Chillicothe, Ohio, July The Ross County National Bank, with of $1,895,089.94 failed to open today. The bank, the oldest in the city, its closing to the sinking its bonds and steady withdrawals. The bank was turned over to the United States Compof and officials the the opin ion that would be settled eventually for 70 cents the dollar. Clark Story was of the which June 30 had a capital of $150,000 and an undivided surplus of $110,000.
Chillicothe, Ohio, July The Ross County National Bank, with resources of $1,895,089. failed to open today. The bank, the oldest in the city, ascribed its closing the sinking of its bonds and steady withdrawals. The bank was turned over to the United States Comptroller Currency, and officials the institution the opinion would be settled eventually for cents on the dollar. Clark Story was President of the bank, which on June 30 had capital of $150,000 and an undivided surplus of $110,000.
CHILLICOTHE, O., July 11.-(AP)-The Ross County National bank, with resources of $1,895,089.94, failed to open today.
The bank ascribed its closing to sinking of its bonds and steady withdrawals.
CHILLICOTHE, O., July 11.-(AP)-The Ross County National bank, with resources of $1,895,089.94, failed to open today.
The bank ascribed its closing to sinking of its bonds and steady withdrawals.
Treasury Receipts Listed.
WASHINGTON, D. C., July 11.-(AP)-Treasury receipts for July 8 were $3,636,775.26; expenditures, $19,937,299.93; balance, $324,209,351.17. Customs duties for eight days of July were $3,867,057.95.
Mercantile Conditions To Be Eased By Banks' Help
Shortage Of Funds By Ross County Bank Suspension To Met By Other To Be Open Payments Debts.
The Ross County National Bank, now in the hands of the comptroller of the currency is in the hands the federal agent Mr. Abbey and preliminary work has been done sufficiently permit of the bank doors being opened at half past nine o'clock Thursday morning for the convenience of the safety posit box leaseholders to get their property from the boxes. Mr. Abbey also explained to the Gazette that he would be present receive whatsoever payments due and owing to the bank on notes held by against individuals. These payments may
made and credits proper on the obligations in the hands the treasury department. should be plainly understood that this not resumption the bank in its business purely the action of the treasury department liquidating agent for bank in matter of collecting its outstanding claims notes and the liability stock holders which has been called for. The bank capitalized and the calling of the stock holders' liabilities will bring in full cash to to meet the claims of positors in the bank. liquidation will pushed ahead as rapidly possible there are underway plans whereby obligations which are good and where the persons having notes may secure transfer the amounts owing the Ross County Bank to some other bank which will extend the money where the risk found to be good Another angle result of closing of the Ross County bank that many mercantile firms have thus found themselves without cash meet their Saturday payrolls and other obligations which are always current and periodic in the conduct their business. Many of these merchants have been loss how proceed to get money to meet these claims. To secure any hard and fast block rule to cover these mass not possible but in the city has said that they will do everything in their to aid these merchants meet this situation but each case have to be considered on its individual merits and where the surrounding the business found to be sound aid will extended. In fact quite number such cases have already been brought to number of the banks and have been taken care of date. Merchants who find themselves should not hesitate to apply of the banks for aid and ready plain statement of his business prospects time will checking up on them prior loan made on them. action the part of the banks will greatly facilitate business going usual, and that is what everyone desires.
Full Assessment Called From Ross Co. Bank Stockholders
Receiver Gives Until September 17th For Paying In Liability Under The Payments Date Interest
An 100 percent the value stock has been levied stockholders of the Ross upon County National Bank, by the comptroller of payable before to Albert Reese, receiver. The assessment was levied August 10, and notices received by the stockholders terday. Stockholders will be granted an extension without interest, if they pay of the assessment before September 17 and isfactorily guarantee payment of the in four monthly installments on the 17th of October, November and December, the ceiver announced. Unless such arrangement made, interest the of six percent will be charged from September 17. Prompt compliance with the order requested for the benefit of the creditors and to advance materially the early liquidation of the bank.
The letter issued to stockholders from the office of the receiver of the bank reads follows: Chillicothe, Ohio, August You will please take notice that the of Currency did heretofore on August 10, 1932, levy an assessment upon the stockholders of The Ross County National Bank, Chillicothe, Ohio, One Hundred Per Cent of the par value each and every share, payable the office the Receiver, Cor Paint and Second Streets, Chillicothe, Ohio, or September 17th, 1932. The Receiver however authorized by the Comptroller to grant extension without interest to holders who pay Twenty-Five Per Cent of the assessment on or before that date and who will give writobligation, satisfactorily guar- anteed, to pay Per Cent additional 17th, 1932, Cent additional on before vember 17th, 1932, and the remaining Cent before December 17th, 1932. Unless payment made on before September 17th, 1932, Per Cent thereof and the execution satisfactory written obligation above outlined, interwill be charged at the rate of Per Cent from September 17th, 1932. Interest will be abated, however, where Per Cent paid on or before said date and written obligation given as above indicated. You therefore, required pay the assessment stock standing in your name in accordance with the foregoing order and this Your prompt compliance will be of great benefit to creditors of this trust and advance materially its early liquidation. Kindly me hear from you your earliest convenience.
Albert D. Reese, Receiver The Ross County National Bank Chillicothe, Ohio. NOTE: Make checks payable D. Reese, Receiver".
Reese Asks S. Receiver Court Permission To Sell Bank Securities.
COLUMBUS, O., Aug. 18. Albert D. Reese, acting receiver for the Ross County National Bank Chillicothe, applied to the District court here today for auto sell bonds on hand thority amounting to $791,100 held by the bank. Reese was appointed by the court July 14, three days after the bank suspended business, by the order of the directors. Reese also asked authority to to bondholders' committee turn issues which interest has any on been defaulted.
