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Northwest Chicago Bank Closes Doors Chicago, June 10.-(AP)-The Northwestern Trust and Savings bank, one of the largest on the northwest side, failed to open its doors Wednesday morning as the result of heavy withdrawals the last two days. Deposits as of March 25 were $14,600,000. A neighboring northwest side bank and one in the south side negro district also voluntarily closed - the result of heavy withdrawals.
CHICAGO United more Chicago neighborhood banks closed today, bringing the total for the week They were the Northwestern Trust and Savings, the Second Northwestern State, both on waukee avenue, and the Lincoln State in the black belt South State street. Their capitalization was, respectively, $350,and $400,000. The closings today were laid to heavy withdrawals coincident with the unrest which developed over the week-end with three big and the other closings. The closings tied up approximately in deposits. The Northwestern Trust and Savings had Second North$4,510,000, and the
BID AND ASKED The following quotations in no STOCKS NEW YORK BONDS Last BONDS 145 deb 68 46 49 NEW YORK CURB New York New York by New sale due the and late Jobbing the New and cents New the On the Big CARROTS The Pier per gus in the the of New RAWBERRIES BUTTER EGGS CHEESE Pacific DRIED POULTRY POTATOES AND CABBAGE fair ZINC PRICES FIRMER 3.50 of box for 3.20 reports further it be to reduce WEATHER RETARDS BUILDING able beginning the building in this and not much headway was ing the market special 93 extra tubs Add per carton EGGS weak fancy Grade mixed mixed whit 160 CHEESE Limburser OLD Stock GRAIN MARKET Abstract 1.60 2.25 were Gen No. 1.60 26% 26% dry white 1st Fair Fair Bflo Natl Corp TRACK RECEIPTS 21 receipts hours as Tuesday do pfd Corp 18 Ford Inc FLOUR FEED PRICES 27 up Arbitrage 10 29 FLOUR per do Fair Ning Pow Standard Standard Bakers brands warrants warrants and Cream Kellogg 80c do 100 preference 1.50 12 5.50 Mortgage 1.20 20 FEED Standard East Ken Liberty Bank Cottonseed meal 415 64 meal INVESTMENT AND CORPORATIONS feed City Inv 40c YORK GRAIN NEW Share 40c BARLEY Easy young WHEAT Spot Old 89% UNLISTED and POULTRY Founders 12 Spot yellow Fuel 25 Pratt per Regis com and Bflo-Erie 108 fair Homegrown Laund 50 ASPARAGUS98 Spitzenberg Pow 106 2.40 2.25 97 Old 100 95 THREE MORE BANKS 50 BEETS per CLOSED IN CHICAGO fair Total for Week Is Brought to Twenty-Two. Md CANTALOUPES fair more Chicago Standards closed bringing the total for the 22. were the Trust & Savings the Second Milwaukee avenue and COMMODITIES the Lincoln on South CAULIFLOWER was spectively and CELERY The today laid to heavy withdrawals with the unrest over the The closings tied up approximately deposits. The Northwestern Trust & Savings had 4.00 000 the $4,510.$2.00 000 and the Lincoln $2,410,000 CUCUMBERS slow COPPER PRICES UNCHANGED NEW YORK June 10 Buying 1.00 of copper in the domestic market and abroad with fair demand unchanged Gas for and 8.525 for OXport Trade that and not bought far ahead of their Blue Ridge that fair debut that domestic probably will lag statistics for May appear later Cit 200 80 in the week So 114 34% HUCKLEBERRIES fair deBond Humble Oil SALES AND EARNINGS Imp Can fair CENTRAL AIRPORT INC. Internat Pet Central Tuesday Ch Airport rebefore of for the fiscal year ended Pow April 30, 052 for the year not include a full oper MUSHROOMS St FLORSHEIM SHOE The Florsheim net the period ended April 30 to equal to 6 75 cents share of class common new Gas war after effect the etirement of fair box, Valencias shares of Un Li&Pow A 18% 18% 18% and the proposed cancellation of 962 Cal 4.50 shares purchased for retirement and OFFER EMPLOYES STOCK providing for dividends on the remain- 5.50 NEW YORK June fair ing preferred. This with net bag of of $1,333,638 $2.52 class A share bag. proved whereby salaried in like period year ago. ployes will be the opportunity of Texas crate AMERICAN COMMONWEALTH the capital stock PARSNIPS at $25 share