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NATIONAL BANK OF KENTUCKY CLOSED National Bank of placed the hands national bank examand the Louisville Trust Company and affiliated institutions ordered closed today The banks were closed the board directors posted notice the doors the institution. Alarmed at the closing of the National Bank of Kentucky. depositors today started on every bank Similar conditions existed parts state. Most institutions have issued statements they had connection with the Bank of Kentucky.
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control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $80,000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust company and the Security bank, suspended operations. Their directors said they were solvent and that they were closed as precautionary measure. The three institutions are affiliated through the Banco Kentucky, a holding company.
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EIGHT BANKS IN KENTUCKY CLOSED TODAY Kentucky financial institutions with resources totalling more then $75,000,000 were closed Loday, The largest of there was the National Bank of Kentucky at Louisville, which der control of a receiver, Paul C. Veyer, of the staff of the comptroller of the currency at Washington. Its reDirectors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations. Their dithat they were closed 85 0 precautionarea affiliated through the Banco-Kentucky, a holding company.
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KENTUCKY FINANCIAL INSTITUTIONS CLOSED LOUISVILLE, Ky., Nov. Kentucky financial institutions with resources totalling more than $75,000,000 were closed today, the of these was the nalargest tional bank Kentucky at Louisville, which was under the control receiver, Paul Keyes, the staff of the of the at Its currency sources approximate Directors of the national bank of Kentucky the suspension terday deemed necessary cause of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, Louisville Trust Comand the Securty Bank suspany pended operations.
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Rumors Kentucky Officials Eight Closed in Louisville, Ky., Nov. Kentucky financial resources totaling more than were closed today largest of these the National Bank of Kentucky at the Paul Keyes, of the Controller the Currency Washington. Its ap+ proximate Directors the National Bank suspension yester. day deemed necessary because rumors" its dition. Simultaneously with its closing, affiliated institutions the Louisville Trust Company and the Security they were that they were closed as Officers other leading Louisnight yesterday's deposits were greater ported accounts were during the day and carthat the were solvent.
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Banks Kentucky Close Because of Wild Rumors LOUISVILLE Nov. 118. Eight Kentucky financial institutions with totaling more than $75,000,000 were closed today. The largest these the National Bank of Kentucky at Louisville, which was under the control of received, Paul Keyes, of the staff of the Comptroller the Currency at Washington. Its resources approximate $60.000 Directors of the National bank of Kentucky said the suspension yester. day was deemed necessary because of "Wild rumors" concerning its condition. with its closing two affiliated institutions, the Louisville Trust Company and the Security operations Their said they were solvent and they closed as precautionary measures.
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OTHER BANKS OPEN Nov. Eight KeKntucky financial institutions with totalling more than $75,000,000 were closed today. The largest these was the tional Bank of Kentucky Louisville, which under the control receiver, Paul Keyes, of the staff of Comptroller Currency Washington Its resources approximate $60,000,000 Directors of the National Bank of Kentucky said the suspension yesterday was necessary cause of "wild rumors" concerning its condition with its closing, two affiliated institutions the Louisville Trust Company and the security bank, suspended operations. Their directors said they were solvent and that they closed precautionary measure. The three are affiliated through the tucky, holding company.
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SMALL BANK CLOSES LOUISVILLE, KY., Nov. 21 (P)The number of banks in Kentucky that have suspended operations during the week was brought to fourteen today with the announcement that the Crestwood Bank, a small institution in a suburb of Louisville, would not open this morning. W. A. Dicken, deputy state banking commissioner, said today he believed all Louisville banks not affiliated with the National Bank of Kentucky, first to close, were solvent. "If they were not," he said, "we would close them." SEEK BANK RECEIVER LOUISVILLE, KY., Nov. 21 (AP)Application for a receiver for the Louisville Trust Company was filed today in Jefferson circuit court by Attorney General Cammack. The
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failed to open today bringing total number banks to close western North Carolina two days nine. The bank had deposits $2,000,000. RECEIVER ASKED Louisville, Ky., Nov. Application for receiver for the Louisville Trust company was filed today in Jefferson circuit court by Attorney General Cammack This bank has been the hands of the state banking department since failed to open Monday, and Dicken, deputy state banking commissioner, said would pay out most dollar for dollar. FOUR INDIANA BANKS CLOSE Indianapolis, Nov. 21. Southern banks in counties bordering the Ohio river were placed the hands of the state banking department today. They were Crawford County State Bank of English: the Leavenworth State Bank of Leavenworth; the Jackson Township State Bank Corydon and the Old Capitol Bank Trust company of Corydon.
