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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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MISCELLEANOUS 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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First National Bank of McLeansboro and Its Subsidiary Close Action of Boards of Directors Follows Heavy Withdrawals. DISPATCH TO THE ILL. August Doors of the First Bank of the First State Bank Broughton, failed open this Notices the boards directors stated action prompted desire protect that been during The the leading banks Hamilton County, listed assets liabilities of $716,050.93. The has Officers bank Val president: Sharpe, Denson, vice Adam and Assets and liabilities of the First with deposits Campbell president the subsidiary bank, and Arthur Dawes cashier. Broughton is the southern part of Hamilton County. Negro Bank Closes. By Associated CHICAGO. August Roosevelt with deposits of $1,390,000, closed the state auditor today because shortage. There had been heavy the closing the Binga State Bank, another Negro because of frozen assets, largely real estate papers. Bank Closes. By Associated Press. PA., August by past two days, Bank closed today. The runs believed the result of the closing three four banks in Connellaville within the past Affairs institution were placed in the hands of Bleakbank examiner. W. Cosgrove, fidence all ultimatebe paid in full. The bank at 000. statement reported demand deposits $8458, and time deposits of $89,764.
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Chicago Bank Closes After 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.
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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-
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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.
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BINGA ARRESTED FOR BANK FRAUD; BOND $55,000 Continued from Page rectors, passed on loans Mr. Binga's absence; Harry Scott, chauffeur and "right-hand man" of Mr. Binga; Thomas Webb, director former auditor of the Pullman Porters' Benevolent Association, and DeWitt Curtiss, was vault custodian floor walker when the bank was in operation. Binga said to have had the four notes when they had financial responsibility. The secured on the notes Mr. money Binga would use to put through estate transactions. The employees are accused of conspiracy. Forced Close So much of the institution's money became tied up these operations other frozen assets, that gether forced When the bank had deposits of organized as state bank in Since the closing of the Binga State Bank, financial crisis the Southside of Chicago, several reports have that the institution would be reopened, it has Went in with Doctor Binga, to friends, been in the for has His arrest was effected waited at his for the the doctor come attenddoctor, the story, him. the arrived, admitted, rang along with the physiwent the officers, the bankdeclared richest Negro, was placed under arrest. When he could not make the $10,000 bail on one held in the jail hospital charges, over night.
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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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# Jesse Binga, Chicago # Banker, Jailed By Police (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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REVEAL PROGESS LIQUIDATION CLOSED BANKS Nelson Tells of Dividends Already Paid. Nelson issued the far in progress of closed assets in months the he defining proposed and their have banks up to last of which June in the of the were nine have Foreman their already 20 to per cent, Mr. of in the group similar percentages the next few he added. within of Mr. liquidate these assets as quickly as possible, with a the assets against any sacrifice of their true unnecessary The Chicago real estate marwill not continue indefinitely stag. Sees Fair as Boost. Nelson's view the Century of will prove Progress in restoring real estate level approximating their prices true the exposition draws he pointed out, realty market is be stimulated. This will pernit banks holding now classified as frozen assets to dispose at prices warranting the ex. pectation that depositors secure the return of 100 cents on the suggestion that individual deiverships be abolished in favor of receivership agency for all the state auditor declared himself opposed. Advocates of the plan entend that receivership costs would be if salaried state officer were appointed to liquidate assets or reorganize banks under direction of courts. Would Add to Expense. "I disagree with this claim," said Mr. In the first place, under the present system are unduly costly. Secondly, unified receivership system would in opinion, prove more expensive in the The auditor pointed out that the suggested state office could be created only by Moreover, he said, this office would be compelled to set its own or employ the of large trust pany in effect, would thereby gain virtual monopoly on all in county. The auditor mentioned time for fees filed by receivers and alterneys in recent bank failures. In was fee of $15,000 claimed If Attorney Edward H. Morris as for the Binga State on July 31, with deposits Attorney James B. Cashin as counfee the Binga bank receiver; and of paid to Attorney B. Fleming