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Steubenville Bank Is Closed STEUBENVILLE Oct The Union Savings & Trust here did not open its doors today due to tinued run on the bank which became intensified yesterday Bank officials announced they the action to protect depositors and feel the bank can pay full Deposits at the last statement were $3,900,000
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SIX BANKS IN FOUR STATES CLOSE DOORS Two Philadelphia and Two West Virginia Houses Lead City Failures. By the Associated Press. PHILADELPHIA, October 2. - Two neighborhood trust companies in Philadelphia closed their doors today. They were the Oiney Bank & Trust Co., Fifth street and Tabor road, with two branches, and the Jefferson Title & Trust Co., at Twenty-ninth street and Girard avenue. Their affairs were placed in the hands of the State Banking Department. City Without Bank. RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization. Last June 30 the Richwood Banking & Trust Co. reported deposits of $599,331 and capital stock of $50,000. The First National reported deposits of $533.770 and capital stock of $40,000. STEUBENVILLE, Ohio, October 2 (A).-The Union Savings Bank & Trust Co. of Steubenville suspended business today and was taken over for liquidation by Ira J. Fulton, State banking superintendent. Directors last night voted to ask the State to liquidate the institution to conserve assets which, they said, had been impaired by a heavy withdrawal of deposits during the past two weeks. The bank last June 30 reported total resources of $4,841,000. It was capitalized for $350,000 and reported a surplus of $275,000. Bank to Liquidate. MUSKEGON, Mich., October 2 (P).The Peoples' State Bank for Savings failed to open for business today. A notice stated that the bank was closed for reorganization or liquidation at the direction of the directors and the State banking department. The last financial statement showed total resources of $3,068,480, deposits of $2,286,938 and capital of $300,000.
STOCK MARKET CLOSES DAY AT HIGHER LEVELS NEW YORK STOCKS First Higher Finish in Last Week. Steel Shade Higher. The average rise was 1.3 points, notwithstanding new bear market low for the carrier group. Since there is likely to be no particular news affecting the rails until the rate decision is reached it seemed probable that further profit taking was the explanation for the sag. United States Steel refused to break 70. although it was off more than point at the bottom and closed higher. The preferred was heavy American Telephone, up point net, sold as much as 21 lower and came within fraction of Thursday's minAmerican Can, General Mo. tors, Chrysler. Case and National Biscuit advanced to 11 on the day, while Consolidated Gas rallied two. New York Central. exdividend, was off 21. Norfolk & Western three, Atlantic Coast Line 51. Union Pacific one and Atchison and Baltimore & Ohio small fractions. Most rails firmed in the late upturn, reducing ex treme losses. Sterling Lower. Passing of the monthend and the unusual expansion in fed. eral reserve credit witnessed during the past week were reflected in easier money trends, which in turn aided government bonds. Sterling's reaction indicated that selling of securities here by Brit 1sh investors had decreased. although the same conclusion was obvious from the action of stocks The pound closed at $3.91. off five cents and at its high it was again around $4. French. Swiss, Dutch and Belgian currencies firmed slightly. while German, Norwegian and Danish sagged. This week's mercantile reviews agreed that cool weather had helped trade, stimulating buying of seasonal goods. Miscellaneous Markets Cotton. NEW YORK FRIDAY opened steady October. May futures closed barely steady points May. Spot- Quiet middling. 5.70c. Chicago Cotton. CHICAGO FRIDAY Cotton made were still further posedly YORK FRIDAY December smoked ribbed closed steady: Metals. NEW YORK FRIDAY spot and unchanged York East St. spot TRADE TRENDS OF NATION (By The Associated Press.) Construction-A heavy list of contemplated school and federal government operations featured heavy construction activity through. out the country in the final week of September, Construction Daily reports Proposals of all types, except highways and residential, were valued at 537,000, compared with $29,257 000 in the preceding week and $50,437,000 in the like period last year. Coal-With the passing of unseasonably high temperatures which held consumer buying at low cbb during the greater part of September, retail dealers are again selling more anthracite and are consequently buying more, Sawards' Journal says. The revival in the wholesale demand came too late in the month. however, and was of too modest proportions to pull the September tonnage up to a level that would go far