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ILLINOIS BANKS CLOSE ON ORDER OF AUDITOR June Des Plaines State bank Des Plaines, and the Diversey Trust and bank the North IS were closed state auditor The Des Plaines bank today at the request of their boards had deposits last March Diversey bank
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Two More Chicago Banks Are Closed CHICAGO, June 13 (I.N.S.). Two more outlying banks in the Chicago area closed their doors today. The Diversey Trust and Savings Bank and the Des Plaines State Bank, Des Plainese, Ill., were taken over by the State auditor's office. In the last financial statements, they respectively had deposits of $1,060,000 and $1,500,000. Meantime plans for reorganization were being considered by directors of the more than two dozen institutions which suspended business earlier this week following two huge mergers of loop banks Monday.
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BAIN BANKS UNABLE TO PAY DEPOSITORS IN FULL, SAYS RECEIVER None of the twelve Bain banks will be able to pay depositors in full, ReGilruth said The Bain June with in deposit liabilities. They had more than depositors. Mr. estimated that assets and loans of the chain would exceed $6,000,000. In the sixty days before the closing, $500,000 was withdrawn on loans to John Bain, head of the banks, members of his family, and corporations, the said. Circuit Judge Feinberg confirmed the appointment yesterday of George Reinecke as receiver of the Roseland State bank. 114th place Michigan avenue. Circuit Judge Finnegan confirmed the appointment of William Busse Jr., as receiver of the Des Plaines State bank. Five suits to collect $515,000 in city funds deposited in banks now in the hands of receivers were filed in the Circuit court yesterday by Leon Hornstein, first assistant corporation counsel. Under our laws all other personal property should be treated similarly. Getting back to the demands of the assessors, Secretary Hausman wrote: But It is not for the banks to divulge confidential information ex. cept upon order of court and only in such specific cases as the court directs. The board of assessors has no authority to compel the banks to fur. nish the data asked for. Its plan is costly, and the results, far as it is will be nil. If it were legal, it is easy to visualize what would prior to April each year. The would march upon the banks and their balances. To for this the banks to be in 100 per cent cash condition. Loans would have to be called, all applications for loans have to be refused, and general business would be seriously disturbed.' Seek Lists of Closed Banks. In preliminary statement of their intentions, the quoted as saying that they would demand the list of depositors and their deposits in banks which have closed for the of taxing the deposits, of which will not be available for years, and in some fraction of these will never be received the depositors. Touching on this subject, Mr. Haus. man It unfortunate that on top of the harassing problems through which the banks have had to strug. gle during the last year they will now be put in the embarrassing position of defending themselves against the misunderstanding which will likely result from their refusal to comply with the demands of the board of assessors." The assessors will ask the county board soon to make an appropriation to finance the crusade, it is reported. The assessors have tried in vain to get a larger appropriation. J. Louis expert, told the county board that the originally obtained enough money to make the and that if the had been wasted it was the fault of the board.
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RECEIVERS MAKE REPORTS ON 7 CLOSED BANKS Slow Collections Shown to by Statements. Statements present condition of seven closed banks to Cook county were Issued yesterday by the bank receivers concerned, and were made public by Auditor Oscar Nelson. Similar statements concerning other closed banks will be as the auditor announced. In effect each accounting of stewardship by each bank Among the significant items listed are receipts collected the first item indicating the receiver's success as debt collector and the second ing his thrift in performing his task. In general the statements indicate that have been slow and difficult. They indicate further that the have been extraordinarily frugal in out item on which the state audian tor has been criticized on the ground of extravagance. Report on Cicero Bank. Robert M. receiver for the Cicero Trust and on April listed total receipts of 810, $49,185 cash on hand. He at $39 334, $18,994 which he had to meet as bills payable. His itemized list of follows: Preferred claims paid. 9,670 Receiver's salary and expenses 1.482 Legal expenses and attorney's 630 Clerical 4,282 2,886 Auditor's closing 2,010 Bills payable and 18,994 William Busse receiver of the Des Plaines State bank, closed on 12, listed at and at only The losses of the capital stock, and undivided profits, he fixed at $411,587 He itemized his as follows: None Receiver's salary and expenses 602 Legal expense and fee None Clerical hire 633 Auditor's in bank 1,035 Lists Resources at $1,023,470. Glen C. Hodges, receiver for the Diversey Trust and Savings closed on June 13, listed total sources of $1,023,470. He placed total receipts at at His itemized ments Receiver's salary and expenses Legal expense and attorney's fee Clerical hire expenses 1,562 Auditor's 825 Bills payable paid receiver for the Lansing closed on Feb. placed total at cluding $48,521 on hand. He listed receipts of and $49,687 He itemized disbursements follows. Preferred claims paid Receiver's salary and expenses Legal expenses and attorney's fees. 97 Clerk and 2,057 Auditor's expense Bills payable 39,684 Receiver Makes Statement. Francis Karel the Lyons State closed on June placed total including 693 on hand. He listed total receipts and total ments at follow Preferred 1,879 Receiver's Legal expense and items Auditor's in closing bank Bills payable Carl of the State closed 14, placed total 400, $30,586 cash He placed total receipts at $125,949 and Receiver's salary expense and Clerk and hire 1,70
