4624. Northwestern Trust & Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: January 1, 1931*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 262698b6

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Receiver appointed; RFC loan to receiver in 1934; dividends paid during liquidation.

Description

Articles state the North Western (Northwestern) Trust & Savings Bank sustained heavy withdrawals beginning early 1931 and closed on June 10, 1931. It remained in receivership (receiver David Shanahan) and was being liquidated with dividends paid to depositors; RFC later authorized loans to the receiver in May 1934. Sequence is a run that led to suspension/closure and receivership. Bank classified as a state bank in articles.

Events (4)

1. January 1, 1931* Run

Cause: Bank Specific Adverse Info
Cause Details: Intermittent troubles and large real-estate loan exposure; sustained withdrawals beginning early 1931 reduced deposits from about $21,000,000 to $10,383,000.
Newspaper Excerpt: sustained withdrawals, which began early in 1931.
Source: newspapers

2. June 10, 1931 Receivership

Newspaper Excerpt: North Western ... closed on June 10, 1931 ... receiver David Shanahan (receiver for the defunct bank).
Source: newspapers

3. June 10, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure followed sustained withdrawals and asset deterioration (heavy real-estate loan losses and liquidity drain).
Newspaper Excerpt: The bank which closed on June 10, 1931, with deposits of ...
Source: newspapers

4. May 1, 1934* Other

Newspaper Excerpt: RFC authorized advances in May including a loan to Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000.
Source: newspapers

Newspaper Articles (10)

1. January 25, 1933 Chicago Tribune Chicago, IL

Article from Chicago Tribune, January 25, 1933

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DEFUNCT BANK OWNERS EVADING STOCK LIABILITY Reveal Laxity of State Law Enforcement. Only 1½ per cent of the stockhold. ers' liability has been collected for creditors of the 140 closed state banks in Cook county while almost 20 per cent of such liability has been collected for creditors of the 19 Cook county national banks in liquidation. This was revealed yesterday from study of receivers' reports and records of the state office. The total liability of the stcckholders in the 140 state banks-100 per cent over the amount of stock 40 million dollars. Collections to date have totaled little more than $600,000 In the case of the 19 banks the liability is and total of has been collected from this source for the creditors. Difference in Laws. This disparity is ascribed by lawyers receiverships and foreclosures to the different methods of against the stockholders, as provided and state bank ing laws. and to laxity in the enforcement of existing state legislation. When national bank is closed receiver is appointed by the controller of the currency at Washington and the receiver immediately adds 100 per cent stock to the assets the bank. He then sends out claims to the stockholders, and if they do not comply within reasonable time goes into federal state court of equity and obtains judgments against The Illinois banking act imposes no upon the receiver, nominated by the state auditor, to collect from the The law vides any creditor may suit in court equity and that the may appoint a receiver handle the double liability collections. This leads to the filing of "dummy suits in the interest of the stockholders themselves tiements can be made. according to the for the bar Makes Delay Possible. It also makes possible, they declare long delays that permit the dissipation concealment of assets the collection of excessive fees by and their lawyers. settlement is effected suits filed against the stock holders are referred to masters chancery for hearings and the fees come out of collections. This is in addition to fees for the receiver under the liability usually 10 per cent of all fees for the receiver's from 10 to 25 and fees for the creditors' attorneys in the same amount. The also makes possible multiplicity of suits. In the case of the Kaspar American State bank different creditors' suits were filed and three receivers appointed by the three judges before the creditors agreed upon receiver. Settle for 40 Per Cent. The for bank creditors the double liability law includes $530,000 from settlements made by stockholders of three banks. to the state auditor's office. These South Side Sav. ings bank. the Sheridan Trust and Savings and the Northwestern Trust and Savings bank. Receivers and their attorneys took $132,000 in fees out of total settlement of $662,000. which was 40 per cent of the liability. The state auditors' reports on the of banks do not show what are made on stock ments, such collections, if being combined with others under the head ing Receipts from collections, etc., to be disbursed." The reports of the supervising receiver of the national banks, however, separate entries entitled Collections from stock assessments."

