05 Apr 1907
Page 1
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Newspaper
New Castle News
Location
New Castle, Pennsylvania, United States of America
Date
Apr 05, 1907
Page
1
At a trust company gathering, directors engaged in a sharp exchange over internal defense and policy approaches. The session highlighted different viewpoints on risk, governance, and strategic direction.
Bitter exchanges marked a New Castle Savings and Trust stockholders meeting as C H Akens accused Temporary Receiver James M Cover of misdeeds and political meddling while C C Robingson and I L Smith defended management. The session approved three resolutions including appointing a five person committee to investigate the bank failure.
Stockholders approved continuation of the investigative committee and set up a five member panel to find who caused the suspension of business. They urged the Pennsylvania attorney general to seek a permanent local receiver for the New Castle Savings & Trust company and to appoint a local receiver, sending copies of the resolution to Atty. Gen. M. Hampton Todd.
The jury returned a verdict in favor of plaintiff Fred Clark against the Pittsburg and Lake Homie Railroad for 4525.35 dollars for loss of an arm while employed as brakeman. The suit claimed 10000 dollars in damages.
James Devlin a 40 year old seaman died in Mahoningtown with Angeline Russo a 10 day old in attendance.
New Castle Harmony and Butler Railway wins appeals and injunctions prompting immediate plan to lay tracks through Ell Wood City. Officials announce construction timelines and expected service impacts for residents and businesses.
Five hour council session ends with unanimous resolution withdrawing appeal to the circuit court from Judge Porter’s decision granting New Castle Harmony and Butler Electric Railway access over Ellwood City streets. Franchise approved on Fountain avenue to connect Lawrence avenue right of way, allowing railway to dismiss the injunction against Shelby Steel Tube. City aims rapid industrial growth with planned Shelby Tube extensions and street railway builds. Ordinances granting franchises to Wampum Street Railway and Beaver Valley Street Railway given first reading.
Considerable alarm follows the three day absence of Edward Woods, manager of Out let Clothing on the Diamond. The Greenwood Ave resident, son of Mr and Mrs Samuel Woods, has not been seen locally, prompting reports to authorities.
P A Ritzell of Lisbon. shot Wednesday by Tony Marinello whom he had discharged. Ritzell died yesterday afternoon. A man believed to match Marinello’s description was arrested at Beloit. Bullet lodged in Ritzell since the shooting could not be extracted.
J. H. Painter of Kittanning was named permanent receiver for the New Castle Savings and Trust company this afternoon. The appointment was disclosed in this city at about 3 45 by temporary receiver Cover. Painter must file a bond to be approved in Harrisburg before assuming duties, then will travel to the city to relieve Cover. Painter, an attorney and prominent local figure, is expected to arrive next week.
Banks in New Castle are solvent and able to pay every depositor in full. Despite scares following the Mahoningtown bank closure, area bankers and business leaders report no institution faces insolvency. Deposits remain heavy and confidence-building steps, like Lawrence Savings and Trust extending hours, aim to reassure the public.
Washington April 5 Roosevelt plans further disclosures about alleged plots involving Harriman Hearst Rockefeller and other foes. White House confidants say a $5 000 000 slush fund revelation will shrink as the president grills the conspirators ahead of the Republican national convention. The administration signals it already holds or can obtain necessary evidence as needed.
Attorney Robert K. Aiken prepares papers for a receiver as deposits are cited to be paid in full. Assets total 122 316.84 with liabilities 97 316.84 excluding capital stock. Deposits reach 76 316.84 and borrowed money 21 000. The bank appears perfectly solvent and could have remained open if securities could be realized promptly.
City officials and locals name Roosevelt as top favorite for the 1909 term with multiple second choices. Horner backs Roosevelt while J. Adam Hainer favors Fairbanks. Others like Taft Knox and Bryan appear as alternatives, showing broad support for Roosevelt if he runs.
Mrs. Bessie Flaugher recounts that Mrs Cochran showed deed and abstract and said she needed 100 dollars to improve property near hers. Cochran jailed on false pretense charge after a tense bond history with Mrs Lavender and Ex Judge Hazen. The case moved from bond to surrender at a Friday hearing and continued on page ten.
Thomas J. Shearer of Sheep Hill was held for court by Alderman Morrison on a charge of aggravated assault and battery with attempt to kill his brother in law R W Young. Bail was set. Young, visiting from near Pulaski, sustained a severe head injury from a handsled blow during a dispute over liquor and family tensions.
W L English a prominent farmer near Portersville was driving to town when his horse bolted. He was thrown from the buggy and found later by Philip Frew with a bad head wound. He was taken to Mr Frew’s home where a physician treated him. The buggy was wrecked and the horse captured. The accident occurred about 11 o'clock.
Cloudy and colder tonight with chances of snow near Lake Erie. Saturday looks fair with calmer conditions and dry skies.
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