on monthly payment fair for dividends, surplus reserves before deductions basis. Subscriptions will be limited to crate for federal of the Com- one-third of annual salaries. with the Power corporation for exception who will fair be permitted to buy up to 1000 shares hamper was of $1,245,292 Md. hamper over 1929. of the each. hamper 2.00 Bank Building, equipped taled Dec. 31, fair box Easter compared with $184,421,008 a year preWARNS AGAINST RUMORS Easter Beurre 1.35 viously. NEW YORK June PEPPERSof managers the York Cotton crate, fancy TRUAX-TRAER has issued Truax-Traer company and sub- Over-the-Counter. ing members "against the or report net .25 dissemination of any rumors that could $347,507 for the year ended April 30 possibly be as reflecting un- bag with for the favorably the standing of 3.00 16 months ended April 30. 1930 bag any exchange house or other institured 1.90 BLAST FURNACE BLOWN OUT bag 1.75 NEW YORK June 10 IIIIPLUMS nois blown INCORPORATIONS its Chicago giving this U. corpora- From Albany Bureau tion three furnaces at the NEWS PINEAPPLES fair South Chicago, three at Gary and one at Joliet out of Inland was incorporated RADISHES and 100 Steel has three Wisconsin Steel one and shares par STRAWBERRIES- fair de- Offices: Toronto Syracuse Rochester Sheet & Tube one. making Mary Sternberg and 12 active in Chicago district out of 28. Charlotte S. Dautch, Buffalo. $3.00 Mo., Aromas 3.75
THREE MORE BANKS CLOSED IN CHICAGO Total for Week Is Brought to Twenty-Two. CHICAGO June 10 U.P closed bringing the total for the 22. They the Northwestern Trust & Savings the Second Northwestern State, both on Milwaukee avenue and the Lincoln State South State street respectively and laid to heavy withdrawals with the unrest over the The closings tied up The Northwestern Trust Savings had 000: the 000 and the
Bank Założony Przez Smulskiego Przeszto Dwadzieścia Pięć Lat Temu Oraz 20 Innych Zostato Zamkniętych Dyrekcja Oświadcza, Le Bank Będzie Wypłacalny 90 Dniach. Tłumy Przed Bankami Nie Mogą Wyciągać Pieniędzy. (Depesza Własna) rano zamknał swe podwoje "The North Western Trust and Savings Bank", który został założony niemal éwieré wieku temu przez Jana F. Smulskiego. Tysiące depozytarjuszów stoi dziś przed bankiem, domagając się wypłaty deponowanych sum, lecz bez skutku, gdyż bank jest W rękach urzędników stanowych wszelka wypłata depozytów Zamknięcie banku spowodowane było przez nagly "run" na bank dniu wezorajszym. Gdy dziś run trwał W dalszym ciągu władze stanowe objely bank posiadanie wstrzymały wypłaty. Dyrekcya Banku wydała oświadczenie, ze jest pewna, ze wszelkie należytości będą wypłacone W zupełności W przeciągu 90 dni kiedy spodziewają się, iz kwidacya będzie dokonana. Chodzą pogłoski, iż śladem banku Northwestern pójdą inne banki chicagoskie. Bank North Western byt pierwszym bankiem polskim W Ameryce i należał do W ostatnich dwóch dniach zamknięto 20 banków Chicago. A dzis oprócz Banku Northwestern zytow do ostatniego dolara. gdyby wymagala tego konieczność.Ale zaden Bank ,bez względu na to jak wielki bogaty, nie może jednym dniu czy tygodniu wy dac wszystkich depozytów, jesli chce normalnie sie zystować, wha tow znajdowała sie W kasie banku. Reszte zdobywa sie sprzedazy bondów, zwrotu pożyczek innych wpływów, które przychodzą normalnie, biegiem czasu, lecz nie jednym dniu lub godzinie. dlatego wyjątkowej sy tuacji, jak obecna, prawo pozwala ograniczenie natychmiasto wej wyplaty depozytów na pewien okreslony czas. To wlasnie czyni sie obecnie W naszym Banku. Tymczasem, aby ulzyc rodzinom wogóle osobom, pozwalamy na wyciąganie pewnej sumy oszczedności, po trzebnej dla normalnego życia domowego wedlug uznania urzędnikew bankowych. Zatem dla Waszego własnego dobra prosimy Was wsrystkich cierpiiwość wspólprace dzisiaj." Następujące banki zostaly zaFirst North Western State Bank, Second North Western Bank Inland State Bank. wszystkie trzy tak zwane Smulskiego banki. Cheltenham Trust Company, Industrial State Bank, Sheridan State Bank, South Side