Commercial Savings Bank (Moline, IL)

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COMMITTEE OFFER MOLINE BANK HELP

Association of Commerce Group Named Aid Institution Plan for Future. special committee of the Moline named today offer its bank Moline conducting the best interests and other which may regarding the future closed institution. Wharton, comptroller Deere has agreed Other members are ChristiPeoples bank and Trust Harry Getz, the White Robert Rank, Moline Fred Strombeck, president Stromcompany. Every man the committee agreed each connected with the banks present operating Moline. officers. "Until Smith. give the on the position, there be conjecture neither plan tion nor of "First of the positor must be definitely must that more or the amount that may be realized Charles Smith. receiver for the Commercial bank, today the positors' to aid receivership. The committee composed William Tom R. Lees, Rev. Culemans, Courtney John Weckel. Smith said that committee select its chairman. This group connection Moline association merce committee selected by Mr. Blackman, is believed that the two committees work when affairs of the bank

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INDUSTRY AIDS MOLINE BANKS THROUGH YEAR

Support of Companies Holds Public Confidence in Trying Situation.

Moline banks were beset by serious difficulties during 1931, but the city came through the year its two big banks firm footing. The financial situation in line had more than the average community's difficulties to disturb during the year. The storm was weathered through the support of Deere two instances and the International Harvester company in the most recent troubles. Two small banks of the city were forced into liquidation during the year by the conditions that have involved banking generally, but troubled currents that threatened the two big banks of Moline were overcome by the industrial organizations which in very definite form gave expression to their confidence the security and soundness of the banks. an internal development the Peoples Bank Trust company that the first disturbance of Moline banking, March, when was revealed there shortage of in the bank's Deere Co. in that crisis met squarely check for to cover impairment the bank, and public announcement support the bank, following the arrest Shallberg. former vice president and cashier, and two other employes the bank, charges. The run precipitated by news the subsided almost mediately. Confidence was ened the Deere and the bank rebuilt tion. When more general turbances of September in Moline, Moline, Davenport and Rock Island the Peoples bank able to go through the trying uation without necessity of even imposing the notice rule for withdrawals. closing of the Commercial Savings bank, institution on the hill in Moline, was the first of bank that its climax the month September. bank closed Sept. Then the Manufacturers State bank of East (Continued Page

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BANK TELLER OF

Issued for Arrest of Jerome of Moline. on Him Involves Complaint Position as School Treasurer.

Warrants for the arrest of Johnson and Jerome issued at 2:55 this afterby Magistrate Frank Gusnoon tafson of Moline police court. Sheriff Schlueter and Investigator Ebeling started out to look for Johnson and DeWachter to the warrants the Dispatch went to press.

Ben Bell, state's attorney of Rock Island county, announced this afternoon that warrants will be sued the arrest of M. Johnformer cashier and teller, respectively, of the closed Commercial Savings bank Moline. DeWachter will be charged with embezzling from bank, said Mr. Bell. Johnson will be charged with failto turn over school money in the approximately $20,000, the attorney declared. The warrant for Johnson, said Bell, involves duties as school treasurer. Johnwas treasurer of school district which includes several schools south Moline. He recently resigned that position.

Total Shortage Large. The report of the auditors who examined the accounts the closed bank checked the pass books depositors said to show shortage between $100,000 $200,000. This shortage, said, extended period of fifteen years. The preliminary report of the auditors indicated that only about $50,000 was missing, but when check the bank records with the books depositors numerous discrepancies found. The auditors indicated that the total shortage will be nearer $200,than $100,000 the books pass the depositors are to be used as basis for calculation. complete check of these pass books has not been completed.

Directors Meet.

Members of the board of directors to sign complaints against DeWachter meeting Commercial bank building this afternoon when the report of the auditors was read them. Assistant State's Attorney Dan McNeal met with the bank directors. The Commercial bank was closed order of the board of directors about the middle September Since that time Charles Smith, receiver appointed by the auditor, has been in charge. On Sept. 1931, Walter Hanteller the closed bank, shot killed himself while sitting in automobile on the bank of the Mississippi river. note left by Hanson and found his widow denied any irregularity that might at the Commercial bank. This turned over to the state's attorney by the coroner.

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Commercial Bank Depositors Urged To Present Claims

Charles J. Smith, receiver for the closed Commercial Savings bank of Moline, today issued a statement in which he urged all depositors who have not filed claims to do so at once. The receiver said the audit of pass books has been completed. He stated that complete figures on the audit, which covered a period of seven or eight years, are not available at present. Judge N. A. Larson of the circuit court today authorized Mr. Smith to sell odd lots of bonds valued at $3000 and listed as assets of the bank. The receiver informed the judge that a disbursement can be made to depositors and other creditors in May.

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NOTES AGAINST

Judgment against Reynold Johnson, former cashthe closed Moline CommerSavings bank, were entered Rock Island county circuit court Charles Smith, receiver of bank. judgment against Johnson which includes interest the notes the One note given 1930, for another July 25, third on

Judgment also entered on against Richard Walsh the behest Commercial bank receiver. The note for was given Feb. 1931. judgment entered amounts The action brought by Harper, attorney receiver.

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Bank Receiver Given Judgment on Claims

Two judgments in favor of Charles J. Smith, receiver for the Commercial Savings bank of Moline, were entered in the Rock Island county circuit court yesterday afternoon by Judge Nels A. Larson. One against Richard B. Walsh, for 05, was on a note dated Feb. 5. 1931, and interest and collection costs. A judgment against Reynold M. Johnson. former cashier of the bank, for $4,869.37 covers three notes. one of Dec. 27. 1930. for $1,825. one July 25. 1931, for $815. and one of Aug. 9, 1931, for $1,500, and interest and collection costs. The judgments were on confessions in the notes.

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President Testifies Bank Johnson Trial In Reynold

Cashier and School Former Treasurer Charged with Withholding Money. annual reports of ReyWhether nold M. Johnson treasurer school township were actually merely bore his signed by him or became issue name session his trial this morning's of withholding school charge funds. of During president of the Charles Larson, Commercial Savings bank of Moline and school trustee, out that of series of annual reports bore no at all while the witness said that there appears to be some in signatures on various other annual reports. direct the witOn ness had said he familiar with the handwriting and signature Mr. Johnson and that to the best of his judgment the name of Reynold M. Johnson on the annual was the signature of Johnson. ports Attempt the defense to have the witness testify about the handwriting in the body of the reports failed when Ben state's attorney, objected and the objections were sustained by Judge Nels Larson. The reports have not been submitted exhibits by the state but have merely been marked as exhibits for the purposes of identification. On direct examination, Mr. Bell and his assistant, Dan H. McNeal, confined questions put the witness to the signature on each report. also brought out on crossexamination that during semi-annual audits of the treasurer's ports, Mr. Johnson would leave room to take care of other busiand that during absence the audit by the trustees the noon session closed the was withdrawn temporarily by the state. Mr Larson, who gave his occupation as farming on direct examination, explained on tion that he has not been actively engaged in farming for the last years. He said he has been president the bank for the last years and director of the bank since 1913 1914. He said various offices public trust which he has held clude clerk, highway commissioner and assistant assessor. Tells of Audits.

In response to question put Andrew Olson of defense counsel, Mr. Larson said he assumed that Walter Hanson, an assistant cashier of the bank, killed himself shortly after the bank closed, was called into meetings of the school trustees at the time of audits of treasurer's Stansbury of Chicago, also member of defense counsel, moved that all of Mr. Larson stricken from the record when the witness that the annual reports under state exhibits numbered from twelve to were actually reports the county superintendent of schools and not to the school trustees but Judge Larson denied the motion because of the fact that pertained to identification of the signature of R. M. Johnson. Eli Meersman, successor to Johnson treasurer of the school trict, was slated to be the first witness this afternoon's session, called for 1:30. During the court sessions Johnwho is charged with having withheld $23,000 in school funds, confers frequently with the members of the defense counsel regard testimony. In addition to Mr. Olson and Mr. Stansbury, Johnson represented Fred Railsback of Moline.

