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BANK RUN TOO GREAT Glenside Bank and Trust Company Forced Suspend Business. Glenside, Pa., October Bank and Trust Company failed open for business today and affairs placed hands of the State Banking Department. An hour later the Glenside Trust Company, with branch in closed doors. had opened for but great the bank officials decided place its affairs the hands of the State Banking Department.
BANKS DEMAND WEEKS' NOTICE Continued From Page One, deposits; $354,983 loans; bills president and Will Daniels Daniels, cashier. Banks Glenside (Pa.) pend Business. By the Oct. Glenside Bank Trust failed for today and open placed hands the State hour later the Trust with branch closed its doors. had business, run of caused bank officers decide affairs hands of place Banking Department. National Bank Weston, Closes Doors. Oct. National Exchange Bank closed day for liquidation. board directors withdrawals posits closing bank had capital of surplus and total sources of 000.
Glenside (Pa.) Banks Close Their Doors Two Shut-One Opened, But Calls in State Banking Department After Run Glenside, Pa., Oct. (/P)-The Glenside Bank Trust Company failed to open for business today, and its affairs were placed in the hands of the State Banking Department An hour later the Glenside Trust Company, with branch in Wyncote, also closed its doors. It had opened for but run of depositors caused bank to decide to place its affairs in the hands of the State Banking also. West Virginia Bank Closed tional Exchange Bank closed today for liquidation. The board of directors said withdrawals of deposits made the necessary. The bank had capital of $150,000 surplus of $50.000 and total resources of approximately $1,500,000. In Wall Street Today NEW Oct 3. Bar silver was quoted in London today at 16%d. per ounce. an adfrom 15 15-16d yesterday. The No York quotation 1/8 cent higher cents Bank Clearings New York Bank clearings for the ended were $6,054.324,102.83, against $5,282,231 424.86 for the week ended September 26. $10,000,000 In Gold Shipped The liner Volendam sailed today with cargo of $10,000,000 in gold consigned to Holland. Of the total, $1,790,000 was shipped by the Guaranty Trust Company of New York. Treasury Balance Washington Oct. The United States Treasury balance today as of close of business October was $597,845,240.76 Customs receipts for the month to were $1,475,463.84 and total ordinary expenditures were
Withdrawal Notice Rule Is Invoked to Stop Runs on Banks Philadelphia Action Follows Closings, 'Hoarding' by Depositors. By Associated Press. PA., October Philadelphia today adopted resolution calling on all banks to enforce the rule requiring weeks' notice for the of time and deposits. All the mucity have Joseph president the that closing of some small outlying stitutions resulted unreasoning among depositors which causing drawals deposits largely for the purpose hoarding. Three Banks Close. The house small trust and the of trust subThe Fidelity Philadelphia Trust today appointed temporary receiver Weniger ing after three creditors filed involuntary petition of bankruptcy in Federal Court. The firm about 1500 depositcounstateand would be available until after an audit of the books. Richmond Trust Company, bank, deposits the of the Banking Closings. By Associated Press. GLENSIDE, October Glenside Bank Trust Company failed open for business today and placed in the hands of the State Department. hour later the Glenside Trust Company, in Wynclosed its doors. had cote, opened for business, but run of depositors decide place the hands State Department also. Failure Texas. By Associated SAN TEX., October The San Angelo National Bank failed to open business The spread the recent weeks had caused ing They said that deposits had been reduced the week bank was capitalized at $600,000. One in West Virginia. By Associated Press. WESTON, W. October today Directors posits the closing The bank had of $150,000; surplus resources $1,500,000.
