2-0307
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SHORTAGE CAUSES CHICAGO NEGRO BANK TO BE CLOSED
Chicago, Aug. Roosevelt State Bank, negro bank deposits $1,390,000 ordered closed by the State Auditor today because of cash shortage. There had been heavy withdrawals, said have been inspired by the closing of the Binga State Bank, another negro because frozen assets, largely real estate papers.
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CHICAGO, August 2 (A).-The Roosevelt State Bank, a Negro bank with desposits of $1,390,000, was ordered closed by the State auditor today because of a cash shortage. There had been heavy withdrawals, said to have been inspired by the closing of the Binga State Bank, another Negro institution, because of frozen assets, largely real estate papers.
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The Abraham Lincoln High School, which will be the Fall term at Ocean parkway Riverside avenue, will cost the city, including equipment, $2,500.000. will be the first to offer high school facilities to the people of that locality. The building, with annex, will provide full time commodations for all pupils in the Coney Island, Sheepshead Bay and Brighton Beach district. introduce an innovation by offering courses in household duties.
Chicago announces that the Binga State Bank, built by Jesse Bings during twenty-two years to the sition of Chicago's outstanding Negro has closed its and has asked the Sate adjuster make an examination and readjustment. Frozen assets and insufficient cash are blamed by the bank's officials for its dilemma. There run on the bank but merely gradual withdrawal of deposits.
Tidings from Balboa state that Vincent Sullivan, who claimed the marbles championship of the United States, ignominious defeat hands of Robert Oller, Zone the
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Big Withdrawals Close Third Bank in Chicago sens Trust Savings bank was closed by the state today, run on the bank during which $500,000 in deposits were withdrawn. This is the third south side bank closed during the last The Citizens bank is located the edge of the Negro The first bank to close was the Binga state, with deposits of more than among the Negroes. The second was the Reosevelt state, which also had deposits more than $1,000,000, much of Negro
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CLOSE THIRD BANK IN CHICAGO AFTER HALF MILLION RUN
CitiTrust and Savings closed by the state Tuesday the bank during which $500,000 deposits bank third bank closed during The Citizens' bank located and South State, the negro district. first bank close the Binga State, deposits more than among the deposits than much of negro
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Aug. Citizens Trust Savings bank closed the state auditor following bank during which deposits This bank third south bank closed during week. bank at Fiftyfifth State streets. the edge the The first bank to was the Binga State deposits more than among Negroes. The second the Roosevelt State which deposits of more than much Negro savings. The Roosevelt State closed cash shortage caused heavy after the Binga bank was closed. The Citizens bank capitalized and had deposits of about $1,000,000.
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Third Chicago Bank Closed Out by Run
Associated Press) CHICAGO, citizens Trust and Savings bank closed the state auditor today following on the bank during which $500,000 deposits were withdrawn. This bank the third South bank closed during the last week. The Citizens bank located and South State, the edge the negro district. The first bank was the Binga State, with posits more than among The second the Roosevelt State, which also more than much negro savings.
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Another Chicago Bank Closed By State Auditor
Chicago, Roosevelt State Negro bank with deposits of ordered closed the State Auditor Saturday August because cash shortage There been heavy withdrawals, said to have been inspired by the closing the Binga State Bank, another Negro institution, because of frozen assets largely estate papers.
