prison sentence, but it was commuted to probation. All four had pleaded guilty to federal and state indictments resulting from the failure. James Rae Clarke, senior partner in the bank his grandfather founded, was sentenced to eight years in the federal penitentiary at Atlanta, Ga. He also was given a suspended sentence not to exceed eight years, in the New York state penitentiary. One Sentence Commuted Philip L. and Hudson Clarke, Jr., brothers of the senior partner, and John F. Bouker, all partners in the defunct institution were sentenced to a year and a day in the penitentiary at Atlanta. The sentence of Hudson Clarke, Jr., however, was commuted to two years' probation, the court indicating it was moved by compassion for his aged father, who was described as in needy circumstances. The latter three partners also were sentenced to serve from a year and a day to two years and two days in state prison, the operation of the sentences being suspended. Nearly 30 of the bank's depositors, mostly small tradesmen or workingmen and their wives, who earlier in the day, after being told that they might not collect more than twenty cents on the dollar of their savings, had hissed James Rae Clarke and shaken their fists at him and had chased his brother, Hudson Clarke, Jr. through the federal building, were ejected from the courtroom after sentence had been passed on the elder banker. Dissatisfaction Heard They openly muttered their dissatisfaction with the sentence and, after they had been ordered out, stood about the corridors in angry, gesticulating groups. After the senior partner had received his sentence, Philip L. Clarke and Hudson Clarke, Jr., whom James Rae Clarke, it was believed, tried to save by assuming all criminal responsibility, and their partner, John F. Bouker, signified they were ready for sentence and threw themselves on the mercy of the court. On the ground that the younger Clarkes and Bouker had held only subordinate positions in the bank, Assistant District Attorney Ferdinand Pecora made a plea for leniency on their behalf. The four partners faced both federal and state judges, sitting for the first time together in New York. Judge Harry B. Anderson represented the federal government and General Sessions Judge Cornelius F. Collins the state of New York.
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INDUSTRY AND FINANCE Couldn't Find Creditors NEW than 40 of per cent dividend checks mailed few days ago to depositors and creditors of Clarke Brothers, private New York bank, which failed for about $5,000,000, returned to bank's because post office authorities could not locate addresses. Big Plans for Airport Curley, before legislative committee on municipal finance, declared he is prepared spend $3,000,000 or more to make East airport one of finest world. He spoke in favor of his bill which would allow Boston to borrow sum equal to per cent of its total property He negotiating, he said, with General Motors Co. which of transatlantic planes, capable of ocean in two and one-half days to use airport as base. Becoming Serious NEW YORK in building trades in New York city becoming to union leaders and employers. Best estimates indicate 40 to per cent of the building trades are idle. varies from about 20 per cent of 8000 union electricians per cent 12,000 painters. Norman, head governors of Building Trades Employers' placed average unfigure at 40 per against not 20 per cent in 1921. slump is almost as bad as in 1913. when 50 and 60, per cent of mechanics were looking work. the expenses of the trip. A good sized sum was realized. will dance held in Falcon hall on Park street Saturday evening. Lennon, local druggist, has been confined to his home by illness for several days. Robert Kirkbride assisting in the store during Mr. Lennon's absence. -Miss Betty Smith, daughter of Mr. and Mrs. Edward Smith VanDeusenville, has gone to California where she will reside. -Mr. and Mrs. Tracey Harris have returned from visit with relatives in Middletown, Conn. "Kid" Decker to Fight Edward "Kid" Decker, local pugilist, will appear on the next boxing card at the New Winter Garden in Pittsfield. His opponent has not been announced yet. He will journey to Bridgeport, Conn., next week where he will also participate on boxing program. Notes of Sturdy Links. A meeting of the Sturdy Links was held last with 100 per cent attendance. At this the music memory contest was and plans were made to become acquainted with the required selections. Many of the girls have ideas for posters. Booklets on "Food Groups" have been started. was voted that the club do to raise money. A food sale was suggested. Thursday afternoon the annual 4-H rally for southern Berkshire was held in Great Barrington. Owing the kindness of friend who loaned an automobile and furnished capable driver, the club members were able to enjoy the pleasures of the The boys' work bench is completed with the exception of painting. Mr. Tucker met with boys Friday afternoon and helped them in making their bread boards. Ruth has joined the club making total of 15 members. A. Baseball Plans. Plans are under way for the baseball team to represent the A. of this village during the coming season. Dances have been held to raise fund to purchase new uniforms and expected the uniforms will arrive here shortly. The players will be called to meeting in the near future when captain and manager will be elected. Joseph Yurga, manager for the past few years, making the plans and has charge of of until others are appointed to serve. Mr. Yurga declines to act as manager this coming season. -Alec LaPrise is confined to his by injured foot. He expects to go to Boston this week for treat- John B. Kreyenbuhl has turned her ing week with her mother in Bos-Frederick Coleman has gone to Philadelphia, Pa., where he will be -Miss Mary McGraw. student the nurses' training school at St. Luke's hospital in Pittsfield, has been visiting her home here. -Joseph has returned from few days' visit with friends in Schenectady, regular weekly social meeting of the Men's club of the Methodist Episcopal church held the Monday evening Epworth League society the Methodist Episcopal church serve public supper in the church social hall Friday evening. '-Clark P. Comstock has been in Springfield on business. machine room of the Rising Paper company plant in Risingdale is shut down this week during the installation of new machinery. regular mid week service in the church will be held tonight at o'clock. There will meeting of the official board at o'clock following the church service. For sale fine location for gas sale station. Snyder's store, Housatonic, Mass. REGISTRARS' NOTICE The board of registrars will be in session for the purpose of revising the voters' list and registering voters in the town clerk's office, Gt. Barrington, from on Thursday, February 27, 1930, and in the Housatonic, from p. m. on Friday, February 28, 1930. Kelly, Clerk of board of registrars. Loans for Farmers passed bill setting aside $7,000,000 be lent to farmers in 15 states, as result of recent floods, droughts, and hurricanes. Need More Funds special to Herald says decision of United States court in O'Fallon valuation case has placed so much additional work on interstate commerce comthat appropriation $1,000,000 will be necessary for next three years. To Pay Dependents NEW says Standard Oil of New Jersey will pay $250,000 more in compensation dependents of victims in recent Elizabeth. N. This is far more than the law requires. Old Golds Big Sellers NEW increase of Lorillard Co.'s Old Gold cigarettes in January double all brands in United States for that month. To Have Costly Yacht NEW private yacht in world will be built in Germany for Harrison Williams. It will be 410 feet long and it will cost upward of $3,000,000. Big Railread Planning Pacific will spend $21,000,000 in this year, says D. Coleman, vicepresident lines. Branch line construction will $11,and of existing lines will take $10,000,000