SELL 7 SUBURBAN HOMES By order of Dr. William D. Gordon, of the State Banking Department, in charge of the affairs of the closed Glenside Bank and Trust Company, six newly completed suburban homes located at Baederwood, in Abington township, were offered at public auction yesterday. Possibly 600 attended the auction, but bidding was not brisk and an average of less than $15,000 was obtained for homes built to go on the market at $35,000 or more. The total returns on the six homes located on Wyndale ave. and Wharton ave. were $89,250. A seventh property located on Winding road, was also included in the auction. The buyers and the bid price were: C. B. Solley, Chestnut Hill, Wyndale ave. property $15,000; E. W. Miller, 1429 Walnut st., Wharton ave. property, $15,350; George W. Moll, 5924 N. 5th st., Wyndale ave. property, $15,300; P. S. Harvey, Ridley Park, 73 Wyndale ave., $13,500; Charles S. Schell, Vernon road, Jenkintown; 69 Wyndale ave., $15,000 and Dr. M. G. Reigant, Perry Building, Philadelphia, Wyndale ave. property, $15,100. Including the sale of the Winding road property the gross figures of the sale amounted to about $105,000.
Seven Closed State Banks To Distribute Over $500,000 By The United Press PHILADELPHIA, July 16—Seven more closed banks of the state will pay depositors more than a half million dollars within the next month, Dr. William D. Gordon, Secretary of Banking, announced today. The banks making payments to depositors within the next month are: Glenside Bank & Trust Company, Glenside, 10 per cent, $148,378, Aug. 8; the Glenside Trust Company, Glenside, 10 per cent, $29,612, Aug. 8; Cornwells State Bank, Cornwells Heights, 10 per cent, $25,000, July 25.
payments to depositors within the next month are: Glenside Bank & Trust Company, Glenside, 10 per cent, $148,378, Aug. 8; the Glenside Trust Company, Glenside, 10 per cent, $29,612, Aug. 8; Cornwells State Bank, Cornwells Heights, 10 per cent, $25,000, July 25.
SOON HOOVER URGES FIGHT BE PAID BY UPON WANING CRISIS; FIFTEEN BANKS PARLEY ADOPTS PLANS 153,000 Depositors in Six Closed Phila. Institutions Benefit Within Few to Weeks Bankers Trust, Darby, Girard Ave. Title, Glenside, Jeffer- son and Mortgage Security Co. Included Six closed Philadelphia banks and nine in communities throughout the State will pay dividends to deposi- tors within little more than month, according to announcement made yesterday by Dr. William D. Gordon, State Secretary of Banking The Philadelphia banks are the Bankers Trust Company. Darby Bank and Trust Company of Darby Girard Avenue Title and Trust Company, Glenside Bank and Trust Company of Glenside, Jefferson Title and Trust Company and the Mortgage Security Trust Company More than 153,000 depositors in Philadelphia and elsewhere will benefit through the dividends The payments will bring the total amount paid by closed banks to positors to approximately $19,600.000. Of this $8,478,412 will have represented payments by the Bankers Trust Company alone. Payements to Be Made According to the announcement, the Bankers Trust Company will pay 10 per cent. dividend of $2,792.on September 30, following 20 per cent. payment last November. This reduce the remaining deposit liability of the institution, which closed in December 1930. to slightly more than $25,- Darby Bank and Trust Company will make payment of $56,060.52 representing five per cent. of its present deposit liability, next Wednesday. It made first payment of 20 per cent. last October Five per cent. will also be paid by the Girard Avenue Title and Trust Company September 13, that percentage amounting to $121,- Glenside Bank and Trust Company will pay per cent., or $155,041.52 September It made previous payment of ten per cent. August *Jefferson Title and Trust Company will pay total of or 7½ per cent. of its total present deposit liability on September five per cent. payment, totaling will be paid by the Mortgage Sescurity Trust Company next Wednesday A CALL TO ECONOMIC ARMS
CLOSED BANKS MAKE PARTIAL PAYMENT Distribution Will Be Made DurComing Week. Philadelphia. Aug. More than depositors in fifteen closed banks will receive part their deposits within the coming Dr. WilGordon. State Secretary announced today. The banks Conewago Trust Co., Warren, 10 per First Bank and Trust Co., WashingDeposit Bank. of McKeesport. per cent. $113,227. Bank and Trust Pittsburgh. per cent. $198,000. Trust Co., Washington, Pennsylvania Liberty Bank and Trust Co., cent., Bank. 10 per Trust Co., $44,761. People's Trust Company. Frackville, Darby Bank and Trust Company. $56,000. Glenside Bank and Trust Co., 10 per The remaining four institutions were