1.
December 31, 1924
New Britain Herald
New Britain, CT
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TWO BIG BANKS CLOSE IN DES MOINES TODAY Mechanics Savings and Commercial Savings Fear Runs on Institutions Des Moines, Dec. 31.-Two Des Moines banks the Mechanics' Savings and the Commercial Savings closed today and were taken over by the state banking department, due, it was announced to prospective or actual heavy withdrawals of public and private funds. The Commercial Savings bank, which carried deposits of $1,500,000 in public money. was the first to close, officers stating they had been advised of the probable withdrawal of the funds because Surety companies declined to renew depository bonds. The Mechanics' bank. it was said, was closely allied with the Commerciai and held $115,000 of state funds which were not fully covered by sure ties, in addition to large deposits by insurance companies centering here. Officers of the Mechanics' bank offered no explanation except that heavy withdrawals had prompted their action. The necessity for withdrawal of public money to be turned over to the incoming state treasurer by the present treasurer. who closes up his accounts tonight, was said unofficially to have had a bearing on the bank suspensions. The closing followed closely upon an opinion by Attorney General Ben Gibson that public funds, under a new state law, were not preferred claims. This, it was believed, led the Surety companies to decline further guarantees of public money until the question was decided by the courts. A hearing arising from the state's claim against a group of sureties concerned with $284,000 of state funds which was on deposit with the defunct United States bank was under way in district court today, the sureties contending that the state's preferment of claim should pass to them by subrogation. Officials of the Commercial Savings bank said that the institution was closed to safeguard the claims of private depositors and that it was believed the bank would pay out in full.
2.
January 1, 1925
The State Journal
Frankfort, KY
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FIVE BANKING HOUSES CLOSE
Combination of Causes Results In Their Failure.
DES MOINES. lowa. Dec. 31 (By A. Pt A combination of causes. includ ing uncertainty as to subrogation rights of surety companys guaranteeing to public deposits the public with drawal of large sums of public money because of failure of banks to obtain depository bonds for public mon eye and shaken public confidence, was assigned by various officials to night for series of bank suspensions in today
Five banks closed their doors during the day and two of them were turned over to the state banking department which. it was announced will exert every effort to protect the rests of depositors. These two were the Commercial Savings and the Mechanics Savings Bank here. The others included the First Na tional Bank of Denison. lowa and private banks controlled by that institu tion in Dow City and Vail. The Commercial Savings Banks here was the largest institution to close its doors Officers declared they were unable to obtain surety for the $600,000. state funds on deposit and that withdrawal of this sum was in prospect with the changing administration in state treasury on Friday. The Mechanics Bank. closely allied with the Commercial. suspended business after experiencing a run during he first hour this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in
3.
January 1, 1925
The Washington Post
Washington, DC
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STATE FUNDS UNSECURED, TWO IOWA BANKS CLOSE
Uncertainty of Security Companies' Rights Among Causes Assigned.
DOORS OF 3 OTHERS SHUT
Des Moines, Ia., Dec. 31.-A combination of causes, including uncertainty as to subrogation rights of surety guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for publie moneys and shaken public confidence, was assigned by various of ficials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and two of them were turned over to the State banking department, which, it was announced, will exert every effort to protect the interests of the depositors. These two were the Commercial and the Mechanics Savings banks The others include the First National bank, of Denison, Ia., and private banks controlled by that institution in Dow city and Vail The Commercial Savings bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600 000 State funds on deposit and that withdrawal of this sum was in prospect with the changing administration in the State treasury on Friday The Mechanics bank, closely allied with the Commercial, suspended business after experiencing a run this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in diffeulties tonight. Robert Leach, superintendent of banking, is examining the condition of the banks. It was said progress was being made toward consolidations with other banks of the two which closed here.
4.
January 1, 1925
The Daily Astorian
Astoria, OR
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BANKS IN IOWA IN BIG CRASH
Combination of Causes Is Fatal to Five: Runs Met by Others.