2. February 2, 1933 Chicago Tribune Chicago, IL

Article from Chicago Tribune, February 2, 1933

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DEFINE TERMS USED IN RECEIVERSHIP AND FORECLOSURE CASES Following are brief and nontechnical definitions of legal terms often used in receiverships and mortgage foreclosconveyance estate as The borrower retains possession and control his his the of cure notes the of issued to to investors in the case of loans by secured by usual method of put estate in The owner on the property holds for the benefit of the lender or holder the until the most debt A fers in of legal process by the owner has mortgaged and has then under the benefit of the or the property by paying due costs of DEFICIENCY OR DEI property at to pay the claims of the court for this is some times which the against the process by property over to manages or the or order for the ATTORNEY firm gives legal advice receiver in : turned handles property for are started by the by case the bankrupt from properly listed in the condition of debtor greater than A usually but not delay payment usually put time great of or financial panic executive military order JUDGMENT CREDITOR-A on be of his mortgage before which 000 from the Northwestern Trust and Savings bank. Judge Gentzel confirmed Master Behan as attorney for the receiver of the Roosevelt and Northwestern bank. Judge Ross C. Hall confirmed him as attorney for the receiver of the Immel bank The receiver for the Immel bank is Richard F. Gentzel, a brother of

3. October 8, 1933 Chicago Tribune Chicago, IL

Article from Chicago Tribune, October 8, 1933

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NORTH WESTERN TRUST MAY PAY ANOTHER 5 PCT. Will Bring Dividend Total to 30%. BY WILLIAM IRVIN. Depositors in the closed North Western Trust and Savings bank may reanother per cent dividend celve about Nov. 15. bringing the total paid to 30 per cent, according tion THE TRIBUNE last week by David Shanahan, receiver for the defunct dividend payment, Mr. Shanahan explained. is contingent on court order the receiver for the liability to turn over to the bank receiver funds sufficient to complete the amount needed for It also necessary, of course. for the auditor to authorize of the dividend. North which closed on June 10. 1931, with deposit of thus becoming now the largest closed bank in Cook county already has paid two amounting to One of cent was distributed on Dec. 1931, and the second. per cent pay went to depositors on Sept. 1932. Hope for Ten More. There hope for additional dends of 10 to 15 per and above the for per November. the total to 40 or 45 per Mr. said. This hope, It was out. is based on of the bank's assets gradually improv ing conditions. The speed with these tirely on the of liquidation. There cash balance on hand of of which $419,563.29 is applicable to the November dividend. The bulk of the remaining constitutes reserve the first and second dividends, preferred claims and trust fund of $484. $64,810 than is now available for this is for the payment of a 5 per cent dend. The receiver for the stockholders' liability, Hurley has filed report with Superior Judge Denis E. Sullivan showing the amount money on hand collections, $191,221.27. and petition asking the as to how of this he to turn over to the Mr. Shanahan. A hearing is set for Oct. 18. May Be More than 5. If the court directs Mr. Hurley to disburse the bulk or all of this fund to the bank for there is possibility that there will be money available for dividend to slightly more than per per cent If only per cent is paid the surplus would be applied on future dividend it In any event, the court expected to instruct Mr. Hurley to turn over enough to the bank to make possible per cent dividend. In the payment of the of per cent came from collec tions on turned over to the bank by the stockholders' The bank was capits lized at $1,000.000. The collections on this liability have The reason for it explained. is that the bank was affiliate of the State bank, and at its closing the Foreman estate paid approximately 40 cents on the dollar on stockholders' liability among its affiliate banks There are bills ing against the assets, hav ing been paid to the First National bank. This borrowed from the Foreman bank to enable the North Western Trust and Savings to remain open and continue deposit liquidation during period of withdrawals. In 1929 the bank had deposits of approximately $21,000,000, this amount being through continued seepage to $10,383,000 its date of closing. Located in is foreign born. the bank had suffered mittent prior to the period of sustained withdrawals, which began early in 1931. Pay $552,258 Claims. Preferred and secured have been paid, and of $446,285.54 allowed. New liabilities amount the total net liability $7,359,890. Among the secured consisting of state funds and postal savings deposit. Three sizable claims totaling approximately $100,000 are litigation. They will be appealed if the court decision goes against the bank, Mr. Shanahan said. The losses conversion of the cream of the bank's marketal securiand real estate to ties have amounted to $387,262.28. Disbursements for the period of receivership have been $4,921,767.98. Expenses of liquidation. including attorney's fees, clerk and stenographic hire, and receiver's salary. amount to $276,180.78. Income for the period has $388,116 leaving surplus of $111,935.70 above expenses. The North Western was real estate bank, as is by the fact that $5,205,521.56 of its listed assets of 429,818.22 is in real estate and and per cent of the latter being secured by real estate. Its real outstanding as of Sept. 30 total $3,754,107. and its loans and discounts, $1,451,413.89. Controls 147 Buildings. Further evidence of the bank's extensive real estate is shown by the fact that 1,200 pieces of the property are represented in the ag. gregate of the two items under real [Continued on page four.]