RS counsel for the receiver of the Exchange State bank. "In the case of the Binga bank claims, the fees of the lawyer and receiver were reduced two thirds,' Mr. Nelson explained. They filed claims for and respec. were paid $5,000 and $4,000 Paid on Dally Basis. "In the case of the Exchange State lank the record shows there was 441,000 on deposit when the bank tissed. Citing Fleming's $20,000 fee in this connection might make it seem large. But the records also show that the bank resources were 1118,000, and it must be remembered that the receiver's duties concern not merely the deposits but all the resources. On this basis, therefore, Fleming's fee to date amounts to about per cent of the total sum administering. Every receiver and attorney is paid per diem basis. the auditor exEach is required to file an of hour occupied receivership duties before being paid *penny. The fees for various banks not so much on the basis of their deposits or resources, Mr. Nel. NA as on the condition of the payment Even the was has realized After the dividend Nelson said the best record date had been made by the tressive State bank, which has paid cent dividend on deposits of There should be another from that bank said Central bank has 20 per cent According auditor, additional per People's State bank of convicted of paid 20 per cent There are further assets to there the auditor of the Central Oak are to according to the auditor, delay caused by which be settled Depositors of and bank have of receiving dollar for dol- auditor announced late of yesterday 100 as receiver for which deposits of $14,000,000 of The at announced and Savings most easily He said he each be meet liabilities was who Fullerton State appoint Attorney West Monroe on June and Bain banks bond, would open 1620 West accessible of appoint retired assets of 1423 Ful closed with
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# Binga Case Postponed # Until Fall Hearing 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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CLOSED BANKS ARE READY TO PAY DIVIDENDS Receivers Tell Condition of Six Others. Four closed banks are preparing to pay dividends depositors, State Auditor Oscar Nelson announced yesterday. the Binga State bank, 3452 South State street: the Ridgeway State bank, 3722 West Chicago the Novak Steiskal bank, 1817 South Loomis street, and the Central Oak Park State bank of Oak Park. The Binga bank, which closed July 81, 1930, will pay its first dividend to depositors. They receive checks by mail for $138,000, or approximately per cent deposit liabilities checks mailed by Morris, Practically all of the positors are people. Ridgeway Bank Dividend. A dividend 15 per cent, the Ridgeway State bank, which closed April Edward M. Olson, receiver, is to mail checks to 8,500 depositors. total of $429,000 due depositors. Clearing of court litigation during per of the Novak Steiskal bank. The was to two ago, but blocked by the intervention of The bank has cash against deposit claims and has addition bonds which can sold to insure the 15 per cent dividend. The Central Oak Park State bank awaiting court action to pay dividend per cent. suit for has been brought against the bank for rent. Master in Chancery Archie has found the bank owes $5,900. his tained be The receiver has against deposit of Other Report. State Auditor Nelson made public statements the conditions closed banks the The statements were prepared by receivers. Emil Wentslaff receiver for the State bank closed set the of assets and in version at $70,995 against creditors. He fixed during liquidation at and disbursements at His disbursements follow: Preferred claims paid $152,467 Receiver's salary 3,350 Clerical hire 4,287 expenses Auditor's closing bank. 1,485 payable 205,998 George W. Bloomgren, receiver for the Lincoln Trust and Savings bank, closed April 16, placed the which value assets against $3,247,002 due creditors. He fixed income during liquidation disbursements of His itemized disbursements follow: Preferred claims $31,167 Legal Clerical hire 4,943 closing 3,300 9,416 Charles Jenks, receiver for the Montrose and Savings bank. which May placed the book against due He fixed during liquidation of His itemized follow: 683 Receiver's salary Clerical 1,837 closing 667 Anditor's O. receiver for the Norman Second State bank, which closed the with losses of to $1,765 against due Inwas fixed $515,061 of His disbursements follow: Receiver's and expenses 666 salary the Clerical 3,198 770 Auditor's expenses closing bank. 1,050 payable met 280,379 229 in To John Carroll, receiver for the South Savings Bank and Trust which $4,295,587 the due Inagainst was set $25,359. His disbursements follow: Preferred claims paid and expenses Legal Clerical hire Miscellaneous expenses 2,567 Auditor's and Victor H. Munnecke, receiver for the State of Beverly Hills, which closed June placed the value of $1,026,147 liqui was with dis bursements of His follow: Prefererd claims paid Clerical 1,030 Auditor's closing bank payable auditor announced the appoint Edgar Olson receiver Marquette bank. 6314 887 the to be salary and time receiver Novak and bank to because Nelson the closed chain twelve Bain dicted all the banks. Irwin ceiver of the banks, the the banks and only of the paid the banks closed June
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# Hueston Sued On Note 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.