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RECEIVER REPORTS First Payment To Des Plaines State Bank Depositors Soon State Auditor Oscar Nelson made public first receivers number the closed banks. Among the reported that the Des Plaines State of which Busse, the receiver. The auditor stated that in effect each of by each bank Among the signilisted are "receipts the first item indicating the receiver's success collector and the second his thrift in forming his In general the statements indiThey indicate further that the have been ordinarily frugal in paying out torney's fees, an item which state auditor been criticized the ground supposed extrava- Have $171,975.74 in Cash The statement concerning Plaines State, compiled William Busse, its receiver, that this bank has hand and banks, but bills amounting indicated that the bank for first payment depositors their established that there are claims The liabilities of the mostly at compares book value of 550.65. was on June 12 that the bank closed down. During the receipts have totaled disbursements Total expense paid for thus far have report follows: $1,280,324.48 Bills payable 40,000.00 vites you Balance banks, creditors Capital stock 200,000.00 out Surplus 125,000.00 Undivided profits 86,587.87 Total Liabilities Recapitulation Receipts and Disbursements June 12, 1921, to Aug. 31, 1931 Receipts Rent, premiums, 776.13 Notes discounts 99,285.23 Overdrafts, cash items. 72,844.09 County Interest Trust receipts Receipts report Disbursements Receiver's salary and 602.53 stenographer 1,155.78 Following Other misc. expense 633.19 Auditor's expense closing bank 1,035.00 press Accounts spl. (ins.) disb. this report 3,524.50 Balance hands of State, second to accounted for action Balance hands ganization posited follows: olution on hand body by bank view. and Trust the and inent in deposits Compensation county Receiver support Byrd. 638.58 Stenographer 517.20 an Resources Cash on hand and in banks Stock and bonds Loans and discounts Real estate loans 194,010.06 Accounts receivable 14,876.87 Banking house 243,485.33 Other estate 35,342.34 Furniture and fixtures Other assets 21,450.94 Total resources Expense of liquidation: Total expenses 8,426.50 income during liquidation 3,065.10 Total ation losses and penses Date Hank Closed Commercial accounts $404,758.37 Savings accounts 728,363.75 Certificates of deposit 142,125.28 Cashier's checks 44,438.82 Accounts payable 2,702.72 New liabilities acquired during receivership 531.02 Total $1,328,153.47 Offsets allowed 48,128.99
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REPORT Busse, Shows Present Condition of Closed Institution of the report of the Des copy Planes State Bank of which made to the auditor of public accounts appears six this issue. Mr. page the receiver and his direction excellent has made. The come the the expenses. amount hand $238,907. present the bank are The exclustock accounts report will be especially into readers paper the that has progress made in liquidating the closed institution.
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MAKES William Busse, Jr., Shows Present Condition of Closed Institution copy of report the Des Plaines State Bank December 1931, which made to the was auditer of public accounts appears six this issue. Mr. Jr., the receiver and direction excellent progress been made. The come during the liquidation ceeded the amount hand The present the bank The habilities exclustock The report will be into readers of this paper the progress has made in liquidating the closed
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William Busse, Jr., Shows Present Condition of Closed Institution copy of the report of the Des Plaines State Bank J031, which made the auditor of public accounts appears six this issue. Mr. Busse, the receiver and under his direction excellent been made. The the the expenses. amount hand present the bank are The liabilities exclustock accounts The report will be especially of this it the has made in liquidating the closed
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MAKES REPORT William Busse, Jr., Shows Present Condition of Closed Institution copy of the report of the Des Plaines State Bank of December which made the auditor of public accounts appears upon six this issue. Mr. Wilham Busse, the receiver and under his direction excellent progress made. income during the liquidation has ceeded expenses. amount hand is $238,967. The present of the bank are The liabilities exclustock accounts The report will be especially inreaders this the has been made liquidating the closed institution.