DES MOINES, Iowa, Dec. 31. (A) combination of causes, including uncertainty as to subrogation rights of surety public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence, was assigned by various officials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and two of them were turned over to the state banking department, which, it was announced, exert every effort to protect the interests depositors. These two were the Commercial Savings and the Mechanics Savings banks here The ohters included the First National bank of Denison, lawo, and pri(Continued on Page Three)
5.
January 1, 1925
The Des Moines Register
Des Moines, IA
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BANKERS PLAN OF LIQUIDATION 2 INSTITUTIONS
Conference to Be Held Tomorrow.
Bankers and others interested in De Moines banks will meet tomorrow for conference which may result in the working out of feasible plan for liquidation of the Mechanics Savings bank and the Commercial Savings bank. which were closed yesterday Conferences were held Tuesday fternoon and evening by bank ers in an effort to keep open the Savings bank bring about consolidation with some other institution but failed to produce too short period of time in which to work out The Com mercial Savings bank failed to open its doors yesterday morning at clock Officers posted notice that the bank had been turned over the state banking department. Threatened withdrawal state and county deposits. totaling $442,000. was given as the cause of closing
Many Withdraw Deposits. Within two hours of the closing of the Commercial bank many de positors in the Mechanics Savings bank withdrew their deposits and officers decided close Announcement was made the bank had turned to the state banking department. Other banks in the city were not seriously affected by the closing of the two institutions. few citizens rushed to other banks and small sums. but the prompt manner in which payment demands met resulted in normal condition being reached before all banks closed for the day at m. Many persons who withdrew deposits from the im mediately their money in other banks of the city Robert Leach. state banking said last night he believed the two banks will pay out quicker than the general public believes He also declared. he had heard that plan is being formulated by bankers for either the liquidation of the Commercial and Mechanics or their consolidation with other institutions.
No Intention of Closing.
George Messenger, president of the Mechanics, said yesterday the officers had no intention of closing the when it was opened business at m There not much to say he said. "The smaller banks have had tough sledding for several months and when the closing of the Commercial Savings bank started flood of withdrawals from our bank there was nothing else to do but to close report of the department of the state of banking conditions of June 30. 1924 shows deposits of the Commercial Savings bank to be $3.Reliable figures obtained yesterday by The Register show that deposits of public funds in the Commercial bank amounted to approximately $851,000 Charles Grahl. treasurer and employe of the bank had $409. 000 of district funds in the bank The county treasurer had $188 000 on deposit and state funds amounted $254 000 There were no city funds on deThe Mechanics reported on June 30. 1924, total deposits of School deposits amounted to $22,500. state funds were 4.000. county funds totaled $86,000 and city money on deposit was $60. 000 Total funds on deposit amounted to $322,500
School District Protected.
Harry Evans. president of the board of education told The Reg. ister last night the school district is amply protected in its deposits in both of the banks, by depository or surety bonds, as well as personal bonds taken out by Grahl when he qualified for the position of school treasurer Names of the bonding companies and persons could not be secured last night W Burbank. who retires as state treasurer Jan. said last night he could not immediately obtain the names of his surety on deposits in the two banks Col. E. Bennett. retiring county treasurer said surety bonds on his deposit in the Mechanics totaled and in dition personal bonds the deposit in the Commercial amount to $300 000 The surety bonds on the Mehanics county deposit made the following Union Indemnity company of New Orleans. $25,000: National Surety company $10.000: Aetna Casual& Security company of Hartford. Conn. $10,000 Southern Surety 000: Indemnity Insurance company of North Amerity & Casualty company of New York Surety bonds on the county fund in the Commercial bank were made by the following com-
6.
January 1, 1925
The Des Moines Register
Des Moines, IA
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BANKS WHICH CLOSED YESTERDAY
These pictures were taken yesterday by Register photographer, following the closing of the Mechanics Savings bank and the Commercial Savings bank The Mechanics bank is located at 319 avenue and the Commercial bank at the northwest corner of Fifth avenue and Locust street.
7.
