Davenport Bank & Trust Company (Davenport, IA)

Episode Information

Episode UID
72000271581
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
7200027 routing
Routing Number
72-0002
Start Date
September 1, 1931*
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
17216b5a13268d66

Response Measures

None

Description

The American Commercial & Savings Bank (also referred to as American Savings Bank) suspended in September 1931 following a run and was reorganized as the Davenport Bank & Trust Company, which opened in July 1932.

Events (4)
1. September 1, 1931* Run
Cause Details
The articles mention a 'crash' and 'tremendous run' in September 1931 but do not specify the exact trigger for the American bank specifically.
Newspaper Excerpt
When the crash of the American bank Davenport brought about tremendous run
Source
newspapers
2. September 1, 1931* Suspension
Cause Details
Closed following a tremendous run in September 1931.
Newspaper Excerpt
American Savings Bank and closed Sept 1931
Source
newspapers
3. July 5, 1932 Reopening
Newspaper Excerpt
Davenport Bank and Trust company opens Tuesday [July 5, 1932]
Source
newspapers
4. December 27, 1932 Other
Newspaper Excerpt
new Davenport Bank & Trust Co. continued normal operations today... no day notice or any notice is being asked
Source
newspapers

Newspaper Articles (12)
1. January 6, 1932 The Muscatine Journal Muscatine, IA

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New Davenport Bank Delays Its Opening Davenport Dana member of the the Davenport Bank and Trust pany appeared before Judge Scott district court today asked two weeks the hearing the application acceptance the plan of the bank. asked conditions which have arisen since the plan first adopted. with the National Credit corporation for advance sufficient cash assets have been delayed and the appraisers these assets have completed their work and will make their report soon. The comhas informed the National Credit ficials their desire, in view change general conditions since the plan some provide for more liquidity of the before opened. These have the committee to delay little time the which been tentatively set for Jan. 16.

2. April 7, 1932 Quad-City Times Davenport, IA

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A STATEMENT To The Depositors of the American Savings Bank: Your Reorganization committee wishes to make the following further report with reference to the effort being made to organize and open the Davenport Bank & Trust Company. On Feb. 23 we reported that we had seen Mr. Howard Simms, western manager of the Reconstruction Finance Corporation in Chicago with reference to having this organization provide the necessary funds for opening the bank. On March 7 it was reported that an agreement had been reached with the Chicago committee representing the Government Finance Organization and that examiners and appraisers would be sent out to make a thoro check of the assets of the American Bank. This examination has taken several weeks and has now been completed and their report turned over to the Chicago committee. We were given a hearing before the Chicago committee yesterday and a further agreement was reached with the committee after going over the report of the examiners, which this committee will recommend to the head office of the Reconstruction Finance Corporation in Washington, which is presided over by Mr. Chas. G. Dawes. In attendance at the meeting yesterday in Chicago were V. O. Figge, receiver in charge, Dana Waterman, attorney, and E. P. Adler from Davenport, B. F. Peek of Moline representing the other Tri-City banks and L. A. Andrew of Des Moines, state banking commissioner. At the conclusion of this meeting an agreement was reached for a recommendation to Washington which your committee could accept as being possible to carry out. This agreement provides for the assistance from the government agency to be divided equally between the receivership and the new bank, each agreeing to take over one half the loan necessary. The Washington office was phoned to and promised to forward at once, new application forms and blanks to cover a loan to the receiver which will be forwarded to Davenport at once. As soon as this detail has been arranged and the forms filled out and forwarded to Chicago and from Chicago on to Washington, your committee expects to follow the recommendation of the Chicago committee to Washington and stay with it until it has been approved or rejected. This will require some little time, the difficulty being in the difference of opinion which has arisen in Washington among attorneys for the Finance Corporation who claim that most states have no laws which permit of bank receivers borrowing money for liquidation purposes. It is contended that in Iowa we have such a statute and it is predicated on this Iowa law that we hope to have the loan approved in Washington. As soon as anything further is accomplished, a report will be made to you. Reorganization Committee E. P. ADLER, Chairman.

