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Second Suspension Follows. New York, N. T., March 25.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business yesterday afternoon by decision of its directors. The institution has a capital stock of $200,000 and deposits of, more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended Wednesday.
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MT. VERNON BANK CLOSED Suspension of Oneonta Concern Makes Directors Cautious. The Mount Vernon National Bank. of Mount Vernon, with a capital of $200,000. was closed yesterday by its directors. Herbert T. Jennings, its president. is also an officer of the First National Bank of Oneonta, which was closed by its directors on Thursday. The cashier said the bank was solvent and able to meet all its obligations, but It had been decided to close its doors, so its creditors and depositors would be assured that they were protected. He also said the accounts of the bank would be examined by the government examiners for the benefit of the depositors. He also said that the closing of the bank was caused primarily by the closing of the bank in Oneonta Thursday. The directors are Herbert T. Jennings, Samuel W. Raymond, Jacob Norden, John L. Fee. E. M. Benford and Edward H. Patterson
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MOUNT VERNON BANK SUSPENDS BUSINESS Cashier Declares the Institution Is Entirely Solvent. New York, March 24.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business today by decision of its. board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended business similarly yesterday. The Mount Vernon National bank. is entirely solvent and able to pay depositors dollar for dollar, according to a declaration by Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure,
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BANK CLOSED DOORS. Mt. Vernon National Bank Closed as a Precaution. New York, March 24 - The - Mount Vernon National Bank at Mt. Vernon, N. Y., suspended business this afternoon, The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National Bank of Oneonta, which suspended business yesterday. The Mount Vernon National Bank is solvent, according to Samuel W. Raymond being closed to insure depositors and creditors that their interests would be protected in the face of the suspension of the Oneonta bank,
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NATIONAL BANK SUSPENDS New York, March 25.-The Mount Vernon National bank at Mount Ver non, N. Y., suspended business yesterday afternoon by decision of the directors. The institution had a capital stock of $200,000 and deposits of more than $500,000. Its president, H: T. Jennings, was vice-president of the First National Bank of Oneonta, which suspended Thursday. The Mount Vernon National bank is entirely solvent and able to pay dollar for dollar to depositors, according to Samuel W. The Raymon, cashier and director.
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NEW YORK BANK SUSPENDS BUSINESS New York, March 24.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business this afternoon by a decision of its board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended business yesterday. The Mount Vernon National bank is entirely solvent, according to Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure, Mr. Raymond said, in order to insure depositors and creditors that their ,interests would be protected in the face of the suspension of the Oneonta bank.
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VOTED TO SUSPEND Mount Vernon, N. Y., National Bank Directors Closed Intsitution. New York, March 25.-The Mount Vernon National bank at Mount Vernon, N. Y., suspended business at three o'clock yesterday afternoon by decision of its board of directors. The institution has a capital stock of $200,000 and deposits of more than $500,000. Its president, Herbert T. Jennings, was vice president of the First National bank of Oneonta, which suspended on Thursday. The Mount Vernon National bank is entirely solvent and able to pay dollar for dollar to depositors, according to a declaration made yesterday afternoon by Samuel W. Raymond, cashier and a director. The institution was closed as a precautionary measure, Mr. Raymond said, to insure depositors and creditors that their interests would be protected in the fact of the suspension of the Oneonta bank with which the institution here is closely allied. The directors are Mr. Jennings, Mr. Raymond, Jacob Norden, John L. Lee, E. M, Benford and Edward H. Patterson.
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Philip Tillinghast has been placed in charge as receiver of the efunct Mount Vernon National bank of Mount Vernon, N. Y.
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BANK'S STOCKHOLDERS SUED. Philip Tillinghast. receiver for the Mount Vernon National Bank, filed suits in the United States Circuit Court yesterday against Arthur H. Jones, Herbert L. Brown and Henry C. Henderson to compel the payment of the assessment levied against them as stockholders of the bank to pay its indebtedness The stockholders of the bank have to meet a deficit of $200,000. and demand has been made upon each stockholder to pay $100 a share on October 11. The three men refused, and the receiver began action for $5,000 against Henderson and $1,000 each against Jones and Brown.
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JENNINGS ARRESTED Bank President Charged With Misapplying the Funds. New York, Dec. I1.-Herbert Theodore Jennings, president of the Mount Vernon, N. Y., National bank, now in the hands of a receiver, was arrested today on an indictment returned by the federal grand jury, charging him with misapplying $20,000 of the bank's funds.