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BROWN FILES BANKRUPT President of National Bank Kentucky Says He Debts He Unable (By Associated Press.) LOUISVILLE, Dec. James Brown, president of the National Bank of Kentucky and formerly president of the Bancokentucky company, filed voluntapetition in federal court here today. Both these institutions and the Louisville Trust Company in which Brown was interested are now in receiverships. The petition states Brown has debts is unable pay and will ing surrender all his property cept that exempt by law to creditors In addition banking Brown publisher of the Louisville HeraldPost.
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KENTUCKY BANKER GOES BANKRUPT Brown Files Voluntary Petition In Louisville Today Louisville, Ky., Dec. 11 (AP)-James B. Brown, president of the National Bank of Kentucky and former president of the Banco-Kentucky Company, filed a voluntary petition in bankruptcy in federal court here today in behalf of himself. Both these financial institutions and the Louisville Trust Company, in which he is interested, are in the hands of receivers. Brown's petition stated he has debts which he is unable to pay and expressed willingness to surrender all hie property for the benefit of his creditors except such as may be exempt by law. Mr. Brown, who started his business career as a bookkeeper here 35 years ago, is publisher of the Louisville Herald-Post, and has taken part in many financial enterprises.
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TO MAKE ADVANCE ON CHRISTMAS SAVINGS Louisville, Ky., Dec. 12—(AP)—Issuance of receiver's certificates to make it possible for those who had Christmas savings accounts in the National Bank of Kentucky and the Louisville Trust Company to get half of the sum due them now was begun here Friday. Judge R. W. Bingham announced he would advance 50 per cent of the amount shown on each certificate without interest and that the depositors might get as much more of the remainder as the banks finally were able to pay. The total Christmas savings at the two institutions was estimated at $400,000 with approximately 16,000 depositors.
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BANCOKENTUCKY NAMED IN $4,100,000 ACTION Boston Woman Claims Directors Are Guilty of Fraud and Gross Violation of Duties, Louisville, Ky., Dec. 26 P-Margaret W. Long of Boston and her trustee, George W. Cushing, filed suit in federal district court here today against directors of the Bancoken. tucky company. the National Bank of Kentucky and the Louisville Trust company, demanding $4,100,000 damages. Charging the directors with fraud and gross violation of duties at the expense of the minority stockholders, the plaintiffs aver they are owners of 150 trustees' participation shares which never were exchanged for Bancokentucky stock and assert they are suing on behalf of 60 other stockholders, similarly situated, owners of 30,000 trustees' shares. The Bancokentucky, a holding corporation, and the two affiliated institutions are in receivership.
