2030771567 203077
routing
2-03075d7e8bad4fb49b57None
Click image to open full size in new tab
SHORTAGE CAUSES CHICAGO NEGRO BANK TO BE CLOSED Chicago, Aug. Roosevelt State Bank, negro bank deposits $1,390,000 ordered closed by the State Auditor today because of cash shortage. There had been heavy withdrawals, said have been inspired by the closing of the Binga State Bank, another negro because frozen assets, largely real estate papers.
Click image to open full size in new tab
Roosevelt State Bank at Chicago Is Closed Chicago, Aug Roosevelt State bank with deposits was ordered closed by the state auditor today of cash caused by heavy bank located near Negro and reported that the resulted from the closing last week the Binga State bank, Negro bank which had deposits of Connellsville, Pa., Aug. Embarrassed by runs in the last two days, First National Bank of Vanderbilt. near small institution, closed today. The runs were the result of the closing of three of the four banks here within the past month. Cosgrove, president, pressed confidence that all positors ultimately would be paid full. Scheidt, formerly of Scotia, Neb., Friday the duties of county agent for Douglas counDuring past seven years has been Scotia, and part of the time superintendent of schools there.
Click image to open full size in new tab
STATE BANK CLOSES. CHICAGO, August 2 (A).-The Roosevelt State Bank, a Negro bank with desposits of $1,390,000, was ordered closed by the State auditor today because of a cash shortage. There had been heavy withdrawals, said to have been inspired by the closing of the Binga State Bank, another Negro institution, because of frozen assets, largely real estate papers.
Click image to open full size in new tab
MISCELLEANOUS The Abraham Lincoln High School, which will be the Fall term at Ocean parkway Riverside avenue, will cost the city, including equipment, $2,500.000. will be the first to offer high school facilities to the people of that locality. The building, with annex, will provide full time commodations for all pupils in the Coney Island, Sheepshead Bay and Brighton Beach district. introduce an innovation by offering courses in household duties. Chicago announces that the Binga State Bank, built by Jesse Bings during twenty-two years to the sition of Chicago's outstanding Negro has closed its and has asked the Sate adjuster make an examination and readjustment. Frozen assets and insufficient cash are blamed by the bank's officials for its dilemma. There run on the bank but merely gradual withdrawal of deposits. Tidings from Balboa state that Vincent Sullivan, who claimed the marbles championship of the United States, ignominious defeat hands of Robert Oller, Zone the
Click image to open full size in new tab
CHICAGO CLOSED RUN Aug. (AP) Citizens Trust Savings bank was closed by the state auditor day following run on the bank during which deposits withdrawn. This bank the third southside bank closed within The Citizen's bank is located 55th and South State, at the edge the negro The first bank close the Binga state, deposits of more than among the negroes. The second the Roosevelt state, which also had deposits more than much of ings. The Roosevelt State was closed due cash shortage caused by heavy withdrawals after the Binga bank was closed. The bank was capital ized $200,000 and had deposits about $1,000,000.
Click image to open full size in new tab
Chicago Bank Closes After Aug. Citizens Trust Savings bank closed the state auditor following bank during which deposits This bank third south bank closed during week. bank at Fiftyfifth State streets. the edge the The first bank to was the Binga State deposits more than among Negroes. The second the Roosevelt State which deposits of more than much Negro savings. The Roosevelt State closed cash shortage caused heavy after the Binga bank was closed. The Citizens bank capitalized and had deposits of about $1,000,000.
Click image to open full size in new tab
Third Chicago Bank Closed Out by Run Associated Press) CHICAGO, citizens Trust and Savings bank closed the state auditor today following on the bank during which $500,000 deposits were withdrawn. This bank the third South bank closed during the last week. The Citizens bank located and South State, the edge the negro district. The first bank was the Binga State, with posits more than among The second the Roosevelt State, which also more than much negro savings.
Click image to open full size in new tab
BINGA'S STATE BANK, CHICAGO, CLOSES DOORS Steady Withdrawals and Frozen Assets Cause of Disaster Chicago, Binga State Bank, built by Jesse Binga during years to the position of Chicago's outstanding Negro bank, closed its doors July 31, and asked the State auditor make an examination and It was the first time in the history of the institution, as financial backbone of the city's Negro that there had ever been any doubt as to its strength. Frozen assets and insufficient cash were blamed by officials the institution. There was no run on the bank, but merely gradual withdrawal of deposits. The bank capitalized has surplus $45,000 and deposits Jesse Binga, the president, was for years largest real estate operator among his race in the city. He built private bankbusiness, which 1921 he ing turned over the State bank when granted its charter. Langston of the bank and Mickey the cashier.
Click image to open full size in new tab
Another Chicago Bank Closed By State Auditor Chicago, Roosevelt State Negro bank with deposits of ordered closed the State Auditor Saturday August because cash shortage There been heavy withdrawals, said to have been inspired by the closing the Binga State Bank, another Negro institution, because of frozen assets largely estate papers.
