Broad Street National Bank (Red Bank, NJ)

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BANK RECEIVER NAMED

Red Bank Institution Is Closed Until Further Notice,

Depositors Told.

HAD BEEN RESTRICTED

SINCE HOLIDAY

BANK April Broad Street National bank of this boro, closed today brief notice posted the door the said order of the the currency and the further notice notice was signed "Newton Alling had been acting responsibility Efforts Meanwhile Edwin presibeen operating under the banking March the grand March letter depositors decision Conover that the capital the bank had been impaired bond conser would appointed examine bank submit plans for the sumption normal He referred the and scrutiny extended and resulted classification and the board directors believed large which were criticized paid in the usual business

The Broad Street National bank sixth bank in county having deposits totaling this Loans and discounts the total resources the institution The bank granted charter opening business 1920 original capital structure which expanded Henry Campbell was first president the bank

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Street National Bank Receiver Named

(By Staff RED BANK, Apirl pointment of receiver and the closing the Broad Street National Bank until further notice, took this borough by surprise this morning. statement on the door, dattoday, reads: order of the Acting Controller of the Currency, and the National Banking Department, this bank closed until further notice. Signed, Newton Alling, Receiver." Alling, of New York, named time The bank had evolved ago. plan which would enable the institution reopen for unrestricted The plan to Washington, and neither officially proved disapproved No statement was forthcoming from the bank this morning, expected from officials late today.

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BROAD BANK

Officers Term Appointment of Red Bank Receiver "Dis- tinct Shock."

HAD PLAN, NEEDED APPROVAL

RED April meeting depositors of the Broad Street National called today for the James auditorium tomorrow evening discuss plan for reopening of the institution issued today by the board the yesterday the bank that "the officers and the bank apparent that the community Red Bank likewise has faith in the The statement cited that during the trust funds deposited present balance

Newton Alling was appointed the bank Monday He had been conservator His appointment means that the bank longer receive deposwhich manner bank been operating since the holiday. The following was issued learn Monday had pointed bank this bank figures the taken than that he would "Subsequent March various regulations issued the changing the be Among ulations provision that supply portion capital required cooperated directors view much would be demanding and proceeded the the This assets of the Dec

Notes Classed as Doubtful

"The has, thruout its existence, believed be assist and aid the community and result great portion the depositors' funds invested in notes the people community aminer, his report, has classified proportion these notes These facts were into consideration in formulating basis reopening briefly. the basis for reopening provided for raising new capital among the stockholders and friends, amount Unregulations the treasury partment, equal amount would then by the Reconstruction corporation provided capital for against which was be preferred the per with percent. The the par The officers and this be raised the raised the and their were asked assign their (to from The the examiner classified doubtful those the trustees pay the other within the months from the dividend percent prorata The directors reasonable period the assets for the benefit the deposwould amount to pay the full the their deposit asked assign the trusfurther provision for the protection the the provides the common no dividends until the positors shall been paid in full The percent the would made available depositors the day the bank reopenAs against this deposit liability the bank would hold liquid securities $250,000. loans and discounts $1,178,000, banking house fixtures. cash and other real making assets of about $1.-

Plan Was Submitted This drawn up the offiformally ted to Roberts, April Edwin presence Mr Alling This neither nor possible obtain any information would acceptable to Roberts information received by the officers and directors the that Mr Alling had the In fact that plan had and the chief examiner, this was distinct shock and directors have faith the Broad National bank and the Red Bank has faith the holiday, the trust counts the the and excess $106,000 bank has 5,800 directors and officers feel that this bank rendering distinct service essential, before steps taken, that be definitely the Federal bank by Roberts, chief national bank examiner this district and the comptroller the currency An still made obtain some from and from authorities in New York, as to their

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Assessment Made On Stockholders

Shareholders of the Broad Street Bank Notified That They Must Pay Levy on Full Par Value of the Stock.