Increased Selling Tends To Drag Grain Values Down Chicago, March prospects domestic winter crops led to increased selling IMPROVED day houses with southwest, and dragged down both Confidence Returns Gradually As Seven Closed Institutions Are Reopened. (By Associated Press) Reopening of several banks and formulation of plans to reorganize others has done much to relieve the financial uncertainty Kentucky of the past weeks. Developments given rise to the belief stronger financial will be the Blue Grass heritage Plans are under way for reorganization of the Bank and Trust company at Lexington, largest bank outside of Louisville to close. The stockholders have decided sell the bank's eight-story building, form new institution. 75 Per cent to Depositors Meanwhile depositors of the closed bank will receive per cent of their deposits, pledged by the Lexngton Clearng House assocation. more definite reorganization culminated yesterday at Middlesboro opening the Commercial Bank Trust company. which replaces defunct Citizens Bank and Trust company. The Bank has been approved Dicken, banking commissioner. announced his proval of the Lexington tion Banks Reopen Of the 25 Kentucky banks which closed, starting with the National Bank of Kentucky failure at Louisville last November 17. have reorganized opened. Others the Security Trust, Louisville: negro banks Louisville which merged and reopened, and banks St. Helen's, Sulphur, Sturgis. and the Farmers Bank, Fulton. Louisville was heartened by nouncement that the First National bank had purchased sufficient the assets closed National Bank of Kentucky to return to positors the latter institution two-thirds dividend. which will distributed within few weeks. MAKE PAYMENT SOON March First payment depositors of the Hopkins county bank which pended operation last and which has been the hands of state banking commissioner for liquidation since. is to be made soon Hughett. special deputy banking charge of liquidation. indicated today. Reports that be made about March MAY REOPEN TRUST CO. Louisville, Mar call number of depositors the Louisville Trust company meet this and discuss possibility reopening has been sent out by Huston Quin. signed by him chairman De positors committee. proponents the say reopening would duce and sult in depositors getting back larger per cent of their money MANY DEPOSITS MADE Middlesboro, March The Commercial Bank and Trust company opened here today replacing Citizens bank which closed last November 28. Officers the bank said many deposits were made. large on hand the opening W. Tennent president of the new bank: Gaius Whitfield cashand W. Bailey, dent. The First National Bank of Louisville, Ky., the new bank's depository.
BLOOMINGTON BANK TO BE PAID $46,116 Circuit Judge Lafon Allen Wednesday the receiver for the Louisville Trust Company to pay the Bloomington Bank Bloomington the sum of $46, 116.50 in full satisfaction and discharge of liability the trust company to the Indiana bank It was explained the petition that the Fidelity & Columbia Trust Company as had since the Louisville Trust Company $46 account items for collection by Bloomington closing institution, prior to the
LOUISVILLE TRUST CO. TO RESUME BUSINESS LOUISVILLE, Ky. Aug. 18-(A. Reopening the Louisville Trust company set today for August 24 meeting tentative directors. The which closed last will reopen with capital stock surplus of $500, deposits of approximately $11,000,000. announcthat Rahill, former Chemical Bank Trust has accepted the presidency of the reorganized institution. Chesapeake Ohio. Declared regular dividend October to stock of
UNDER THE DOME OF THE CAPITOL By DWIGHT L. PITKIN. Associated Press Staff Writer. Frankfort, Ky., Aug. 22 (AP) The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenished, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now," remarked Commisioner Wilson, "is a good price for the tobacco crop." Reopening in Louisville tomorrow of the re-organized Louisville Trust Company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of the crash in Louisville last Nov. 17. Another one, the Guaranty Bank & Trust Company, of Lexington, has been taken over by the Citizens Bank & Trust Company under the presidency of W. A. Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department, have been suspended since Jan. 1, 1929. The gross deposit liabilities of these institutions totaled $29,087,437. Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677. The re-opening of the re-organized Louisville Trust Company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning Jan. 1, 1929, will be $8,816,846 after the re-opening of the Louisville Trust Company. All but nine of these state bank suspensions date after the closing of the Louisville Trust Company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking departments statisties as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend. Banks that closed prior to November have been or are being liguidated. Kentucky's Tourist Trade. Geoffrey Morgan, acting executive secretary of the Kentucky Progress Commission, attributes the increase in gasoline consumption in Kentucky this year to the Progress Commission's efforts in advertising the state's tourist attractions. The first six months of this year showed an increase in gasoline taxes of $180,178.03 over the same period last year. "It certainly pays to advertise," said Mr. Morgan, citing these statistics. "Take the figures for January. The tax commission showed gasoline taxes collected in January of this year totaled $620,88550 as compared with $503,046.73 for January of 1930. That is an enormous difference. The reason for it is this: We had an open winter the first of this year. So the tourists in Florida began flocking home. We had been advertising Kentucky among the tourists and the result was many of these tourists returned northward by way of Kentucky."