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BANK PRESIDENT JENNINGS ARRESTED. Head of Mount Vernon National Institution Indicted for Misapplication of $20,000. Herbert Theodore Jennings. president of the Mt. Vernon National Bank, which is in the hands of a receiver, was arrested this afternoon by Marshal Henkel at his law offices, No. 1482 Broadway, Manhattan, on an indictment found today. The Federal Grand Jury, charged Mr. Jennings with having. on July 6, last, wilfully misapplied funds of the bank to the amount of $20,000.
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BANKER MADE DUMMY LOANS Such is the Charge Against Herbert T. Jennings. New York, Dec. 12.-Herbert T. Jennings, president of the Mount Vernon National bank, building company promoter, lawyer and business man, was arrested in his office on Broadway by Marshal William Henkel on a bench warrant issued following the finding by the federal grand jury of an indictment charging him with misapplying funds of the bank to the amount of $154,908.06 by means of dummy loans. Henry A. Wise, district attorney, is authority for the statement that upon further investigation Jennings' defalcations will total $400,000. Jennings pleaded not guilty. He was released on $25,000 bail. The Mount Vernon National bank went into the hands of a receiver last summer.
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New York Banker is Charged with Fraud NEW YORK, Dec. 11.-Herbert Theodore Jennings, president of the Mount Vernon (N. Y.) National bank, now in the hands of a receiver, was arrested today on an indictment returned by the federal grand jury charging him with misapplying $20,000 of the bank's funds.
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HELD FOR BANK'S FALL H. T. Jennings, Head of Mount Vernon Institution, Arrested. BAIL FIXED AT $25,000 One Time Associate of Robin Is Charged with Misapplication of Funds-Cashier Indicted. Herbert Theodore Jennings, president of the Insolvent Mount Vernon National Bank, lawyer, promoter of electric railways, of national and state banks, and even chains of them, and recently real estate speculator, was arrested yesterday on a federal indictment charging him with misapplication of the funds of the Mount Vernon Bank in his building enterprises. Jennings was arrested in his office in the Fitzgerald Building, No. 1482 Broadway, He is president of the Broadway and Fortythird Street Building and Hub Building cempanies, which erected the building. He was arraigned before Judge Holt in the United States Circuit Court and held in $25,000 bail for trial. Asking for high bail, Isaac H. Levy, assistant United States attorney, said the loss to the Mount Vernon He National Bank approached $100,000. added that Jennings lent funds of the bank without any security whatever to "dummies" acting in his interests, one of whom was John H. Behan, a janitor, while another was Maurice F. Killeen, an office boy, earning $5 a week. The collapse of the Mount Vernon National Bank came on March 24, when rumors of the closing of the Oneonta National Bank reached Mount Vernon, where it was known Jennings was interested in that institution. Philip Tillinghast was appointed receiver for the Mount Vernon Bank, and recently he found it necessary to assess each stockholder of the defunct institution $100 a share to meet the deficit. Some of the stockholders refused to pay, and the matter is now subject to litigation in the courts. The indictment mentioned besides Jenrings the cashier of the bank, Samuel K. Raymond, who, it was said, would surrender to Marshal Henkel to-day. Through the misapplication of funds by Jennings and Raymond, the indictment charged, the bank lost in all $154,908.06. of which $95,899 was charged to wrongdoing by Jennings. The first misapplication of the bank's funds, according to the indictment, was made on July 6. 1910, when Jennings and Raymond placed in circulation two certificates of deposit for $10,000 each, payable to the order of Josephine M. Fairchild,
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Banker Under Arrest. NEW YORK, Dec. 11.-Herbert Theodore Jennings, president of the Mount Vernon, N. Y., National bank. now in the hands of 8 receiver. was arrested today on an indictment returned by the federal grand jury, charging him with misapplying $20,000 of the bank's funds.
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the course the committee probably will follow." HIGH OFFICIAL IS SOUGHT Bank Said to Be Out $400,000 by Peculations. New York, Dec. 13.-Federal authorities are seeking a high official of the Mt. Vernon National bank, indicted by the federal grand jury as an alleged accomplice to the loss of more than $200,000 from the institution. Herbert Theodore Jennings, president, was arrested Monday and released on $75,000 bond. It is said the peculations may reach more than $400,000. The bank is in the hands of a receiver.
