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PROGRESS IS BEING MADE BY GUARANTYBODY Immense Amount of Work Is Required to Prepare For Dividend Payment An immense amount of detail work is involved in the payment of the first dividend to depositors of banks closed prior to July 1, 1923, by the Depositors Guaranty Fund Commission. The commission, two-thirds through the work of the first examination of claims of depositors, has acted on about 14,000 claims. As one member of the commission must inspect each claim, a great amount of detailed work has been thrown upon S. G. Severtson of Bismarck and C. B. McMillan of Hannah, appointive members of the commission, who are actively supervising the work of payment of the dividend. It is estimated that about 25 percent of the claims have been held up for investigation or for hearings, as they fall in the disputed class. Some of them are temporarily suspended only until information can be secured from the receiver of the closed bank to properly identify the claim, while in others there is a question as to whether or not they are guaranteed. In the case of rejected claims, notices will be sent to those whose claims were so classed, and the depositor then has 90 days in which to apply for a hearing. In the case of approved claims, when the work of handling the claims has been completed, notices will be mailed to depositors to send in their receiver's certificate, and in lieu will receive the Guaranty Fund's dividend check and its certificate for the balance of the claim. The smallest claim thus far acted upon is one for three cents, in the Regent State Bank. It is estimated that it will cost the commission 45 cents in clerical work to pay this one claim. The largest deposit claimed thus far is $231,378.79, in the Scandinavian-American Bank of Fargo.