Under the Dome of The State Capitol By DWIGHT L. PITKIN Associated Press Staff Writer FRANKFORT, KY., Aug. 22 (AP) -The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenished, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now." remarked Commissioner Wilson, "is a good price for the tobacco crop." Reopening in Louisville Monday of the re-organized Louisville Trust company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last Nov. 7. Another one, the Guaranty Bank & Trust company of Lexington, has been taken over by the Citizens Bank and Trust under the presidency of W. A. Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department, have been suspended since Jan 1, 1929. The gross deposit liabilities of these institutions totaled $29,087,437. Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677. The re-opening of the reorganized Louisville Trust company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning Jan. 1, 1929 will be $8,816,846 after the re-opening of the Louisville Trust company. All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend. Liquidate Closed Banks. Banks that closed prior to November have been or are being liquidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank & Trust Company, Hickman, Dec. 30, 1929, Hargis Bank & Trust company, $59,826; Hargis Bank & Trust company, Jackson, Feb. 5, 1930, $554,368; Grayson County bank, Leitchfield, March 10, 1930, $357,254; the Peoples Bank, Mt. Vernon, April 22, 1930, $260,855; LaGrange Bank and Trust company, LaGrange, May 25, 1930, $352,232; Bank of Russellville, Russellville, June 12, 1930, $183,660; Hazel Green bank, Hazel Green, June 30, 1930, $184,054; Elsmere Savings bank, Vine Grove, $91,464. The banks that have re-opened since November of last year include the Security Bank, Louisville with approximate gross deposit liabilities of $1,996,001. It was able to open for business a few days after Nov. 17. Other banks with their gross deposits liabilities, that have reopened are: McElwain-McGuiar Bank & Trust Co., Franklin, $373,509; Bank of St. Helens, Shively, $412,824; Peoples bank, Sulphur, $132,950; Bank of Caneyville, Caneyville, $318,216; Crestwood State bank, Crestwood, $139,297; Fern Creek bank, Buechel, $151,279; Farmers Bank, Fulton, $292,638; Bank of Sturgis, Sturgis, $256,463. Two Negro banks, the First Standard bank and the American Mutual Savings bank, which closed
Banking Situation Brighter In Kentucky, Official Avers; Bumper Lamb Crop Is Aid August The banking situation Kentucky to take in the opinion of State Rural banks been bumper brought in much needed There fewer sheep Kentucky farms this year. but number lambs raised per than last year was of excellent quality. "What's remarked price for the in tomorrow the reorganized Louisville Trust Company will ninth that has the group that closed their assets in wake the crash Louisville November Another the Guaranty Bank and Trust has been taken by Citizens Bank Trust Company under the former State Banking Commissioner banks and trust com panies, under supervision of State Banking Department. since January 1929. gross deposit liabilities these institutions totaled Of the banks liabilities assumed, the gross deposit liabilities totaled the reorganized Trust pected deposit This would total gross deposit liabilities leased State Bank ing Department that amount gross deposit the period January $8,816,846 reopening the Louisville Trust Company All but nine of these state bank suspensions after the closing the Louisville Company and the National Bank Kentucky last Liabilities the Bank Kentucky Banking supervision Federal Banking Department National Bank Kentucky already has paid per cent Banks that were closed before No been being liquidated. These with the date of their closing and their gross deposit liabilities, listed here: Bank Trust Company 1929 $595,862 Hargis Bank Trust Company February $554,368 County March the Peoples Bank Vernon April LaGrange Bank and Trust Company LaGrange, May $352,232 Bank Rus Hazel Hazel Bank Vine Grove State Bank, Vine Grove The banks that have been opened last the Bank deposit lia business few November Other banks, with their gross deposit liabilities that re-opened Bank Trust Peoples Bank Sulphur, Bank State Bank $139. Fern Creek Bank Farmers Fulton Bank of Sturgis, Two Negro banks. the First Stan Bank Mutual Bank. which closed Louis ville, later solidated the Mutual Standard Bank from being Liquidating agents been for following Owsley County Bank Booneville, Bankers Company $553,279 Hopkins County Bank, Woodbury Citizens Trust Middlesboro, $495,977 Webster CounClay Bank Bank dinsburg Trust $523,381 Liquidating agents not been five that the first July Bank Drakesboro Bank Barlow Butler Bank $145,348 Beaver 269.
