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Poultney (Vt.) Bank Fails to Open Doors POULTNEY The First National Bank here failed to open for business today with national bank conferring with the officials of the institution as to its future. Indications that run on the bank funds had feared were cluded issued the directors of the institution late
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Run on National Bank in Poultney Caused Institution to Close June 3. brief statement by directors of the First National Bank evidence today that threatened run on the institution had prompted the failure to open yesterday for business. account of heavy withdrawals by depositors last week due to many rumors." It read. directors decided to close the bank temporarily pending adjustments which are being made for the protection of the depositors." was issued late yesterday. The officials did not explain what the rumors were.
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RECEIVER APPOINTED FOR SLATE COMPANY President of Salem, N. Y., Bank to Take Charge of Business of Poultney Corporation and If Possible Pay Creditors' Many Claims Upon petition of the People's Na tional Bank Salem. N. Y., Judge Harland B. Howe appointed Henry A. Spallholz, of the bank. as receiver for the Consolidated Slate Corporation of Poultney. In bill complaint filed by the bank. its officers allege that the slate corporation is indebted to the bank to the extent of $11,975.89 and than large sums are owed other creditors. The receiver will take charge of the business and will endeavor to conserve the assets of the corporation and pay the creditors. The petition alleges that the slate corporation has only small amount in liquid assets but that its property will amount to large sum, the amount being unknown. Besides the $11,975.89 alleged due the People's National Bank in Salem, N. Y. the bill of complaint alleges that the owes $41 730 in short term notes, and $42,876.53 in open accounts, most of which are said to be past due. The total indebtedness of the concern was said to be over $96 The petitioner alleges that the Unfading Slate Company Vermont corporation of Fair Haven, has attached the property of the defendant, the Slate Corporation in order to secure the collection an open account amounting to $1,141.85. and that other creditors are threatening to place attachments on the corporation's property The plaintiff further alleges that the defendant has, and threatens to continue. the payment of dividends at the rate eight per cent per annum to holders of $250,000 par value preferred stock of the cor poration and thereby has diverted. and threatens to divert, the assets of the corporation from payment of the concern's debts to which equity, the plaintiff avers, they should be devoted. The plaintiff also stated that the has about in unfilled orders which. if the concern were properly managed. could be filled to profit to the The receivership of the Consolidated Slate Corporation follows close upon the heels of the closing of the First National Bank of Poultney, last Monday The bank is now in the hands of federal examiners but. according to the instiution is expected to soon. financial depression arose in Poultney Many slate workers were idle and the Manhattan Shirt Company of that village employing 200 women. closed. Many depositors in the bank withdrew their funds, causing the institution. Bank officials state the bank will reopen shortly. Henry A. Spallholz, who was appointed for the slate corporation president of the First National Bank of Poultney and president of the People's National Bank of Salem. N. the plaintiff in the bill for complaint.
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Involved In Suits On Loans National Bank and PoultBank Receiver Plainney tiffs in Litigation. in two suits on promissory Papers which more than $23,000 is in and in foreclosure proin which the sum named were filed yesterday in the County Clerk George of Harman. Farrell of Boston, James for the First National bank Poultney, suing Robert of Dalton, Mass., to reThompson note for dated 1930, and another given April 1930. Inter claimed to be due the Stafford O'Brien for the receiver. attorneys represent Mr receiver, against Spallholz Poultney on five totaling Mortgage Be Foreclosed. National bank of The Leo Pratt Fair Haven, has brought foreclose for $15,000 on property The namMax Kolodny, John H. Pollard Daniel Carmody of Fair Kolodny and Joseph Shongold, alleged, gave mortgage in Trust Kolodny later acquired Shongold's interest and eventually the mortgage was transferred to the Allen bank. Pollard and Carmody named as defendants on the ground that they have an interest in the mortgaged property through anlien.
