Manufacturers State Bank (East Moline, IL)

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Ray Klingbiel Seeking Of Bank Receiver

East Moline, Oct. asking that be appointed ceiver for the Manufacturers' bank, which has been closed since September being circulated by Ray Klingbiel, East Moline attorney, and as sufficient number of names depositors of the closed institution obtained, the petition will be forwarded Oscar Nelson, state auditor, at Springfield. No announcement has yet been made as to who will be assigned as receiver of the bank and state work the this said they had no knowing when this action will be taken. Selection of receiver, who will take charge of the institution and begin the task of liquidating its sets, be made by the state auditor. hoped that receiver will be appointed within near future as to make possible the opening of the safety deposit vaults which have been closed to patroñs since the day the bank shut its doors.

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Bank Receiver to Be Named Monday

Dispatch Special Service. East Moline, Oct. to word received from the state auditor's office in Springfield the appointment of receiver to take charge of the affairs of the Manufacturers bank in East Moline will be announced Monday. The information received from Oscar Nelson, state auditor, came in reply to several queries regarding the progress being made in connection with the appointment. Ray I. Klingbiel, East Moline city who forwarded a petition to the state auditor eral weeks ago asking that he be named of the local bank, stated today that he held slight hope of getting the appointment.

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MANUFACTURERS BANK RECEIVER TO BE APPOINTED

Appointment of a receiver of the Manufacturers State bank of East Moline will be made Monday by Oscar Nelson, state auditor of public accounts, according to information received in answer to numerous queries. The bank has been closed since Sept. 25, when frozen assets of the institution made this step necessary. An audit of the books was completed about three weeks ago and the bank examiners announced that there were no irregularities.

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Depositors Want Harper Named as Bank's Receiver

Three hundred depositors of the closed Manufacturers State bank of East Moline have signed petitions asking that Robert M. Harper, East Moline publisher, be appointed receiver of the bank to replace Oscar Ohlweiler of Rock Island, it was announced today. The petitions were circulated by dozen depositors of the bank. It was explained that under the law if two-thirds of the creditors representing of the deposits petition for the of a receiver he is to be named provided he an elector in the county and a person. Mr Harper has been a resident of East Moline 18 years and is a depositor in the bank. Mr Ohlweiler said today that he and his staff been busy since his appointment checking the bank's assets and liabilities and that while the work is taking considerable time it is now nearing completion.

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Suit to Approve Ohlweiler Bank Receiver Filed

Approval of Oscar Ohlweiler as receiver for the Manufacturers State bank East Moline is asked in suit filed in Rock Island county circuit court The suit entitled People of the State of Illinois the name of Oscar Nelson, state auditor, against the Manufacturers State bank East Moline.

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Stockholders Pay And Depositors of Bank to Get Cash

Distribution of money collected by Oscar Ohlweiler, receiver for the Manufacturers State bank of East Moline, from stockholders under their liability to creditors, has been ordered by Judge Nels A. Larson in the Rock Island county circuit court. The receiver reported to the court that he has collected $35,104.69 on the capital stock liability, an amount sufficient to pay 4 percent on the

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CHECKS MAILED TODAY CLOSED BANK

Dividend checks representing five cent of the deposits in the closed Manufacturers Bank of East Moline are being mailed to the depositors today. checks for this, the third dividend are drawn the State bank East Moline and will cashed there at their face value. The checks five per cent of $778,000, the total deposits in the bank.

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Mayor Thompson Issues Proclamation Following Decision by Sister Cities to Decree Suspension Of Activity for Two Weeks.

IS TAKEN TO APPREHENSION ACTION QUIET

Means Protection for Individual and Institutions During Period Set Aside to Insure Maintenance Of Economic Structure.

Chester Thompson at o'clock this morning, following similar action yesterday afternoon taken of Moline and Mayor jointly by Mayor John Huey Charles Carpentier of East Moline, issued a declaring a two weeks legal or bank holiday in Rock Island. The holiday became effective today, action of directors of both banks of Rock Island being immediately taken to abide by the holiday proclamation. New disturbances in banking which reached climax yesterday with the action of the mayors of Moline and East Moline, were the result of spirit of unrest and apprehension on the part of some depositors, existing since Union Bank & Trust Christmas week when the Savings company in Davenport suspended and three other smaller banks, two in Davenport and one in Bettendorf, went into liquidation. In Rock Island, since the closing of the Union bank in Davenport, the 60-day restriction savings deposit withdrawals been in effect. Apprised of the develophas confered with business ments in Moline, Mayor Thompson leaders of the city, and decided on the extraordinary action of declaring a two-weeks suspension of banking business, and formally issued the proclamation immediately after midnight.

Action Protects All Deposits.