PAGE BANK OUTLOOK CALLED BRIGHT Bumper Lamb Crop to Aid State Institutions COMMISSIONER REPORTS Good Price for Tobacco Needed Now, He Says FRANKFORT KY. Aug. Kentucky's banking situation has begun to take on bright aspect. That is the opinion expressed by S. Wilson, state banking com A bumper lamb crop that brought in cash has helped replenish rural banks, Wilson said Kentucky farms had fewer sheep but the number lambs raised per 100 greater than last year Excellent quality found in the crop. "What's remarked Wilson good price for the tobacco crop. Reopened Reopening Louisville today of the reorganized Louisville Trust Co. will be the ninth bank has reopened out of the group that closed their assets wake of the in Louisville Nov Another one, the Guaranty Bank Trust Lexington, has been taken over by the Citizens' Bank Trust under the presidency of W. Dicken. former state Thirty-seven banks and trust the the State Banking have been 1929 The gross of these totaled 437 or the banks reopened or liabilities sumed, gross deposit liabilities totaled Reopening of the reorganized Co. expected gross liabilities $13,859,914 make toliabilities released $20,270,591 The State Banking Department that amount gross deposit liabilities state will be the reopening of the Co. All But Nine All but nine of these state bank date after the closing the Trust Co. and the National Bank of Louisville last November. Liabilities of the National Bank of Kentucky are not included in the State Bankunder the supervision the Federal Banking Department. The National Bank Kentucky already has paid 67 per cent dividend Banks that were closed before November been or are being These with and their gross deposit liabilities, Hickman Bank Hickman, Dec 30, 1929 $595,862 Hargis Bank Co. Jackson Feb. $554,368 Grayson-co Leitchfield March 10. 1930, $357,254 Peoples Bank, Mt Vernon, April 1930, $260,855 Grange Bank Grange, May 26, 1930. $352,232; Bank of RusGreen 1930 $184,054: Elsmere Savings Grove State Bank, Vine Grove, $91,464. Others Come Back The banks that have been opened last year include the Security Bank. able open for few days after Other banks, their gross deposit liabilities, that been reopened Bank & Trust Bank of Helens, Shively $412,824 Peoples Grestwood State Bank Crestwood $139,297 Creek Bank Buechel $292,638; Bank of Sturgis Sturgis $256,463. Two Negro banks, the First Standard Bank and Muutal which Louisville later solidated into the Mutual Standard Bank. The from merger closed this year being liquidated. Liquidating agents have for the following banks closed since Novem Agents Not Named Bank, $100. 328 Union Bank, $503,578 Bankers Trust Co. Louisville $553,279 Hopkins-co Bank, Madisonville $717,587 bury Deposit Bank, Woodbury $37 Citizens Bank Trust Middlesboro, $495,977 Bank, Clay, $164,676 Bank of Ludlow, Ludlow $636,359 Bank of Har dinsburg & Trust Co. Hardinsburg Liquidating agents have not been appointed for five state banks that closed since the 1st These banks Bank Bank of Barlow, Barlow Deposit Bank, Butler Wayland Beaver State Bank, Weaksbury, $113,269.