January 1, 1925
Lincoln Journal Star
Lincoln, NE
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FIVE BANKS of Causes Given for Combination Suspension of lic Money Withdrawn. DES MOINES, Ia., combination causes, including rights surety probable withpublic deposits, large sums of failure banks obtain depositary bonds for shaken public assigned various tonight for series Iowa today banks closed their doors and of them during day turned the state bankwhich, exert effort to interests depositors. protect These Commercial Savings and banks others included the First National and Savings bank institution Officers declared obtain funds
8.
January 1, 1925
The Butte Miner
Butte, MT
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String of Iowa Banks In Hands of Receiver
DES MOINES, Iowa, Dec. bination of causes, including uncertainty to subrogation of rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks obtain depository bonds for public moneys and shaken confidence was by rious officials tonight for the series bank Iowa today. Five banks closed their doors during the and two of them turned over the state department, which, was announced, exert every effort protect interests of depositors. These two were the Commercial Savings and the Mechanics Savings banks here. The others included the First Na. tional Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Veil.
9.
January 1, 1925
The Times Leader
Wilkes-Barre, PA
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FIVE BANKS IN
Two Are Turned Over to the State Department
VARIOUS CAUSES
Des Moines, Iowa, Dec. combination of causes including uncertainty as to subrogation rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence. was assigned by various officials to-night for the series of bank suspensions in Iowa to-day. Five banks closed their doors during the day and two of them were turned over to the State banking department. which, announced, will exert effort to protect the interests of depositors. These two were the Commercial Savings the Mechanics Savings Banks here. The others included the First National private controlled by that institution in Dow City and Val. The bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600.000 State funds on deposit and that withdrawal this sum was prospect with the changing administration in the State treasury on Frlday The Mechanics Bank, closely allied with the Commercial busiexperiencing run during the first hour this morning. Reports of the suspensions caused runs on other banks here throughout the but none were reported in difficulties
10.
January 1, 1925
Miles City Star
Miles City, MT
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DES MOINES BANK FAILS
THE ASSOCIATED PRESS) Des Moines. Dec. 31 Com mercial Savings bank here failed to open its doors this morning under orders of the state banking department The bank had $1,500,000 of public funds on deposit.
11.
January 1, 1925
Miles City Star
Miles City, MT
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TWO BANKS FAIL
THE ASSOCIATED PHEAS) Des Moines, Dec. Des Moines banks: the Mechanics Savings and the Commercial Savings closed their doors today and were takeu by the state banking department The cause each case being given as prospective or tual heavy withdrawals of public and
12.
January 2, 1925
The Palm Beach Post
West Palm Beach, FL
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FIVE IOWA BANKS CLOSE DOORS IN DAY
Des Moines, Iowa., Jan. 1.-A combination of causes, including uncertainty as to subrogation rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence. was assigned by various officials tonight for the series of bank suspensions in Iowa, today. Five banks closed their doors during the day and two of them were turned over to the state banking department, which it was announced, will exert every effort to protect the interests of the depositors. These two were the Commercial Savings and the Mechanics Savings banks here. The others include: The First National Bank of Denison, Iowa, and private banks controlled by that in stitution in Dow City and Vail. The Commercial Savings Bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600,000 state funds on deposit and that withdrawal of this sum was in prospect with the changing administration in the state treasury on Fri-
13.
February 4, 1925
The Des Moines Register
Des Moines, IA
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BANK RECEIVER
Claims Must Be Filed Before March 7.
Robert Leach. state superintendent of was appoint. ed receiver late yesterday for Mechanics and the Com mercial Savings District by Judge after representatives office had filed petitions in district court asking that ers be appointed for the two stitutions which closed few weeks minutes elapsed the two and the hour when Judge Meyer announced he had selected Superintendent Leach as supervisor of liquidation proceedings asserted in the petitions that the banks now are an insolvent condition and that even though an assessment 100 per should be made by institutions directors upon the each they would be in an became known yesterday that directors and of banks decided at conferences held last week forward recomto Leach which they stressed the of ing receivers by district judge as soon possible understood that setting forth wishes similar to these received from Presiand John Elliott banks. several ago by Mr. Superintendent Leach gave yesterday had decided to appoint iners for the banks Judge Meyer, bonds for these of the 500 000 the individual who will administer the affairs of the Savings bank and for other examiner Judge Meyer handed down order in which stipulated that the notify customers of banks that all for be on file in Leach's office that the county some time prior to March Any claims filed after date become the court held
Sanction Setoff Plan.