toward overcoming the light summer business. Railroad Equipment There were three freight cars ordered in September, compared with 534 in August and 565 in September a yar ago, Railway Age reports. Locomotive orders totaled one, against six in August and 25 in September of 1930. No passenger cars were ordered either in September or August, but in September last year 62 passenger cars were ordered. Silver-Bar silver eased an eighth of a cent in New York to 27% cents an ounce. while in London the metal held steady, unchanged at 15 15-16 pence, Hide Market. Beef hides Moines YORK Following the Sales High Prod IN U. S. ISSUES AIDS BOND LIST Domestic Loans Irregular at Close. CORPORATION BONDS STOCK AVERAGES NEW YORK The bond market hardened Friday, led Friday Previous day ited States governments. Week Signs of recovery noticed Thursday spread to all sections of the list, and although domestics presented a somewhat mixed appearance, the breadth of the up turn was an encouraging develop*New 1931 low ment. In many cases where corporate loans continued downgrade NEW YORK For the first there was evidence of a slackentime in week stocks closed ing of selling pressure. higher Friday. U. S. Issues Gain. Share buying on an early rally Liberties and Treasuries was exhausted before noon and traced about as fast as they had prices followed the rails on slid down and net gains ranged slow downward movement in the up to 3 quarters of a point third and fourth hours. How- Liberty Fourth 41s were in heavy ever. liquidation such as recently demand and rallied 5-16. and the has been experienced was con- Treasury 3s. in larger turnover spiculolsly absent and there was a closed 1-16 higher brisk recovery in the final deal- Minus signs virtually disap ings, although final quotations peared from the list of active was under the morning highs. foreign issues. Belgian govern Volume fell to 2,527,340 shares ments soared 2 to points, and against 3,590,640 Thursday gains in Italian issues were near ly as large Japanese, French an German issues improved marked ly, although German 51s. after early strength receded 21 net Argentine and Colombians were the strongest of the South AmeriDomestics Mixed. The domestic section reflected buying of selective character, and railroads, utilities and industrials were mixed. American Telephone 51s, Baltimore & Ohio issues, Columbia Ghs and Electric 5s, Great Northern, Grand Trunk and International Telephone bonds, North American 5s, Stand ard Oil of New Jersey 5s. Atchi son 4s, and Union Pacific 4s were among those that improved. General Theaters 68 receded two points. Other weak spots Auto were Frisco 41s. Texas corp. New York Central 4s of '98 and B Burlington Illinois 48. Baldwin Loc AVERAGES 193 SEVEN ILLINOIS BANKS CLOSED Others Shut Down in Michigan, Ohio and Pennsylvania. Seven banks in three sections of northern Illinois had closed their doors Friday, according to The Associated Press. Four Cook county institutions were shut down. The Calumet National bank, with $3. 500,000 deposits, the Hegewisch State, Brighton Park State and Marshall Square State bank were closed. The First National bank of Kewanee also closed. The bank is solvent and deposits were listed at $1,594,275. In La Salle county the La Salle Savings Bank and Trust co. and Utica, III., State bank, suspended operations. In Philadelphía, the Olney Bank and Trust co., with two branches, and the Jefferson Title and Trust co. were taken over by the state banking department. The Peoples State bank of Muskegon, Mich. with deposits of $2,286,938 closed for reorganization or liquidization and at Steubenville, O., the Union Savings Bank and Trust co. with total resources of $4,841,000, suspended business. Investment Trusts NEW YORK Following are the latest Rubber. quotations on Shares Diversified Following Wool. FRIDAY Minneapolis Banks. scored on the sales Bank Turpentine and Rosin. year Unit of trading earned shares
Heavy Runs Force Institution to Close Pemberville Forum Proving Attractive STEUBENVILLE O., Oct. 3. (INS) The Union Savings Bank and Trust company, founded in 1854, closed its doors today following heavy runs on the institution during the last week. The bank, which has surplus of $700,000. was ordered closed following a conference of the board of directors. Ira J. Fulton, state superintendent of banks, approved the board's decision. Fred Owesney, president of the bank, stated that the trust company will continue to operate "The unwarranted closing,' Owesney explained, "is due wholly and The attendance and interest are alone to idle and false reports." growing at the open forum meetings which are now being held in the Pemberville Presbyterian Church every Sunday afternoon at three IRELAND'S Paul Ward, a senior at the O. S U. gave an excellent and most conRestaurant vincing address on