Rock Island, not an isolated community but immediateadjacent the other cities in the quad-city group which the conditions have been was banking certain to be affected by unrest following extraordinary precautions in the other cities, and no course appeared logical except to take similar action in Rock Island to prodepositors. Today's development in Rock Island is the third instance in the last 18 months in which developments in the quad-cities have forced measures in Rock Island to protect deposits. The first was Sept. 30, 1931, when the closing of the American Savings Bank Trust company in Davenport, coming closely after the suspension of the Commercial Savings bank Moline and the Manufacturers' State bank East Moline, precipitated on the former Central Trust & Savings bank in Rock Island. The Central was closed and other banks of the city invoked immediately the 60-day restriction on This was followed by consolidation of the Central Trust, the Rock Island Savings and the Manufacturers Trust Savings bank to form the Rock Island Bank & Trust comon Jan. 1932. pany, Normal conditions were restored. Then on Christmas the difficulties of the Union bank in Davenport came to climax, and that bank suspended, the three other smaller banks, the Northwest Davenport Savings bank and Home Savings bank of Davenport and the Bettendorf Savings bank of Bettendorf, immediately also going into liquidation.

Confronted again by outside conditions which it was feared might precipitate unrest in Rock Island, the banks of Rock Island and the Moline State Trust & Savings bank put the 60-day restriction on in effect Dec. Now for the third time circumstances arising in the quad-cities have necesitated action to protect Rock Island institutions against reflected effect of these conditions.

Purpose of Holiday Explained. Mayor Thompson's proclamation explains the purpose of the holiday as a measure to preserve the stability of the financial and business institutions. The city's full text of the mayor's proclamation appears elsewhere. It is not expected that business houses generally will close under the holiday proclamation, though lack of bankfacilities will curtail trade. Banks of Rock Island, following action to abide by the holiday proclamation, issued a statement jointly, appearelsewhere in this issue, stating their efforts to prevent injury to the interests of depositors. The bank holiday plan has been resorted to with beneficial results by various other cities the last 18 during months when public apprehension and uncertainty seemed to call for action to protect the individual citizen and the common welfare.

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Upholds Preference on School District Funds

Judge Leonard E. Telleen in the Rock Island county circuit court this morning ruled that claim of Dennhardt, school township treasurer, against the former Manufacturers State bank of East Moline, preferred claim. The treasurer day or two before the bank suspended in September, 1931, withdrew his deposit as treasurer from bank, taking Chicago draft for the amount, $4,653.38. When the bank closed the Chicago bank on which the draft was made refused to honor it, and Mr. Dennhardt contended the circumstances made his claim preferred one. He was represented by Long James M. Johnston appeared for the receiver, Oscar Ohlweiler An appeal may be taken, was understood at the conclusion of the hearing.

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FUNERAL

(Continued from First fered breakdown about month ago which confined him his home several weeks, and that he had been very nervous. Several times, she said, he had spoken of intending suicide, the last time few days Yesterday she ago. at his home in the morning, and she talked with him several morning the telephone. He had specially instructed her to an insurance policy yesterday morning. She stated that had complained for some time of overwork. He was worried by in connection with poor in his capacity both supervisor and chairman the county board and ex-officio member the county emergency relief commission. He receiver for the Manufacturers State bank of East line, and head of the insurance real estate Discovered Tragedy.

Five employes on the pipe line construction near Andalusia discovered tragedy, inquest evidence revealed. Earl Wolfe, 621 Colorado street. Twelfth street, testified and Ole Island, that they 647 Cedar street. DavenHansen. 110 Fourth street, Davenport. and Roeske. 622 Main street. Mr. car, saw passed body in Webback and went to farm and Roeske ster Mrs. John Woods and asked house sheriff, while the remained at the car. other three the was running. motor car The bullet wound clear Ohlweiler, head from point through of the right ear to above and back higher at edge point little the left sweatband at the the right, hand limply hanging his revolver above big army floor. His hat, the the bullet, which had stopped On the left legs. the lead bullet. shoulder Schlueter and Sheriff Sheriff Ray Hasson told Deputy the the and finding the body as scene Mr. scribed other Hasson had returned from Coroner from Milan, moning those the scene learned before identity the dead man. Jurors the inquest WalJohn Oberstaller, lace Fred Russell. Hodges, John Farrell and Harry Andrews. Board Member Since 1924.

Mr. who began his service member of the county board 1924, from the beginning held important assignments affairs, had been chaircounty the board since 1928. Prior that he had been member executive was created develop economy policies order to wipe out the county county and on the sound financial the county He had been aggresbasis. the effectively road program, aid road committee aided the state enlargement of the efforts for system. chairman In his last Ohlweiler had assumed major the sponsibility in poor relief, ficult problems relief ating county working actively committee and with that obtaining group financial aid. supervisor side headed the township organizawhich had for the immediate relief Rock Island and worked tirelessly to maintain relief adequate to the needs of the and the same time keep down the expense. The townrelief an overhead per cent while the average the state has been about Only once after his first election for reelection chairman for his five terms. and the Moline the there should waived Moline's claims to chairmanship to support Mr. tribute his effective handling his ties. Last April the most active he had ever had failed opposition defeat and reelected by defeating SuperWilliam Gerhardt Hampwhose campaign had been led ton, Supervisor George Andrews Andalusia. To New Receiver. Because of Mr. Ohlweller's death office as receiver of the Manu-