In response another request the state the sanctioned the "setoff plan counts This whereby examiner eliminate certain defunct such as promissory notes given its former patrons subtracting the amount of obligations from sums for checking ac. counts by these people The among bankers and business men is that action will lead to repetition of the litigation which (Continued on Page 2. Col.
14.
February 11, 1925
The Des Moines Register
Des Moines, IA
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SCHOOL DISTRICT SEEKS PREFERENCE IN BANK FUNDS was begun yesterday in district court represent ing the independent school district Des Moines foreing R Leach receiver Com mercial Savings and Mechanics Savings banks, to accord preference to district accounts when begins to settle with the The petitions filed assert that at time the Commercial Sav ings bank suspended business on Charles Grabl. school district treasurer had $495,040 deposit district's claim against the Mechanics Sav. ings bank totals it was stated
15.
February 12, 1925
Des Moines Tribune
Des Moines, IA
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BILL BANK BOARD
Would Pass on Places for Public Deposits.
Carriage by the state of its own insurance on public deposits it carries its own fire insurand do with depository bonds insuring them, proposed in in senate Senator Brookof Washington The bill provides for banking board composed the governor of bank ing and attorney duties the be pass upon the eligibility banks receive public deposits of the state and its municipalities.
Require No Security. No security for these deposits or depository bonds would quired under the Brookhart bill Public treasurers would longer be required give official bonds be liability the deposits count the failure an approved bank depository In place of the depository and official bonds now required, any losses in public funds would made to the state and its municipalities state sink ing fund made up of portion state' receipts from the per cent interest paid on public
Sinking Fund. This sinking fund would average balance in the office state treasurer The rest the interest account would kept on deposit in local banks Whenever the went below in his the state treasurer would proportionately interest fund maintained county, city and school board treasurers Whenever bank having public deposits the state treasurer once pay from his sinking fund, the amount the state municipality on deposits and subrogated in the rights of the treasurer he had paid
Share With Individuals. The municipalities would then share individual dewithout any difference between the amount of the public deposit would be made of the sinking fund. The amount celved from bank receiver fund go back into the sinking The Brookhart bill provides that shall be made effective all banks now receivership where distribution of assets has not been started If the bill were passed by both houses would apply United State, Commercial Savings and Mechanics Savings banks Moines which there are school board and counfunds and to all other closed banks which distribution of assets has not been started.
16.
April 24, 1925
Des Moines Tribune
Des Moines, IA
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SURETIES SEEK PREFERENCE OF PUBLIC FUNDS
Guarantors in Three Closed Banks Begin Action to Test Ruling.
The first move to test the validity of the Iowa preference law the decision of the supreme court that public funds were not preferred accounts. In the United States Supreme court was started today by attorneys representing six companies who have bonded approximately $800,000 in three defunct banks in Des Moines The action was started an amendment pending against bond to the losses of the state and Polk county the Mechanics. Commercial and United State In the amendments filed in district court today the dam company of New York Globe Indemnity company. Fidelity and Deposit com pany of Maryland. Maryland Cas nity company the law which passed by the fortieth general assembly and which the supreme court ruled invalidated the preference void.
Attack Ruling. the law their amendments void and of effect in the rights of Bennett counstate then = in and posed to the constitution the state of United States in that it deprives them property without due process of
Plan to Appeal. Harley Stipp. attorney for four of companies today stated that the to their filed today failed in the courts his was appeal to United States preme contention in conflict with the constitution of the United States action was stated the thouse. taken would delay the liquidation the banks in Moines year at least
17.
