The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-01-17

the receivers office consists Of the
receiver, three ASSISTANTS, and three
stenographers. The assistants assist
In the .xenerals work, audit the dis
trict offices, prepare periodical de-
tailed Imports showing the. progress
I,Df Liquidation and conditions of each
trust, audit the weekly reports, sub
mitted from each district. office, and
then consolidate them into one gen
eral report; they che6k the expense
Eaecaunts, together with the receipts
and disbursements, reconcile the bank
statements, prepare dividend checks,
make out the nccessary Income re-
ports, corporation returns, ETC.. With
the limited force, Of the receiver. it
is not .possible-4o audit all Of these
trusts within limited time. There
has been prepared report showing
the name. 81 the bank, the period COW
med, amount OF collections, expense
account, dividends paid and estimated
total dividends. Estimated dividends
are determined by conditions Of as
acts at timeAof closing and is p con-
Servative estimate. With proper at
tention and fair crop and market
conditions the amount will be mate
rally raised. The real estate of
closed banks Is mainly equities of
doubtful character, while the loans
Audrdiscounts, are usually excessive in
amounts and inadequately secured. A
complete detailed report of the col
lections and expenses FOR each bank
Is inside :ont annually and submitted
to the court having charge of the
banks. For the purpose Of this re-
port. 1t 10 not possible to include the
details. A summary of this report
shows the following:
Over the first period,
which covers from the
time the present re-
ceiyer took charge Of
the bank to the date ~
the xfrst yietailef audit,
covering approximately
collected '........,.... 2,7s4, 7s2. 90
At an expense ,of ...,. 308, 840.03
Which il 15 per cent. :
The second period. which ~,
covers the. time from So,
the first audit to the
date .,Qf che second
audit, approximately
one year. there was col
lected .............. 1,577,361.9 81
At. an cxpense Of $3.50. 264,645.O2
Which is ~ per cent
The, amounts collected are the
lsAmuunts which. came into the hands
6f the receiver for. the. benefit of the
trust direct, and do not include
money which was tcpllected upon col
lateral belonging to outside, bills
payable holders, whose obligations
were secured by collateral pledged
from the several banks prior to clos
ing. Hhe expense in most instances
does, however, cover this cost OF
collection, the reason. therefor be-
ing that there 10 a valuable equity in
the collateral which will eventually
accrue to the ;recsiver for the bens-
tit of the creditors. In those cases
where collateral IL held by
bills payable holders. where
It ,.,.>iis doubtful AZ there is
q. valuable 1estdpe. the. collateral
,holders are required tQ pay whatever
|sexpense is .inourFsd incident to the
collection OF their collateral.
Law Now 1luuerat1ve
Chanter 49,. hefeinbefore referred
TO, became anOpeEeti Guly !, 1895.
TheYeafter = any 'bank ,cl0sed, It was
not possible 10 institute procsedings
|iSgainst 1T and c0nsolidste such action
with the previous iproceedings. There
Ehave been tw6ntv,thrce banks which
have closed snbseQuent, to July /,
LsLsSs Il -.
Sts.H y ,ssGt ~ ~ pIua1 tnS
49, 81 =. Mvrsn Aa7scss, ~ .neslssseu
s..s1sx Ssss p HsSSss .Sl s.e ~
finding up lths rsffaiEs Il each Of
tta.p nE.H ss2Sslsse Rtvce ~
H. Ds.n s ~ .oF .easn = ~.
~ -. Sssssc n-a :. sr'
e;ntz pvtsx1 49,, v: ~ eSst ~ h.rt.
ys;ch c,assd ~ LIZ s ~ Nh
7SS.e ,,at~ 49, $500 ~ x,n hmnSrcd
siixfys saten cIcse| iSSfs e kfs .}S "a.
i!ssI'sIsS:;
there shcmiS IS" !. .cne : q s;.sr. S A.
isnst6d,stS 800 49, =. ~ ..itila
"a. q .:s - -: .s...
~ xs..sss - ~.se q
Nh ~: 4 - -
s;ss.cti9rs :nfs,a = $3.50 Xxx r sss
IA 81 ~. o "a 4, ~
scrt. : x;;f" Ssi~3.:sf:xS Ia Stk.s
=. tsr ~ sa ."u ; v.nss ~
|, fEsrs saves SiriSenSs still I'm ;tirs,
q 49, n. 81. s,ss ~ 41 tn,,is. . tA,sy
rSss rii~ aiss,,S - Ia XII H.. ~ ..a
!, the. 4 49, a ,rssi;t Astste ' a. othes
A A. g. u A.