P. Phillip Bank (Chicago, IL)

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PHILLIP STATE BANK IN ROGERS PARK IS CLOSED

Two National Banks of Chicago Shut Doors.

The Phillip State Bank and Trust company, 7001 North Clark street, was closed by the auditor yesterday at the request of the board of directors. The bank was capitalized at $500,000 and its surplus and un. divided profit account was carried $285,000. Its deposits at the time of closing were $2,100,000. There had been heavy withdrawals in recent weeks.

Trust Company Taken Over. The bank on June 2 acquired the Cook County Trust from Moe Rosenberg, side Democrat politician, through the purchase of $200,000 of preferred stock and 10,000 shares of stock. A year in July 1931, the bank assumed the liabilities of the Illinois State bank, which closed owing $385,000. The Illinois State bank was neighboring bank and the assumption of its debts was declared by Phillip bank officials to be contribution to the of Rogers Park." C. A. Beutel was president of the Phillip bank and Barnet L. Rossett was chairman of the board.

Two National Banks Closed.

Two national banks were closed yes. terday. One was the Peoples Bank and Trust 1542 West 47th street. The board of directors asked A. P. Leyburn, national bank examiner, to close the doors of the bank. It had deposits of $3,007,000, capital of $1,000,000, surplus of $250, 000 and undivided profits of $110,000. The bank had deposits of $12,000,000 in June, 1930. The Standard National bank of Chi. cago, 7921 South Ashland avenue, was closed. This bank had capital of $300,000, surplus of $25,000 and deposits of $300,000.

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All Bank Receivers in Illinois Contrary to Constitution, Ruling

CHICAGO Denis Sullivan ruled today that all receivers closed banks linois are holding office in violation of the state constitution and their actions are void The drastic ruling was made in brought by closed Phillips State Bank and Trust company of The charged that pointment for the bank void because the banking for such providing the Illinois The including Oscar Nelson as the state auditor, filed demurrer which Superior Judge overruled and upheld

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Hold Receivers Of Banks Are Illegal Chicago, Judge Dennis ruled today that closed office violathe constitution and are void The drastic made brought closed Phillips State Bank Trust Company The charged that pointment receiver for the section Bank providing the appointments, of Illinois The defendants including Oscar Nelson then auditor, filed demurer which Superior Judge Sullivan overruled and upheld

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Judge Voids Acts Of Bank Receivers

Judge Denis E. Sullivan ruled today that all receivers of closed banks in Illinois were holding office in violation of the State Constitution and their actions were void. The drastic ruling was made in suit brought by depositor of the closed Phillips State Bank and Trust Company of Chicago.

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ACTIONS OF ILLINOIS BANK RECEIVERS VOID

Court Rules They Hold Offices in Violation of Constitution.

By Associated Press. CHICAGO, ILL, February Judge Denis today that receivers closed Illinois fice in the state stitution and their actions were The drastic ruling was made brought by of the closed Phillips State Bank and Trust Company of Chicago. The depositor charged appointreceiver for the bank void because the banking providing for apthe fundalaw of Illinois. Oscar State pointment made, filed

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CHICAGO. (AP). Judge Denis E. Sullivan ruled that all receivers of closed banks in Illinois are holding office in violation of the state constitution and their actions are void. The drastic ruling was made in a suit brought by a depositor of the closed Phillips State bank and Trust company of Chicago.

The banking act, Judge Sullivan held, improperly delegates to the state auditor discretionary legislative power in fixing the receiver's bond. Only the legislature itself, the court said, can constitutionally fix terms of bond.

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CLOSED BANK RECEIVERS HELD ILLEGAL IN ILLINOIS

CHICAGO, Feb. 25.—Judge Denis E. Sullivan ruled today that all receivers of closed banks in Illinois were holding office in violation of the state constitution and their actions were void.

The drastic ruling was made in a suit brought by a depositor of the closed Phillips State Bank and Trust Company of Chicago.

The depositor charged that appointment of a receiver for the bank was void because section 11 of the banking act, providing for such appointments, contravenes the fundamental law of Illinois.

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uling Ousts All Bank Receivers

Feb. 25 (4P)-Judge DenBullivan ruled today that all of closed banks in Illinois holding office in violation of constitution and ther acvoid. The Attorney Genindicated the decision would be drastic ruling was made in a brought by a depositor of the Phillips State Bank and Trust of Chicago. banking act, Judge Sullivan improperly delegated to the auditor discretionary legislain fixing the receiver's Only the Legislature itself, said, could constitutionally of bond.

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Supreme Court Act in Bank Receiver Case

Chicago, Feb. General Otto Kerner announced day he will appeal direct the court of Illinois the ruling Judge Denis SulliSaturday that all bank appointed by the state auditor holding office illegally. The ruling made plaint brought the closed Phillips State bank of Chicago. plan to test this ruling in the high Kerner said, Judge Sullivan held section the banking That section dealing with the of receivers was declared pointment unconstitutional because delegated to the state auditor certain that only the legislature judiciary can hold.

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WILL TAKE APPEAL FROM JUDGE SULLIVAN'S DRASTIC BANK RULING

General Otto announced day he will appeal direct to the preme court Illinois the ruling Superior Judge Denis Sullivan Saturday that bank receivers pointed by the state auditor are holding office illegally. The ruling made in complaint brought depositor in closed Phillips State bank of Chicago. plan to test this ruling in the high Kerner said, "because Judge Sullivan held the section the banking unconstitutional. That section dealing with the pointment of receivers was declared unconstitutional because delegated to the state auditor certain that only the legislature can hold.

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Actions Of Illinois Bank Are Ruled Void In Case

Chicago, Denis Sullivan ruled Saturday that all receivers closed banks in Illinois were holding office in viola tion of the state constitution and their actions The drastic ruling was made in suit brought depositor of closed Phillips State Bank and Trust Company of

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Bank Receivers Will Keep Posts

Chicago, Feb. 27-(AP) -Attorney General Otto Kerner announced today he will appeal direct to the Supreme Court Illinois the ruling of Superior Judge Denis E. Sullivan Saturday that all bank receivers appointed by the State Auditor are holding office illegally The ruling was made in a complaint brought by depositor in the closed Phillips State Bank of Chicago We plan to test this ruling in the high court Kerner said, because Judge Sullivan held the section of the Banking Act unconstiThat section dealing with the appointment of receivers was declared unconstitutional because it delegated to the State Auditor certain powers that only the legislature or judiciary can hold