The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-02-09


have been paid by the state deposit
ors' guaranty fund during the nine
and one-half years of its existence,
figures contained in the audit made
by o. B. Lund show.
The total income of the fund dur
ing the same period was 81 ,699, 64S.45
and it has a balance Of 5000, 366.2l on
hand. Expense of administering the
fund during the entire period is fixed
at $S7 ,844.30.
To facilitate payment to depos-
itors of closed banks, the banks
closed were divided by the guaranty
fund commissioners into four class
es. each group consisting of banks
closing within certain time limits.
The total number of banks so CLASH
fled is les while 1877 closed banks
have not been classified. This brings
the total number Of banks, for depos-
its Of which the fund is liable, to
262.
Closing Of SO class A banks from
November Is, 1920, to December 81,
1924, resulted in 1868 claims against
the fund. OF this number 49,
100 were admitted as eligible to pro-
lection without question and q
1873 were rejected for further proof
of eligibility to protection. Demands
for hearing were filed in 100 cases
where claims were rejected. Of this
number 224 were recommended for
allowance by the referee: 458 were
denied by the referee; 81 were aban-
doned by the claimants and 1867 are
not yet reported by the referee.
>In the first group "a per cent of
the claims filed were allowed; ILL.,
per cent were abandoned by the claim
ants; 81 per cent were disallowcd
and 81 per cent still arc pending.
Class B banks comprised the next
% to close and 5,991 claims resulted.
OF this number 76 per cent were al
lowed; 15.7 per cent were abandoned
and 8.3 per cent are being held for
action by the referee.
The next II banks to close were
placed in Glass c. OF 3.205 claims
listed rs per cent were allowed, LA
per abandoned and seven per cent
were turned over to the referee.
The next q banks to close went in
to Glass d and provided 1851 claims.
OF this number TIT per cent were al
lowed; TIA per cent were abandoned
and five per cent were held for OK
animation by the referee.
81 Million Total Deposits
A summary of the funds work and
condition shows that total deposits in
all banks coming under the protec-
ton of the guaranty fund were $780,
O26,4 01.63 of which $1S,243, 796.18 are
considered as guaranteed deposits,
and 11,333,274.13 are considered as
not guaranteed.
On the 1875 banks placed in classes
the fund has ascertained it's definitd
liability to be $685. 28.O8 and has
issued certificates of indebtedness to
that amount. A total of 1872, 1927 has
been paid from the fund and $245, O95.-
OF has been paid by the receiver Of
closed banks. In addition $2O,6O9.64
has been spent in paying in full a
large number of small claims, all Of
which were less than $40.
In addition to the liability for which
certificates Of indebtedness have
been issued 27,616.49 in outstanding
claims have been allowed as guaran-
teed; 1927 ,074.33 in claims have been
rejected but the time for filing claims
for rchearing has not expired; and
applications for rehearing have been
filed on $1,844,213.72 in claims.
In addition $74,209.12 in claims are
pending before the guaranty fund
commission after. having been report
ed by. the referee and $227, 466.48 are
listed for review by the commission,
making the possible additional liza
.bility on the classified banks $5,4S5,-
1889.
81 Cash Reserve
/ Since il these claims are allowed
10 per cent dividend will be payable
at once, the commission is holding
in reserve enough cash to meet this
demand. It has $474, 347.32 in cash
ana 11O.UU0 Will ~be received froI,