5065. Morton Grove Trust & Savings Bank (Morton Grove, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 1, 1931*
Location
Morton Grove, Illinois (42.041, -87.783)

Metadata

Model
gpt-5-mini
Short Digest
e2df55f3

Response Measures

None

Description

Newspaper text (Sept. 10, 1931) reports the Morton Grove Trust and Savings Bank 'closed today on request its board of rectors' (voluntary/board-initiated closure). A later 1933 report lists the bank among closed banks with receivers and liquidation figures, confirming permanent closure and receivership. No article describes a depositor run preceding the suspension.

Events (2)
1. September 1, 1931* Receivership
Newspaper Excerpt
MORTON GROVE TRUST AND [Closed Sept. Cash on 13,946 Total Losses on conversions of assets. 48,208 claims Paid to creditors per Balance 177.007 Receiver's and 2,800 Clerical hire 2,633 Legal and attorneys' fees expense
Source
newspapers
2. September 10, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Closed on request of its board of directors; appears to be a voluntary board-ordered suspension/closure.
Newspaper Excerpt
CLOSE MORTON GROVE BANK CHICAGO, Morton Grove Trust and Savings bank. closed today on request its board of rectors Its deposits listed $270,000.
Source
newspapers

Newspaper Articles (2)
1. September 10, 1931 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, September 10, 1931

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Article Text

DIVIDEND BEARS IN CONTROL TODAY Market Pushes Up Point Or Two But Drops Back Again On Rock Island's Omitted Dividend By CLAUDE JAGGER. Financial Editor. NEW YORK. Sept. forts drive cover again by adverse dividend today's market The pushed up point two the first hour but quickly ran into fresh selling. which augmented by the omission Rock land's dividend Bonds also inclined to sag. although selling Rock Island dropped points then few points. Rails generally were with such issues Baltimore Ohio, Northern Pacific, and Lackawanna sagging point two to new lows. Steel not appreciably influenced by unfilled tonnage and fluctuated narrowly. GenElectric under considerable pressure for declining nearly points fraction and and broke minimum losing more included Consolidated Gas, North American, Du Pont. Sears and Woolworth. Mullins again tumbled several points. the Rock Island dividend-it was the previous view the deficit reported for the first half of the year, but had not been generally expected, in view the that was understood some weeks ago the management looked for sufficient improvement the lat. months the year to justify maintenance Steel's unfilled usually fall off during August, the report drop 235,349 tons for that month this year largely in keeping the normal trend. FOREIGN EXCHANGE NEW YORK, Sept. Foreign easy, Great Britain dollars, others cents. Demand: Great Britain 4.85 Frances 1-32; Italy Belgium 13.90; Germany 23.30; Holland Norway Sweden Denmark 26.72% Switzelrand Spain 9.01; Portugal Greece 1.29%: Austria 14.04; Tokyo 49.34; Montreal 99.25. CLOSE MORTON GROVE BANK CHICAGO, Morton Grove Trust and Savings bank. closed today on request its board of rectors Its deposits listed $270,000. with $50,000 capital and $22,000 surplus. PEORIA LIVESTOCK PEORIA, Sept. Livestock: 15c higher: 250@300 lbs. packers stags Cattle-200; steady: 1000 down. SKELLY SELLS OUT NEW YORJ, Sept. Skelly Oil Co., has sold its interest Natural Gas Co., America, which operates pipe line to furnish Chicago, for cash other participants the it was announced today.

2. January 25, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, January 25, 1933

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Article Text

NELSON REPORTS ON CONDITION OF 20 CLOSED BANKS Status of Assets Told on December 31. Former State Auditor Oscar Nelson yesterday made public the reports of twenty receivers of closed state banks showing the financial condition of the banks on Dec. 31, 1932. The same receivers still in charge of the liquidation of the closed banks, but their now are made to State reports Auditor Edward J. Barrett. Following made, as of Dec. 31. are the reports to Mr. Nelson when he state auditor: MILLARD STATE BANK Cash on Total conversion of assets. claims Balance due Receiver's sulary and expenses Clerical Legal expenses and attorneys' NOVAK AND STRISKEL STATE BANK [Closed Cash on Total Losses of Preferred claims Paid creditors cent] Balance Receivers' salary and Clerical Legal and attorneys' fees. TOWN STATE BANK April 14, Cash on Total Losses on Preferred claims Paid creditors per Balance due Receivers' salary and expenses Clerical Legal and attorneys' fees. MONTROSE TRUST AND SAVINGS [Closed May 21. 1931. Cash on Total Losses on conversion of Preferred claims Balance Receivers' and expenses. Clerical Legal and attorneys' fees. TRUST AND 18.047 16,983 11,000 26,671 8.452 11,040 8,526 11,925 14,454 138,907 10.281 BANK 4,173 1,675 4,683 SAVINGS 40,223 Balance [Closed 1931. salary and Cash 376,927 Clerical Total Legal expenses and Losses on conversion of assets Preferred claims Paid to creditors per [Closed Balance Cash on and Total Clerical Losses conversion expenses and attorneys' Preferred claims to creditors [10 Balance due creditors NOEL BANK. Receiver and Clerical Cash hand. Legal Total paid. Paid creditors Cash Balance due Receiver's and expenses. Clerical hire Legal expenses attorneys' fees 65,819 Preferred Miscellaneous expense 16,844 MID-WEST STATE BANK. [Closed June 19, Cash hand. 475 Total resources 177.368 Losses on Balance due Receiver's and Clerical hire Legal expenses and attorneys' fees Miscellaneous 2,010 MORTON GROVE TRUST AND [Closed Sept. Cash on 13,946 Total Losses on conversions of assets. 48,208 claims Paid to creditors per Balance 177.007 Receiver's and 2,800 Clerical hire 2,633 Legal and attorneys' fees expense MOUNT GREENWOOD TRUST AND SAVINGS [Closed Sept. 19. Cash on 3,731 Total resources Losses on conversion of claims Paid to creditors [15 per cent] 5,394