, 1876-03-19

I
| Corresponding week List .
year. ,397, ,943l0 sl,821, ,T77 GO
| ESEuRcISo THE ILAB111TT OF STOCKHOLDERS OF
BROKEN CHICAGO BANKS.
There s sAlutary proyision in the National
Rank law, or IN those Stats bank charters that
tain it, than these making stockholders Aahis for the
debts Of their banks to amount elual to their stock
This provision too seldom regarded by Receivers,
although should bn rgorously enforced for the ben
fit Of acpoatozs. Noae OF the stockholders Of any
Chicago bank that has faed since the panic have been
held TO their liability beyond their Rtock, but VIC dnd
on inquiry that being taken in
to accomplish this Mr. J. D. Harvey Receiver Of the
Scandinavian National Bank, has received the follow
| ing order from Comptroller Knox:
t 10 oil Wh0m It MdY Concern: This TO certify that
have taken accounting Of tho condition Of the es
tate Of the Scandinavian National Bank. Of Chicago.
Ill., aforesaid, and OF its assets Rnd liabilities. aud do
find and eter1nne upon dsta satisfactory 10 me, that
in oeder 10 provide tho money necessary to pay the
duly proven debts Of said Association, it is necessary
eforcu to the extent hereinafter mentioned the
individual liability Of the shareholders Ut said Asso-
cstou provided for By the twelfth section Of tho act
I OF Congress entitled "An ACT to provide National
| CURRENCY" approved Juna D. 1861, and by Sec. 5l5l
Of the Kuvsc Statutes Of the United States approved
Juno ~ 1s4 and to that end and in pursuancs Of the
powers vested IN by the said acts, have lnade and
do hereby order and mako an assessment or reQuisl
ton, upon the shareholders Of said Association
bank and each and every Of them equally and Eataby.
to tho amount Of $50 per centu Of tho par value Q!
tho shares Of capital stock IN the said Assocson held
or owned by them respectively at the time Of its
| fixture suspension, and direct joel D. Harvey
the Receiver heretofore appointed Of the said Assoca
tlun to take the necessary proeeedtngs " suit or
otherwise enforce to that extent the said individual
| liability OF the said shareholders.
OF the stock of tho scandinavian National s1sl 900
is hold ahroad Of that held in this country only S.,
700 tout Of $s 0o0) is held BY parties Of whom any
| thing can be collected. Tho Treasury Department
hopes compel the foreign stockholders to contribute
their quota to nzke good to denos:ors the deficiency
In the asseta of the bank These stockholders reside
| in Stockholm, Paris, Copenhagen, and elsewhere
Comptroller Knox In letter dated the 9th iust,
quests Receiver Harvey to advise with Bome good at
torney in Chicago and make statement Of account
against the foreign shareholders in IS good shape as
possible for bringing suit against them On their ina
yiduai liability" The Comptroller continues: II
will then transmit the papers to tho
foreign Minister at Stockholm or elsewhere,
under the seal Of this Office, and request him to
place the natter in tho hands Of good attorney
for prompt prosecution" Tho liabilities Of the scn
ainaxan were s2soe0 Of which about 40 per ccu has
been paid to depositors It is hoped tha a nearly
al tho balance he collected out Of the stockholders.
The Manufacturers National Bank was SO thorough
Is cleaned out by its Boza Kiudler" that s assets
amount to nothing The only resource for the deposit
tors Is in the nnbiiy Of the atockhoders. No steps
cnn BE- taken against the stockholders however, until
the amount for which they arc liable hxs been
determined. The books show this to be fit ,0oQ,
but suits arc now pending in ths United
States Courts to tncrease this. In nquidating
the bank real estate paper in its possession
to tho amount OF upwards Of 100000 made by Sam
Walker, Hoiiore, phpot and other reAlestate specu
1ators taken by Some Of its creditors In Ratsfac
tion Of their claims. This paper they have failed to
collect, and now seck recourse upon the bunk The
bank resists this clain and until it fs decided it will
BE- impossible for Receiver Harvey to prosecute the
stockholders.