Trevor

Following the opening statement the prosecution at the start of afternoon's session, Clarence S. Trevor of Moline, trustee of the school township, was called to the stand. He gave his address as 2408 Sixteenth street, Moline. and said in describing the school that includes the schools known as Valley, Maple and Sand Mound. He has been trustee sixteen years, he stated. When he first was elected trustee the treasurer of the district was Anderson of Moline but for approximately the last fourteen years Johnson has been the treasurer, Mr. Trevor Then began long and dull session identifying records of school funds for the purpose of possible troduction to evidence The state presented for identification group of eight exhibits, including the minutes of the board of trustees, the bond of Eli Johnson, several Johnson's bonds and bank records. No Defense Statement. Taking of evidence began early in the the defense elected to make no opening statement the jury upon the completion of the state's statement. The defense did move, however, that witnesses be excluded from the courtroom during periods other were testifying. Judge Larson granted the motion with the qualifying condition that the state be permitted to have one or more persons in the roles of prosecuting witnesses at the state's table for conferences, advice and other help. Upon the defense's tion that witnesses be Mr. asked for list the defense's witnesses but did not press his request. In his opening statement. Mr. McNeal declared total shortage school funds of the school townwill $23,245.26. He said the state will show records kept by Johnson and kept by the Commercial Savings bank In closing, Mr. McNeal declared that any reasons Johnson may offer not having the money at the time in which the law places burden upon the treasurer.

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FOUND JOHNSON CHECKS BOX ON HANSON

Receiver Testifies Cashier Now Trial Admitted Handwriting on Machine Tape.

Contents of safety boxes of Walassistant cashier closed Commercial Savings banks of Moline. who committed suicide after the bank closed, were the subject of again day in the trial of Reynold Johnson, cashier of the bank, in the Rock Island county circuit court. Johnson on trial on charge of withholding school funds treasurer of the school township. Charles Smith, receiver for the bank, testified that one of the safety boxes contained bundle of checks, debit slips and an adding machine tape, all clipped together. The checks were signed by Johnson, and the receiver testified the signature was in writing. There were of the checks. The checks, clips and adding machine tape, went into the case state exhibit over objections of the defense. Dan H. McNeal, assistant state's attorney, who, with State's Attorney Ben S. Bell, is prosecuting the case, asked the witness about Johnson's statement in reference to the words "deposits" and "checks" on the adding machine tape. recall Mr. Smith testified. "Johnson said, admit that's my handwriting and can't deny In the other two deposit boxes Hanson, the witness said, were numerous deposit slips, checks, coupons, debit slips and other papers. Three lists of the items found were shown the witness, but withdrawn when he testified he prepared them since Friday from original lists. He was requested produce the original lists. Miss Lucille Smith, 2125 Fifteenth street Moline, employed by the bank receiver and formerly from June 1923 till the bank closed, employed by the bank. was witness for the state today. She testified concerning two drafts sent to Lampson Bros. Co., Chicago, stating they were sent by her on Johnson's orders. The drafts were for either stock or bond purchases, for and the other for $35,625. Miss Smith is being subjected to by the defense this afternoon.

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JOHNSON TRIAL

Prosecution Concludes Its Case Chief; Defense will File mal Motions.

