More U.S. Banks Close Doors

Manawatu Times, Volume LV, Issue 6747, 4 January 1932, Page 7

More U.S. Banks Close Doors

Due to Frozen Assets HUGE SUMS AFFECTED United Press Association.— By Electric Telegraph. —Copyright. Received Sunday, 0.50 p.m. NEW YORK, Jan. 2. The Hartford (Connecticut) City Hank Trust Company with deposits of 25 000,000 dollars has closed its doors duo to frozen assets. The East Hartford Trust with deposits of 3,500,000 dollars also closed following upon heavy Withdrawals. The closure of these two banks brings the total money tied up iu banks closing in New England since October 1 to approximately 142,000,000 dollars. The Williamsburg (Virginia) Bank, deposits unknown, and tho Central Trust Company ot' Owensboro tKentucky) with deposits of 3,000,000 dollars also closed due to frozen assets. A similar cause brought about tho closure of tho Charleston (South Carolina) State Hank with deposits of over 24,000,000 dollars. Several small bank* in tho eamo State arc similarly affected. Huge Corporation in Receiver’s Hands RESOURCES or 300,000,000 DOLLARS. Received Sunday, 7 p.m. NEW YORK, Jan. 2. A voluntary petition for receivership Ims been filed against, the American Commonwealth’s Power Corporation, cne of the largest gas and electric concerns in the United States with resources estimated at 320,000,000 dollars. The proceedings grow out. of tho concern’s inability to secure the necessary financing of 3,000,000 dollars of notes falling due shortly. Enormous South American Defaults R-eeeived Sunday, 9.50 p.m. WASHINGTON, Jan. 2. It is announced that tho outstanding foreign bonds, all issued by South American Governments and held by investors and banks in the United States on which interest or sinking fund payments or both are in default, total 550,000,000 dollars.