UNIQUE CLAIM
- ' DEPOSITORS’ MONEY LOST IN BANK SMASH (U.P.A. by Elec. Tel. Copyright). NEW YORK, Dec S. The City Clearing House Association, comprising 20 of the largest local banks, js preparing to fight an equity suit filed by fiscal agents of the Federal Government to regain for depositors’ money lost in the col lapse of the Harriman Bank, aggregating about £1.800,000. The Government alleges that at least a year before the February bank crisis. Harriman was insolvent but as Clearing House members feared that th e closing would precipitate a general bank crisis, they jointly undertook to guarantee deposits; to keep the bank open. After Mr Roosevelt became President, the officials ordered the institution to be liquidated. The. association has now declared that the agreement was made in a time of crisis, and is not legally binding, and refuses to make restitution . It is believed that the Government suit is unique in the history of American jurisprudence.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 12140, 30 December 1933, Page 5
Word Count
157UNIQUE CLAIM Gisborne Times, Volume LXXIII, Issue 12140, 30 December 1933, Page 5
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