Former Binga State Bank Head Jailed (Continued from page one) ing to the members of the Board of loans Mr. Binga's absence; Harry Scott, "right hand man of Mr. Binga"; Thomas Webb, director former auditor of the Pullman Porters Benevolent Association and DeWitt Curtiss, who was vault custodian and floor walker when the bank in Binga said have had the four indicted sign when they had no financial secured on the Mr. Binga would use put through his real esThe employees are So much of the institution's money became tied these operations together with other frozen assets, that it forced to close. When the bank it had deposits $1,280,000. was organized as a state bank in 1920. Since the closing of the Binga State Bank, which caused financial the of Chicago, several reports have circulated that the be yet there materialized. The latest was during the preprimary days but had this fooled often that they considered as political gesture. Mr. Binga, according to friends, has the for arrest was effected when the officers waited at his house for the doctor who was attending him. The doctor, the story, arrived, rang the and mitted and along with the physician, went the officers and the ofttimes declared to be Chicago's rich-
Arrested Jesse Binga, Famous Chicago, Banker,
HEAD OF DEFUNCT CHICAGO BANK ARRESTED
CHARGE BINGA WITH EMBEZZLEMENT OF BANK FUNDS
By A.N.P. CHICAGO, March 12-Jesse Binga, former president of the defunct Binga State Bank, was arrested here Thursday charged with embezzlement of some $300,000 from the institution which he headed. The probable arrest of Mr. Binga has been rumored ever since the cease of the bank. Warrants were reported to have been gotten out for him on various charges. Reports that he could not be found and that he was in a local hospital were circulated along with the story that he had transferred all of 'earthly belongings' to his wife, who according to reports was rich in her own right. Thursday, however, rumors of arrest became a fact when Deputy sheriff's Rallihan and Feeney, laid in wait for the banker at his home, 5922 South arkway, and took him into custody. He was rushed to the Cook County Jail and bond was set at $55,000. Along with Mr. Binga, four of his former employes were taken into custody and charged with embezzlement. They were: Miss Inez Canty. secretary to Mr. Binga, who according to members of the Boar dof DIrectors, passed on loans in Mr. Binga's absence; Harry Scott, chauffeur and "right hand man of Mr. Binga," Tomas R. Webb, a director and former auditor of the Puliman Porters Benevolent Association, and DeWitt Curtiss, who was vault custodian and floor walker when the bank was in operation. Binga is said to have had the four employes indicted with him sign notes when they had no financial responsibility The money secured on the notes Mr. Binga would use to put through his numerous real estate transactions. The employes are accused of conspiracy. So much of the institution's money became tied up in these operations together with other frozen assets, that it was forced to close. When the bank suspended it had deposists of $1,280,000. It was organized as a state bank in 1920. Since the closing of the Binga State Bank. which caused a financial crisis on the Southside of Chicago, several reports have been circulated that the institution would be reopened. but as yet there have not materialized. The latest was circulated during the pre-primary days but depositors had been fooled so often that they considered this as political gesture. Mr. Binga, according to friends, has been ill in the hospital for months. His arrest was effected when the officers waited at his house for the doctor to come who was attending him. The doctor, says the story, arrived, rang the door-bell and was admitted and along with the physician, went the officers and the banker, oft-times declared to be Chicago's richest Negro, was placed under arrest and when he could not make the $10,000 bail on one of the embezzlement charges, was held in the jail hospital overnight.
BINGA ARRESTED FOR BANK FRAUD; BOND $55,000
Continued from Page rectors, passed on loans in Mr. Binga's for in the sphere absence; Scott, and which they are now The Harry general does not man" of Mr. Binga; to school work for the docone Thomas director and degree. the finds former auditor of the Pullman Porof and judgman ters' Benevolent and Defor Witt Curtiss, who was vault custo- will send off to school year dian and floor when the bank to his in his field. in operation. new has shown that teachBinga said to have had the thus helped have later ers sign notes much than doctors no financial made order money secured on the notes Mr. their training beyond the Binga would use to put through his which they have work sphere in estate far from the removes ple that they never serve them effiThe employees are accused of conspiracy. ciently.
Forced to Close Should Work with Carver So much of the institution's money The Northern universities, became tied up in these operations to- over, do work for Negroes certain when gether other frozen along forced close. When the are of otherwise circumneeds people deposits stanced. It organized as The graduate school for Negroes state bank in 1920. studying chemistry with George Since the closing of the Binga State At hunBank, which caused financial crisis should wait daily upon on the Southside of Chicago, the words of this scientist to able reports have that on to the generation unborn be pass would reopened, knowledge of agricultural great but it has Went in with Doctor chemistry. Negroes desiring to specialize in Mr. Binga, to friends, should do with in the for Campbell the Negro farmers His arrest was effected when of the Belt. the officers waited at his house for Neither Columbia nor Chicago can doctor come who was attend- an advanced course ing him. The doctor, says the story, rural education. Such work must be arrived, rang the admitted, and along the physician went the officers, and the bank- The Republic Valet declared to be Chicago's richest Negro, placed under Shop arrest. When he could not make the $10,000 1342 You St., N. W. bail on one HATS held in the jail hospital -SUITS PRESSEDover night. -SHOES SHINED
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(Continued from Page 1) rectors, passed on loans in Mr. Binga's absence; Harry Scott, chauffeur and "right-hand man" of Binga; T. R. Webb, a director and former auditor of the Pullman Porters' Benevolent Association, and De Witt Curtiss, who was vault custodian and floor walker when the bank was in operation.
Binga is said to have had the four employees sign notes when they had no financial responsibility. The money secured on the notes Mr. Binga would use to put through his numerous real estate transactions. The employees are accused of conspiracy.
Forced to Close So much of the institution's money became tied up in these operations together with other frozen assets, that it was forced to close. When the bank suspended, it had deposits of $1,280.000. It was organized as a state bank in 1920.