An upon the stockhold the Street National bank Red Bank full value has been dered Comptroller The through mailed Newton Alling, been the since last The shares $150,000. posted the bank window Monday The notice to the stockholders that money payable the the receiver Septemthe receiver by the Comptroller grant an interest, pay per the before tember and written ligation, the cent stallments of cent before three namely October 14, 1933, 1933, and De14, 1933. Deferred payments bear interest after September except that interest will be abated the case of any shareholder the before dates which they mature under the terms of the extenplan for re-opening the bank was being the which April. notice the stockholders said to have come the memthe reorganization they were under the impression that the were with move get the back and would co-operate every way posbank have than the institution. Among are 2,500 with deposits of over $26,000. The against stockholders been necessarily real for $50,000 the present he thought public receive information that another examination the would show much more Branch which in the hands

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ALLING ADDRESSES LIONS AT MEETING

Receiver For Bank Gives Ideas on to Le Brecque.

RED BANK score at the Lions club meeting yesterday Newton Alling receiver the Broad street National ideas on What Does the team will Milltown induct The George Bray Eugene Herbert John Howard Lippinseveral The attendance by Edward Conover was awarded Theodore LeBrecque Harold an interesting of two-day fishing trip which and Eugene Magee enjoyed.

Tuesday meeting Molly Pitcher William Weeks of the office telephone company will be

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Court Told Broad Street Bank Is Insolvent, Another Delay Granted

Oct. 28. Judge Philip Forman yesterday for the third granted two weeks' adjournment the motion by group Broad Street National bank of Red collection 100 percent stock levy. Request for adjournment was made by Edward W. Currie, Matawan attorney representing the bondholders. He said was pending that the bank, now in receivership, might be Leo Warwick, Long Branch attorney representing the receiver Newton K. Alling, said that the examination the bank had completed "that was insolvent He declared the bank's condiprogressing into worse state The who filed the origisuit are Daniel Ely, Holmdel: Clifton of Bank, and Josephine Otterson, of

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ADJOURNMENT GRANTED IN BROAD CASE

TRENTON, Oct. Judge Philip yesterday granted two weeks the motion group of Broad Street National Bank of Red Bank restrain collection per cent stock levy. Request for adjournment was made by Edward W. Currie, Matawan attorney representing the bondholders. He said reorganization was pending and that bank, now in receivership, might be opened. Judge Leo Warwick, Long Branch attorney representing the bank's receiver, Newton Allin, said that the examination the bank had been completed and was hopelessly insolvent. He declared that the bank's condition progressing into worse state constantly. The who filed the original suit are Ely, of Holmdel; Clifton Elliott. of Red Bank, and Josephine Otterson, Clinton.

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ANOTHER DELAY GRANTED RED BANK BANK ON FRIDAY

Federal Judge Philip Forman on Friday for the third time granted two weeks' adjournment in the motion by group of Broad Street National Bank of Red Bank stockholders to restrain collection of a 100 percent stock levy. Request for adjournment was made by Edward W. Currie, Matawan attorney representing the bondholders. He said a reorganization was pending and that the bank, now in receivership, might be opened. Leo J. Warwick, Long Branch attorney, representing the bank's receiver, Newton K. Alling, said that the examination of the bank had been completed and "that it was hopelessly insolvent.'

He declared that the bank's condition is progressing into a worse state constantly. The stockholders who filed the original suit are Daniel S. Ely, of Holmdel; Clifton F. Elliott, of Red Bank, and Josephine Otterson, of Clinton.

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Court Told Broad St. Bank Insolvent, Grants Delay

Federal Judge Philip Forman last Friday for the third time granted a two weeks' adjournment in the motion by a group of Broad Street National Bank of Red Bank stockholders to restrain collection of a 100 per cent stock levy. Request for adjournment was made by Edward W. Currie, Matawan attorney representing the bondholders. He said a reorganization was pending and that the bank, now in receivership, might be opened. Leo J. Warwick, Long Branch attorney representing the bank's receiver, Newton K. Alling, said that the examination of the bank had been completed and "that it was hopelessly insolvent.' He declared that the bank's condition is progressing into a worse state constantly. The stockholders who filed the original suit are Daniel S. Ely of Holmdel, Clifton F. Elliott of Red Bank. and Josephine Otterson of Clinton.

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Motion In Suit Forman Discharges Of Broad Street Bank Stockholders

Nov. 11. (P)-Federal Forman yesterday disJudge Phillip motion group of stockcharged holders in the Broad Street National bank of Red Bank which sought to strain collection 100 percent stock levy. Edward W. Currie, Matawan, attorfor the stockholders, failed to argue the motion. Leo Warwick, Long Branch, torney for the bank's Newton Alling, said that this tempothe collecshould not be halted pending tion in chancery court.

