James Clark McReynolds

“ Thereafter in the United States District Court, Eastern District of Pennsylvania, petitioner, a New York corporation, presented a bill against Gordon, setting up an agreement by which it undertook to keep on deposit with the Trust Company a sum specified, and the latter undertook either directly or through correspondent banks to accept deposits of cash, checks, etc., and to forward the proceeds therefrom to petitioner in New York. ”

“ Acting under Pennsylvania statutes (7 P.S.Pa. § 1 et seq.) , October 5, 1931, William D. Gordon, Secretary of Banking (respondent Herr is his successor) , closed the Franklin Trust Company, a banking institution in Philadelphia, and took control of its business and assets. ”