Bank of Saginaw (Saginaw, MI)

Article Text

Banks' Announcement

The Saginaw Clearing House association Wednesday announced the following regulations. designed to render possible ance and to the people Saginaw during the period of bank holidays recently declared by Governor Comstock: banks and their branches will immediately open their banking rooms maintain facilities for making change.

Safe deposit departments be opened and held accessible to regular Safe keeping will be open during usual hours the having securities and other documents left the bank for

Pay roll checks. issued by corporations other business which furnish the bank currency sufficient cover total amount shall be promptly is expected that this provision will prove very helpful to Saginaw laboring men and merchants.

Dated Feb. 15. 1933. SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW

BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

Article Text

Banks' Announcement

All Saginaw banks and their branches open their banking and maintain facilities for change. Safe deposit will be opened and held accessible to during regular hours.

Safe keeping departments will be kept open during usual hours having securities and other documents left with the bank for safe keeping. Pay roll checks. issued by corporations or other business firms which furnish the bank sufficient amount shall be expected that this provision will prove very helpful to Saginaw laboring men and merchants.

SECOND NATIONAL BANK AND TRUST COMPANY OF SAGINAW

BANK OF SAGINAW PEOPLES AMERICAN STATE BANK

Article Text

Named Conservator of Two Local Banks

A banker of more than Mr. assumes the the Bank Saginaw the Peoples State bank by reason of his appointment Tuesday conservator of both banks. The was made Banking Rudolph Reichert. now president of the Michigan company, associated with the Pigeon State for 1915. On 1915, he was named the late Gov. Woodbridge Ferris, serving under the subsequent Gov. Albert Sleeper and Gov. until the spring of 1921. He then retired from politics and after living Lansing for several years, his residence here. He now lives at 1023 Gene-

Article Text

WILL FILE BRIEFS IN RECEIVER CASE

Saginaw, Jan. Judge Clarence Browne Tuesday ordered briefs filed the suit of Bank of Saginaw seek ing to restrain Frank W. Merrick. bank receiver, from proceeding with reorganization plans. temporary restraining order has granted. Five days' time to file briefs was given the attorneys, and an adtwo days file answer was granted to the at torney, who seeks dismissal of the plaintiff is Miss Margaret Mitts, of the depositors committee.

Article Text

Suggests Organizing National if Funds Lacking to Reopen Closed Banks.

HOLDS FEDERAL AID NECESSARY

Court Refuses to Dismiss Action Brought Against Receiver for Bank of Saginaw, Holds State Law Void-Believes Quick Solution Possible.

Suggesting the for a speedy solution Saginaw's long-drawn banking difficulties, Circuit Judge Clarence M. Browne yesterday afternoon denied motion to dismiss litigation brought against Frank W. Merrick as receiver for the Bank of Saginaw and held unconstitutional portion of Michigan's emergency banking action by interested ties to decide whether there hope funds to reorganize one or both of the

The text of Judge Browne's recommendations for solution of Saginaw's banking difficulties appears on Page closed state banks here (Bank of Saginaw Peoples State without can state plan. Would Seek National Bank.

In the event such found impossible, Browne suggests prevent rapid assets old banks, committees formed by the depositors, positors stockholders, refederal authorities the matter forming single new national here under a fedThe judge's opinion denies the motion to bill plaint filed by Miss Mitts. chairman of the acting depositors committee the Bank Saginaw, which an injunction to prevent the bank's receiver from disposing the bank's assets until banking commissioner have creation of committee and the committee provided with information on all the bank's affairs. He allows for the filing of an answer by the defendant in the Sees Considerable Delay.

Pointing out that, whether his decision reviewed shortly by the appeal is until a. final hearing that there be considerable lost time, Judge Browne in his statement: given this matter careful thought, have listened the various and arguments the interested parties and have also followed the matter closely in the public press. have interest in this particular bank, either only interested the community all inhabitants, and from this interest

Article Text

HANDS TIED, SAYS REICHERT

No Progress Possible on Bank of Saginaw While Court Order Stands.

JUDGE CAN NOT MOVE

By GUY JENKINS. Correspondent.) the pending court injunction continues in force, the state banking commissioner can do relative to the affairs of nothing the closed Bank of Saginaw, memcommittee the bank of the Tuesday State Banking Commissioner Rudolph Reichert has written to Circuit Browne Saginaw, the judge issued the injunction. certifying him that the has received the of depositors representing 51 per cent of the deposit liability the bank, and ing him the satisfactory to him and whether the injunction will be lifted that department to deal with the affairs of the bank.