Presentation of the state's case chief against Reynold Johnformer cashier the CommerSavings bank of Moline, charge funds hands school treasurer, this noon nearly concluded. and State's Attorney Ben Bell announced that state would afternoon. since David Stansburg Chicago, Andrew Olson and Railsback of Moline, defending Johnson. present motion Judge Nels Larson direct defense. the denied the fense expects to conclude its dence by Saturday indicated that witnesses, that the testimony will brief. Charles Smith. receiver for bank. directed before produce afterall slips and other found bank after bank their and indicated not properly credited the bank Smith that the handling the affairs seriously crippled records retained in court. offered the documents would remain in custody Miss Mary Larson, reprter, during trial. Mr. Smith centered about conwith Johnson concernwriting on adding chine tape. The adding machine was deposit box Hanson, assistant cashier, killed himself after the closing the bank. The that Harper, attorney. Johnson think this looks Reynold, and should explained." that Johnson replied has been long what asked Johnson not say checks long He testified that could the defendant might have made such statement. Arthur Johnson. auditor ployed by the testified concerning records the bank particularly loss securities. The reduced by charging items against profits other bond accounts. Yesterday Foster. vice president cashier Peoples Trust company of Moline, testified loan count in name Raymond by Johnson be his obligation. The loan renewed with two notes, for and the other for the ference that amount and state sought nect this transaction with the draft Bros. Chicago brokers, in August, 1929. Ray Hasson, deputy sheriff. testified the formal of successor school treasurer, for the due. Mrs. Moline, employed by the bank lists of items found Hanson's safety deposit boxes the bank. has than hibits and some them are groups records.

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RECEIVER SUES

Brings Foreclosure Action Under Reynold Johnson Fair Aeres. the trial of Reynold son, former cashier of the Commercial Savings bank Moline, reachits closing stages in the Rock Island county circuit court yesterday afternoon, the receiver for the bank, Charles Smith, filed closure suit to collect loan the bank to Johnson which has been mentioned numerous times in the course of the criminal The receiver for the bank asks, in his bill filed by Attorney Harper, for receivership for property, Fair Acres, the Coaltown road south Moline, during 15 months redemption, foreclosing proceed. Johnson. according to the foreclosure bill, however deeded the property May to Fred H. Railsthe attorneys representing him the defense criminal trial. The bill recites that Andrew Olson, also appearing Attorney Railsback David Stansbury of Chicago in Johnson's defense. claims some interin premises, and that president the Commercial also has or claims an "the nature known the During the trial Attorney Railsback quent taxes on premises, and insurance premium, to prothe receivership interest the

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PLANS

That Will Be First Distribution at Commercial; to Be Made by Aug.

ATTORNEY FILES

Total Claims Are Report of Auditor Shows.

Upon filing claims of depositors and of the closed Commercial Savings bank of Moline in Rock Island circuit court this Harper, for bank receiver, said submit an application the court soon for 10 percent the claims against the bank which by that time have met approval of the court. Plans in motion today for the first distribution depositors and other creditors of the bank the last of this month and pected that distribution will amount 10 percent, was stated. Harper will the course of the next few days present to Judge Nels Larson circuit court request for the setting date for hearings contested claims that have been filed and the unfiled claims reported by the receiver. The Commercial bank closed last The first distribution to and other creditors has been delayed because of audit which necessary upon the discovery of irregularities accounts. Walter Hanson Moline, forcashier in charge of commercial at the bank, killed himself short time after the bank closed. Reynold M. Johnformer cashier of the bank, son, found guilty by circuit court recently charge of having withheld $23,000 school funds. He was treasurer the township including South Moline and outlying districts well being cashier of the bank. Indictments charging not been against DeWachter, forcashier in charge the bank, will trial Rock Island county on circuit court Monday on charge embezzlement and fraudulent conversion bank funds. In filing the claims in court day, Mr. Harper was acting Charles Smith, receiver for the bank.

Claims Total $1,509,172.

Mr. Smith's report shows an gregate liability of claims the bank. The total against filed general claims; of unfiled claims; of including officers and directors, signers co-signers of notes, stockholders, offsets, and unapproved claims; miscellaneous unpaid bills the bank. In of unfiled claims the report there are 2958 items, many of them savings accounts the Christmas the report filed bank, claims there are 3055 items, making total of claims. As soon the formal decree Judge Larson will, he has indicated, the claims which have been approved by the ceiver. that time hearings contested claims, preferred claims claims will schedand uled for some date in the near future. The will publish notice before the hearings are held. possibility that the There (Continued On Page

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ABOUT FIGURES THAT DISAGREE

State DeWachter Variance Balances; nies He Knew of Them.