April 24, 1925
Des Moines Tribune
Des Moines, IA
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YEOMEN WANT BANK DEPOSIT
Commercial Bank Receiver and Bonding Companies Are Sued
The of American Yeomen today filed suit the Polk county district court against defunct Commerical Savings Robert receiver for the closed bank and companies in the the papers filed for the except which bonded
18.
June 25, 1925
The Des Moines Register
Des Moines, IA
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COURT ORDERS BONDSMEN TO 3 PAY $225,000
'Holdout' Signers Liable on School Deposits.
District Judge Meyer, presiding at the public funds preference hearing, yesterday decreed that John Lindblom. W. Nuzum and T. Rosenbaum. three of the guarantors of the deposof school moneys in the defunct Commercial Savings bank, pay $225,000 independent school treasurer The entered as folNulows: Lindblom, and Co-signers of the trio on the depository bond, twenty in recently agreed eight the board to relieved respon sibility under the tlement was after numer attorneys representing personal and Hutchcounsel for the school inson, Nuzum and trict. Rosenbaum were the only tors refused the settlement which finally fected. Judgments against them were imposed by the court little than week after the settlement with the other twentyeight bondsmen had been consummated.
Responsible for Percentage. the time guarantors agreed assume liability for school district funds deposited the inserted the bond, stating each surety would be responsible only percentage the total bond. Mr. Lindblom the other two men mentioned in the court's assumed liability sums similar the which Judge Meyer decided they must pay According Mr. Hutchinson, the court's decision brings an end litigation pertaining to the school district deposit in the unless the state supreme court should decide that public funds are Mr. added. that judgments obtained in addition the settlement with other guarantors of the bond does mean that the school district treasurer intends relieve bank's receiver the $119,047 The sum represents the amount of the school funds which no settlement has been effected.
Expect Substantial Return. The attorney also said he believed school district treasurer will ultimately receive cents on the dollar when the affairs the bank are finally liquidated addition to the rendering of the judgment against the bond holders on the school funds, evi dence taken the hear pertaining state's claim against the bank receivership state deposits tied up the defunct institution John Elliott. former presithe bank, testified during the afternoon. Jesse Miller for the Maryland Casualty and the American Employers Insurance company. two of the firms which agreed to partial guarantors bond state deposits. conducted the examination of the former bank official.
Fight Testimony on Hager. Miller, questioning attempted to show that the late Hager. one the personal guarantors of the bond and the bank. at the bank until hospital. The tried get Elliott testimony offered Tuesday of na ture that intimated Hager was incompetent sign bond Jan. 1923 the date of the execution the discussion of the claim of former County Ernest Bennett for deposits totaling against the defunct Mechanics Savings Parrish, counsel for several bonding concerns, called court's attention to judgment obtained against Polk Jan. the He said and has not been satis
Remarks Bring Objection. Parrish's remarks prompted an immediate objection the judg ment being brought ceedings Henry. attorney for the board county The explained Judge Meyer that he believed was introimproper duce any to the award against the county until after regarding the the matter had been filed formally in county clerk's office Parrish agreed postpone discussion temporarily other phases the claims taken the form of National to the answer of the Surety the against and other guaran Bennett plaintiff. was filed out that Polk county indebted the Mechan ics bank for the amount the judgment and the guarantors county funds this sum should set which the may ultimately find is Mr. Bennett from the bank's receiver When court adjourned yester day afternoon appeared probthat testimony per. tinent the claim against Commercial bank would be early today Counsel for the surety concerns those representing former State Treasurer Burbank and the receiver then will begin their arguments.
19.
July 1, 1925
Des Moines Tribune
Des Moines, IA
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LIQUIDATION COST $36,000
Leach Makes Report Showing Closed Banks' Standings.
Liquidation costs of the three closed Des Moines banks were given at in the report for the fiscal year ending at midnight last night. made by Robert Leach in turning his office Thursday over to Andrew new state superintendent of banking, who took office today Expenses of liquidation for each bank United State bank $15,826.93 Boys' Play Suits Commercial Savings 12,812.14 Flapper play made Mechanics State top styles. khaki. and plain In the United State bank. notes collected are given in the report as $158,932.62 and cash on 1.29 Notes collected in the Commercial Savings were given at $344.638.86. and cash on hand, $270.In the Mechanics Savings bank, notes amount to $158.and cash on hand $149,092 The itemized account for the Mechanics Savings follows: Bills bonds expenses First conserve Claims paid Capital profits Deposits credit 19 from banks bond interest A Complete Line Non N ledger 188018 Assessments $1,309,445.12 Of Khaki Apparel
United State Bank. Assets and liabilities of the United State bank follow Bills for touring. picnicking. fishing and general sports wear All well made, correct fitting ap transit parel. None 24 Khaki Knickers, 1.95. Khaki Shirts, 2.49 assets Khaki Middies, 1.69 and 1.98 charges 143.36 Khaki Skirts, 2.49 Khaki Coats, 3.95 surplus and Khaki Hats, $1 and 1.25. deposits subject None Sizes for women and misses. Extra sizes for certificates Time large figures. -In The Economy Basement liability Expense None savings and 1923 None checks checks 7,358.29 Non Just Arrived--New Shipment collected Commercial Savings. Assets and liabilities of the Sacings bank are: Pretty New United bonds 35 bonds other than United transit Silk Dresses fistures Central receiver's National Trust Savings To Sell For National 000 assets .95 account funds notes Box assets account Rent 163
20.
October 6, 1925
The Des Moines Register
Des Moines, IA
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DELAY LIKELY IN DIVIDENDS FROM 2 CLOSED BANKS
Security Firm Appeals on Public Funds Preference.
Depositors in the closed Commercial Savings bank and United State bank face long delay in payment of initial dividends, it became known yesterday with the filing by one surety company of notice of appeal from the decision of the district court denying surety companies preference of payment of public funds covered by their bonds. Attorneys for other bonding companies stated that similar notices of appeal are under way. The appeals will delay payment of depositors' dividends for months, perhaps year or so, unless the bonding companies decide at the hearing scheduled for today on the application of Andrew state superintender of banking. for permission to pay partial dividends, not to object to payment of dividends while their appeals are being prosecuted in the Iowa Supreme court and pos sibly the federal supreme court This decision, bonding company attorneys indicated. will depend upon the size of supersedeas bonds asked by Attorney General Gibson, representing Mr. Andrew receiver for the banks. The hearing on Mr. Andrew's application to pay dividends in the United State bank was scheduled for yesterday before Judge Thompson and Judge Meyer was expected to rule on the application in the Commercial Savings bank. Judge Thompson was trying another case and could not reach the application. and Judge Meyer waited to have the matter of supersedeas bonds determined in both banks at the same time. The matters are scheduled to be determined today. If the bonding companies object to payment of initial dividends, they will be required to post supersedeas bonds, staying the decision of the lower court that public funds are not entitled to preference and assuring depositors they will not lose because of the appeal. Attorney General Gibson while not disputing the right of the bonding companies to appeal their contends that if they prevent the payment of partial dividends now. they should be lia ble for interest on the amount of the dividends to be paid the rate of per cent the question of claimed vested rights has been finally determined He contends that in the case of the Des Moines school board. with deposit of approximately $500,000 the Commercial Savings bank the board should be interest on the amount of its di vidend If the initial dividend in this bank is increased to 20 per cent the school board would receive $100,000 Interest at per cent would be $6,000 year the bonding companies are required to post supersedeas bonds guaranteeing interest at per cent on the whole amount of the initial dividend in both banks, there is lit. tle chance of their the payment of the initial dividend, is said If the bonding companies do not object to payment of dividends. Mr. Andrew will ask the court he said yesterday. to increase the amount of the dividend in the United State bank to 30 per cent and in the Commercial Savings bank to 20 per cent.