Official Seeks to Recover $42,000 Loaned By Institution at Poultney. Suits to collect from seven signers of promissory notes have been entered in Rutland County court by James E. Farrell as receiver for the First National bank of Poultney. The total amount involved is $42,000. Lawrence, Stafford & O'Brien represent the receiver in each instance. The defendants and the sums claimed are as follows: R. Durward, Poultney, $10,000; R. Runkle, Poultney, $5000; Lillian Thompson, Dalton, $6500; Jaska Runkle, Poultney, $3500; Poultney, $2000; Johanna Spallholz, Poultney, $7000; Holmes, Poultney, $8000. Harold O'Brien of this city as of estate of Mary Cook Mount Holly, instituted proceedings against Rosanna Cook Mount Holly and five others for an accounting. that the hold trust the late Mary Cook. Bert Stafford counsel appeal has been taken Councourt suit for $100, book count, brought by the Albany Packing company against Joe Bellomo of this city, Bloomer being counsel for the plaintiff. William Andrus of Arlington has brought against Danof Arlington Harry Flanders this stock valued $1000 involved in the Bloomer Spero are attorneys for the plaintiff. VETERANS' AUXILIARY TO CONDUCT Plans for social for charitable Janu20, under direction committee headed by Mrs. Lena Knight, discussed meeting the Sons Union Veterans of the Civil War held last evening at Grand Army hall. The meeting followed Christmas party, during which members exchanged gifts. Refreshments were served.
Bank Receiver Seeks to Make Shareholders Pay Sues To Force Payment Of Assessments Comptroller of CurrencyNames Six Defendants (Special the Free Press) RUTLAND. Feb 5.-James E. Farrell, receiver of the First National Bank of Poultney, today entered six suits in Rutland County Court to cover money which he claims is due upon shareholders in the bank by W. Pole, of The receiver sets forth that Pole the failure the bank June, 1930. made an assessment upon the shareholders $100,000. and directed him to take all necessary proceedings enforce the individual liability the shareholders. Assessments For every share of capital stock the holders were assessed 100 per cent. As the stock valued $100 share, shareholder was assessed for that amount. The in the suits and the amounts asked are follows: of John Holmes, bank employee and owner shares, $1,200; Runkle. Poultney, cashier, owner shares. Henry Poultney, president of the bank, and owner of 10 shares. Dr. Robert Thompson and Lillian Dalton. joint owner shares, $4,000. and Thompson, owner of 10 $1,000. Time to Pay When the assessment made in August. Comptroller given October to have the money paid extension of time and the comptroller of currency ruled shareholders could without paying give per cent the before October Another 25 per cent on before November with the next per cent December and the remainder on or before January Farrell Claims that the defendants failed to pay their assessments. Two Rowan county. farmers worth of Korean Lespedeza from an 18-acre field.
Bank Receiver Files Six Suits for Assessments RUTLAND, Feb. 6. (Special)-Six suits have been entered in Rutland County Court by James E. Farrell, receiver for the First National Bank of Poultney. seeking to recover money which he claims due on assessments made upon shareholders in the bank by W. Pole, comptroller of currency The plaintiff, Mr. Farrell states in his petition that after the failure 03 the bank in June, Mr. Pole made an on the shareholders of $100,000 and directed him to act in such manner as would provisionally enforce the individual liability of the shareholders The defendants in the suits and the amounts asked are as follows: R Durward of Poultney director, owner of 10 shares of stock, $1200 John E. Holmes, Poultney, an employe in the bank and also of 10 shares, $1200: L. R. Runkle, Poultney, cashier, owner of 10 shraes, $1200: Henry Spallholz, Poultney, president of the bank. and owner of 10 shares, $1200: Dr Robert L. Thompson and Lillian Thompson of Dalton. Mass., joint owners of 36 1-2 shares, $4000: and Thompson as owner of 10 shares, $1000
Poultney Resident Sued On 5 Notes First National Bank Receiver Asserts Margaret Thomas Is Liable for $7630 Debt. Margaret Thomas of Poultney was made in suit for $7630.55 which was entered in Rutland County court yesterday through the law firm, Lawrence, Stafford & O'Brien, attorneys for James E. Farrell, receiver for the First National bank of Poultney. Mrs. Thomas was guarantor on five notes held by the institution. A suit for the recovery of $400 on merchandise was entered by Attorney P. M. M. Phelps of Fair Haven for H. Allison Matot of Poultney against the C. Sheldon Slate company of Granville, N. Y. A libel for was filed by Earle J. Preedom against Norma R. Preedom by Crowley & Smith, attorneys. The plaintiff claims that Mrs. Preedom deserted him on the day after their marriage and that he believes her to be in a convent at present.
