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High Point, N. C., Bank Suspends High Point, N. C., Jan. 20. -(U.P.)The Commercial National bank, 40 year old institution, failed to open. The last statement gave deposits as $4 785,040; capital as $1,000,000, surplus and undivided profits and reserves of $1,144,044.
High Point Bank Receiver Named Assistant to John D. Biggs to Assume Duties on March 15 (Special The Journal) High March Greenwood, today John for the defunct Commercial National Bank, to serve as assistant of the He receiver his duties on March Mr. has had seven years experience bank held over 20 positions of trust and qualified for the work, Mr Biggs has been received here regarding the to assist Biggs in the torney of the legal Acting troller of the has appointment will be made shortly
Sues Salesman Of Closed Bank Stock High Point Woman Claims Man Knew Bank Was Insolvent (Special to The Journal) High March shares of Commercial National stock on day before that closed the in municipal court here by Lou W judg ment of against Pat being claimed that amount of money by the suit Mrs. Hamilton notice that should the seek the in she complaint additional In the contended that Brown the stock the price for and that would paid the the fendant knew the bank and worth She contends that tried before the sell that and 800 for ble for assessment for the stock's par H. he old February 29 his 13th even if he born 52 years
Judge Orders Sale Of Bonds of Bank John Biggs, receiver of the Commercial National bank High Point, order signed today States Judge Johnson Hayes consent to the bonds pledged for obligations the The receiver authorized sell of these and turned the trust, free assets. for "highest price consistent the market price on The bonds included those various by the state, Guilford county bonds. and Cleveland county schools bonds.
Commercial Bank Receiver Ordered to Sell Equipment John D. Biggs, receiver of the Commercial National bank, of High Point, directed to sell the nishings and equipment of the stitution an order signed in federal court Monday by Judge Johnson The order was signed on petition the receiver. and was stipulated that the property to sold public private in the discretion of the receiver.
Bank Receiver Starts Suit For Collection of $13,000 Suit to collect an aggregate of $13, 910.02 on four notes was court Friday by started John D. Briggs, receiver for the Commercial National bank, of High Point, against W. H. English started Friday against Quinn. ing as Quinn, Williams and Justice. $231 Rutherford collect alleged to be due for machinery sold to defendants.
COBLE IS GIVEN TWO VERDICTS Wins In Suit to Collect Insurance: Bank Receiver Also Awarded Verdict Verdict for the plaintiff H. Floyd Coble, trading as the O. Henry Drug stores, in the sum of $1,341 39 against the Caledonian Insurance company, and $2,064 against the Potomac Insurance company was returned by the jury United States court today The plaintiff was seeking recover insurance carried on stock, furniture and to cover sustained in the fire that damaged his store the Henry hotel in November 1931 Trial of the case was started Wednesday Verdict for the plaintiff the sum of plus interest from last October. was awarded in the case of John D Biggs, of the Commercial National bank High Point. against Bull and company The suit was for assessment on bank stock held in the name of the defendant within 60 days prior to the closing the bank. The defendant contended had disposed of 55 shares of stock the last of December and early in January the bank was closed on one transfer of five shares being by the bank had paid the ment on 145 shares The instructed the jury that as the transfers had not 60 days prior to the closing of the bank, the defendants were liable and the verdict should be for $5,500, with interest from the time the assessment was due Formal appeal entries were made by defendant Court The jury empanelled in the $100,000 damage action of Upton. of High Point. against the Greensboro Bottling company, following which Judge Johnson Hayes recessed court until Monday when the taking of testimony will begin. The plaintiff alleges that last October he stopped the Dixie Pig Barbecue stand. almost across the street from the plant the and purchased bottle of the product of the defendant: that he felt some thing sharp his throat and looking into the bottle saw quantity broken the bottle The piece he swallowed. the complaint leged, caused excruciating pain and severe injury before was emitted. Carelessness and negligence on the part of defendant in cleansing its bottles before filling is alleged to have been the proximate cause of the injury
Bank Receiver Files Suit To Collect $1,600 Principal Suit for collection of the principal certain interest claims and was starthere Monday John Biggs, of the Commercial National bank of High Point, against Mrs. W. Thomes In complaint receiver the closing of the bank Janand the notice stockholders, including Mrs. Thomas declared to been owner shares 20 capital stock the institution at the time that was closed Her originally was on the $2.000 but she made payments totaling the plaintiff states, reducing the principal balance $1,600
Answer to Suit Brought By Bank Receiver Filed Here In United States district court here Thursday the defendant filed an answer the complaint of the plaintiff in the case John Biggs, receiver the Commercial National bank. of High Point, against Rosa Redding, executrix of the deceased The plaintiff suing for $22,500. declaring that amount be due an 225 shares stock the which closed January 1932 defendant that the the bank closed Redding held only 90 shares stock value $9,000. defendant declares not necessary. Dismissal the Eskridge Martin Caught. April by the local authorifor two with violating the has arrested in Patrick county in jail there He alleged to have given check for $100 the First Stuart when lacked funds in that stitution.
of Suits Have Started By Bank Receiver Four separate actions were tuted United States John Biggs, receiver the Commercial National bank. of High Point, against individuals for judgment on amounts alleged due on of the actions against Snow, Taplin, Snow, Denny. Frank Garrett Tucker, indorsers the First Presbyterian church High Point, which there alleged balance interest Another that against Herndon and the amount unpaid being Another against Albertson Albertson, for The the series suits against Herndon, Armentrout and Ferree. for balance alleged due eight notes. The filed behalf defunct by Russell attorney for the receiver
High Pointers Sued By Bank Receiver May four suits filed today John receiver the Commercial National Bank High against nine High Pointers sureties 328 the First Church the and Snow TapGarrett and Tucker Some payments the last being October recover the
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$607,000 DIVIDEND PAID A 15 per cent dividend of $607,000 is being distributed to 6,300 depositors in the closed Commercial National bank, High Point, by the receiver.