Judge Can't Act. Judge Clarence M. Browne told The News that has nothing to about the depositors' and that of the can only be brought about by or by agreement between the two have nothing to pass on garding the depositors' committee,' judge law provides how shall be and doesn't far as the injunction concerned will be by the if they to so, by agreement between the plaintiff and defendant. suit started Miss Margaret Mitts, chairman of the Bank of Saginaw depositors' asked the bank's be restrained from dis-

Article Text

See Reorganization of Bank of Saginaw as Best for Depositors, Community.

HEAR OUTLINE BY

Frank Marxer Points Out That New Committee Has Taken Initiative in Effort to Avert Liquidation of Bank Heavy Liquidation Loss.

Plans for reorganization of the Bank of Saginaw brought the Retail Merchants Credit Bureau approved without dissenting vote Monday night the Retail Grocers' and Meat DealMeeting the Schust company plant for monthly gathering. the heard explanation the plan Frank Marxer, chairman of motion Henry Strobel supported Walter Loeffler went on record the Compares Plans. Mr president the Credit former president the and Meat Dealers' that lieves the according to the will produce the best for the depositors the munity He his audience that liquidation probably would produce great losses the assets bank He stated that the committee that the that they the committee support prepared to end. He invited the positors the bank for the Solution of Problem no the in the paper tonight regarding to reopen the Bank Saginaw Mr Marxer Many people inquired why action called of bank whether there problem, either the bank liquidate solution, opening of the depositors, business acting in the terest of two that could be adopt to the You will what means to liquidating stocks, that there liquidation there much Money for Business. "But there money into business Some people have that would coerced to people buy but how many times been coerced during the you few have been many have done lot times, things not want our business. the depositors want protect their believe they by a little of vesting bank receiver has given cooperation He on and basis The has and only for plan the bank good for dont why isn't good cities for Saginaw This with about eight million of believe solution that for the depositors will reopening will not depositors lot of stock. There asked to payoff and per cent would have probably taken leaving be

(Continued Column

Article Text

MERCHANTS NEW PLAN

Grocers and Meat Dealers Unanimous in Backing Committee.

PROGRAM IS OUTLINED cent in cash. The committee believes that 25 per cent is much depositors would get out of liquidation. satisfied that the depositors would 100 per better off through reorganization than by liquidation. 40 per cent payoff would mean There cured deposits of that have to paid. Under liquidation they would have paid first. That leaves to loose in the community. When look at more than two million dollars released the community that means something for the and for retailers. positors Someone might say it was done business men the protect bank but does anyone these business men forced out of and their employes thrown out of work Loans to Be Realized. this handled in sane manner lot loans realized 100 cents to tell that the depositors will 100 cents on the dollar, but think they will lot little into more putting that the stock will money. take what Liquidation under this Steagall bill means that the would have to be the praiser only worth $500 that would The Bank of Saginaw up worth of assets and that's only 50 cents the dollar on the good assets. That's the way the That same thing would happen with liquidation. got through ceivership be much think the would get 25 and think than Liquidation Would Be Slow the positors 25 per cent cash 15 per cent stock in bank Under liquidation think the depositors would anything First there would the the bank the that would to be and then there would that would to paid to secured positors takes time beileve that liquidation the thing But Do the Bank of Saginaw and get the most that possible of and take you The propothe of the bank the the they should to the Bank Saginaw and proxies for the the committee that opened. you don't care. entirely voluntary Considered As Duty leave up you. If the committee to open the the bank the proxies cent the felt duty think that is the most solution the the depositors wish. Go to the bank and tell them want to proxies for the quicker you the quicker get the bank We the biggest depositors, asked them they support the plan and they said they would. will good many out for quick the there million released the depositors. We don't want get any just think people want the bank opened

Favors Reopening. Edward Schust spoke briefly garding the plan the efforts that have been made in the past regarding its affairs believe the best way for the community and the depositors would be to get the bank open possible" said. But things run along long and are disgusted know you do. You can't blame them. heartily favor of opening if it can done.'

Article Text

The People's Forum

Letters for The People's Forum signed the the Unsigned long cannot publication.