Since the closing of the Binga State Bank, which caused a financial crisis on the south side of Chicago, several reports have been circulated that the institution would be re-opened, but it has not.
Mr. Binga, according to friends, has been ill in the hospital for months. His arrest was effected when the officers waited at his house for the doctor to come who was attending him. The doctor, says the story, arrived, rang the door bell and was admitted, and along with the physician went the officers, and the banker, oft-times declared to be Chicago's richest Negro, was placed under arrest.
When he could not make the, $10,000 bail on one of the embezzlement charges, he was held in the jail hospital over night.
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CHICAGO. — Trial of Jesse Binga, former head of the Binga State Bank, now in the hands of the receiver, was postponed until the fall term of court when the case came up here Thursday. It is understood that the postponement was made at the instance of the prosecutors.
The trial of Binga has been postponed several times before Report has it that the state's attorney desires to complete the case against the Flowers brothers, white bankers, before undertaking the trial of the colored banker, feeling that the political effect of a possible conviction of Binga before everything possible was done to punish the white bankers would be unfortunate in the Negro districts.
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Binga State Bank Pays First Dividend CHICAGO.-After a wait of more than thirteen months, the hearts of some 1,900 depositors in the defunct Binga State bank, whose savings and commercial accounts were tied up when the bank was ordered closed by the State bank examiners last July, will be gladdened this month when the receiver for the bank will issue checks for the first dividend in the liquidation of the bank. The receiver, Edward H. Morris last week sought and received a court order for the declaration of a dividend of approximately twelve and one-half percent, to be paid to depositors as the first installment on their savings. The total amount available for the first dividend is reported to be approximately $144,000, raised through the rigid collection of loans, notes and interest owing the bank, plus such deposits as were on hand at the time of the closing. The office force of the receiver are at present making out checks which will be mailed to reach depositors about September 15th.
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WASHINGTON. — Suit to collect $1,000 from William C. Hueston, assistant postmaster solicitor and Elks' commissioner of education, due on a promissory note, was filed in the District Municipal Court, last week, by Edward Morris, receiver of the Binga State Bank, in Chicago, through his local attorney, Armond W. Scott.
The plaintiff alleges that Mr. Hueston affixed his name to a 30-day note for $1,500 on January 3, 1929. It is also alleged that Mr. Hueston paid $500 towards the note on January 30, of the same year.
APPOINTED ATTORNEY FOR DOUGLASS BANK nouncement made Saturday that Alva former president the Cook County Bar had been appointed the receiver the National Bank which closed June 20 The appointment made on recommendation Congressman DePriest Attorneys for the receivers of Binga State bank and Douglass National are thus The for the Douglass bank white.
Receiver Edward H. Morris of the Binga State bank this week caused a writ to be executed against Jesse Binga, former president of the institution. in an effort to collect $119,426 from the erstwhile financier. Execution Clerk Frank Kaukol of the circuit court clerk's office said more than 100 executions have been sent out in the past 10 days. for $100 and Dr. H. RegiSmith Their were included in the along with number of other prominent Binga at the time is for the his first resulted the failed to ended in taken to supreme court after Judge James F. to the president controlled the bank holdings vast seeks to represents an amount of The records did Binga liable to amount equivalent amount stock in case The receiver Invoked the satisfy the liabilities
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CHICAGO, Edward H. Morris of the Binga State Bank, pushing suits against Jesse Binga and others to recover upof $150,000 The suit against wards is for $119,426, and executions have been out against 80 or more sent others among them number of othcitizens. Binga at present is under sentence for in connection with of the in bank
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Receiver Suing Binga And Others To Recover Bank Funds Chicago -(CNS)- - Reciever Edward H. Morris of the Binga State Bank, is pushing suits against Jesse Binga and others to recover upwards of $150,000. The suit against Binga is for $119,426, and executions have been sent out against 80 or more other among them a number of other prominent citizens. Binga at present is under sentence for embezzlement in connection with the failure of the bank in 1931.
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Binga Saved From Eviction Because of a favorable ruling last week in Renters Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1 to 10 year sentence for embezzlement. C. H. Albers, receiver for the defunct bank at Thirty-fifth and South State Streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend. Judge Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney Milliam P. Greene, representing the receiver, was not in court when the ruling was handed down but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.
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Chicago (ANP) - Because of a favorable ruling last week in Rentos Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1-to-10 year sentence for embezzlement.
C. H. Albers, receiver for the defunct bank at 35th and South State streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend.
Jude Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney William P. Greene representing the receiver, was not in court when the ruling was handed down, but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.