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Auditor Instructs Receivers That Applications Are Be Made for Advances. Four closed banks of Rock Island county will among the 203 closbanks of Illinois receivwill make application for loans from the federal nance Uncollected sets of these banks represent roughly face value. Of these portion likely be that would not be acceptable for pledges to the ReconstrucThe two largest banks in this county that are closed are the Commercial Savings bank, Moline, which has million dollars, round figures. of uncollected assets, face and the State bank of East Moline, which has something less than unliquidated assets at face value. The depositors of the Commercial bank have received 10 per cent dividend. amounting to about $150.The depositors of the Manufacturers bank have received dividends to 19 per cent the of claims of depositors and $170,000 bills payable. The bank had assets of face value. when closed. Charles Smith, receiver for the Commerbank, and Oscar Ohlweiler, ceiver for the Manufacturers bank, said they had not determined what portion of remaining uncollectassets might be used basis for an application for loan. Cole, receiver for the Fifth Avenue Savings Bank and Trust company, Moline, estimates that uncollected assets of that bank, face value, amount to about $425,000. Depositors bank have had one 10 per cent dividend and another will be paid soon. The first amounted to in round figures. Harry E. Thompson, receiver for the Farmers State bank of Reynolds, has made 20 cent distribution. That bank had assets rated and the receiver's collections have been about $80,000. The assets are partly second mortgages, chattel mortgages and unsecured notes, and only survey would determine what portion might be useful as security for corporation loan. Associated Press dispatches from Springfield today said that Oscar Nelson, auditor of public accounts. the receivers banks to apply for loans. The instructions were issued of the amendment giving bank the power to pledge for loans. The money borassets rowed corporation would used to pay depositors. The amendment giving the quired authority receivers pected to be made effective within days proclamation from Governor Louis Emmerson. has been made regarding the type of securities ceptable by the corporation for loans. Nelson said everything possible would done the money distributed to depositors quickly as possible.