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ASK DEPOSITORS OF CLOSED BANK FOR PEACE PRICE Plaines Mayor, School Board Issue Appeal. Appeals were made last week by the school trustees of Maine and Mayor Charles Hammerl of Des Plaines to depositors in the closed Des Plaines State bank urging them to come to an agreement with the trustees the ratio of the dividend to be paid by the bank to the schools and to the depositors. The appeals pointed out that the intervening filed by the trustees demanding that the bank's receiver turn held in trust fund. created for the not be until an is The dismissal of the was plained, would the to release to both the and the approximately $225,000 in dividends. The situation had reached an imlast week, due to the fact that further negotiations toward settlement the school board and of the committee been called off. The depositors, according to spokesman, will their resist ance to the action instituted by the school trustees as long as they are financially able. Turned Down by Depositors. The objection of the mittee an on the basis 30 per cent dividend for the and 70 cent dividend for the depositors is that this would concede the schools claim, allowing school funds to be paid in full before the depositors, was This was originated by the depositors' committee and accepted the trustees, but later turned down the depositors, it was pointed out. Carl L. Rohde, township school treasurer, in outlining the position of the school the necessity of an early agreement between the trustees and depositors if further litigation, which would tie up available funds. in the bank for several years, was to be avoided. "What the depositors do not seem to realize is that the are obligated by to against their surety, and that it will be necessary to institute suit against the $100,000 surety bond the $200,000 direcdepositary bond in an effort to funds, said Mr. Rohde. the surety com pany is going to institute litigation against the trust fund as natural means of and when the their on tying up for at least two three years. Would Release $245,000. Mr. Rohde went on to explain what would mean to depositors and to the schools in the matter of distribution of available funds. The proposed 70-30 agreement prothat $245,000 coltrust be for liqufand distribution to the depositors and the schools, in addition to the funds available for distribution. This would approximately $400,000 could be by the bank's receiver, and on the basis the depositors would receive approximately 000 and the schools about High School to Remain Open. Mr. pointed out that further was satisfactory could be reached by which the present could be dropped and the receiver of the closed bank The surety he pointed out, has agreed to the payment of dividends to the and the trustees on the 70-30 per cent basis. Assurance that Maine Township High school would open until was last week by M. Himel, principal, that $40,000 had been in tax cipation warrants by resithe E. Lang, president of the Park Ridge education, last that the drive carried on the past sell $30,000 in tax which to operate the Park Ridge until June prob. ably would be this week. Teachers in the suburb have agreed to accept of their pay in cash and the other half in teachers' orders.
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STATE AUDITOR REPORTS ON TWENTY CLOSED BANKS State Auditor Oscar Nelson yesterday made public reports of the receivers 20 more closed banks. The reports give the financial condition of the banks as of Sept. 30. The reports disclose the gross cost of receivership of the 20 banks together with that for 20 banks ly reported 8.6 per cent of the collected by the and money the net east, after deducting the operating income of the banks, is 2.8 per cent. Bank Receivers' Reports. The receivers' reports on the individual banks CHELTENHAM TRUST [June 1931.] Cash hand. Total resources 303 Losses on conversion of claims paid Paid to creditors 4.511 10,772 2,555 145 34,643 16,930 25,034 6,526 40,558 633,028 7,548 182 5,929 995,804 8,545 13,407 15,950 BANK. Legal expenses and attorneys' fees 1,008 Clerical hire. 538 Miscellaneous expense 1,473 CONGRESS TRUST AND SAVINGS BANK. [Closed June 28, 1932.] Cash on hand. Total resources Losses on conversion of assets.... 12 Preferred claims paid. 183 Balance due 959,898 Receiver's salary and expenses. 1,451 Legal and attorneys' fees 21 Clerical hire. Miscellaneous 5,131 COTTAGE GROVE STATE BANK. [Closed June 23, 1932.] Cash on hand Total resources Losses on conversion of assets 92,661 Preferred claims paid. 75,000 Balance due 1,338,414 Receiver's salary and expenses.... 