He said that no subpenas have been issued the chancery instituted by the stockholders which seeks permanent Hearing the motion was delayed asserted the was pending and that the bank, now in remight opened. told that "no such had The who filed the Daniel Holmdel: Clinton Elliott, of Red Bank, and of Clinton. charged plan inate Street bank from Red Bank and put out of busi-

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Restraint Of Collection At Broad Street Is Rejected

RED BANK, Nov. Judge Phillip Forman Trenton yesterday discharged group stockholders the Broad Street National Bank of Red Bank which sought to restrain collection 100 per stock levy. Edward Currie, Matawan, torney for the stockholders, failed to argue motion. Judge Leo Warwick, Long attorney for the bank's ceiver, Newton Alling, said that this temporary show cause order why the collection should not be halted pending action in chancery court. He said that no subpoenas have been issued the chancery litigainstituted by the stockholders which seeks permanent restraint. Hearing on the motion was delayed two weeks ago when Currie serted that reorganization the bank was pending and that bank, now receivership, might opened. Judge Warwick told the court that reorganization" effected. The stockholders who filed the original suit are Holmdel: Clinton Elliott, Red Bank, and Clinton. They charged that there plan "eliminate the Broad Street National Bank from Red Bank and out of business.'

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CHILDREN KNOWLEDGE GOVERNMENT

School Savings of $29,000 Are In Closed Broad Street Bank, Bank

Red Bank schoolchildren and their parents are indignant over the reply received from the office of the controller of currency regarding the reopening of the closed Broad Street National bank Red Bank in which are deposits of $29,000 saved by the students in small weekly stallments. The reply from Washington came in answer to letter bearing tition with 500 schoolchildren's names addressed to President Roosevelt. The White House referred the communication to the controlloffice. The reply referring the schoolchildren states: "Schoolchildren, particularly of the kindergarten and lower grade age, can hardly be expected to have sufficient knowledge of the affairs of the Broad Street National Bank to enable them to intelligently discuss the reorganization of the bank." It was signed by Gibbs Lyons, deputy controller. Alston Beekman, attorney, who has been endeavoring to reopen the closed bank declared that "school officials were afraid that the reply together with the treatment already received by the children will forshake their confidence in any bank. Many of the children who saved in the Red Bank institution did with the idea of having money with which to continue their schooling. Now their assets are tied up in closed bank and many are deprived of the higher education for which they saved." The Red Bank school officials point to the fact that the children persuaded by the banks in the country save their money in small weekly deposits. Many saved to the extent of $5 weekly, while other less fortunate saved smaller amounts.

Edwin S. Gilland, supervising principal, in Red Bank, more than month ago declared that fect the minds of the children regarding the saving of money will be destroyed unless they receive some recognition or aid from Washthe school funds ington regarding now tied up in the closed bank." The student council, there, has not decided as to what course will take since receiving the reply Washington. The matter from left entirely in the hands of Beekman. ordinance was unreasonable and that the city had no right to prohibit traffic from main artery and one of which the federal government had contributed to build. Counsel for the city contended the ordinance reasonable, that special conditions made it necessary and that since it was passed only one slight accident had occurred on the skyway, whereas in the year ceding its passage there were 40 serious mishaps.

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Plans Are Being Completed For Large Public Mass Meeting

RED BANK, April pects for the establishment of national bank in this borough the near future, were materialbrightened night when the committee which seeking financial institution, met at the Elks Home. Pledges for the purchase of 162 shares reported last night, bringing the total pledged date by the closed Broad Street National Bank to shares, representing $10,940 from dividends which be soon made available Broad Street bank receiver. addition, Thomas Field, Jr., said today, some cash had also been subscribed, but reports will be made on division until the quota of $52,500 stock to purchased from dividends is disposed Howard Lippincott presided the meeting. decided have the committee convene again for further report next Monday night, the Broad Street bank. committee of three will named today to compile list for submission the next session, of local merchants and business men who will be eligible to serve on Board of of the proposed institution. No less than five will probably be named the next meeting, as well as the executive officer. Plans for public mass meeting now and will announced next Monday. Brown was named trustee to hold assigned dividends until new bank is opened, and stock exchanged for the waived dividends. William Miller, president of the chamber of commerce, named alternate. William Foster, attorney for the committee the principal speaker last night.