Jerome former assistant cashier the Commercial Savings bank Moline, trial in the Rock Island on county circuit court charges and of bank deposits April 1929, today centered on variations in items depositors' passbooks and bank ledger records, in DeWachter's hand writing. denied knowing that there differences in the balances. Asked where he obtained the interest ures entered on the passbook of Hilma Ekstrand, deposit volved in the indictment, the fendant said do not remember. The revealed that passbook showed interest of 1931, and ance of while the ledger showed and balance. 1929, there deposit $93 the passbook, not on the connection with the account Gus Jors, the was asked about balance of the passbook and on the ledger. Dan McNeal, assistant attorney, asked he did not "plug" the Jors count $10 when the account withdrawn, but objections the defense Thomas Sinnett and Ingelson, were tained to the question. Accounts Miss Mary Larson and Floyd Mitchell, involved in the indictment, were the subject of similar questioning the state. In closing his direct yesterday, testified that the duty Walter Hanson, assistant cashier who killed himself after the bank closed. to check sheets and the bank balances. He testified that he never checked the tally sheets with day book figures prepared. He said clearance items went through Hanson's cage. He said he never went the cash vault the bank. though had been told the combination figures several years ago by Reynold M. Johncashier. Charles Smith, receiver, defense witness, to testify cerning bundle of savings posit slips found after the bank closed. safety deposit the name brother of Hanson, and two not listed. expected the evidence the concluded and arguments made tomorrow before Judge Leonard E. Telleen. who hearing the case without jury.

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TELL OPPOSING

Lawyers Claim Deposits; Clearly Guilty, Argues Prosecution. evidence in this dence that took argued for the defense the trial torney in the Rock Island circuit court today before county Judge Leonard Telleen. clear, Illinois case statutes are clear, and the only one of applying the question of this case to the law and facts this defendant guilty,' argued Dan McNeal, assistant state's who with State's Attorney torney. Bell has prosecuted the Ben DeWachter the charge against that began July 11 and to concluded today. Judge Telleen refrained from limiting arguments of the attorwhen the lawyers said the neys arguments would likely ended noon today, but noon found the arguments far from the judge indicated that he would require that the trial be finished today, even became necessary hold night session court. The judge is hearing the without jury. Thomas Sinnett make the concluding argument for the fense afternoon, and Bell will close for the Attorney state. opening argument for the prosecution, McNeal viewed the evidence which the state contends the guilt former assistant cashier the Commercial Savings bank Moline, on charges of on April 27, established. Eight bank deposits that date are involved in the and Mr. McNeal dwelt in detail the dence offered in the trial. the records of the bank show the facts, as this defendant has testified," argued Mr. McNeal, defendant himself sponsible because he prepared those same records." Mr. Ingelson charged in his ment that the state has relied upon only in building its case against deprived his liberty the on the insisted. He laid phasis on the fact that witheld were never found dreds found hidden in safety deposit boxes controlled by Walter Hanson, assistant cashier of bank, killed himself after bank closed last and Hanson's home and his bank Ingelson argued that Hanson and Reynold Johnson, cashier the bank, who yesterday began term Joliet penitentiary charge withholding school funds, taught DeWachter the only system bank and guided him in all his Rebuttal evidence the state included that by Alidor of Coal Valley and Floyd Mitchell Moline, testified that did not make deposits reflected in bank records and claimed by the state to have been "plugged." DeWachter again stand in his declared entered the $10 deposit the VanDaele account $100 the Mitchell account because him said Hanson gave him in connection with the VanDaele account.

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BANK RECEIVER SUES ON BONDS FOR SHORTAGES

Claims $95,000 on Losses Through Embezzlement and Conversion by Three Officers.