KENTUCKY BANK SITUATION TAKES BETTER ASPECT Lamb Crop Aided Rural Institutions BY DWIGHT L. PITKIN (Associated Press Staff Writer) Frankfort, Ky., Aug. 26. (P)-The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenishhe said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year The crop was of excellent quality "What's needed now," remarked Commissioner Wilson, "is a good price for the tobacco crop." Louisville Trust to Reopen Reopening in Louisville Monday of the reorganized Louisville Trust company was the ninth state bank that has reopened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last No ember 17. Another one, the Guaranty Bank & Trust company of Lexington. has been taken over by the Citizens Bank and Trust company under the residency of W. A Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department have been suspended since January 1, 1929. The gross deposit liabilities of these Institutions totaled $29, 087 437. Of the banks reopened or liabilities assumed, the gross deposit liabilities totaled $6,410.677 The reopening of the reorganized Louisville Trust company is ex. pected to release gross deposit lia. bilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning January 1, 1929. will be $8,816,846 after the reopening of the Louisville Trust company. All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as it was under the supervision of the federal banking department The National Bank of Kentucky has already pald a 67 per cent dividend. Closed Banks Being Liquidated Banks that closed prior to November have been or are being liq. uidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank & Trust company 862: Hargis Bank & Trust company, Jackson. February 5, 1930. $554,368; Grayson County bank, Leitchfield, March 10, 1930. $357.254; the Peoples bank, Mr. Vernon. April 22 1930, $260,855: LaGrange Bank and Trust company. LaGrange, May 26. 1930. $352,232;
RECEIVER Is Measure Of Future Seeks To Drop Action If Covington City Manager For Audit For 1931 Awaited By Board. Man when asked yesterday regard rumor salaries Coving ton city employees were be asserted that cut salaries discussed with members the and any such movement would the future. City yesterday report city's financial City Auditor William working report yesterday said that City Manager Newhall declined the curred 1931, but that "looked bad also greatly were cussing rumor that cut measure Mayor Joseph Pieper indicated the would insist upon economy this tention called Monday monthly which and made will certain positions be termined Mayor Pieper revealed which the city has and greatly find City Auditor Newhall believes the bills held up turned Finance City Manager Palmore indicated soon the financial will be studied and the Heads departments their budgets for the year and show necessity the expenditures. Double Liability As Too Costly For Creditors Of Old Louis ville Trust Company. Louisville, January the suit John Wickliffe receiver the old Louisville Trust today Wickliffe joined depositors dismissal for suit would stockholders resolution requesting dismissal of the filed its behalf Judge Marshall took the petition under advisement. expected decision by Thursday declared tinually with the pected necessity obliga without them: any funds and the viction that would contrary duty protect funds deposi advice of Court whether continue suit, and for advice toward funds. Attorneys the Fidelity lumbia Trust receiver Louisville Company, full services in connection with The made the by Judge Trust The order Company from liability the Lafon and concurred in by Denny. Banking and the Fidelity Columbia Upon reopening the LouisTrust Company August Judge Allen aside $100,000 cover attorneys' fees. The $25,000 remaining after payment the torneys turned back the trust company.
SEE DISMISSAL OF BANK SUIT Receiver Files Petition Seeking Court's Advice KY Jan. The dismissal of the double liability suit of John C. Wickliffe Jr., the old Louisville Trust Co., 2000 stockholders, was predicted with the filing of petition for advice by Wickliffe The was pointed out. in his with John M. depositors and in seeking the dismissal the suit In the petition Wickliffe out that such suit would prove useless and No funds are available the on Wickliffe Commitported. stockholders and tee, creditors, had adopted asking for the dismissal the Judge Marshall. who took the petition pected to hand down a decision by Thursday
APPEAL IN BANK CASE IS FILED Appeal from the decision of Federal Judge Charles I. Dawson in dismissing the suit of Margaret W. Long and her trustee, George W. Cushing, both of Boston, holders of trustees participating shares in the National Bank of Kentucky and the old Louisville Trust Company, was filed Friday with the United States Circuit Court of Appeals at Cincinnati. The suit, which was filed in the Federal Court here, sought to recover $10,000 from the directors of the Banco-Kentucky Company, which owned the stock of the two banks. The suit alleged that the directors of the Banco-Kentucky Company were negligent in the management of the company's affairs and that this negligence resulted in the failure of the two banks. Judge Dawson dismissed the suit on the ground that the plaintiffs had no right to sue the directors of the Banco-Kentucky Company, as they were not stockholders in that company, but were holders of trustees participating shares in the two banks.