4. November 12, 1933 Chicago Tribune Chicago, IL

Article from Chicago Tribune, November 12, 1933

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2D N. WESTERN HOPES TO PAY ANOTHER 5 PCT. Will Bring the Total to Thirty. five per cent dividend, amounting will be this depositors the closed Trust and Savings bank, Receiver David E. Shanahan The first of nearly 25,000 checks, dated Nov. 15, will ready for mailing Thursday, was hoped that checks for all depositors who have filed claims will be in the mail by Saturday. This will bring the total dividends per cent. analysis of the bank's maining assets, an estimate the probable eventual return to depositors, appeared in the Metropolitan section on Oct. BY WILLIAM IRVIN. The State bank, 1956 Milwaukee avenue, may dividend to its depositors before the first of the year, making total of per cent. N. Geyer, deputy receiver for William O'Connell, that an effort being made to have fund of this amount available in time for a possible Christmas dividend. Enough for Five Now. There already enough cash hand cent payment, Mr. Geyer explained, but some of this set against second and third dividends and technically is not applicable to future dividend. However, it may be used for that purpose at the discretion the ceiver and with the approval of the state auditor there is assurance funds from other sources satisfy the first and second dividend claims and when the receiver called pay In the this transferred the dividend fund the deficiency will made up from collections, which, hoped, will sufficient complete the amount needed by Christmas. Approximately $90,000 is needed to pay per cent. There cash balof $82,830, which $60,000 is applicable future dividend. total of $466,376.30 in dividends has gone closed June 10, 1931. Liability $1,439,525. The deposit liability at that time plus newly acquired liabilities of Against that figure total of $31,628.08 in preferred and secured claims paid offsets allowed which, with the dividend total, makes liability sizable item under bills payable, $595,000, owed the First National bank at closing wiped out. The bank has listed with pay creditors the amount due them. Income has exceeded expenses of liquidation by $20,205.12. Receipts during have been $1,322.while have totaled $1,240,117.10. There has been a loss of approximately $277,000 the conversion of assets the amount of $1,322,000. The bulk of this represents the bank's equity of in the banking house, carried on the books against which there $325,000 first mortgage. Another heavy loss, one $65,000, was incurred in bonds, while shrinkage of $13,661 resulted in the liquidation on and discounts and real estate loans. List of Good Securities. Under stocks and bonds, carried the issues portion of the $100,000 return are of hoped for Poland, Jacob Dold Packing, $5,000; Gulf Steel, $5,000; Norwegian Hydro Electric, Pure Oil, $5,000, United Car Fasteners, $5,000. Two Insull issues are prominent among those with highly dubirating under this Corporation Securities, and Insull Utility Investments, $5,000. Others the "doubtful" bond group Wisconsin Central railroad, $10,000; Central Coal Coke, $8,000, and Federal Sugar Refining, $5,000. The original figure for stock and bonds stood at $1,116,940.82. Between $150,000 and $200,000 might be realized from the discounts the books at $513,512.35 with any of luck in the liquidation of those Mr. Geyer They have been reduced from $975,088.82. Real Estate Involved. The bank's real estate loans, out. standing at $759,859.11. present an unhappy picture because most of them are participations in bond issues derwritten by the Trust and Savings bank at the time the ond Northwestern directly affiliated with that defunct institution. In the analysis the of the North Western Trust and Savings bank which appeared recently, pointed that about of that institution's real estate loans, amounting in good standing, an yield 75 The remainder probably either as interest in return of per cent might This something of true picture of the situation regard to the Second real estate loans, inasmuch the bulk of them are participations Trust issues. Real estate values, it is vious, hold the to the ultimate from this group of assets. Through orderly liquidation of the remaining assets, additional dividends cent, over above per anticipated five per cent, are not out the question, was said.