Charles J. Smith, receiver for the closed Commercial Savings bank of Moline, began suit yesterday in the Rock Island county circuit court against the National Surety company, in an effort to collect $59,000 on two fidelity bonds, claiming loss of $180,000 to the bank through wrongful acts of Reynold M. Johnson. Jerome J. DeWachter and the late Walter A. Hanson. Johnson, former cashier, is serving prison term on a charge of withholding school deposits, and was not tried on indictments charging embezzlement and conversion of bank funds. DeWachter, who was assistant cashier, was convicted of embezzlement and conversion of $809 and yesterday sentenced to one to 10 years in prison, and allowed time to appeal the case. Indictments returned against him charge conversion of a total of $37,339.37. Hanson. also an assistant cashier, killed himself after the bank closed. and in trials of Johnson and DeWachter it was sought to show that Hanson was responsible for mishandling of the bank's funds and also the school funds in Johnson's hands as treasurer of the school township. Two bonds are involved in the suit begun by the receiver, and the claim has been filed in a chancery action, instead of a law suit, the receiver setting out in his bill that it would be difficult or impossible to produce proper proof in a law case, but that the claim can be established in a court of equity. One of the indemnity bonds cannot be produced, the receiver says, and he asks the court to compel the defendant to replace it. A copy of the bond form in use at the time the bond was originally issued is included in the bill.

It is claimed that the company on March 3, 1922, executed bond to indemnify the bank against embezzlement, conversion or misappropriation by employes and that the bond specifically covered actions of Johnson to the extent of $15,000. DeWachter to $10,000 and Hanson to $10,000. It is charged that between the date the bond was issued and the date the bank closed, Sept. 23, 1931, the bank sustained pecuniary loss through wrongful acts or omissions of each of the three former officers, specifying the sum of $75,000 as the amount of the loss in the case of each. Under the bond it claims $15,000 because of Johnson's acts, and $10,000 each because of acts of DeWachter and Hansou. "Under a "banker's blanket bond' executed, according to the receiver's bill, May 17, 1929. the bank was protected to the extent of $50,000, and it is claimed it suffered loss of $100,000. It is claimed in the bill that the fact of its losses was not learned till Oct 24, 1931. and that the defendant was notified for the bank of the loss, and granted to Feb. 20, 1932, to file its full claim, and that the claim was filed Feb. 16, 1932. It is asked in the bill that the surety company replace the lost bond, that an accounting be made of losses sustained by the bank. and that the jcompany be ordered to pay such sums as will compensate the bank for its losses up to the amount of each of the two bonds. J. F. Harper and S. R. Kenworthy filed the bill as attorneys for the receiver.

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Authorizes Bank Receiver to Take Over 3 Properties

Transfer properties held by directors the closed Moline Commercial Savings bank Charles Smith, receiver for the institution, was approved today Judge Leonard Telleen Rock Island county circuit court. brought out that the bank of Moline and built houses them Because the law banks from improving the property, mortgages the amount of the improvements. Three those mortgages were still force against Larson, Henry Plambeck and Robert Sackville, directors, upon their request the receiver take over the properfor the amounts the mortwhich total approximately $15,000.

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BANK IN MOLINE HOPING NOW TO ISSUE DIVIDEND

Another Payment of Per Cent to Depositors May Be Made Prior to Jan. 1.

Depositors of the Commercial Savings bank of Moline may receive dividend checks of per cent before Jan. 1934, according to Charles J. Smith, receiver. If economic conditions improve, so that portion of the bank's assets, large majority of which are in real estate mortgages, can be liquidated, more substantial dividend will be declared, Mr. Smith said. The Commercial bank closed Sept. 23, 1931. Mr. Smith was appointed receiver on Oct. 17, 1931. Since the institution closed, the bank has paid two dividends, totalling 14 per cent. The first dividend of 10 per cent was paid Aug. 16, 1932 and the second of per cent was paid on Dec. 20, 1932. The final statement issued on June 30, 1931, about three months before the bank closed, showed total of $1,601,937.93 on deposit. The institution had 4,000 depositors when the doors were closed. The bank receiver has collected $328,177.45 since the institution closed about two years ago. The total disbursements amount to leaving a balance on hand of The salary of the receiver during the time that the bank has been in the process of liquidation, amounts to $5,475. The receiver's expense was $170.90. Attorney's fees during this period totaled and the legal expense amounted to $983.50. Stockholder Assessment.