875 Clerical hire... expense. 4,565 ORAGIN STATE BANK. [Closed June 10, 1931.] Cash on Total Losses on conversion of assets... 65,599 Preferred claims 20,202 Paid to creditors [10 per cent] Balance due creditors Legal expenses and attorneys' fees 5,385 Clerical CRAWFORD STATE SAVINGS BANK. [Closed Jan. 15, 1931.] Cash on hand. 39.201 Total 943.578 Losses on conversion of assets. Preferred claims paid 14,805 Paid creditors 120 per cent] Balance due creditors 798,008 Receiver's salary and expenses Legal and attorneys' fees Clerical hire. 14.935 18,847 DEPOSITORS STATE BANK. [Closed Jan. 18, 1932.] Cash on hand. Total resources. 336 Losses on conversion of Preferred claims Balance due 067 Receiver's salary and expenses. 3.617 Legal expenses and attorneys' fees Clerical hire. Miscellaneous expense 11,875 DES PLAINES STATE BANK. [Closed June 13. 1931.] Cash 23,159 on Total 1,265,468 claims paid Paid to 120 per cent] Balance due Receiver's salary and expenses. 4,590 Legal expenses and attorneys' fees 15,000 Clerical Reports on the remaining closed banks will be made public from time to time by the auditor. Balance due creditors Paid to creditors [25%] Receiver's and expenses Balance due Legal and attorneys' fees Receiver's salary and expenses. Clerical hire Legal expenses and attorneys fees expense Clerical hire CHICAGO BANK OF COMMERCE. expense. [Closed June 25, 1932.] CITY STATE BANK OF CHICAGO. Cash on Total resources Cash on hand. Losses on of Total Preferred claims paid. Losses on conversion of assets. Balance Preferred claims paid Receiver's and expenses Paid to creditors (27%) Legal expenses and attorneys' fees Balance due creditors. Clerical hire Receiver's salary and expenses Liquidation Costs Told. expense Legal and attorneys' fees CHICAGO LAWN STATE BANK. Liquidation costs of the 20 banks Clerical hire [Closed June 9, 1931.] public are summarized expense Cash on by the auditor as follows: COLUMBIA STATE SAVINGS BANK. Total Total Losses on of [Closed March 29, 1931.] Total Operating conversion claims Cash on collected. 9,505 Balance due Total Cheltenham Receiver's salary and expenses Losses on conversion of assets. Legal expenses and attorneys' fees Bank 983 Clerical hire Paid Commerce Balance due creditors. Chicago CICERO TRUST AND SAVINGS BANK. Receiver's salary and expenses 368,060 46,733 Lawn [Closed April of 1931.] Legal expenses and attorneys' fees Cicero Trust 41,784 23,649 Cash Clerical on Citizens Total expense State of assets Citizens COMMERCE TRUST AND Preferred claims 767 [Closed May 28, 1931.] Paid to creditors [10 per cent] Cash on hand Citizens Total resources and expenses on of Legal expenses and attorneys' fees claims paid Citizens Clerical hire Paid Trust expense due City STATE BANK OF AGO. Receiver's and Columbia [Closed May 25. 1932.] Legal and attorneys' Commerce Cash on hand Clerical hire Trust 37,031 Total resources Commercial of assets COMMERCIAL BANK OF CHICAGO 17,426 HEIGHTS. Balance due Common- [Closed Jan. 9, 1932.] Receiver's salary and expenses 4.136 Cash on wealth Legal and attorneys' fees Total resources Congress Clerical hire 873 Losses of assets Park Preferred claims paid Congress CITIZENS STATE BANK OF GLENCOE. Paid to creditors (25%) Trust 16,043 8,865 [Closed 1932.] Balance due Cottage Cash on hand 11,466 and Grove resources 138,032 Legal and attorneys' fees Crazin Preferred claims paid Clerical hire Crawford Balance due Miscellaneous expense Depositors Receiver salary and expenses 300 Clerical hire TRUST Des Plaines expense BANK Totals CITIZENS STATE BANK OF MELROSE Cash 20 banks PARK. Total previously [Closed Oct. 24. 1930.] on conversion of assets reported Cash 41,615 Preferred claims Total Balance due Total 40 Losses on of assets 79,669 Receiver's and expenses. banks Preferred claims paid. Clerical hire. Balace due creditors 625,693 salary and expenses Legal expenses and attorneys' fees CONGRESS PARK STATE BANK. Clerical hire [Closed Oct. 28, expense Cash on hand CITIZENS TRUST AND SAVINGS BANK. Total resources [Closed Aug. 5, 1930.] Losses conversion of assets Cash on hand 507 Preferred claims resources Paid to creditors per cent] Losses of assets Balance due Preferred claims paid 20.305 Receiver's salary and expenses. 18,706 30,654 14,992 149,239 615,823 772,593 2,186,090 40,000 300 16,613 83,081 21,318 fees 23,532 22,549 356,879 4.153 AND SAVINGS 719 000 634 690 2,568 1931.1 337 11,890 534