Trust, Washington Park National, Armitage State, Auburn Park Trust Company, Breinard State Bank, Bryn Mawr Bank, Chatham State Bank, Chicago Loan Bank, Elston State Bank, Rich State Bank, Stone Illinois State Bank, West Engleton State Bank, West Highland State Bank, West Lane State Bank. Jest wiadomem, 12 W Banku Northwestern mialy depozyty najwieksze polskie organizacye, jak N. Zwiazek Polek, Zjednoczenie inne. Wszystkie pieniadze Konsulatu Polskiego Chicago lokowane byly W banku Smulskiego. Dziennik dla Wszystkich rozmowie Henclem, skarbnikiem Związku N. zyt ZNP. W Northwestern Banku innych zamknietych nie prze wyższał sumy $25,000 ze to sume spodziewają sie odebrać W calości po Sa pogłoski, iz Zjedn. P. R. K. zdołało wyciagnac większą czesc swoich depozytów przed zamknię ciem Banku North Western, tak, dzie sie bez straty. Do tego czasu Dziennik nie mógł sie skomunikować zarządem Związku Podowiedzieć się 0 stanie ich depozytów W zamkniętych bankach. Dzis calem Chicago panuje chaos thumy ludzi przed kazdym bankiem, nie tylko tak zwanym Loup, ale mieściu. Wszedzie domagaja sie wyplaty depozytów. Nawet kolosalny First National Bank, wezoraj uratował tak zwane man Banks" przechodzi
DIARY THROWS 5 MORE BANKS NEW LIGHT ON SHUT DOORS IN DEATH OF GIRL CHICAGO AREA Held to Support Faithful Murder Theory; Examiner Says She Was Drowned Mineola, June 10-(P)-A diary by Starr Faithful, whose body washed ashore at Long Beach Monday, has been found DistrictAttorney Elvin E. Edwards announced tonight He declined to reveal Its contents. but said they were "very important and strengthened his theory that the 25-year-old beauty been slain. Edwards declined to say where the diary was found. but said it not been turned over to police the family of the girl. having been obtained by Lieut Theodore Magee of the missing persons bureau of the Nassau police Family Questioned On returning from Boston tonight, the spent several hours questioning members of the Faithful family, Mr. and Mrs. Stanley E. Faithful and particularly another daughter, Sylvia Tucker Faithful. At late hour tonight they were permitted to turn to their home in New York The attorney also an, nounced that Martin W. Littleton. assistant district-attorney and Detective Joseph Culkin had obtained tion from two Coast Guardsmen He declined to disclose the nature of the information. Edward's medical advisor How ever. announced that the girl died of drowning and that she was neither drunk nor drugged when Edwards took extradition papers and confession blanks to Boston with him, but when he left again for New York the blanks were still blank and his medical advisor's report seemed to indicate that the whole theory on which he had been working was faulty While Edwards in Boston was questioning Francis Peabody Ham lin. steamship company man who had known Miss Faithfull and who volunteered to tell what he knew of her recent movements Stanley gave an interview to reporters here. Denies Naming Bostonians He acknowledged having given police information that turned their attention to Boston, but denied he had mentioned any politician or physician in connection with the During the Interview the names of several Bostonians were menFaithfull said he did not know and Mrs. Faithfull's first husband, Frank Wyman. A reporter remarked that the City Department of Hospitals confirmed the report that Miss Faithfull had been taken to the psychopathic ward of Bellevue Hospital 1930. the records showing that she was detained one day for Mr. Faithfull late today. after sttending his daughter's funeral services, explained he had denied statement that Start had spent night in Bellevue Hospital in the hope of preserving her reputation. He added that he mixed four drinks for Starr and young woman friend in the Faithfull apart ment on March 30 and then left The next afterthe apartment. noon Starr was in Bellevue and he and Mrs Faithfull went there take her home He later learned from the other whom he declined young name, that Starr drank all