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THE 9, 1933. American Bank Receiver Shows $1,002,405 Repaid R. F. C.
Only $760,000 Of U.S.Loan Remains To Be Liquidated
Profit of $469,016.84 Is Realized After All Expenses Are Defrayed
The American Savings Bank & Trust Co. receivership in Davenport repaid to the Reconstruction Finance Corp. 405 of its loan during the last eight months, according to D. Thompson, examiner in active charge for A. Andrew, state superintendent of banking Accordingly, only $760,000 remains to be paid on the obligation. the has proved to be "going concern,' making net profit of during its for the benefit of depositors and other general creditors. An accounting is filed every three months in Scott county district court by the receiver, the next to be made as of March 31. These reports available at any time. Steady Repayment Since last June, the receiver has averaged $125,000 month in its payments to the Reconstruction Finance Corp. through the orderly liquidation assets and collection of stock assessments. The regular reports indicate rapid progress toward the point when money will become available for the fund from which dividends will be declared for depositors and other debenture bond holders. The net profit of represents income on assets after payment of taxes, repairs, upkeep and all expenses including court costs, attorney fees and employment of field men. These receipts are derived from such sources as interest on commercial loans, mortgages bonds, and the rentals of city and farm properties City real estate of $1,121,325 held the receivership consists of 130 properties, including the Lane building at the southeast corner of Third and Main streets, but not the building occupied by the Davenport Bank & Trust Co. This building is also owned by the receivership with a book value of $2,300,374.01.
Hold 333 Farms Farm real estate of and sheriff's sale certificates of $470,290. represent 333 farms comprising 71,500 acres of land in Iowa, Missouri, Oklahoma, Nebraska, North and South Dakota, Minnesota and Canada. The greater part of the real estate holdings of the receivership rented and with all taxes paid, and accordingly may be seen that depositors can well afford to wait for values to return before the liquidation of the properties. In the light of the net profit shown, the receiver is determined to use judgment and not to sell at a sacrifice the holdings which he is preserving for the benefit of creditors of whom there are thousands in this area. Stock Assessment Collections In regard to action on stockholders the receiver reports that he has collected in actual cash and is receiving payments in monthly installments on some other due. In addition, securities have been taken to cover assessments in some cases, six per cent interest being collected pending final satisfaction of the claims. A financial statement of assets and liabilities as of March 3, with most of the figures based on book values, is as follows:
Loans Judgments Special account 9,875.09 mortgages City real estate 1,121,325.00 Bank building certificates Farm mortgages Farm real estate 4,241,847.62 certificates 470,290.80 Bonds and stocks Country bank Personal property acquired 19,977.38 Overdrafts 17,287.66 Furniture and fixtures 50,221.54 Liquidation Corp. bonds assigned receiver Loss ledger assets 692,135.77 Capital Corp. 1,000.00 Cash items Trust deposit for pending claims Cash 133,801.42 $20,599,204.05 Liabilities Capital and 2,632,721.37 Net profit during receiverReserve account 367,869.03 collections on stock 720,268.76 Pending claims not adjudipayable to 760,000.00 Liabilities by Liquidation Corp. 15,559,024.60