last Sunday as to why our country should be prepared in the event of an unexpected 114 W. Court St. declaration of war. To be sure all of those in attendance did not fully agree with the speaker. Therefore question period followed and also time of discussion which was en- Try Our Sunday Dinner tered into heartily, happily, seriChicken, Steaks and Chops and hopefully. It was a real occasion, a factStop Here for Breakfast finding which will bear good fruit Another phose of mili- Corn Fritters, Corn or Wheat tary preparedness or disarmament Cakes, Oat Meal will be ably presented by Russell Seibert on Sunday, October 11. The Best Coffee in On next Sunday at P. M. the auditorium should be filled. We Town are world citizens. Why should we remain ignorant of what is going on
SIX MORE BANKS TO BE REOPENED IN STATE SOON 10 Already Have Resumed Business Since First Of Year Special To The News COLUMBUS, Nov. 4-Six more state banks are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, announced today. Under negotiations conducted by the department of banks, 10 banks which temporarily closed their doors in 1931, a result of the panicky condition of the public mind, which started heavy runs on many financial institutions, have resumed business since the first of 1932. Bank To Reopen The banks planned to be reopened soon are the Union Savings Bank & Trust Co, Steubenville; the Union Savings & Trust Co, Warren; the Ohio Merchants Trust Co., Massillon; the Dime Savings Bank Co., Canton; the Washington Savings Bank, Washington C. H., and the Farmers' Bank, Elida. Negotiations also are in progress for reopening several other closed banks. More definite information regarding reopening plans probably will be ready for announcement early in the new year. The state department of banks is aiding the committees working on the reopening projects in the various interested communities. "With the reopening of additional Ohio banks in the near future many millions of dollars which have been tied up will be turned back into the arteries of trade and industry," said Superintendent Fulton. "By thus releasing large amounts of assets which have been temporarily impounded by the closing of banks, the working capital of each community directly affected will be greatly increased, with resultant strengthening of financial situation generally. Benefits Statewide "The benefits derived do not stop at the boundaries of the communities, but extend to other areas-in fact, become statewide in their wholesome effects." According to Superintendent Fulton, banking conditions are vastly improved over what they were last year. The present year opened with a marked decrease in bank closings and the number of such closings during the last few months has been surprisingly small- not more than might be expected in normally prosperous times. Since last summer the state department of banks has taken over but five banks for liquidation, with the exception of one, moderatesized bank, all very small institutions, the closing of*which caused hardly a ripple in the economic life of the community. Banking conditions generally are well stab-
SIX MORE OHIO BANKS WILL REOPEN SOON Ten Others Resume Business Since January 1. Special to The Review COLUMBUS, O., Nov. 4. — Six more state banks are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, has announced. Under negotiations conducted by the department of banks, ten banks which temporarily closed their doors in 1931, a result of the panicky condition of the public mind, which started heavy runs on many financial institutions, have resumed business since the first of the present year. The banks planned to be reopened soon are The Union Savings Bank and Trust Co., Steubenville; The Union Savings and Trust Co., Warren; The Ohio Merchants Trust Co., Massillon; The Dime Savings Bank Co., Canton; The Washington Savings Bank, Washington C. H., and The Farmers Bank, Elida. State Department Aiding Negotiations are also in progress for the reopening of several other closed banks. More definite information regarding reopening plans will probably be ready for announcement early in the new year. The state department of banks is aiding the committees working on the reopening projects in the various interested communities. "With the reopening of additional Ohio banks in the near future many millions of dollars which have been tied up will be turned back into the arteries of trade and industry," said Superintendent Fulton. "By thus releasing large amounts of assets which have been temporarily impounded by the closing of banks, the working capital of each community directly affected will be greatly increased, with a resultant strengthening of financial situation generally. The benefits derived do not stop at the boundaries of the communities, but extend to other areas, in fact, to