four cocktails and was later introduced by her friend to a Joseph Collins Mr. Faithful added he had sought Collins in vain ever since. He said the drinks were diluted with water the strength of about three or dinary Dr. Means S. Gregory head of the psycropathic department Bellevue, said today that Miss Faithful was in the hospital overnight March 30-21 1930 She had been found in a hotel in West 60th Street in the presence of man who identified himself an ambu lance surgeon as her husband Records showed her listed at the hospital as Marie Collins. later corrected to Starr Faithfull. Dr. Gregory said "Helen Faithfull her mother her father Stanley E. Faithfull, came in the next morning an in sisted they take her She discharged in the custody of her parents. The diagnosis was "alcoholism acute," and under the notation was written tusions face, jaw and upper lip. Miss Faithfull made statement in which she said was drink gin as far as know This first time have drunk any thing in six months and had nothing until yesterday I don know had. don't how many remember suppose someone knocked me around bit. Large Institutions Provide Ample Funds; Uneasiness Reported on Decline Chicago, June -(Special Dispatch)- Five more outlying banks today closed their doors, yielding wave of uneasiness among depositors which has swept the city in the last few days. Since Monday 24 banks either have been closed by the state auditor, or have merged with other institutions. There were six closings or mergers Monday 13 yester day and six today. The banks closed today are: Northwestern Trust and Savings Bank, Second Northwestern State Bank (affiliated with the above). Italian Trust & Savings Bank, Cragin State Bank and Lincoln State Bank The suspension of the two Northwestern banks was an aftermath of the absorption of the ForemanState Banks Monday by the First National Bank These outlying institutions had been affiliated with the Foreman-State Banks and were "orphaned" when the big downtown institution was taken over Many other smaller banks in various parts of the city and suburbs were withstanding heavy runs, bolstered up by cash from downtown banks of larger capitalization which so far have not felt the pinch of lack of public confidence. The larger banks have sent truckload after truckload of money to their smaller contemporarie and it was said in various financial quarters that they would continue so far as is consistent with good banking principles. "We are supporting the outlying banks to the fullest extent possible, said Arthur Reynolds chairman of the Continental Illinois Bank & Trust Company the larg. est financial institution in the ity "We have sent out millions and will continue to do so until public confidence is restored. It is curious thing that some of the strongest neighborhood banks in Chicago have been subjected to the heaviest withdrawals But conditions today seem to be improving and there are signs that uneasiness is lessening Both today and Tuesday It appeared that several of the banks had closed their doors, following application to the state auditor, rather to conserve their assets than because they were in an unsound Loans on "frozen curity. good eventually but not immediately turnable into cash, reported to be the general
FINANCIERS BACK 25 FAILING BANKS CHICAGO, June 11 (AP)—Loop bankers moved today to reassure depositors of their confidence in outlying banks, 25 of which locked their doors in the last three days. Six closed yesterday. On March 15 they had total deposits of approximately $19,000,000. The largest was the Northwestern Trust and Savings Bank, with deposits of $14,600,000. Others were the Second Northwestern State Bank, the Italian Trust and Savings Bank, the Cragin State Bank, the Lincoln State Bank, and the West Town Bank. Both Melville A. Traylor, president of the First National-First Union Trust group, and Arthur Reynolds, chairman of the Continental Illinois Bank and Trust Company, announced that they were backing outlying institutions.