Depositors in the Ross County National bank were again urged to bring in their pass books by ceiver Reese, Mr. Reese has been doing everyin his power to bring about thing early liquidation of the bank an and payment of dividend to positors, but this impossible until the depositors have submitted their books to be balanced so that termination of their claims may made.
Many of the depositors hesitant to turn over their books the bank, Mr. said. In withholding their books they are only delaying their own interests delaying the liquidation of the bank.
Money on Promissory Notes, for Foreclosure Mortgages Given by Defendants and to Have Receiver Appointed Sought in Action.
COLUMBUS, O., April Albert Reese, receiver for the Ross County National bank of Chillicothe, today filed suit in Federal court to recover $13,464.20 from eight persons.
Reese seeks to recover the money on promissory notes, to foreclose certain mortgages given by the fendants have receiver pointed. Defendants are: Dorothy Robinson, Clark W. Robinson, Robinson, Nolan Bitzer, John Phillips, Walter Wurster, Carey Ware and the Hertenstein Lumber company.
R. F. C. LISTS LOANS TO BANKS
$74,375,390 Distributed to Ohio Institutions During May.
By The Associated Press. WASHINGTON, Sept. 7.—Loans totaling $74,375,390 to Ohio banks or bank receivers was authorized by the Reconstruction Finance corporation during the day.
Included in this sum, the corporation reported, was $125,450 authorized as a loan for the Farmers National bank of Bryan, which did not ask for the loan after obtaining authorization.
The R. F. C. also issued a report on approximately $700,000 in loans authorized during the period July 21, 1932 to June 30, 1933, which were withdrawn or cancelled.
The authorizations during July included the following: For the receiver of the Union Trust company, Cleveland, $47,241,440; for the receiver of the Guardian Trust company, Cleveland, $26,950,000; for the Middle Point Banking company, Middle Point, $2,000; for the Oak Harbor State Bank company, $56,500.
During the period from July 21, 1932 to June 30, 1933, the authorizations and amounts withdrawn or cancelled were: for the receiver of the Ross County National bank, Chillicothe, $26,100; for the Farmers-Merchants Deposit company, Swanton, $3,000.
R.F.C. APPROVES OHIO BANK LOANS OF 74 MILLIONS
Receivers of Two Closed Cleveland Institutions Granted Bulk of Sum by U. S.
WASHINGTON, Sept. 11. Loans totaling $74,375,390 to Ohio banks or bank receivers was authorized by the the Reconstruction Finance Corporation during the day. Included in this sum, the corporation reported, was $125,450 authorized as loan for the Farmers National Bank of Bryan, which did not ask for the loan after obtaining authorization. The R.F.C. also issued a report on approximately $700,000 in loans authorized during the period July 21, 1932 to June 30, 1933, which were withdrawn or cancelled.
The authorizations during July included the following: For the receiver of the Union Trust company, Cleveland, $47,241,440; for the receiver of the Guardian Trust company, Cleveland. $26,950,000: for the Middle Point Banking company. Middle Point. $2,000: for the Oak Harbor State Bank company, $56,500.
During the period July 21, 1932 to June 30, 1933, the authorizations and amounts withdrawn or cancelled were: for the receiver of the Ross County national bank, Chillicothe, $26,100; for the Farmers-Merchants Deposit company, Swanton, $3,000.
Fourteen Per Cent Is Amount of This Second Payment to Depositors of the Defunct Bank and Will be Distributed Beginning Monday of Next Should Bring with Them to the Bank Their Certificates Showing Their Claims Against the Bank.
Reese, receiver of the Ross County National Bank, announced today that he was prepared to make payment of fourteen cent per depositors of the defunct bank, ginning Monday of next week. Mr. Reese said that in reaching this point he had been forced, as did before, to borrow from the get sufficient to meet this money second dividend, but he felt that perfectly safe doing in the first dividend, when paid off 55 per cent. This payment will now bring the depositors total repayment of their deposits the bank to per cent. in such comparatively short time, nothing short of markable, considering the financial conditions over the country. Mr Reese in speaking of the Chillicothe and Ross county community, flattering in his comment, very holding that the people on both sides of this financial complexity had been most fair and willing with him. payments made thus far have been brought about by considerable extra effort the part of those owing the bank and course this has enabled him make the payments in so large amount rapidly. He said however that from now further dividends would not quickly made, as he was trying work out succeeding payment without producing any extraordinary hardship upon those who still owe the bank. Forcing properties this time would withdoubt call for needless sacrifice on the part of these debtors, whereas little more leniency time would enable the various loans still uncollected to worked out into really higher final return than if pressure were brought force liquidation Mr. Reese asked the press make it clear to all depositors that they bring with them to the bank Monday, or any other day next week, their certificate of deposit, showing their accredited claims against the bank, so that the payments might be added to the reductions and thus give the depositors official receipt of payment and an official showing to what due them.
This payment, coming at this time, Mr. Reese felt would be one received in good spirit and should wonderfully stimulating in local trade circles.
Sarah and George Haines have filed suit in common pleas court against Gilbert and Lenora Jenkins for $256.54 with interest from April 1933, note. They seek foreclosure of mortgage and of 38 acres Huntington W. Boulger is torney for the plaintiffs.
BANK HAS CLAIM
Albert D. Reese, receiver for the Ross County Bank filed an answer and cross petition the case of the Citizens Budget company against Emma Taylor and others, in common pleas court, which he sets up on the property involved reason Emma Taylor for judgment $507 and costs. He that the property sold and proper tribution of the proceeds be made Butler is his