Click image to open full size in new tab
# Binga Case Postponed # Until Fall Hearing CHICAGO. — Trial of Jesse Binga, former head of the Binga State Bank, now in the hands of the receiver, was postponed until the fall term of court when the case came up here Thursday. It is understood that the postponement was made at the instance of the prosecutors. The trial of Binga has been postponed several times before Report has it that the state's attorney desires to complete the case against the Flowers brothers, white bankers, before undertaking the trial of the colored banker, feeling that the political effect of a possible conviction of Binga before everything possible was done to punish the white bankers would be unfortunate in the Negro districts.
Click image to open full size in new tab
Binga State Bank Pays First Dividend CHICAGO.-After a wait of more than thirteen months, the hearts of some 1,900 depositors in the defunct Binga State bank, whose savings and commercial accounts were tied up when the bank was ordered closed by the State bank examiners last July, will be gladdened this month when the receiver for the bank will issue checks for the first dividend in the liquidation of the bank. The receiver, Edward H. Morris last week sought and received a court order for the declaration of a dividend of approximately twelve and one-half percent, to be paid to depositors as the first installment on their savings. The total amount available for the first dividend is reported to be approximately $144,000, raised through the rigid collection of loans, notes and interest owing the bank, plus such deposits as were on hand at the time of the closing. The office force of the receiver are at present making out checks which will be mailed to reach depositors about September 15th.
Click image to open full size in new tab
# Hueston Sued On Note WASHINGTON. — Suit to collect $1,000 from William C. Hueston, assistant postmaster solicitor and Elks' commissioner of education, due on a promissory note, was filed in the District Municipal Court, last week, by Edward Morris, receiver of the Binga State Bank, in Chicago, through his local attorney, Armond W. Scott. The plaintiff alleges that Mr. Hueston affixed his name to a 30-day note for $1,500 on January 3, 1929. It is also alleged that Mr. Hueston paid $500 towards the note on January 30, of the same year.
APPOINTED ATTORNEY FOR DOUGLASS BANK nouncement made Saturday that Alva former president the Cook County Bar had been appointed the receiver the National Bank which closed June 20 The appointment made on recommendation Congressman DePriest Attorneys for the receivers of Binga State bank and Douglass National are thus The for the Douglass bank white.
Click image to open full size in new tab
EGRO BANKER COLLAPSES WHEN VERDICT IS GIVEN CHICAGO-(Special to Enterrise) Jesse Binga, 68 years old. egro banker in Chicago for ore than a generation, was und guilty by a jury in the riminal Court on charges of nbezzlement growing out of the osing of the Binga State Bank. he aged banker. who has been 1 poor health since August 1930 hen his financial institution as closed. collapsed when the erdict was read. The verdict tries a mandato by sentence ( one to ten years imprisonent in the penitentiary. The becific amount of the embezzleent set forth in the indictment as $32,000 but the jury in its ndings fixed this at $22,000. An intense drama was enactI in the Superior courtroom of hitehaired Judge James J. FarV, a drama in which Binga, for ears a powerful Negro financial
Sues Jesse Binga in Bank Crash Receiver Edward H. Morris of the Binga State bank this week caused a writ to be executed against Jesse Binga, former president of the institution. in an effort to collect $119,426 from the erstwhile financier. Execution Clerk Frank Kaukol of the circuit court clerk's office said more than 100 executions have been sent out in the past 10 days. for $100 and Dr. H. RegiSmith Their were included in the along with number of other prominent Binga at the time is for the his first resulted the failed to ended in taken to supreme court after Judge James F. to the president controlled the bank holdings vast seeks to represents an amount of The records did Binga liable to amount equivalent amount stock in case The receiver Invoked the satisfy the liabilities Learn to Play A hint to the boys and girls Why up if for the business to play banjo, violin if are them With be the to nothing of the pleasure derive these Children play the grades schools if on The be gained First school musician finds himself in the class of those dominate the They part appear on school programs and pleasantly helps to establish one in to play note that you can assured of place in your This form of remain to your act Start and let your slogan be: this by next Easter," watch the results
Bank Receiver Jesse Suing Binga CHICAGO, Edward H. Morris of the Binga State Bank, pushing suits against Jesse Binga and others to recover upof $150,000 The suit against wards is for $119,426, and executions have been out against 80 or more sent others among them number of othcitizens. Binga at present is under sentence for in connection with of the in bank
Click image to open full size in new tab
Receiver Suing Binga And Others To Recover Bank Funds Chicago -(CNS)- - Reciever Edward H. Morris of the Binga State Bank, is pushing suits against Jesse Binga and others to recover upwards of $150,000. The suit against Binga is for $119,426, and executions have been sent out against 80 or more other among them a number of other prominent citizens. Binga at present is under sentence for embezzlement in connection with the failure of the bank in 1931.
Click image to open full size in new tab
Binga Saved From Eviction Because of a favorable ruling last week in Renters Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1 to 10 year sentence for embezzlement. C. H. Albers, receiver for the defunct bank at Thirty-fifth and South State Streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend. Judge Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney Milliam P. Greene, representing the receiver, was not in court when the ruling was handed down but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.
Click image to open full size in new tab
# Chicago Court Saves Jesse Binga # From Eviction From His Old Home Chicago (ANP) - Because of a favorable ruling last week in Rentos Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1-to-10 year sentence for embezzlement. C. H. Albers, receiver for the defunct bank at 35th and South State streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend. Jude Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney William P. Greene representing the receiver, was not in court when the ruling was handed down, but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.