3. April 7, 1932 The Daily Times Davenport, IA

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A To the Depositors of the American Savings Bank Your Reorganization Committee wishes to make the following further report with reference to the effort being made to organize and open the Davenport Bank & Trust Company. On February 23rd we reported that we had seen Mr Howard Sims, Western Manager of the Reconstruction Finance Corporation in Chicago with reference to having this organization provide the necessary funds for opening the bank. On March 7th it was reported that an agreement had been reached with the Chicago committee representing the Government Finance Organization and that examiners and appraisers would be sent out to make a thorough check of the assets of the American Bank. This examination has taken several weeks and has now been completed and their report turned over to the Chicago committee. We were given a hearing before the Chicago committee yesterday and a further agreement was reached with the committee after going over the report of the examiners, which this committee will recommend to the head office of the Reconstruction Finance Corporation in Washington, which is presided over by Mr Chas. G. Dawes. In attendance at the meeting yesterday in Chicago were V. Figge, Receiver in Charge, Dana Waterman, Attorney, and E. P. Adler from Davenport, B. F. Peek of Moline, representing the other Tri-City banks and L. A. Andrew of Des Moines, state banking commissioner. At the conclusion of this meeting an agreement was reached for a recommendation to Washington which your committee as being possible to carry out. This agreement provides for the assistance from the government agency to be divided equally between the receivership and the new bank, each agreeing to take over one half the loan necessary. The Washington office was phoned to and promised to forward at once, new application forms and blanks to cover a loan to the receiver which will be forwarded to Davenport at once. As soon as this detail has been arranged and the forms filled out and forwarded to Chicago and from Chicago on to Washington, your committee expects to follow the recommendation of the Chicago committee to Washington and stay with it until it has been approved or rejected. This will require some little time, the difficulty being in the difference of opinion which has arisen in Washington among attorneys for the Finance Corporation who claim that most states have no laws which permit of bank receivers borrowing money for liquidation purposes. It is contended that in Iowa we have such a statute and it is predicated on this Iowa law that we hope to have the loan approved in Washington. As soon as anything further is accomplished, report will be made to you. REORGANIZATION COMMITTEE, ADLER, Chairman.

4. April 8, 1932 The Rock Island Argus Rock Island, IL

Article Text

CITE IOWA LAW AS FAVORABLE FOR BANK PLAN Chairman Reports Progress of Ef. forts to Open New Davenport Institution. In statement to the depositors of the American Savings bank in Davenport, E. P. Adler. chairman of the committee on reorganization. reports on the progress being made in negotiations with the Reconstruction Finance corporation for assistance in organizing and opening the Davenport Bank & Trust Co., as the successor of the closed institution. Following a conference with Howard Simms, western manager of the Reconstruction Finance corporation in Chicago on Feb. 23, an agreement was reached on March with the Chicago committee of the government organization and examiners and appraisers sent to make a thorough check of the assets of the American bank. "This examination. Mr. Adler reports, "has taken several weeks and has now been completed and their report turned over to the Chicago committee. We were given a hearing before the Chicago committee Wednesday and a further agreement was reached with the committee after going over the report of the examiners, which this committee will recommend to the head office of the Reconstruction in Washington, which is presided over by Charles G. Dawes. In attendance at the meeting Wednesday in Chicago were V. Figge, receiver in charge, Dana Waterman, attorney, and P. Adler from Davenport, D. F. Peek of Moline. representing the other tri-city banks and L. A. Andrews of Des Moines, state banking commissioner. "At the conclusion of this meeting an agreement was reached for a recommendation to Washington which your committee could accept as being possible carry out. This provides for the assistance from the government agency to be divided equally between the receivership and the new bank, each agreeing to take over one-half the loan necessary. "The Washington office was phoned to and promised to forward at once, new application forms and blanks to cover a loan to the receiver which will be forwarded to Davenport at once. As soon as this detail has been arranged and the forms filled out and forwarded to Chicago and from Chicago to Washington, your committee expects to follow the recommendation of the Chicago committee to Washington and stay with it until it has been approved or rejected. This will require some little time, the difficulty being in the difference of opinion which has arisen in Washington among attorneys for the F1nance corporation who claim that most states have no laws which permit of bank receivers borrowing money for liquidation purposes. It is contended that in. Iowa we have such a statute and it is predicted on this Iowa law that we hope to have the loan approved in Washington. "As soon as anything further is accomplished. a report will be made to you."

