Milford chronicle., 1928-12-21
BANK CASHIER KILLED
in ACCIDENT AS BANK
CLOSES ITS DOORS
rCantinred from frst taael

found was only - to Is feet from
where Belts automobile stopped afte
crashing into tree Friday morning.
Several theories are being advanced
as to how Belts probably met ms death
but the exact facts may never p'
known.
Both highway officers who found th'
body and Undertaken Tobin are OF the
opinion that the cuts apparently cauS-
| ed by being thrown through the Nlhd-
shield when the car hit the tree was
| sufficient to cause the death OF betls
within few minutes.
There was a deep cut on the lett side
OF the throat which severed the Iusuial
| veln There was also deep gash uhueI
| one eye, one ear was Dadly cut anu
! there was also deep cut on one wrist. l.
| Clerks at the bank in MlddletOWn say
| MIR. Belts left there about $3.50 O'CLOCK
| Friday morning although 1t may nave
peen a few minutes earlier. Ihe WaJcIl
in mis- vest pocket had stopped at o'oH
This would indicate that he drove from
Middletown to where the ooGy was
found in Old Drawers Creek near
Odessa, n distance Of at least TOUR
miles, in seven minutes. He is SAID 10
have been recognized by resident Oh
Odessa when he drove through thaI
town. There is also report InaI an
other resident of Odessa recognized ii9 Ils
Hudson sedan just north of Odessa ana
that at that time he was driving at d
fast rate.
The creek is but a short distance
north of Odessa and there is a curve at
the point where the machine left the
highway The willow tree hit by the
machine near the edge OF the creek Is
about 20 feet from the highway me
car must have been going at mgh
speed when it struck the tree, which,
although about 10 inches IN diameter
was cut off close to the ground.
mi I'll ,,ft 70 y nnm0l-
ished and one of the doors was prokeh
from the hinges. Mr. Belts hat and pipe
were found in the car where fhere we're
also blood spots.
Several theories have been advanced
as to what may have happened after
the car struck the tree. 1t is thought /
possible that Mr.. Belts was either
thrown through the door or windshield
into the creek or that after the car
stopped he got out in dazed condition
and fell into the stream. The pody was
found only a short distance from the
machine, in probably 10 feet of water.
Mr.. Belts had an overcoat on.
Mr. Belts was AZ years of age ana
had been connected with the Peoples
Bank of Middletown for about 10 years
He formerly was connected with bank
It Frederica He is a nephew of former
State Senator Belts of that town. In ad-
lition to his wife and 19 year-old son
le is survived by his aged parents who
i've at Middletown and one brother who
ives with the parents.
Mr.. Baker, the examiner in charge OF ,
he affairs. will collect on notes and
ther debts due the bank as fast as t
ossible but it is understood he is not ]
to pay out any of the banks
Money to depositors or any one else.
Mr.. Belts had been interested with
Iverett Lewis, proprietor of the Ever q
tt Theatre in MiddletOwn in several
anfarnricoc including at
[ilford and Elxton, Md. They were
lose personal friends.
In it's annual financial statement is
led last October the bank recorded L
esources of $622,77OOS, deposits of
800, 400, and a surplus of S35,OOO
Belts, according to his associates in
le bank, had worried greatly over the
ability of the bank to collect on out
anding notes. He was observed by his
How townsmen Friday morning going
ter the morning mail, as was his Gus
m. Belts was accompanied by his pet ~
,g and stopped in butcher shop near VI
S home and secured the usual bone W
r the dog. At that time, he appeared in
be worried, it was said. M
When the bank doors opened for bus Az
ess at o'clock Friday morning, the A
n, which began Thursday afternoon
ain started. The bank had on hand
o. 900 in cash. By l o'clock 100000 of w
is sum had been withdrawn. 1t was 70
en- that the directors at a meeting =.
cided to close the bank. William p. oe
-ker, a Federal bank examiner who pc
d been working on the accounts of
e bank since Thursday morning, post he
a notice on the bank doors announc- De
it was closed and in the hands of ga
2 Comptroller of the Currency. to
When the bank doors were closed for RI
depoSitorS were in a line outside -
icials of the bank, however, say but id
e depositors were waiting to with PI
NV their money. to-
The action taken by Mr.. Baker was ~. ~.
to the Federal Reserve
cials of the Third District in Phila- LII
phia and stephen L. Newman. Chief Fl
aminer of the Federal Reserve, hur-
d to Nliddletown, arriving during the
ernOOn with two additional eXamin-
3etts was a native of Frederick, mar Ed
d and lived with his wife in the
elling adjoining the bank building on
in street, Middletown He was a
mber of the official board of the
thodist Church at Middletown, a di-
tor in the Building and Loan Asso- =
tion and prominent in civic affairs.
and Mrs. Belts have one son, Win
i, aged 10 years. a second year stu
t in the medical school of the Uni I
sity of Pennsylvania. ~,
he affairs of the bank as checked "
S said, show that Belts accounts are De
rect officials emphasize there has Ele
n no defalcation of bank funds 1t coli
admitted the inability of the bank 9''i
,ials to collect on its outstanding Dy
IS had been a secondary cause of Gil
run. I his condition is known in the +io1
king circles as frozen assets" The -,
ctors gave out the following state leI
t: law
There was talk of a merger with an
r institution. This gave rise to rI- A
S as to the soundness of the bank, , -
sing great number of Withdrawals the
rder to avoid run, the bank closed Tov
oro
There is no indication of any defaI- -,
)n. The bank is believed to be SOL Iue
and the reorganization is now in ing
ress." Anr
r. Newman, the Federal bank ex- c+ot
ler said: There will be no state 0O0''
t issued by me and none after the ava
of the banks affairs has cIoc
completed" He intimated it was
o the bank directors to make any \
ement
neral services for Mr.. Belts were that
at his late home in Middletown on -,
day. Members of Temple Lodge ueIA
8, A. +. & A NJ, of Milford. con- crea
ed the rites of that fraternity. The sem
was brought to Milford where bo1d
Il was made at odd Fellows ceme- 10
Monday afternoon. IOr
TT
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