5. August 7, 1934 The Brownsville Herald Brownsville, TX

Article from The Brownsville Herald, August 7, 1934

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$168,644,166 ADVANCED BY RFC IN MAY Aug. reconstruction corporation reported Tuesday that authorized advances in May aggregating The report showed that loans allthorised to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan corpor$5,455,500 for bank debentures; $7,619,575 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Aid or the $57,512,410 authorized loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to were: United States Savings bank, receiver, Washington, Northwestern Trust and Savings bank, receiver. Chicago, West Side Trust and Savings bank, receiver, Chicago, Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga. Tennessee; to the Santa Ana Mortgage Investment company, Santa Ana, California; and 000 to the Textile Industry Mortcompany in New York City. Authority for loan of four per cent interest to the Board Deposits of Wisconsin Madison was granted, but no part of this stim had been disbursed up to May 31. Authorize Purchase Subscriptions preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio. $1,000,000. The corporation authorized also purchase of $1,500,000 debentures of the Mississippi Valley Trust company, St. Louis, and loan $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company, Ltd., New York, none of which had been disbursed up to May 31.

6. August 8, 1934 The Brownsville Herald Brownsville, TX

Article from The Brownsville Herald, August 8, 1934

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$168,644,166 ADVANCED IN MAY RFC WASHINGTON, Aug. corporation reported reconstruction that it authorized advances Tuesday in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to prestocks in banks; $45,000,000 ferred for the Home Owners' Loan corporation; $5,455,500 bank debentures; $7,619,576 in loans to drainand irrigation projects. The balance was for relief and other government purposes. Banks Get Aid Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Sants Ana Mortgage Investment company, Santa Ana, California; and $1,000,000 to the Textile Industry Mortgage company in New York City Authority for loan of $2,500,000 at four cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, corporation also authorized purchase of in debentures the Mississippi Valley Trust company, St. Louis, and loan on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company. Ltd., New York, none of which had been disbursed up to May 31.

7. August 8, 1934 Deseret News Salt Lake City, UT

Article from Deseret News, August 8, 1934

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RFC ADVANCES $168,644,166 IN MONTH OF MAY Report Shows Banks Receive Greater Part Of U. S. Loans WASHINGTON, Aug. 8-(AP)The Reconstruction Finance poration reported today that It cor- auShortzed advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other fl. mancial institutions at per cent interest totaled $57,512,410. Other larye advances authorized included $41,820,000 for subscription to preferred stocks in banks: $45,000,000 for the Home Owners' Loan corporation; $5,455,500 for bank debentures; $7.619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans. $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorgan- or liquidation of closed inditutions, and $22,048,883 to mortgage loan companies. Large Loans Listed Among some of the larger loans authorized to banks were: United States Savings bank receiver, Washington, D. C., $1,080.000: North. Western Trust and Sav. ingo bank, receiver, Chicago, $2.500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank. Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga. Tennessee: $2.382.493 to the Santa Ana Mortgage Investment company. Santa Ana California and $1,000,000 to the Textile Industry Mortgage company in New York City. Stock Bought Authority for a loan of $2.500,000 at four per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred etock in banks included: Central United National Bank. Cleveland, Ohio, $8,000,000. and the City National Bank and Trust company. Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1.500,000 in debentures of the Mississippi Valley Trust company. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation Company, Ltd., New York. none of which had been disbursed up to May 31.