Oświadczenie Prezesa Związku, J. Romaszkiewicza, W Sprawie Banku Northwestern sprawie banku North Western Prezes Zw. Chicago CO następuje: bankiem North Western Trust and "Pożałowania godny incydent Savings uwazam za wine samych depozytarjuszy, których histeryczny "run" na bank zagrozil nie tylko dobremu imieniu niezachwianej dgtychczas solidności tej jednej najpierwszych najwspanialszych polskich instytucyj Ameryce, ale zagroził przedewszystklem własnym interesom depozytarjuszy, którzy przez takie masowe nagle wyciąganie ich oszczędności mogli zachwiac egzystencją banku przez to samo mogli narazic grubo swoje whasne oszczędności na straty. W sprawie banku North Western oświadczam, CO następuje: Bank Kierują nim ludzie silny na zdrowych podstawach. ten jest zdolni zaufania godni niema najmniejszej obawy zlożone whim 0szczędności normalne prowadzenie byznesu, jesli depozytarjusze beda mied do tej instytucji powtanej należne jej zaufanie jesli pozwolą jej prowadzić normalnie interes. Dlatego wzywam wszystkich depozytarjuszy. banku North Western, zwłaszcza wszystkich związkowców towarzystwa związkowe, spobanku. Wzywam was do tego koj dalsze darzenie zaufaniem tego waszym własnym interesie. Bądzcie spokojni, nic wam nie grozi, oszczędności wasze sa pewne bezpieczne." "Nowy Swiat" zaznacza tej sprawie: Zarzad Związku Narodowego Polskiego pewnościa wie dobrze fall sprawa wygląda tej racji oświadczenie prezesa Romaszkiewicza nalezy uwazać za najbardziej sytuacji miarodajne. Histerja spowodowata zamknięcie ruine niejedenego banku podczas obecnego kryzysu gospodarczego Stanach Zjednoczonych. Najbardziej pewny odpowiedzialny bank nie wytrzyma, gdy wszyscy depozytarjusze jednoczesnie ruszą lawa zażądają swoich wkladów. Bowiem instytucje finansowe muszą mieć tylko pewną część gotówki prawem przewidzianą, którą moga rozporządzać. Reszta jest na wekslach, lub na hipotekach realnościowych zrealizowanie jej wymaga czasu. Warto tutaj przypomnieć, te bank North Western Trust and Savings omal nie padh ofiara paniki przed dziesięciu laty. Wówczas energiczna akcja Smulskiego mająca za sobą solidarne poparcie prasy, zażegnały katastrofe. Okazalo się pózniej, ze panika zostala celowo zorganizowana ** nie bylo żadnych innych powodów. Naturalnie sprawcy nigdy prawie nie sa schwytani. Lecz publicznosc winna być ostrozna nie dawac posłuchu alarmistom, bez dokladnego 1 spokojnego zbadania pogłosek, które prowadzą do katastrofy.