CHARGES MADE IN BANK CASE Directors of High Point Bank Alleged to Have Withdrawn Their Funds of withdrawals of Allegations funds the Commercial National bank of High Point, after they knew of the precarious condition in which the institution placed, are contained in suits against directors of the defunct institution. filed in United States court today by John D. Biggs. receiver of the bank One of the actions against J. Welch Harris, director of the institution it alleged from bank on drew December 31, 1931, and another C. Durland. who against $6,205.96 January withdrew Another is alleged. against Mrs. W. Harris, (the same person Mrs. Florence W Harris) withdrew $19,500 from the bank who January 1932. The complaints allege that both Harris Durland knew of the precarious condition faced by the stitution. that bank would have to suspend operations within few days. prior to the withdrawals of the sums alleged. The act of withdrawal of the funds under the circumstances was held to give them preference over other creditors of the bank. The receiver asks for judgment against each of the defendants in the amount of the withdrawals.
Asks Large Amounts From 2 Commercial Bank Directors Receiver Alleges Withdrawals Were Made By J. Welch Harriss and C. Durland Shortly Before Bank Closed. Action Also Against Mrs. J. W. Harriss. John D. Biggs, receiver of the Com- mercial National bank, of High Point, yesterday instituted in United States district court three actions against erstwhile depositors of that bank, which January 18, 1932. Two the three defendants were directors of the institution from January 1931, until closed. the plaintiff states, the other mentioned as the mother one the directors. principal amounts sought by plaintiff the combined total The is asking for recovery from Welch who named director of the bank alleged have that money the 31, the stated that on the bank that savings limited $100 January 1932; that by stricted per cent their balances such drawals cent daily January and that January was issued proIn the complaint averred that of $10,177.25 Welch Harriss and received contemplation on the part of the bank. Harriss, director, alleged to have known the precarious the institution. Payment the declared have preferfor Harriss other The plaintiff also that such "utterly void" under the Revised Statutes United States In the suit against Mrs. Harriss, who same person Florence Harris, the receiver bank collect which declared to have withdrawn her depositor January She is the mothWelch Harriss, stated, and the withdrawal under the cumstances termed "utterly null and the federal statutes. The plaintiff declares the defendant reason anticipate the suspension of operations. The suing for the collection $6,205.96 Durland, who named director the bank who alleged have withdrawn the institution that amount, deposit there, January 1933. declared known the very insecure position the bank and his withdrawal the funds All three the defendants are High Point, the receiver states In addition to the the plaintiff asks for interest and costs.
Bank Receiver Files Suit Against Mrs. A. Wade Marsh Suit for combined total of started in United States district court here Monday by John Biggs, receiver the Commercial National bank, High Point, against Clara Steele Marsh Wade this the dertaking an against Commercial tional bank stock promissory note and similar instrument The defendant's represented having the which Mrs Marsh is declared to have The plaintiff filed an action against Jarrett the for collection an stock in the Commercial National bank.
STOCK ASSESSMENT SUIT BEING TRIED Receiver Biggs Seeks $6,000 From Mrs. Bettie Corbett and Sniders. BLAME J. ELWOOD COX second week of the civil term Superior court opened Monday with trial of the assessment suit receiver Biggs, of the Commercial National bank. of High Point, Mrs. Bettle Corbett, Joseph Snider and Snider, Mrs. Corbett. Plaintiff's evidence concluded Monday despite between counsel over points One witness for the defense had Judge John H, Clement recessed court this mornseeking for the amount of the assessment, the receiver also asking the court set conveyances unincumbered property Mrs. the plaintiff that Mrs. Corbets sought few days before the bank suspended business in 1932 transfer bank stock to Snider, her Defense contention that Mrs. Corbett, who had served guardian for daughter the latter's minority, conveyed the property for interest. the purpose protecting her ward's It also alleged in the defendants' answer that the stock was purchased by Mrs. Corbett on representations made the late Elwood Cox, president of the bank. action, involving 40 more shares of the bank. pending against same whose successfully resisted the to have the Judge consolidated Monday for trial. two Clement ruled the should velopments be tried separately unless cases dewarranted consolidation. In this second action the defendfiled for the amount paid for 40 shares bank The defendants allege, support this that bank the late president induced Mrs. Snider purchase the share. Snider $200 through her mother in 1927. When the United States entered the world 1917, the visions of the national guard among the first ready for the front
SEVEN SUITS FILED High Point Bank Receiver Starts Action For $4,493. John D. Biggs receiver of the Commercial National bank of High started actions in Superior Thursday recover an aggregate 493.16, allegedly due on promissory notes The defendants recovery sought the suits are W. H. Eng lish, Ellison and Arthur son and E K Ingram $600 D. Thompson and Garner, Russell and Ingram, $252.90; Wheeler Ada 194.91 Taplin, Dickson Walser and trustees of the Prist Presbyterian church, Point, $690 and the Board of of Methodist Church in North Carolina, incorporated and J. Norman