New Britain herald., 1930-03-28
HAS
 BANK SHORTAGE
(Continued From First Page)

ings department assets, s1,S49,000; trust department assets s291,000; savings deposits S1,66o,000; Christ mas savings deposits, 5000; trust department deposits, slo0,o00.
 A notice by Roy A. Hovey, state banking commissioner that he had taken over the institution was post ed at the main door.
 This morning an excited group ot nearly 100 depositors milled about tho doors of the institution and ne cessitated the summoning of several policemen to maintain order. A brief notice. signed by Roy A. Ho- yey, state bank commissioner, and posted at the main entrance, was the first public confirmation of ru- rnors that the bank was in difficulty.
 Text of Statement
 A statement by Guy read:
 "A run which developed as a re- suit of disclosure by state bank eX- aminers last week of a shortage in the accounts of the savings depart ment of the Hampshire Trust com- pany made it imperative for the protection ct ali depositors that the state banking department take pos session of the business and affairs Of the trust company.
 The action taken was in accord also with the wishes of the board of directors of the trust company after efforts made by them to effect a consolidation had proven unsuc- cessful.
 The shortage which has been un- covered during the examination amounts to approximately s285,0o0 and was caused by the abstraction of cash and otherwise procuring of funds by means of withdrawal or ders on inactive accounts, fraudu- lently obtained by the then manager of the savings department who is TOW under arrest.
 "The trust company has deposits of $600,000 in it's commercial de partment and s1,575,000 in its say jngs department, a capital of $50. 900 and undivided profits including surety coverage of sS12.OO0."
 commence NOt lteStOred
 Hemenway and John W. Mason chairman of the directors, in d join statement said that ''every effort was made to procure assistance which would restore the confidence of the public. These efforts were unsuccessful and run developed ot proportions which no bank could withstand. however liquid it's assets We feel that the dcpostors stil have the protection Of the capita stock and there arc assets enough tc pay the depositors in full. They will be subject to temporary incon. renience but will suffer no ultimate loss"
 Six examiners spent all last veeb on the books of the bank.
 Both Mir. and Mrs. Calvin Coo lidge have accounts in the Trust Company and statement issues this morning at the office of the former president, who is d law partner Of Mir. Hemenway, said that they had not withdrawn their money but felt that it vas perfectly safe
 Harold E. (Dick) Nevcomb or sanized and personally led one Of the most popular orchcstras in New England until his arrest on March IT.
 By day he was an energetic yet courteous bank cmpoye who in little more than 10 years after lcay- ing high school had Iiscn from an unimportant job 10 com parativc au- thority in the institution and a salary estimated by friends to have been $40 week.
 Took Orchestra Out at Night
 By night he guided his 13 synco- pators far and near wherever dancers demanded the best in jazz. His "boys." as he called them, travelled in style. Their convey ance for the past year or two was a big, luXuriously fitted bus which Newcomb himself purchased for them and which was fittingly en- blazoned with his namc and busi- ness,
 Their clothes were the best that money could buy, for only recently had Newcomb treated every mem. Der to complete evening dress out. fit. And to insure that those V ho could not hear them on the dance floor should not be denied the pleas Ure of his syncopdtorS' tunes New. comb bought his own radio broad. casting plant and took it with lH' orchestra.
 Friends attributed ;he free han, with which hc induacd himself h expensive clothes. a high priced cal