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this reason, the economy or extravagance of the administration of the liquidation becomes of prime interest to the creditors of a bank. Of the $55,442,796.04 of loans held by the 250 banks now in liquidation, the liquidating agents by Nov. had collected 531,879.50, either by collection in full or through compromises approved by the Circuit Court. Borrowed money to the amount of $7,029,202.51 had been repaid. Preferred deposits paid had amounted to $2,796,403. Through offsets depositors had been paid $3,476,355.17, and depositors, who held collateral of the bank, had been paid $1,908,749.21. In addition total deposits of all classes, amounting to $2,736,612.88 in the Guaranty Trust Co. in Kansas City had been paid in full. This, after paying the expenses of liquidation, left $10,917,727.90 which had been paid the general depositors, and $2,676,925.22 was on hand in cash. Protective Expenses. One expense of liquidation, not properly chargeable in figuring ex penses, but necessary and coming out of the assets, was the cost of protecting assets. To protect collateral held for the depositors it is frequently necessary to pay taxes and insurance premiums, sometimes to repair buildings, and to do whatever else is necessary to keep property in salable condition until it can be converted into cash. During the liquidation, the agents collected interest on unpaid loans and rent on buildings The total expense up to Nov. 1 of these 250 liquidations. including payments of salaries to the amount of $756,849.49 the payment of gen- eral expenses such as attorneys' fees, court costs, stationery, etc., to the amount of $914,795.83, and the payments for the protection of assets to the amount of $911,582. 93, was $2,583,228.25. The liquidating agents had received in interest, rents and from other sources outside the collections on loans, a to. tal of $2,665,113.84. Thus the liquidating agents had a net profit of administration of Commissioner Cantley has accomplished the reduction in expenses of liquidation. not alone by cutting down fees paid attorneys. but also through a reduction in the fees or salaries paid the liquidating agents He has put into effect a system of having one agent handle half dozen, or even as many as 22 banks a small part of his salary being charged to each of the institutions under his control. Some agents ST.LOUIS POST-DISPATCH handling only one back each are the volume of work. paid as low as $75 a month, some Other liquidators have smaller get $100, some $200. In some such groups. One draws $200 for supercases he appointed a lawyer as vising three banks, another $300 liquidating agent and required him for nine banks and another $400 to also do all the legal work, re- for ceiving no additional salary. The examination of the records How Salaries Are Paid. leads to the conclusion that Lank One liquidating agent, J. E. Ca- liquidations in Missouri are being hill, with headquarters in Spring- handled economically and in the field, has supervision over the interest of the creditors rather liquidation of 22 banks, in South. than in he interest of political tob west Missouri. Cahill's present holders. ar funds in the closed salary is $390 a month, each of the banks are being distributed to 22 banks contributing to it, some $5 a month and only one as much as $50. WE NEVER C. A. Greenlee has charge of 17 CLOSE banks in northeast Missouri. At present he receives $402.37 a month, made up of payments as low as $6.29 from one bank. and up to $60.09 from another. depending on the size of the bank and positors as rapidly as is consistent with reasonably proper realization on the assets in charge of the Commissioner through his liquidating agents. There is about $25,000.000 of depositors' money tied up, but there is about $700,000,000 which they can get by simply writing their checks. There are about 250 banks in liquidation, but there are close to 900 with their doors open and meeting all demands made on them.