FILE PETITION ASKING RETURN OF BANK ASSETS The petition of the receiver for the North Western Trust and Savings bank. asking the court to decide the legality of transfer of $1,000,000 worth of assets from the bank to the North Western an affiliated corporation, few months before the bank closed on 1C, 1931, was filed with Superior Judge Robert E. Gentzel Preceding the filing attorneys for the securities for depositors of the bank, and for the bank holders who also are the argued the validity of the Then the judge all interested parties to file answers the petition and set Monday for hearing The receiver David E. Shanahan, stated that E. Ayers of the state's attorney' office had formed him the cransfer legal and that two dividends the bank during months before closing also illegal. Ayers said his examination of the bank books convinced him that statements Attorney Charles Deneen. senting the could show that the transfer proper. Attorney John counsel for the securities corporation suggested compromise and stated other assets held by bank
DEFINE TERMS USED IN RECEIVERSHIP AND FORECLOSURE CASES Following are brief and nontechnical definitions of legal terms often used in receiverships and mortgage foreclosconveyance estate as The borrower retains possession and control his his the of cure notes the of issued to to investors in the case of loans by secured by usual method of put estate in The owner on the property holds for the benefit of the lender or holder the until the most debt A fers in of legal process by the owner has mortgaged and has then under the benefit of the or the property by paying due costs of DEFICIENCY OR DEI property at to pay the claims of the court for this is some times which the against the process by property over to manages or the or order for the ATTORNEY firm gives legal advice receiver in : turned handles property for are started by the by case the bankrupt from properly listed in the condition of debtor greater than A usually but not delay payment usually put time great of or financial panic executive military order JUDGMENT CREDITOR-A on be of his mortgage before which 000 from the Northwestern Trust and Savings bank. Judge Gentzel confirmed Master Behan as attorney for the receiver of the Roosevelt and Northwestern bank. Judge Ross C. Hall confirmed him as attorney for the receiver of the Immel bank The receiver for the Immel bank is Richard F. Gentzel, a brother of
NORTH WESTERN TRUST MAY PAY ANOTHER 5 PCT. Will Bring Dividend Total to 30%. BY WILLIAM IRVIN. Depositors in the closed North Western Trust and Savings bank may reanother per cent dividend celve about Nov. 15. bringing the total paid to 30 per cent, according tion THE TRIBUNE last week by David Shanahan, receiver for the defunct dividend payment, Mr. Shanahan explained. is contingent on court order the receiver for the liability to turn over to the bank receiver funds sufficient to complete the amount needed for It also necessary, of course. for the auditor to authorize of the dividend. North which closed on June 10. 1931, with deposit of thus becoming now the largest closed bank in Cook county already has paid two amounting to One of cent was distributed on Dec. 1931, and the second. per cent pay went to depositors on Sept. 1932. Hope for Ten More. There hope for additional dends of 10 to 15 per and above the for per November. the total to 40 or 45 per Mr. said. This hope, It was out. is based on of the bank's assets gradually improv ing conditions. The speed with these tirely on the of liquidation. There cash balance on hand of of which $419,563.29 is applicable to the November dividend. The bulk of the remaining constitutes reserve the first and second dividends, preferred claims and trust fund of $484. $64,810 than is now available for this is for the payment of a 5 per cent dend. The receiver for the stockholders' liability, Hurley has filed report with Superior Judge Denis E. Sullivan showing the amount money on hand collections, $191,221.27. and petition asking the as to how of this he to turn over to the Mr. Shanahan. A hearing is set for Oct. 18. May Be More than 5. If the court directs Mr. Hurley to disburse the bulk or all of this fund to the bank for there is possibility that there will be money available for dividend to slightly more than per per cent If only per cent is paid the surplus would be applied on future dividend it In any event, the court expected to instruct Mr. Hurley to turn over enough to the bank to make possible per cent dividend. In the payment of the of per cent came from collec tions on turned over to the bank by the stockholders' The bank was capits lized at $1,000.000. The collections on this liability have The reason for it explained. is that the bank was affiliate of the State bank, and at its closing the Foreman estate paid approximately 40 cents on the dollar on stockholders' liability among its affiliate banks There are bills ing against the assets, hav ing been paid to the First National bank. This borrowed from the Foreman bank to enable the North Western Trust and Savings to remain open and continue deposit liquidation during period of withdrawals. In 1929 the bank had deposits of approximately $21,000,000, this amount being through continued seepage to $10,383,000 its date of closing. Located in is foreign born. the bank had suffered mittent prior to the period of sustained withdrawals, which began early in 1931. Pay $552,258 Claims. Preferred and secured have been paid, and of $446,285.54 allowed. New liabilities amount the total net liability $7,359,890. Among the secured consisting of state funds and postal savings deposit. Three sizable claims totaling approximately $100,000 are litigation. They will be appealed if the court decision goes against the bank, Mr. Shanahan said. The losses conversion of the cream of the bank's marketal securiand real estate to ties have amounted to $387,262.28. Disbursements for the period of receivership have been $4,921,767.98. Expenses of liquidation. including attorney's fees, clerk and stenographic hire, and receiver's salary. amount to $276,180.78. Income for the period has $388,116 leaving surplus of $111,935.70 above expenses. The North Western was real estate bank, as is by the fact that $5,205,521.56 of its listed assets of 429,818.22 is in real estate and and per cent of the latter being secured by real estate. Its real outstanding as of Sept. 30 total $3,754,107. and its loans and discounts, $1,451,413.89. Controls 147 Buildings. Further evidence of the bank's extensive real estate is shown by the fact that 1,200 pieces of the property are represented in the ag. gregate of the two items under real [Continued on page four.]