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League Leaders Have Hard Time Defeating Troy

Dispatch Special Service. East Moline, Aug. 4. Softball team of the Troy Laundry nearly upset the leading Herb's Army Store outfit in a league game last night. The Army Store boys came through, however, with a 7 to 6 victory to maintain their place at the top of the league with a perfect record. The State Bank squad turned in its second straight victory in its game last night with the American Legion team, handing the ex-service mens aggregation an 8 to 3 trimming. The victory puts the Bankers in second place. The Rotary club, now tied for second honors, won another league contest last evening at the expense of Stine's Tailors, getting a 5 to 1 decision over the stitchers. The East Moline C. Y. O. won out in the fourth game last night, handing the Silvis Eagles a 9 to 6 set-back. The standings of the various teams in the league after last night's results are as follows: Team W. L. Herb's Army Store 3 0 1.000 State Bank 2 .667 Rotary Club 2 .667 East Moline C. Y. 2 .333 Silvis Eagles 2 .333 Stine's Tailors 2 .333 American Legion 2 .333 Troy Laundry 2 .333 and records of the closed Manufacturers' bank in East Moline will be transferred to the Moline State bank building where all transactions having to do with the receivership of the local bank will be carried on after August 8, it was announced today by Trueman Schafer, assistant to the receiver in charge of the liquidation of the bank. The transfer of Mr. Schafer and his stenographer, Mrs. Tom Bennet, to Moline, is in line with economy measures being fostered by W. L. O'Connell, bank receiver, Mr. Schafer explained. All business in connection with the receivership of the People's and Moline State banks is now being transacted in the State bank building and after August 8 will the Manufacturer's bank. G. H. Pemberton, deputy receiver for this district, supervises the transactions of closed banks in this community and having as many as possible centralized under one roof will facilitate his work in this connection, it was stated. The local institution closed its doors Sept. 24, 1931. Since that time it has paid out to depositors 19 percent of their deposits.

Dispatch Want Ads bring results.

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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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Detailed Closed Banks Report on

Fifth Avenue Trust Savings Bank

Peoples Savings Bank Trust Co.

RECEIPTS RECEIPTS notes notes discounts From additional assets assets covered covered From rents, premiums interest rents and estate receipts loss Total 6,630.75 None expense 70,210.53 3,170.00 clerk settlement with state None expense expense 1,998.33 expense 10,558.42 1,663.19 banking spe23,797.48 450.00 expense payable and redis5,239.17 expense Interest payable 6,142.30 paid etc. 7,614.28 1,803.96 and Total hands 66,066.07 Total dividends Liability None receivership Total from 42,265.55 Other Receiver's Total expense Total Balance in hands receiver Total Commercial Savings Bank RECEIPTS From and $195,919.34 20% dividends from stock assets

Manufacturers State Bank of East covered None 52,073.41 and advancefund. receipts loss settlement state 7,055.93 expense expense 3,800.96 expense 2,730.12 spe300.00 and 170,000.00 bank building pense) 10,288.13 Total hands receiver Total Interest account Total collections from Receiver's Accountant' fee expense, in hands Total from bank 15% cent common assessment liability suit, the sum of been from the former this bank and the hands the disbursement at early date. Dividend Payments In the case of the Peoples SavBank Trust per cent has to the general claimants against bank. the Moline State Trust Savings Bank, paid to date. In the case of the State Bank East Moline 15 cent has been paid from the ceipts of assets of from the bank stockholders' Fifth Avenue Trust Savings Bank has paid 20 per in dividends from the stock assessment the cial Bank paid per in the and stock fund. The attorney for Peoples Savings Bank Clyde Walker and the case the Moline State Trust Savings Bank, Sinnett Britton counsel ceiver. James M. Johnston torney Manufacturers State Bank of East Moline, Railsback Fifth Trust Savings Bank Sinnett Britton recently Harper, former attorney for the the SavBank, resigned when William O'Connell took charge this bank. premiums and interest 64,536.92 3,311.48 receipts by 55,612.12 state 10,050.00 salary expense stenographer expense 16,259.96 expense 3,503.87 banking spe960.00 rediscounts 47,288.27 bills payadvancements, Total in hands receiver Total Stockholders' Liability RECEIPTS holders Receiver's and Balance in hands receiver Total paid from bank 16% assessment None

Moline State Trust Savings Bank RECEIPTS notes discounts assets covered premiums and 62,557.62 estate and receipts 92,393.68 loss 52,849.68 expense and 34,009.33 expense 7,483.63 expense 1,526.76 2,100.00 and 161,844.66 Interest common None receivership advancements 147.712.94 Total Total Liability from 1,200.00 holders