8. August 8, 1934 The Day New London, CT

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$168,644,166 Authorized Advances Reported in May for Reconstruction WASHINGTON, Aug. The reconstruction finance corpor ation reported today that it authorized advances in May aggregating The report showed that loans authorized to banks and other fin ancial institutions per cent in terest totaled Other advances authorized included $41. 820,000 for stocks in banks: $45,000,000 for the home loan corporation 455,500 for bank debentures: $7,619. 576 loans drainage and irriga tion projects. The balance was for relief and other government pur poses. Of the $57,512,410 authorized in loans, to trust companies, including $28,615 330 to aid in the reorganization liquidation of and $22,048,883 to mortgage loan Among Larger Loans Among some of the larger loans authorized banks were United States Savings Bank Re 000; Northwestern Trust and Sav ings Bank, receiver, Chicago, $2. 500,000: Side and Sav ings receiver, Chicago, $1,Lake Charles, National Bank of Phil adelphia, $2,540,000 Farmers National Bank and Trust Company Reading tor, $1,650,000: Penn National Bank and Trust Company, Reading, Pa., Reading National Bank and Trust Company, Reading, Pa., conserva Of the loans authorized to mort gage loan companies, $10,000,000 was for the Electric Home and Farm at Chattanooga, to the Santa Ana Mortgage Investment ComSanta California: and $1,000,000 the Textile Mortgage Company in New York City. Bridgeport Bank Included Authority for loan of $2,500,000 four cent interest to the Board of Deposits of Wisconsin at Madison granted. but no part this sum had been disbursed up May preferred stocks in banks The First National Bank and Trust Company Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. Central United National Bank, City National Bank and Trust Com Columbus, Ohio, $1,000,000. The corporation authorized of $1,500,000 in debentures the Mississippi Valley Trust Company, St. Louis, and loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurto the Globe Rehabilitation Ltd. New York, none of which had been dis bursed up to May 31.

9. August 8, 1934 Detroit Free Press Detroit, MI

Article from Detroit Free Press, August 8, 1934

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RFC Loans in May Hit $168,644,166 Of This Bank Group Gets $57,512,410 WASHINGTON, Aug. The Reconstruction Corporation reported today that it authorized advances in May aggre$168,644,166. gating The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to ferred stocks in banks; $45,000,000 for the home corpora455,500 for bank debentures; $7,619,576 in loans to drainage and projects The balance irrigation was for relief and other Government Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to United States Savings Bank ceiver, Washington, D. C., $1,080,000: North- Western Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage companies $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., $1,000,000 the Textile Industry Mortgage Co., New York Authority for loan of $2,500,000 at per cent interest to the board deposits of Wisconsin Madison was granted, but no part of this sum had been disbursed up to May Subscriptions on Preferred stock in banks included: Central United National Bank, Cleveland, O., $8,000,000, and City National Bank & Trust Co., O., $1,000,000. The also authorized a of $1,500 000 in debentures of the Mississippi Valley Trust Co. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none which had been disbursed up to May 31.

10. August 12, 1934 Florence Morning News Florence, SC

Article from Florence Morning News, August 12, 1934

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Advances in May By RFC Aggregate Over $168,000,000 Money Lent to Pay Back Taxes Saves Homes and Aids Local Government The Reconstruction Finance Corporation reported today that it authorized advances in May aggregating $168,644,166 The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks $45,000,000 for the Home Owners' Loan Corporation: $5,455.500 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Bulk Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorganization or liquidation of closed institutions and $22,048.883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank, receiver Washington, D. C., $1,080,000; North-Western Trust and Savings Bank, receiver, Chicago, $2,500,000 West Side Trust and Savings Bank, receiver. Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia conservator, $2,540,000; Farmers National Bank and Trust Company 650,000; Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000; and the Reading National Bank and Trust Company, Reading Penn., conservator, $1,972,000 Of the loans authorized to mort gage loan companies. $10,000,000 was for the Electric Home and Farm Authority at Chattanooga Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana. Calif., and $1,000,000 to the Textile Industry Mortgage Company in New York City. Preferred Stock Subscriptions Authority for a loan of $2,5000.000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stocks in banks included: The First National Bank and Trust Company, Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. J., $7,000.000 Central United National Bank. Cleveland. Ohio, $8,000,000 and the City National Bank and Trust Company, Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1,500,000 in debentures. of the Mississippi Valley Trust Company, St. Louis, and 9 loan of $3,500,000 on the Globe and Rutgers Fire Insurance Company to. the Globe Rehabilitation Company, Ltd. New York, none of which had been disbursed up to May 31.