$168,644,166 ADVANCED BY RFC IN MAY Aug. reconstruction corporation reported Tuesday that authorized advances in May aggregating The report showed that loans allthorised to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan corpor$5,455,500 for bank debentures; $7,619,575 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Aid or the $57,512,410 authorized loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to were: United States Savings bank, receiver, Washington, Northwestern Trust and Savings bank, receiver. Chicago, West Side Trust and Savings bank, receiver, Chicago, Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga. Tennessee; to the Santa Ana Mortgage Investment company, Santa Ana, California; and 000 to the Textile Industry Mortcompany in New York City. Authority for loan of four per cent interest to the Board Deposits of Wisconsin Madison was granted, but no part of this stim had been disbursed up to May 31. Authorize Purchase Subscriptions preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio. $1,000,000. The corporation authorized also purchase of $1,500,000 debentures of the Mississippi Valley Trust company, St. Louis, and loan $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company, Ltd., New York, none of which had been disbursed up to May 31.
RFC ADVANCES SUM OF $168,644,166 IN MONTH OF MAY Almost Third of Sum Loaned to Banks at Rate of Four Per Cent. LAKE CHARLES BANK SECURES LARGE SUM HOLC Secures Total of Forty-five Million During Period of Thirty Days. (Associated Press.) WASHINGTON, Aug. 7.—The Reconstruction Finance corporation reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the home owners' loan corporation; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. C., $1,080,000; Northwestern Trust & Savings bank, receiver, Chicago, $2,500,000; West Side Trust & Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, La., $1,965,480; Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the electric home and farm authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Cal., and $1,000,000 to the Textile Industry Mortgage Co. in New York city. Authority for a loan of $2,500,000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National bank,
RFC APPROVED $168,644,166 LOANS IN MAY WASHINGTON, Aug. 7 (AP).—The Reconstruction Corporation reported Tuesday that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corporation; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other Government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust and Savings Bank, receiver, Chicago, $2,500,000; West Side Trust and Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000.
Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust and Savings Bank, receiver, Chicago, $2,500,000; West Side Trust and Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana, Cal.; and $1,000,000 to the Textile Industry Mortgage Company in New York City. Authority for a loan of $2,500,000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National Bank of Cleveland, $8,000,000, and the City National Bank and Trust Company, Columbus, Ohio, $1,000,000. The corporation also authorized a purchase of $1,500,000 in debentures of the Mississippi Valley Trust Company, St. Louis, and a loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance Company to the Globe Rehabilitation Company, Ltd., New York, none of which had been disbursed up to May 31.