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INDICT NEW YORK BANKER. Charge Against Jennings Is Misapplying Bank's Funds. New York, Dec. 12.-Herbert T. Jennings, president of the Mount Vernon National bank, building company promoter, lawyer and business man, was arrested in his office on Broadway by Marshal William Henkel on a bench warrant issued following the finding by the federal grand jury of an indictment charging him with misapplying funds of the bank to the amount of $154,908.06 by means of dummy loans. Henry A. Wise, district attorney, is authority for the statement that upon further investigation Jennings' defalcations will total $400,000. Jennings pleaded not guilty. He was released on $25,000 bail. The Mount Vernon National bank went into the hands of a receiver last summer.
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MT. VERNON BANK SOLD; WRECKERS GO ON TRIAL. $115,000 Paid for Assets, and Depositors Will Probably Get 50 Per Cent. The assets of the wrecked Mount Vernon National Bank were bought last night for $115,000 by Andrew J. Cobe of No. 149 Broadway. The sale was made in the presence of 150 depositors, who assembled at Elks' Hall, Mount Vernon, to listen to the reports of Comptroller of Currency Murray and Receiver THE linghast. Mr. Cobe first offered to buy the bank building and assets for $148,000. but the Comptroller decided not to seh the building. The wrecked bank was examined in December, 1910, and closed the following March. Up to that time the directors held weekly meetings, but failed to see anything wrong in the management of the bank, although the shortage then was over half a million. The president. H. T. Jennings. and the cashier, S. K. Raymond, were indicted on twenty-six counts. By a peculiar coincidence their trial comes up to-day before Judge Hough In the Federal Court. Some of the transactions by which the president and cashier are alleged to have continued the dividends are almost without parallels In financial records. On one occasion. It is charged. three notes for $7,500 made out to a $5-a-week office boy were discounted by the bank and the amount used to pay a dividend. The bank has already paid Its depositors 15 per cent., and under the new arrangement with Cobe It is expected they will receive about 50 per cent.
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TO TRY WESTCHESTER MEN Mount Vernon Bankers Charged with Misapplication of Funds. The trial of Herbert T. Jennings, president of the Mount Vernon National Bank, and Samuel K. Raymond, cashier of that bank, will begin this morning before Judge Mayer and a jury in the United States District Court. The indictment against the two men charged misapplication of the bank's funds to an amount exceeding $40,000. The money was taken from the Mount Vernon Bank, the indictment charged. by means of dummy loans, and was later used by Mr. Jennings in building speculations which did not prove profitable. The Mount Vernon National Bank is still in the hands of a receiver.
Firms To Accept Stock Trust Co. In Trade; Pledges Mount Vernon National Liquidated Years Fifth Dividend to Creditors of Bank Which Failed in 1911 Is Ready for Distribution The work of liquidating the old Mount Vernon National Bank which failed 1911 has just been completed, according announcements sent creditors today by the Treasury Department in Washington. took 22 years for the full liquidation the bank notices sent that the fifth and final dividends ready for distribution closing chapter Mount Vernon's bankand financial history. The number creditors who receive last checks from Treasury Department not revealed. When the bank failed there hundreds depositors the deceased. up cents the dollar eventually given creditors and the work of liquidating the rest of the assets assumed by the United States Treasury Department Louis Petrillo, Mount Vernon trustee the estate of his late brother, Pasquale triflo, one received notice final payments today. The Treasury Department forwarded similar letters and affidavits been the Treasury department checks will mailed The files of The Daily Argus veal that the Mount Vernon National suspended operations March 24, 1911, considercausing able house the building which houses The Daily Argus. bank reopened and the building sold later and realized upon.
Fifth Dividend to Creditors of Bank Which Failed in 1911 Is Ready for Distribution of liquidating the rest of the work assets was assumed by the United States Treasury Department Louis Petrillo. Mount Vernon contractor. as trustee of the estate of his late brother, Pasquale Petrillo. was one who received notice of final payments today. The Treasury Department forwarded similar letters and affidavits have been returned to the Treasury Department checks will be mailed The files of The Daily Argus reveal that the Mount Vernon National Bank suspended operations March 24, 1911. causing considerable excitement. The house was in the building which now houses The Daily Argus. The bank never reopened and the building was sold later and assets realized