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tributed the fail- ANTHONY OVERTON ure to a lack of confidence. He has served as president for less than a year replacing as active bank head, his father-in-law, Anthony Overton, head of numerous enterprises. For over a year the Overton enterprises, the bank, Victory Life Insurance company have been torn by dissension. The trouble came to the surface when two officials of the insurance concern, James E. Stamps and Chas. Shaw were ousted from the board of directors at the annual meeting of the stockholders. Then followed a campaign in the press between the two factions. Overton finally ousted the men from the company payroll. The ousted officials were favored by a New York faction headed by Dr. P. M. M. Savory, a heavy stockholder in the company. Overton was backed by most Chicagoans. When Hill was elected Douglass Bank president, Overton was. elevated to the chairmanship of the board. Overton's friends claim the bank is solvent and that the failure of the colored people of the Illinois metropolis to support the institution is the cause for its closing. Opponents of Overton claim the bank was mismanaged and used to further the interests of other Overton enterprises including the CHICAGO, BEE, a weekly newspaper, the Overton Securities, Overton National Finance Company, Douglass National. Securities, Great Northern Realty Company, Victory Underwriters, the cosmetic company, the Overton-Hygienic Products company and three building projects, the Overton Building, the Frances Building and the $50,000 Bee building. Rumors as to the actual standing of the bank and the other Overton enterprises have been rife in Chicago since the closing of the Binga State Bank about two years ago. The Douglass Bank has withstood successfully several runs started by these rumors. Negro business leaders the country over are expressing their regrets over the Chicago situation feeling that Negro confidence in their own business enterprises always at low ebb will be further undermined. They point to the fact that many of the biggest white owned and controlled banks and concerns have failed since the period of depression began and that business failures are not peculiar to Negro business.
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GET INSURANCE Other Deaths Being Investigated CLARKSDALE, Miss., June 10.-Excitement here and at Yazoo City is at fever heat following the uncovering of sensational evidence pointing to a wholesale murder plot in which five persons are believed to have been killed for their insurance and the reported confession of Dr. Lawrence Packer, a Yazoo City dentist, that he was the slayer of Norville Sanders, whose mutilated body recently found in Yazoo City by the police. Collect Insurance The various angles of the case are by District being Hugh B. is said to have informed that the dentist collected policies on persons within the of whom are to died as the result ptomaine of these Dr. Packer's Mrs. Packer, died April supposedly poisoning and their made payable to the Convinced that foul play had been Mrs had her body and that daughter exhumed and the result that both were to Mississippi college for examination by Found in Car According Sanders' body parked in front of Packhome. The of the body was made when was noticed that blood trickling down the side of Continued on Page 2. Col. An attempt will be made to oust Attorney Edward H. Morris as receiver of the Binga State bank and its properties, it became known Friday when Attorney George C. Adams, representing Dr. William H. Brummit, announced that he was going before Judge Philip J. Finnegan Saturday with a petition asking that the receiver be re- moved. The attorney explained that it will be that creditors tee or three trustees be appointed by the court to take over the estate mortgages and to liquidate, and same over period time and to stop foreclosure proceedagainst The tenure of the trusteeship would continue until the depression is there is market for real estate Attorney Adams forth the would liquidate the securities now being held by the bank in as not to cause tremendous loss to the depositors of Binga State bank. The petition divided into 12 gives various reasons for asking for the removal of the receiver. One of the chief reasons given is contained in section "The petitioner shows that certain mortgages, estimated $533,000. were made by the Binga State upon properties the depositors and tomers of the bank and of other zens living in this who had invested their as payment Many of the mortgages due at time the bank closed or have become due since that time. Unless some step is taken most of these people lose all their equity. The will result in saving more than to the the peti-
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PRISON WALLS HUNG JURY IN TENANTS RIOT AWAIT KILLERS BINGA'S CASE ON DEPRIEST Gets Life Creamation Of Father And Son Robbery. Guard Held In Prisoner's Death. July had been colored man. would have been Negroes secion taking some out the fact that sentenced Arthur Cook. white man. life imprisonment for robbery and murder last week of Louis Bry ant and his Three white men are alleged have gone the home Bryant in remote district and tortured him until they forced him dis close the hiding place of his $426. Infuriated because Bryant held against them long. the whites saturated the clothing of Bryant and his with oil which they later ignited. Mrs. Bry fled into the woods while the men were setting fire hus band and son. Both father and son were burned death and the shan where they lived The other whites involved are pected to arrested soon. GRIFFIN. Ga. July When was that prisoner at the County Prison Camp had his death from skull fracture. Randall. superintendent the camp was placed under arrest Lassiter died Tuesday and the cause his death was given "sunstroke" but physicians who per formed the autopsy declared that was due skull fracture and the coroner's jury returned verdiet of Witnesses at the inquest testified that Lassiter had been severely beaten several occasions by the superintendent for failure to tasks assigned to him. Monday subjected to another beating and Tuesday he Randall denied that he had mistreated the prisoner any declaring that he had been punished on several occasions never severely beaten. The ports of the autopsy. however, tell different and Randall in jail charged with murder. New Trial Will Be Held After Jury Is Unable To Give Verdict the of Jesse Binga Disagreed Wednesday after deliberating twenty hours. Judge ordered Mistrial State's Attorney will prosecute him late hour Monday afternoon jury in the court Judge Prystalski considering what punishment. if any should meted out to Jessie Binga former president of the defunct Binga State Bank, who all last week trial in connection the alleged disappearance of $39,000 which prospective stockhold paid him 1929 for stock the proposed South Park National Bank The state charged that he stole money The receiver for the Binga bank. Edward Morris. has paid most of this money back to the prospective South Park stockholders. out funds of depositors of the Binga bank. because court order held that the Binga bank was liable Receipts for money obtained for stock in the South Park Nation Bank were given on Binga Bank forms and signed by Carroll Langston. former secretary of Binga Bank On second day of the trial. Langston took stand and testified that when the money paid to him. he gave to Miss Inez private secretary to who, turn. took the money her office, counted cashier's checks for which deposited loop banks in the accounts The holds that the purchas stock right to believe the Binga Bank receiving the money they obtained batek forms receipts The defense contends that the money was never part of the bank funds. that therefore, the bank not liable for the payment money. that the court order for pay ment in error. and that Binga provided enough assets to take care these stock payment obligations. On the strength of these conten tions, several score witnesses had their purchase South Park stock. defense attorney, John made motion Thursday for directed verdict of acquittal.
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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.
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Jesse Binga, Denied A New Trial, Faces Term In Prison After the bank was shut up, an Chicago, III.--(A N P)-Jesse charges and insisted that the naWorkers Sanitary investigation was conducted to Binga, founder and president of ture of the property and the condiscover if the affairs of the bank the now defunct Binga State bank, dition of the times had caused the had been mismanaged. It was was denied a new trial in an opinincome to shrink almost nothTo Sponsor Ball ion rendered last Thursday by the charged after this investigation ing. that Binga had, made free use of Illinois Supereme court. Binga is one of the few finanThe Sanitary Workers Union No. the bank's resources and had there After the bank closed in July, cial giants who became victims of 663 will sponsor their Annual Ball by jeopardized its standing. 1930, Binga faced two trials for the depression who has not found Edward H. Morris, fraternal and Cabaret Party, at the Rainembezzlement. The first case endsuccor in either the lower courts leader and lawyer, was made reed in jury disagreemei.t and a mis bow Gardens, Friday, March 1, or the high courts. Samuel Insull, ceiver for the bank. Binga turned trial. At the second hearing, in 1935 from 9:00 until 2:00. There though vigorously prosecuted, was over most of his real estate assets October, 1933. Binga was convicted will be special attractions in adacquitted as was his brother and to the receiver. supposed to of embezzling $32,500 belonging to dition to a floor show and an others of the Insull utility interamount to three quarters of a milinvestors in the proposed South abundance of refreshments for the ests. James Stevens of the Illinois lion dollars. to guarantee deposiPark National bank, and was senenumerable friends and guests exLife Insurance company, a huge tors against loss. But to date Mr. tenced to a term of one to ten pected. concern. was also prosecuted in Morris has only been able to pay An evening of merriment is unyears in the penitentiary. the state courts and convicted, but depositors twelve per cent. Since that time he has been out the Supreme court reversed the dergoing enthusiastical preparaDePriest Handles Estate of prison on bond, pending appeal tion by the Committee on Arrangetrial verdict. John Bain, president Binga's property was turned over to the high court. ments, of which William Mallory of a string of banks, was convicted to ex-Congressman Oscar DePriest Victim of Depression is chairman. in the state's lower courts, but the for management. After his convicBinga's bank was the first of high court upset the conviction. tion, Binga charged that DePriest thirteen institutions on Chicago's All except Binga are white. had not managed it efficiently and Read Each Week Southside to feel the effects of the READ! complained because of the small depression. It was closed after income derived. Agents of DePriest examiners discovered that H did "Within Our House" As The Eagle Seers who had handled the property and not have sufficient liquid assets to Page EDITORIAL PAGE legal work for him. denied Binga's meet its obligations.