$168,644,166 ADVANCED IN MAY RFC WASHINGTON, Aug. corporation reported reconstruction that it authorized advances Tuesday in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to prestocks in banks; $45,000,000 ferred for the Home Owners' Loan corporation; $5,455,500 bank debentures; $7,619,576 in loans to drainand irrigation projects. The balance was for relief and other government purposes. Banks Get Aid Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Sants Ana Mortgage Investment company, Santa Ana, California; and $1,000,000 to the Textile Industry Mortgage company in New York City Authority for loan of $2,500,000 at four cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, corporation also authorized purchase of in debentures the Mississippi Valley Trust company, St. Louis, and loan on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company. Ltd., New York, none of which had been disbursed up to May 31.
168 MILLIONS IN MAY Washington, D. C., Aug. 7.—(AP)—The Reconstruction Finance corporation reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks, $45,000,000 for the Home Owners' Loan corporation, $5,455,500 for bank debentures, $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: North-Western Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000. Loans authorized to other Illinois banks included the First National bank in Aurora, $310,000; Liberty State bank in Bloomington [receiver], $82,000; Merchants State bank in Centralia [receiver], $80,221; First Trust and Savings bank in De Kalb [receiver], $190,000; Rockford National bank [receiver], $185,000. None of these authorizations had been drawn upon by May 31, the RFC added.
$168,644,166 Authorized Advances Reported in May for Reconstruction WASHINGTON, Aug. The reconstruction finance corpor ation reported today that it authorized advances in May aggregating The report showed that loans authorized to banks and other fin ancial institutions per cent in terest totaled Other advances authorized included $41. 820,000 for stocks in banks: $45,000,000 for the home loan corporation 455,500 for bank debentures: $7,619. 576 loans drainage and irriga tion projects. The balance was for relief and other government pur poses. Of the $57,512,410 authorized in loans, to trust companies, including $28,615 330 to aid in the reorganization liquidation of and $22,048,883 to mortgage loan Among Larger Loans Among some of the larger loans authorized banks were United States Savings Bank Re 000; Northwestern Trust and Sav ings Bank, receiver, Chicago, $2. 500,000: Side and Sav ings receiver, Chicago, $1,Lake Charles, National Bank of Phil adelphia, $2,540,000 Farmers National Bank and Trust Company Reading tor, $1,650,000: Penn National Bank and Trust Company, Reading, Pa., Reading National Bank and Trust Company, Reading, Pa., conserva Of the loans authorized to mort gage loan companies, $10,000,000 was for the Electric Home and Farm at Chattanooga, to the Santa Ana Mortgage Investment ComSanta California: and $1,000,000 the Textile Mortgage Company in New York City. Bridgeport Bank Included Authority for loan of $2,500,000 four cent interest to the Board of Deposits of Wisconsin at Madison granted. but no part this sum had been disbursed up May preferred stocks in banks The First National Bank and Trust Company Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. Central United National Bank, City National Bank and Trust Com Columbus, Ohio, $1,000,000. The corporation authorized of $1,500,000 in debentures the Mississippi Valley Trust Company, St. Louis, and loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurto the Globe Rehabilitation Ltd. New York, none of which had been dis bursed up to May 31.
RFC Loans in May Hit $168,644,166 Of This Bank Group Gets $57,512,410 WASHINGTON, Aug. The Reconstruction Corporation reported today that it authorized advances in May aggre$168,644,166. gating The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to ferred stocks in banks; $45,000,000 for the home corpora455,500 for bank debentures; $7,619,576 in loans to drainage and projects The balance irrigation was for relief and other Government Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to United States Savings Bank ceiver, Washington, D. C., $1,080,000: North- Western Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage companies $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., $1,000,000 the Textile Industry Mortgage Co., New York Authority for loan of $2,500,000 at per cent interest to the board deposits of Wisconsin Madison was granted, but no part of this sum had been disbursed up to May Subscriptions on Preferred stock in banks included: Central United National Bank, Cleveland, O., $8,000,000, and City National Bank & Trust Co., O., $1,000,000. The also authorized a of $1,500 000 in debentures of the Mississippi Valley Trust Co. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none which had been disbursed up to May 31.