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BANK OF LINDEN RECEIVER TAKES UP SETTLEMENT Union Industrial Will Not Reopen Defunct Private Institution. Preparations are being made day by the Industrial Trust of Flint take charge of the Bank of Linden following its closing yesterday an of siding Judge Fred W. Brennan in circuit court, named the Flint company receiver. One of the first necessary will be the filing of bond for $25,000 guarantee up of the business by the court. No will be made to reopen the it said This would be possible only under orders from the court, said, and such action was said to be most unlikely. as reopening would result in attempts of money they had while would be depos- Was Private Bank The under the direction the list and collect the assets of the institution. The amount be paid on each dollar of liability can then be will be made all creditors on The "Bank of Linden of Spenand Glerum' was private and could not be spected state and national in spectors The organization of private banks forbidden by law day but such not 1912 the Bank Linden was organized. Inspectors would not have allowed the bank to operate until could meet only percent of its obligations, is was said today No Irregularities Seen Frank E. Glerum. cashier of the deposited about $3,000 there said yesterday that he had the amount repno statement to make other than her life's Most resenting that the bank would be and residents of Linden and the that every effort would be made will the losers to greatcinity to settle with all creditors on as er or less degree. it equitable basis possible Arthur Duerr rural mail carrier Nothing irregular any of McGregor, Iowa, has driven his the conducting the of the route winter and summer for 16 bank is expected to be found The years without a hat. failure, it explained. has come largely through loans hich could A Rhode Island red hen is denot be collected, many of them clared its Mrs. farmers whose crops failed, money by cuts in the price laid 80 eggs in consecutive days. livestock who for some other reason could not meet their obliga- Failure Was Foreseen did The surprise many the residents Linden. Some of the last few months drawing particular from the bank as fast their as There were instances. is said. when for small amounts not be paid The final blow the bank' creditors asked lump of Some business men the vl. the danger. cinity. posited only small amounts which might be needed for immediate payments in the Linden bank, and larger amounts Flint or sent the stronger entirely of said to the danger
