The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-17
BANK EXAMINERSATSTAMFO
FIDELITY TITLE AND TRUST ca.
CONTINUES TO do BJ SENESS.
Considerable withdrawal Or Deposits From
Its savings Departing nt'-st ntenient
OF Assets--Mr. ArbecaM says the
Interstate Trust 90. Has Not sluit.

STANFORD, Conn, July l8--The Con-
necticut Bank Commissioners. who are
Charles III. Noble of New Milford and
George F. Kendall of Suffield. came 10
Stamford to-day and took hold Of the affairs
Of the Fidelity Title and Trust Company.
The bank continued TO do business up to
the closing hour, Notwithstanding a heavy
run on the savings bank department, made
by small depositors, and so far as appears
Tonight will be running tomorrow.
The State Commissioners we're at work
on the books from II o clock this morning
until after q tonight, but will give out
no statement of the condition OF the
company until they have finished their work
President Robert A. Fosdick and other
directors who could he reached, declined to
discuss the affairs of the company. Mr..
Fosdick said the directors we're satisfied
with the statement he made yesterday.
The bank paid out to-day not more the n
500 on any one account. enforcing the
sixtyday rule az TO larger amounts. Many
depositors brought the miniature banKs, OF
which the company holds the keys, and had
their deposits extracted for them. There
were not largo number Of local deposits
in the bank of any size, save from the
shareholders. There were great many
small deposits of from $40 to S75 in the
savings depart ment. On June the COM
pany reported assets OF 1851 ,STSl?, in
Guiding these items:
Loans and discounts. SOS -: stocks and sccnn
ties $50 355 so: due from approved reserve agents
sag, $50 IL due from other banks bankers and
trust companies. Ss2.A7757; United states and
national bank notes. s7.+s,, The general deposits
department. $IOli5.l1.
President Fosdick had conference to-
day with George H. Hoyt, president of the
Stamford Savings Bank. which is willing
to AXE over some Of the mortgages and
other securities of the Fidelity Company.
There seems 10 be some difference Of
opinion between John Banigan of Provi-
aence, II. L., and Burtis l.. Arbecam. for
nerly of Brookine. Mass, and now OF New
Jersey, as TO whether or not the Interstate
Trust Company IL going concern. Mr..
Banigan Is the man of money in the Banden
Company of Providence, which according
TO those who should know, owns the Inter
state Trust Company,
Mr. Arhecam is director and used 10
he the treasurer OF the trust company In
Providence on Wednesday MIR, Banigan
said that the Interstate company, by a
vote of its board of directors on Tuesday,
went out OF business. after paying all 1t
owed
Inasmuch as the New Jersey Banking
Department announced on Wednesday that
il had taken possession Of the TRUST COM
pany Mr. Banigans statement seemed TO
I've reasonable But Mr.. Arbecam. sitting
in the Office of the company, at rs Pine
street, yesterday afternoon, stated very
positively that the company had not gone
out of business
He said that Mr. Banigan was mistaken
and that the company would proceed TO
he transaction Of the ordinary and usual
business Of the ordinary and usual trust
company 80 soon as II could make the
necessary arrangements
Mr.. Arbecam, in 1883. or thereahout.
was employed in the Maverick Bank, Bos-
ton, which had such a disastrous failure
in 1891 About 1884 he became the treas
urer of the newly organized American
Bond and Trust Company Of Boston, of
which Ezra Potter, president OF the Ma
verick Bank at the time 1t failed, was the
first president.
at the end of about year and went into
business on his own hook, with an Office
at 27 Congress street. His business was
to deal in bonds and bank securities. He
became a member Of the Algonquin Club
and had country place AT Chestnut Hills
In the early 'sOs he left Boston and came
TO New York from the West about seven
or eight years ago.
Leonard B. Imboden telegraphed from
South McAlester, l. T., yesterday TO j. p.
Perrin, formerly of Pawtucket, who is
Just now bossing the Bankers Corporation
on the ninth floor OF 81 Pine street that he
would leave South McAlester for New FORK
Just as soon as his physician said he was
strong enough TO make the trip. MIR.
Imboden has been in tho Southwest for
several weeks and has been confined 10 his
son of a Pawtucket blacksmith, Henry L..
Perrin. His brother. Frank l.. Perrin,
drives a mail Narnn in Paw uCket.