Milford chronicle., 1929-11-22
BANK AT NEWPORT
CLOSED ON MONDAY
Continued from Page u

NO~~N~~~~~O@
the gradual decrease in its deposits
The company's cash reserve has
therefore been reduced and it has
had difficulty in meeting its de-
mands during the past week.
"The last examination was made
by the State Bank Commissioner
June 1, 1929. At that time there
were no irregularities disclosed and
it may be authoritatively stated that
the present situation is not due to
any shortage or irregularities in
the company's accounts.
lowing to the extremely unsettled
condition of the security market re-
Gently, feel that it is most essen
tial that the public be assured that
the closing of this bank is not at
tributable in any degree whatever
to the stock market.
"The Newport Trust Company was
chartered under the Laws of Della
ware in January, 1928, and it began
operations as a State banking insti-
tuition on February 7, 1928. Prior to
that date the business had been con-
Quoted under a national bank char
ter granted in 1864 and the company
was known as the Newport National
Bank"
Statement of Condition
The following statement as to the
condition of the bank was made by
the deputy State bank commission
er at Mr.. Horsey's request:
Total loans, $243, ,S21.94.
Mortgages, s16,000.00.
Securities, $18,375.26.
Other items, $S4,946.60.
Total assets, $364,643.80.
Liabilities
1t can be seen by this statement,
which was prepared at the time of
the close of the bank Saturday af-
ternoon, that the depositors are COW
cred well by the assets on the pa
per, and it is expected that they will
probably secure all their money
eventually although absolutely no
statement as to this could be secur-
ed from officials of the bank or the
examiners. The banks loans are
similar to those of the Middletown
bank, which failed some time ago,
it is said, and it will take time to
collect them.
Commissioner in Charge
The loans cannot probably, be
realized on for some time in the
meantime, Mr.. Horsey will continue
in charge of the banks affairs until
some time next week. Unless some
one or group of men step in to take
the bank over, which is not likely,
it is said, Mr.. Horsey will make
report to Attorney General Reuben
Satterthwaite, who will apply to the
Court of Chancery for recelvershlp'
although, so far none Of these steps
are said to have been arranged deli
nitely. i
If there are no objections raised
to the receivership, it will be gone
through and the receivers will eth
er continue the bank as a bank or
arrange for the liquidation of the
assets for the depositors and finally
the bank stockholders.
First State Bank to Fail
ME-. Horsey said that this is the
first State bank to fail. It was first
founded as a State bank in 1853. 1t
became a National bank in 1864,
and remained a National bank until
February Z, 1928, when it became a /
State bank. It was stated Monday |
that the Newport bank had no stock |
collateral loans, or practically none |
that is, had no stock as collateral,
so that the failure to open the doors |
could not be attributed to the stock |
market directly.
The officers and directors of the |
bank are as follows: ]. Perkins
Groome, president; ]. A. Cranston,
vice president; Edward Vansant,
and treasurer; Frank P.
Jones, assistant secretary; DR.. A. ].
Strikol. J. M. Ulmer. Charles P.
Dickey, willard F. Wood, William N.
Lank, sheriff of New Castle county;
Isaac Turner, Richard G. Bucking-
ham.