The report shows that has been collected from stockholders, but no payment out of this money has been made to the depositors. L. Oakleaf, attorney in charge of stockholders' liability payments, said this money cannot be paid to depositors until court order has been issued, and he added that there are still several legal technicalities to be settled before the court will issue the necessary order. The total stockholders' 11ability is $100,000. Under disbursements, the report indicates that a total of $15,348.40 has been spent for administrative miscellaneous expense since the bank closed. According to Mr. Smith, $11,561.17 of this amount represents taxes, special assessments and insurance premiums paid on property acquired by deed or foreclosure. Under the non-administrative miscellaneous which amounts to $13,820.21, Mr. Smith says is included money needed for payment of auditing each account in the bank. The audit in many accounts goes back ten or fifteen years.

Funds Collected.

Mr. Smith stated that all money by the receiver has been paid from funds collected by Mr. Smith, as no cash was in the bank the day it closed. "On account of the depression and economic conditions, the receipts from interest in no way reflects the accrued interest due that will eventually paid for the benefit of the depositors," according to the receiver. The report also shows that disbursements on account bills payable, which represents money borrowed by the bank before it closed, and the settlement with the state treasurer, have both been paid by Mr. Smith during the receivership. Mr. Smith said that the amount of money represented by the item additional assets discovered by the receiver far exceeds the total funds used to pay his salary and expense. The National Surety company, which had furnished bonds for officers of the bank, is in the hands of receiver and no payments have been made by this company, said F. Harper, attorney for the receiver. Robert Cole, receiver for the Fifth Avenue bank, Moline, announced recently that depositors of the institotion may also receive dividend of per cent by Jan. 1934. Fred Railsback the attorney for the receiver at the bank.

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BANK RECEIVER OFFICE TO BE OPEN UNTIL 4

Headquarters of the People's Savings Bank and Trust company, Moline State Trust and Savings bank and Manufacturers' State bank of East Moline located in the Moline State Trust building will be open. daily including Saturday, from 9 to 4, it is announced by Fred W. Allen, deputy receiver. The office had been open from 9 to 3, except on Saturday, when it closed at noon. The change was made for the convenience of persons having business to transact with the three banks. which are in receivership. The same hours will be maintained at the Commercial bank, it is announced by C. J. Smith, receiver.

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DECREE ORDERS JUDGMENT FOR RECEIVER

Finding Against 69 Defendants in Commercial Savings Involves Total $51,481.

Judge Paul Califf the Rock Island county circuit court today entered decree for judgment against 69 former Savings bank Moline, for aggregate The was based on finding of James 133report the stockholders' liability the closed bank objections were entered to the Murphy made separate concerning liability 168 fendants the 193 periods of stock ownership during the career of the bank until closed in September, 1931. There defendants court, because of their death their in the state. Since the stockholders' liability December, 1931, by Harold Stegmiller and Winkler and others. the Charles Smith has lected No distribution been made to creditor depositors, because objections made during the pendency time, Smith proposed make ment from the last argued that the could not be made until final bility Out of has and other nection the and he hand for distribution Oakleaf Churchill. attorneys the receiver collect stockholders' liability, submit the court the next week petition authorizing distribution on the liability Among the judgments against against Reynold Johnwho was cashier, and is serving penitentiary term conviction school funds Stock bank and collections have amounted to an unusually large percentage.

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BANK RECEIVER MOVES OFFICES

Vacates Quarters in Moline State Trust Because of Its Impending Reopening.

Offices of the receiver for closed Moline and East Moline banks will be removed from the present quarters in the Moline State Trust & Savings bank building to the Fifth avenue building, it was announced today by Fred W. Allen, deputy receiver.

William L. O'Connell of Chicago is receiver for all the banks involved, the Peoples Savings Bank & Trust company, the Fifth Avenue Savings Bank & Trust company and the Commercial Savings bank, all of Moline, and the Manufacturers State bank of East Moline. Mr. Allen, who has been the deputy in charge, is to become president of the reorganized Moline State Trust & Savings bank.

Removal of the records to the Fifth avenue building was to begin today. The change in location of

and songs will be given by children of the Sunday school. A Santa Claus will distribute gifts to the boys and girls.