5. April 28, 1932 The Burlington Hawk-Eye Burlington, IA

Article Text

Scott County Julge Holds Merger Valid of Davenport, W. W. Judge there valid the merger held yesterday May 29, 1931 of the American Commercial and Savings bank, the Citizens Trust and Savings bank and the the reTrust company American which Frank an action in sult of was one Riling of of the in an action was brought The ruling by former stockholders of the Citizens bank on claims plaintiffs of ap$70,000. The proximately the American objections to listed and the case receiver's report bank $4,500 principally on a was tried of Mr. Riling. claim Judge Scott heard the case several weeks ago. His decision denied. with one or two exceptions, claims of preference by stockholders to assets in Citizens bank, now part former of the the American bank and in the bank receiver. of the American hands

6. June 15, 1932 The Daily Times Davenport, IA

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Attorney Lamb Raps Aldermen For Snap Judgment Shown on Petition Of Bank to Develop Corner Tract After Attorney James J. Lamb, of Lane & Waterman, appearing on behalf of the receiver for the American Commercial & Savings bank, criticized the council for showing what he termed snap judgment on the receiver's application for a permit to erect a filling station at Locust and Harrison streets, the committee of the whole of the council yesterday afternoon voted to postpone action on an adverse report from the street committee. The application was filed a month ago by L. A. Andrew, receiver. The bank owns the property at the southwest corner of Locust and Harrison streets. Agents of the receiver had arranged to dispose of the property for a fair price if it could be used for a gasoline service station. To permit such development of the tract and to aid in realizing more money for the bank funds, the receiver asked the council to issue the required permit. Objectors Were Heard At the last council meeting, a number of persons appeared before the aldermen to object to the granting of the permit. They claimed it would create a hazard for school children passing the corner. An accident fatal to some children at another service station some years ago was cited as an The street committee, of which Alderman Wolters, himself a filling station owner, is chairman, did not report at the last council meeting on the petition. Additional time was asked for consideration of the application and the protests. At yesterday's meeting Attorney Lamb was present. He said it was his understanding that a hearing was to be held on the application before the council took action. However, before Attorney Lamb could present his arguments in favor of the project, Alderman Wolters presented an adverse report from the committee and said he would ask its approval at the regular meeting tonight. Attorney Demands Hearing Objecting to this action, Attorney Lamb jumped to his feet and asked Mayor George C. Tank and the aldermen to explain why his client had not had an opportunity to be heard. Attorney Lamb said it was unfair to permit objectors to state their views, then continue the hearing and report unfavorably before concluding the hearing. "There was no hearing necessary," declared Mayor Tank "The petition was referred to the committee and now an adverse report is presented. There's nothing left for the council to do but accept or reject the report. "I don't think it's fair to use snap judgment like that," replied Attorney Lamb. "We are here to be heard on the proposition, but it looks like there is nothing further to do if the committee has acted and is now recommending that the council deny the application." Mayor Grants Time Mayor Tank then informed Attorney Lamb that if he wished to talk on behalf of the bank receiver, he might do so, and the council could do what it wished to do in the matter. Both Attorney Lamb and P. J. Beattie, real estate agent for the bank receiver, then expressed their views. They claimed that for the interests of the bank it was essential to dispose of the property at the best price obtainable, and that in its present condition the store building now situated there would not bring much on the market. Development as a filling station site would realize a greater sum for the bank, they claimed. They opposed the objections previously entered, by saying that service stations existed near other schools in the city without serious accidents having been caused. Alderman John Oakes, Republican member of the council, then presented a motion to hold the street committee report over until the first July meeting of the coun cil, and his motion was approved. Action on Other Petitions The committee of the whole of the council next approved reports of the street committee on two other petitions for filling stations. A. favorable report was received on a petition affecting property at Locust and Sturdevant street, and an adverse report on the application of the Priester Construction Co. for a station at 2609 Rockingham road. A favorable report was presented by the ordinance committee on the application to change zoning classification of property on the west side of Arlington avenue between Twenty-ninth and Thirtieth streets, to a B-residential district. Three Votes Defeat Zoning The votes of three members of the council, Aldermen Baker, Oakes and Stark, were sufficient to defeat an attempt to grant a change in zoning on the property of Mrs Bertha McCammatt at Locust and Fillmore Lane, to permit erection of a gasoline filling station. Attorney Harold Hoersch, representing the owners, spoke in support of the petition. John H. Jebens, former city alderman and residing across the street from the site, spoke for the objectors. City Building Commissioner R. C. Graham said that protests had been received from 25 per cent of the property owners affected by proximity of the proposed commercial project. According to Mayor Tank, it was necessary to have a three-fourths vote of the council, six aldermen, to approve the zoning change when the stated percentage was noted in the ob- The three aldermen previously mentioned, voted in favor of a motion to deny the zoning change, and they also voted against a proposal to approve it. Mayor Tank ruled that the other five aldermen could not carry the project and it was accordingly defeated. Take up Rate Reductions Practically the entire city council will have to consider in committee sessions, the petition filed last week by a group of west end citizens asking that the council do something to reduce telephone, water, gas and electric rates, and to have the Main street monument moved and traffic light posts eliminated. Mayor Tank referred the telephone rate request to the ordinance committee, the gas and light rate question to the light committee, water rate reduction to the water committee, the question of moving the monument to the street committee and the traffic post problem to the police committee. The mayor asked each committee on rate reductions to confer with the respective company officials. A report from the finance committee refusing payment of the damage claims of Ruchla Ekstien and Mrs Etta White, was approved. A baby has two or three times as much skin surface in proportion to weight as an adult has, and therefore the baby heats up and cools off faster than the adult.

7. July 2, 1932 The Oshkosh Northwestern Oshkosh, WI

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LARGE CLOSED BANK TO BE OPENED WITH RECONSTRUCTION AID Davenport With aid Recon Finance one banks in the iniddle has been reorganized and reopen TuesJuly been decided When the Amo Savings Bank and closed Sept 1931 officers immediately about perfecting led by Adler publisher The Davenport Times Depositors called spon operate asked to accept debenture bonds for 60 per cent of These bonds total $15,600,000 When the bank. under name Davenport Bank and Trust company opens Tuesday the remaining 40 per cent of the deitors will available immediately they desire the money The debenture bonds will be liquidated gradually Adler was chosen president upon Reconstruction Finance corporation for loan to complete the reorganization structure and loan was granted

8. July 18, 1932 Quad-City Times Davenport, IA

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Physicians ROBERT D.-DerHay Fever. Asthma allergic Nat'l Bank. DRS. ROCKThroat. optical justment 509 Bldg 7-8. WM. Union Bank Bldg. Specializing kidney bladder genito urinary D. Practice Fifth Avenue Bldg.. Fifth Moline DR. D. Office 504 Bldg Attorneys CARROLL Davenport stract books Scott county Citizens Bank Bldg LOUIS RODDEWIG Putnam Ph 3684 RUYMANN Attorneys Suite Bank First place Woodworkers Ridge paving. EXPERT FURNITURE FINISHING Special River Violin Making ALSO Fuller BABY CAB, reed, like Legal Notice. Wanted to Buy Ford TO WHOM MAY CONCERN Inquire hereby given there file the Clerk the District USED ELECTRIC Cause No. 28268 entitled Legal Notice. and Trust Company NOTICE four reports Plaintiff as Receiver bank: Matter the First Report October 1931. through December Second Report 15, 1931. April 15 Receiver's Third Report, (which and Testament to and thereto said Report on of the including assets the office over bilities assumed Davenport Bank Trust Scott Said Court has fixed the day opened. and publicly read: July o'clock as time and the Court City the where four reports time was person Interested may appear reports each them should Dated this 8th day shall Receiver By Lane Albert and James His Ruymann & Ruymann,

9. December 26, 1932 The Rock Island Argus Rock Island, IL

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BANKS WILL ENFORCE (Continued from creating drains liquid assets, the detriment all depositors. Union Withstood Run. In the present situation difficulty centers about the only enport bank which imposed no strictions 15 months but met the deposit in cash, the Union Savings Bank Trust company. When the crash of the American bank Davenport brought about tremendous run, Union bank had deposits about Fortified enormous sums cash obtained Chicago, the Union bank made and successful battle stop the run without imposition restrictions. For three days the continued full speed. Millions in cash depositors. Then the run subsided. For months, while the Bank Trust being reorganized, Union bank furnished the principal bankfacilities for Davenport. Its management fought valiantly avert closing. Advances were obtained from the Reconstruction Finance corporation and metropolitan bankers. Federal Aid to Be Granted. Again the has to the and loaned the of the bank funds sufficient to meet half the deposit liability of the Union bank Proceeds the Reconstruction Finance corporation are made available to the newly organized Davenport Bank Trust pany, which under this arrangement assumes half the deposit ability of the Union bank. Closing of the two other smallbanks Davenport was decided upon by the directors the banks and the Iowa banking department, result of the developments in affairs of the Union bank. There are only the usual business relations between the banks Davenport and those Rock land, Moline and East Moline. There are no interlocking directorates. other relationships which involve any of the Rock land county banks in the Davensituation. No for restrictions was in prospect. Rock Island had through 1931 difficulty with its tradition depositor ever lost dollar deposits in Rock Island bank' still truth. The Rock Island Bank Trust company had been established by merger of the closed Central Trust Savings bank with Rock Island Savings and the Trust Savings banks. New capital had been readily subscribed by the public to complish the merger and further the The State Bank of Rock Island had also its position. The Peoples Savings Bank and Trust company. Moline, which had been carried through the earlier difficulties following the Davenport crash well as its own troubles arising when shortage of more than revealed in the spring 1931, was strong tion. The Moline State Trust and Savings bank had obtained from Finance corporation and factories, and its position had been stabilized. The State bank of East Moline. the only that city, had continin an enviable position for its Consider New Development. That the picture of banking Illinois of the quadSaturday the situation developed in Davenport. of course the picture still today. that situation and protect that the of the Rock Island banks determined upon restrictions block possible recurrence of hysteriunreasoning panic and bank that September, 1931, when Davenport situation precipitated disturbance the situation in Rock Island. and made restrictions unavoidable. Numerous conferences Saturday Sunday and this morning considered the and the likely effect that would from the public reactions in Rock Island county community close though not otherwise the affairs. Bank directors held meetings consider their dividual problems, groups met discuss situation, corporation and officials state departwith bankers. Chief every the situation with the least harmful effect to the community its and to protect the deposits to limit. Moline The Moline and East Moline situation statements issued in behalf of the banks today. Moline State Trust Savings

10. December 27, 1932 Quad-City Times Davenport, IA

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PLANFORU.S. FRAUD TRIAL FRUSTRATED Best Legal Talent in Athens Engaged by Former Utility Baron. LOANS DECLARED LEGAL Companies' Laws Respected in Transactions, Court Told. The Greek courts today rejected an American petition for the extra dition of Samuel Insull. former Chicago utilities official Insull, debonair and talkative. walked into a courtroom of this ancient Greek capital today with the best legal talent the country afforded to defend himself against the extradition demand from Chi cago. The former multimillionaire util ities operator is charged with em bezzlement and larceny Has No Profesison The hearing commenced at 9:30 m. Mr. Insull asked for trans lator and Pandelis Raptarkhis, a lawyer, appointed. Mr. Insull gave his identity and declared he had no profession and that he agreed that the hearing be public He named Christos Ladas and Dionysi Lazarimos attorneys for the defense. Also present in court was Arthur Page, his British attorney. Soon after public Attorney Riganakos began his opening speech, interrupted. protesting against the taking of motion pictures. The president of the court issued an order prohibiting photographing. Approved Vouchers. Attorney Riganakos, opening the case, read a deposition by Oliver McCormick. treasurer of the Utilities companies, explaining how Samuel Insull approved vouchers and proper officers issued checks for the payment of $66,000 and $104,000 to Martin Insull's brokers. The McCormick deposition said the authority to make the pay. ments was based on Samuel in sull's approval. The attorney also referred to depositions by John A. Swanson, state's attorney of Cook county, n1., declaring the aforesaid acts were punishable Lazarimos, the junior counsel for Insull, followed with long plea, explaining how loans were made ac. cording to by-laws of the companies He declared McCormick, in his deposition, had said that, being treasurer, he issued the vouch ers which Samuel Insull approved. The vouchers. the attorney said, were checked by an auditor. booked by competent clerks, and approved by a comptroller. Appeals to Conscience. Treasurer McCormick was responsible for the custody of the companies' property and, Lazarimos added, should be indicted first if an offense existed. He appealed to the court's "conscience" demanding rejection of the petition for extradition as not having legal basis. Christos Ladas. chief defense counsel, asserted the United States upholds the right of asylum, generally denying extradition except in cases where the offense is proved. He described Insull as benefactor of humanity and praised the course his client followed when disaster overtook his interests. He had not finished speaking at the mid-day recess. Officials of Local Banks Lose Fight for 50 Per Cent. ACTION NOW FINAL Bank Employes Start on Job of Getting New Passbooks Ready. Officers of the Union Savings Bank and Trust Co. were notified by officials of the Reconstruction Finance Corporation at both Chicago and Washington today that a fund of $5,750,000 to make 40 per cent of deposits of that institution immediately available was the best recommendation they could accept. After several hours of negotiations over long distance telephone, it was agreed that this amount will be placed to the credit of the Union bank depositors in the new Davenport Bank and Trust Co. at once. Local bank officials explained that at a meeting in Chicago last Thursday with Reconstruction Finance corporation officials the latter agreed to make 55 per cent available to the local depositors. On Saturday this amount was changed to 50 per cent, and today the amount was cut to 40 per cent before the negotiations were closed. Officials of both the Union bank and the new Davenport Bank & Trust Co., who worked valiantly all day to secure the 50 per cent for Union depositors, expressed disappointment at this result. It was at first thought that the work of issuing these new passbooks could be started Wednesday morning, but this was found to be humanly impossible. Union bank employes will work all night check ing ledgers and preparing these new books, however, and the business of issuing them will get under way in few days Each depositor of the Union bank will be furnished with a pass book on the new Davenport bank, show. ing his or her 40 per cent that is available in deposit there. There is no need for Union depositors to present themselves at that bank Wednesday, as the bank will be opening for several weeks or as long as necessary to issue all books. The $5,750,000 placed on deposit with the Davenport bank will insure payment of 40 per cent to each and every Union bank deMeanwhile the new Davenport Bank & Trust Co. continued normal operations today The Davenport bank will pay all of its depositors promptly. and no day notice or any notice is being asked, It was While lobby of the new Davenport bank was comfortably filled most of the day only a normal amount of business was transacted. There were only a few people at the various windows at time and employes took care of the patrons without difficulty. A large crowd assembled outside the Union Savings Bank & Trust Co. this morning and remained there thru the day.

11. December 29, 1932 The Daily Times Davenport, IA

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CONTINUE WORK CHECKING ACCOUNTS PATRONS The task of supplying depositors the Union Bank & Trust Co. with pass books on the new Davenport Bank & Trust Co., tified with 40 per cent of their deposits in the former bank, continin an orderly manner today Because of the necessity of figuring interest in each individual and entering 40 per cent of this sum, together with the depositor's balance of 40 per cent, upon the new books, the work is proceeding slowly Approximately an hour are being taken care of Depositors are again reminded that there no necessity for haste and unless in need of cash at once, they will save themselves wait in line by deferring their at the Union until later. The bank will remain open as long as may be necessary to take care of everyone. The 40 per cent of their deposits the Union will be automaticaltransferred to the new Davregardless of how enport soon the depositor calls for the book. The money representing their 40 per cent has been deposited with the ready Davenport bank by the Reconstruction Finance Corp., and will there from now on for the ownof the It will likewise bear interest starting Jan. gardless of how soon the deposireceives his or her pass book. Officers of the Davenport Bank Trust Co., reported gratifying volume of new business yesterday, with conditions generally highly satisfactory. The sound, liquid position of this institution realized and understood by all. apparently, the community evidencing the utmost confidence in its condition and management.

12. May 25, 1933 Quad-City Times Davenport, IA

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SCHOOLS PAID IN FULL State Reimburses Board on AmeriSavings Deposit. Board Has Approximately $14,000 Tied in Three Closed Banks. City school funds on deposit American bank and Trust when the bank suspended in 1931 were refunded the board 100 cents the dollar today when the state turned over the school The the total deposother per cent having been paid the reorganized as the Davenport Bank and Trust company. The per cent, representing debenture bonds, was assigned by the board state and now refunded under the workings of the Payment the board's 60 per claim resulted in the calling special meeting of the board education for today take action rescind refunding bond issue authorized earlier the month replace amount of bonds maturing June The proposed refunding bonds canceled, Secretary John said, and the bonds maturing June be paid off the cash received today from state treasurer. The school board has approximately in school funds tied in the Union Savings bank and Trust company, Home Savings bank and the Northwest bank, all of which are receiverships, the secretary said. Forty the school per funds deposit the UnSavings Bank and Trust pany have been released, the secretary added.