On Bank Committees. Editor of The Sunday NewsPertaining to my article in your paper under date of July 5, bearing on the organization of new national bank and the appraising and liquidating of the assets of the Bank of Saginaw, wish to make further comment: am still convinced that the assets of the bank should be liquidated through legally authorized trustees but in event that this method is not followed wish to emphasize the importance of a depositors' committee. At present there are two committees, one known as the "Mitts committee," of which Miss Margaret Mitts is chairman, organized in October. 1933. and the other known as the "Marxer committee of which Frank A. Marxer chairman, organized in June, 1934. Please understand that am not holding brief for either committee but wish the depositors to understand the facts pertaining to the activities of these committees as understand them. In the face of most discouraging opposition, due to the Mitts was finally recog nized as being legally constituted. This committee acted honorably and sincerely in behalf of the depositors and Miss Mitts and Mrs. Ida Ferris. together with all other members thereof. to be congratulated because of their earnest efforts. Because of misapprehension. there was some lack of cooperation between the banking department. the receiver and this committee, causing delay in securing relief for the depositors The second committee. the Marxer committee, did most ef. fective and constructive work in securing the organization of the new bank but must go much further in its insistence upon proper appraisement of the bank's assets and their liquidation. This committee, in order to be effective. should control the proxies of majority of the depositors by large To be really effective a depositors' committee should represent not less than 85 per cent of the total deposits of the bank. depositors' committee of any closed bank should not be in any way directly or indirectly under the control supervision of receiver or of any of his assistants and no member of such committee should be indebted to the bank. These committees are composed of well-known, reputable and honorable residents of Saginaw and have the welfare of the depositors at heart as well as that of the community. My opinion is that both these committees should work together in harmony in an effort to secure the best results for all concerned would advise that combination be had of all proxies heretofore secured. Otto Schupp. 606 South Jefferson avenue.

WURTTEMBERG Germany P)-Instruction in Jewish religious precepts has been discontinued in Wurttemberg high schools by official order. but Jewish organizations conduct religious schools privately. camp of the neolithic period has been discovered in Noglika on Sakhalin Island Flint arrows, stone axes and clay utensils were found and sites of 120 earthen huts traced.

Article Text

BANK RECEIVER ILL, SUBSTITUTE NAMED

Lansing Man to Have Charge Temporarily at Bank of Saginaw.

By GUY H. JENKINS. (By Staff Correspondent.)

LANSING, May 23.—Appointment of Wayne Winn of Lansing as acting receiver of the Bank of Saginaw during the illness of Frank W. Merrick, receiver, was announced Thursday by Rudolph E. Reichert, state banking commissioner.

Mr. Reichert said the appointment was only temporary and for the purpose of keeping pay-off machinery in operation pending the recovery of Mr. Merrick, who he said was at present too ill to sign papers which must be forwarded immediately to Washington.

Mr. Winn, who is a member of Reichert's own staff, has had control of pay-offs in 22 Michigan banks.

Mr. Merrick, who has been confined to his home at 1023 Genesee avenue for several days by illness, was reported Thursday to be recovering steadily.

About 800 cotton farmers in Jim Wells county, Texas, signed contracts to rent acreage to the government this year, an increase of 200.

Article Text

CITY HALL PROBLEM SOLUTION IS SOUGHT

More Definite Proposals Asked of Bank of Saginaw Receiver.

Article Text

APPOINTED ATTORNEY FOR BANK'S RECEIVER

LANSING —(AP)— State Banking Commissioner Rudolph E. Reichert announced the appointment Wednesday of Donald W. Gilbert as attorney for the Bank of Saginaw, now in receivership.

Gilbert will replace attorney W. Carl Bauer. The appointment was made after Gilbert had conferred with Reichert and Gov. Fitzgerald.

Article Text

LANSING (AP)— State Banking Commissioner Rudolph E. Reichert announced the appointment Wednesday of Donald W. Gilbert as attorney for the Bank of Saginaw, now in receivership.

Gilbert will replace attorney W. Carl Bauer. The appointment was made after Gilbert had conferred with Reichert and Gov. Fitzgerald.

Article Text

LANSING (AP) — State Banking Commissioner Rudolph E. Reichert announced the appointment Wednesday of Donald W. Gilbert as attorney for the Bank of Saginaw, now in receivership.