BANK RECEIVER ASKS $21,000 ON NOTES Farrell of First National at Poultney Sues Shermans; Auto Case Filed. Suits brought by a bank receiver to collect $21,000 on notes and an automobile negligence case in which $1000 is involved were entered in Rutland County court yesterday James A. Farrell, acting for the First National bank of Poultney, which closed its doors last summer, has litigation against H. L. Sherman, Alice Sherman and S. Sherman and Sons, Inc., all of Poultney, to recover. $13,000, $2500 and $5500, respectively, on promissory notes. Lawrence, Stafford & O'Brien are counsel for Receiver Farrell. Gerald E. Northrup of Castleton has sued Wilbert H. Hyatt of Whitehall, N. Y., through Clayton H. Kinney of this city as counsel, seeking $1000 damages for alleged negligent driving December 2, 1930 on the Rutland road. Northrup claims that while he was in an automobile which was being towed by another machine the Northrup car was in collision with the defendant's automobile and Northrup was injured. It is alleged that Hyatt drove at high speed, in passing a vehicle and also that he failed to keep to the right of the center of the highway. Pauline Merrill of Rutland has brought suit for divorce against Harry B. Merrill, charging refusal to support, intolerable severity and wilful Charles E. Novak is attorney for the libellant.
'NSTITUTE' ACTIONS WHENOM FALLS IN RUTLAND COURT Bank Receiver Starts Litigation to Recover on Notes; Negligence Suit WHITEHALL MAN NAMED Buits brought by & bank receiver It's For One Person to collect $21,000 on notes and an automobile negligence case in which $1,000 is involved were entered in Rutland county court Monday For Two Persons James A. Farrell, acting for the First National bank of Poultney which closed its doors last summer LEXINGTON AVE & 48th ST. has commenced litigation against H. Leslie Kincaid Frank Gregson L. Sherman, Alice Sherman and B Bherman and Bons, Inc. all of Poult- Direction of American Hotels President Corporation (Continued on Page Six.)
Poultney Bank Depositors Dividend of Twenty Per Cent on All Accounts, Second Since Institution Closed, Is Announced By Receiver Farrell. The cent amounting to nearly $150,000 be today to the 2500 depositors the First National months ago. The of dividend, the to since the bank closed its doors last May, tonight receiver. cent many the will be paid their claims proven at the time when first distributed. The of the dividend with joy were residents village had spread quickly through Middletown tution, Springs, Hampton, and other nearby where many of the reside. The bank will open for business could this morning. The institution ceased operations, acting following tional business "slate belt." When the bank The closed last May, many who persons, out of employment and their savings the instikeenly felt the disaster. Receiver Farrell has worked night day liquidate the assets bank that depositors be quick dition to his work here has been receiver of the First Na Banks Champlain and Rouses Point, receiver has met with great success his work here.
BANK RECEIVER SUES ON THREE NOTES. James Farrell, receiver for the First National bank of Poultney, brought two suits County court on Stafford O'Brien of this city pearing counsel for the The and cille Cichocki and the Williams Machine company Poultney, said balances of on notes, George Blood of Poultney whose indebtedthe bank set at $1275 on one loan.
Court Obliged To Again Judges Return to Bench After Recess But Find no Cases in Readiness for Hearing. After weeks recess, Rutland County yesterday that were trial. Judge John adjourned court until o'clock this morning, when expected that the trial docket ready action. Court last Monday and the petit jury excused for week. The taken low the Rutland County bar to attend the session of the Montpeller and the Vermont Bar meeting. Three chancery suits enter the county clerk's office James Farrell, First National bank Poultney, against who the money on notes, as alleged. Darwin Ballard, Poultney farmnamed tion to recover which claims nsix notes, dorsed by the petitions the court to allow him to foreclose four pieces property order that redemption the notes be made at an early date. The receiver entered suit Runkle and H. Runkle, for on Runkle for the Poult National bank. seeks which was fered to the notes by the defendants. Helen Griffin of Poultney action brought Farrell to recover $5700, due four notes. He seeks early foreclosure property, which the fendant offered security. rence, Stafford O'Brien represent bank receiver.