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BANKS PUT UNDER KELLOGG'S CARE agast Banks in the Bismarck district, which will be in charge of Charles F. Kellogg, formerly of New Salem, recently of Fargo, are: People's State Bank of Leith, Farmers and Merchants Bank of Robinson, Citizens State Bank of Hazen, First State of Crystal Springs, Timmer State Bank of Timmer. Kellogg was named receiver for the Bismarck district and will have headquarters in this city.
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# RECEIVERSHIPS OF CLOSED BANKS VERY COSTLY, # REPORT MADE BY GUARANTY COMMISSION SHOWS Enormous expense of conducting receiverships of closed banks in the state is shown in the tabulated statement which the Depositors' Guaranty Fund Commission has submitted to the legislature in connection with its general report on the condition of affairs in the banks and in the fund. The commission in its summary called attention to the manner in which expenses mount in closed banks. The total expense of the receiverships from the time of first closing on November 11, 1920 to Jan. 1, 1923, is given as $413,713.74. During this same period there was accomplished a liquidation of loans and discounts of the closed banks of $1,251,465.00. There was listed as expense in collections on borrowed money $94,964.03. The expense of the receiverships from November 18, 1920 until Jan. 1, 1922, or a year and about a month and a half, is placed at $243,877.40. The expense of conducting the affairs of the closed banks in the year ending Jan. 1, 1923, is placed at $169,836.34. There is shown a reduction in borrowed money of the closed banks of $1,220,262.17, which was accomplished through the collection of loans and discounts in a little larger amount. On January 1, 1923, the closed banks had $8,568,766.00 of loans and discounts, and the amount of borrowed money was $1,327,040.03. Of the notes held by the banks $1,094,363.00 collectable was pledged collateral to secure borrowed money, $1,260,770.00 was uncollectable pledged collateral; and $1,186,096.00 was rated as uncollectable, unpledged loans and discounts and warrants. Assets of closed banks include banking house furniture and fixtures valued at $247,452,00, other real estate valued at $567,927.00. The guaranty fund, which amounts to $598,146.43, has $24,402.81 in closed banks of the state; $85,567.06 in open banks on special deposit; and $488,176.56 in general deposits in all other state banks. The distribution of the deposits is not recorded. The Depositors Guaranty Fund Commission has sold the assets of three banks-the State Bank of Bantry; the Farmers and Merchants Bank of Robinson; the Dunseith State Bank. A 20 percent dividend paid the depositors of the Peoples State Bank of Grand Forks is the only dividend recorded paid. Assets have not been rated in the following banks: Security State Bank of New England; Farmers State Bank of Havelock; Mohall State Bank of Mohall; Farmers State Bank of Rhames; First Security Bank of Carpio; Scandinavian-American Bank of Fargo; Peoples State Bank of Leith; Crocus State Bank; Farmers State Bank of Walum; First State Bank of Amidon; Slope County State Bank of Amidon; Regent State Bank of Regent; Bank of Mowbray. The names of the closed banks, and the situation with respect to depositors held to be guaranteed, etc. is given in the table below: