Article Text
Receiver Presents Statement
STOUGHTON, Wis.—That the progress being made by the closed Citizens National bank towards the payment of a dividend is of interest to its hundreds of depositors around Stoughton, goes without saying.
Despite the government's unnecessarily sphinx-like attitude towards depositors whose life savings are at stake, some little light is thrown on the bank's affairs by the statement submitted to the treasury department by Receiver B. C. Olejniczak as of June 30, and covering the entire period since the bank's suspension on Mar. 2, 1933.
This correspondent is indebted to Receiver Olejniczak for a copy of the statement but official red tape prevents the receiver from making any explanatory comment, no matter how much he personally might like to do so, and whatever explanatory remarks are ventured are therefore this correspondent's own.
Before presenting the receiver's statement, it is well to state that at the time of its suspension, the bank owed the RFC $80,000 and the First Wisconsin National bank in Milwaukee $15,000 secured by bonds as collateral. During the conservatorship of F. O. Phillips, who had been president of the bank, which lasted until the appointment of Mr. Olejniczak as receiver early in January, sufficient assets were realized upon to take up the notes to the First Wisconsin and also to pay some $10,000 on the RFC loan, leaving the balance of $70,000 of that loan as the bank's sole liability aside from deposits, according to statements made by ex-directors of the institution last winter.
Whether or not the $70,000 has been paid is not made clear in the statement and when asked for specific information upon this point, Mr. Olejniczak replied that it was a question he could not answer.
The receiver's statement follows:
Assets
Assets, as of Mar. 2, 1933 (book value, not actual) $597,184.04
Additional assets acquired since suspension (book value, not actual) ...... 12,459.39
Stock assessment (100%) .. 50,000.00
Total Assets to be accounted for ........ $659,643.43
Cash collected from assets $156,131.98
Cash collected from additional assets ......... 43.26
Cash collected from stock assessment ......... 11,694.67
Total cash collected .... $167,869.91
Offsets allowed on assets... 19,266.75
Losses charged off:
On assets ............ 2,597.31
Remaining assets:
Uncollected assets ...... $419,188.00
Uncollected additional assets ............. 12,416.13
Uncollected stock assessment ............. 38,305.33
Total remaining uncollected assets ........ $469,909.46
Total assets accounted for $659,643.43
Liabilities
Secured liabilities at date of suspension ......... $142,967.95
Unsecured liabilities at date of suspension ..... 374,748.90
Additional liabilities established ............. 39.72
Total liabilities this date $517,756.57
Secured and preferred liabilities paid in cash ... $ 96,294.84
Unsecured liabilities offset 19,315.44
Unsecured liabilities for which Receiver's Certificates have been issued.. 325,788.72
Unpaid secured liabilities (both proved and unproved) ............. 36,016.12
Unsecured liabilities not paid or proved ......... 40,341.45
Total liabilities accounted for ............. $517,756.57
Collections and Disbursements
Collections from all sources:
Cash collected from assets and stock assessment .. $167,869.91
Cash collected from interest, premium and rents 3,583.83
Cash collected by receiver and held in trust for owners ............. 28.35
Total collections to be accounted for ....... $171,482.09
Disbursements of every character: