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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:
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GUARANTYFUND NOW MILLION AUDITORS SAY Amount Available on October 31 of $806,898.24 Supplemented by Payments 32 BANKS NATIONALIZE This Many Take Out National Charters Since Guaranty Law Is Effective "In our opinion the Depositors Guaranty fund has been properly accounted for on its records, and that all disbursements are consistent and in order and properly authorized and authenticated." This is the statement made by the Temple, Brissman Co., certified publie accountants at the conclusion of their audit report of the depositors guaranty fund made as of October 31, 1924. The report shows that on Oct. 31, last. the amount available for the purposes for which the fund was created was $806,898.24. This is exclusive of $204,661 due from closed banks in the state on deposits and assessments. No figures are given however as to the total liability of the fund to depositors in closed banks, this being beyond the province of the examination. Total Expenses The total expenses of the commission since its inception in 1917 to the date of the audit was $78,801.19. Of this $37,848.79 has been paid from legislative appropriation and the remaining $40,952 from the assessment fund. On October 31, 1924 the commission had on deposit in closed banks $112,966.29. A supplementary report shows that since the date of the audit $18,901.55 has been withdrawn. These deposits are divided among 16 closed institutions, the largest amount in any one bank being $21,398.39 in the defunct Williams County State Bank at Williston. There was also $21,515.26 on deposit in banks which were on the special deposit list on October 31, but of this $15,773.88 has been withdrawn since that date. Closed banks which still hold deposits of the guaranty fund are the Clyde State Bank, Bank of Cogswell, Farmers Bank of Dunn County, Dunn Center; Farmers State Bank of East Fairview, Sawyer State Bank, Williston State Bank, Farmers Bank of Garrison, State Bank of Grenora, Farmers Bank, Hampden; Security State Bank of Hanks, State Bank of Maxbass, Farmers State Bank of Nome, Farmers State Bank of Rawson, Farmers Bank of Ray, Farmers and Merchants State Bank of Sherwood, Tolley State Bank, Farmers State Bank of Watford City, Williams County State Bank of Williston. There was also due from these closed banks $89,303 on assessments to the guaranty fund, but $34,625 of this has been remitted by the state receiver since the date of the audit. In addition to these obligations there is the sum of $2,341.99 listed as notes receivable. These notes represent loans made to the receiver of the Farmers' and Merchants Bank of Robinson for receivership expenses. Intervene In Affairs It is shown in the audit report that the commission has intervened in the affairs of a number of closed banks in order to protect its interests. Some of these were as follows: The Sawyer State Bank had pledged collateral to secure certain loans. (Continued on page 4)