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Conservatorship of Depository definite step toward liquidating the remaining amets of the old City National Trust company where the and the First National Bank of Niles taken Monday when H. appointed for the old bank by federal banking authorities. Mr. Botkin formerly was receiver the defunct First National bank, Buchanan, lately has been for national banks Algonae Marine City, He arrived Niles Monday afternoon and relieved Farquhar, conservator the old bank since March STRONG PAYMENT SEEN Mr. Botkin's plan will be to try to liquidate the old bank's assete quickly as can done consistently with view getting the depositors 100 While only the actual liquidation will reveal what percentage of the Crozen deposits turned cash for distribution. believed the frozen assets will pay out strongly. More than half of the assets taken by the bank, addition the first 10 cent payment per allowed after the old bank was placed under management conservator. require days for the celver to check up the old maining assets. but estfaround $400,000. the moratorium declared last February 11 by Governor Comstock for all banks Michigan. believed in local bankcircles that the old City National would have weathered the economic storm. considered true that was not actually insolvent the time. the psychological effect the moratorium made certain that would have been subjected Heavy run It did reopen. The old bank had more than enough cash hand for ordinary business. and the depositors profited by the manner in which the affairs the old bank handled. NEW BANK HELPFUL The community also profited much getting sound bank storation of complete banking facille Mr. Farquhar pleased to from the he sires to give his full time his duties vice president, cashier and manager the new bank. The bank in Its fifth week. President
