The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1927-02-11
OVER $l,OOO,OOO
PAID N. D. DEPOSl-
TORS BY GUARAN
TEE BANK FUND
S1S,2i3,796 in Guaranteed Class-TO-
tai Income Is St,699.6iS

SlS,2i3,796 in Guaranteed Class-To-
tai Income Is S1,699,6iS
Bismarck, N. d., Feb. 9.-Reim-
bursements totaling $1,000, 62S.b6 have
been paid by the state depositor's
guaranty fund during the 9la 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 $l,699,646.1o
and it has a balance Of S6O6,366.2l on
hand. Expense of administering the
fund during the entire period he fix
ed at $S3S44.30
Bank Put in Classes
To facilitate payment to deposit
ors Of closed banks, the banks closed
We're divided by the guaranty fund
commissioners into four classes, each
group consisting of banks closing
within certain time limits. The total
number of banks so classified is 1875,
while 1877 closed banks have not been
classified. This brings the total num-
Der Of banks, for deposits of which
the fund is liable, TO 262.
Closing of 5S Class A banks from
Nov. Is, 1920 to Dec. 81, 1924, re-
suited in 1868 claims against the
fund. OF this number 1890 were
admitted as eligible to protection
without question and 2,873 were re-
jected for further proof Of eligibility
to protection. Demands for hearing
were filed in LOO cases where claims
were rejected. OF this number 224
We're recommended for allowance by
the referee; l5S were denied by the
referee; 81 were abandoned by the
claimants and 357 are not yet report
: ed by the referee.
In the first group, "a per cent Of
the claims filed were allowed; t12
per cent were abandoned by the
claimants; 2.7 per cent were disaliow-
I ed and 81 per cent still are pending.
Glass b banks comprised the next
23 to close and 5,99l claims resulted.
OF this number, 76 per cent were al
/ lowed l57 per cent We're abandoned
and S.3 per cent are being held for
action by the referee.
The next IL banks TO close were
! placed in Glass G. or 3,205 claims
! listed 76 per cent were allowed, ia
!, We're abandoned and seven per cent
were turned over to the referee.
The next % banks TO close went
: into Glass ID and provided 5,56l
claims. or this number TIT pen
cent We're allowed; ia per cent Were
abandoned and five per cent were
held for examination by the referee.
StS,1l3,796 Held Guaranteed
A summary Of the funds work ant
condition shows that total deposits il
all banks coming under the protection
o of the guaranty funds were $50 ,026
Is 40i.63 Of which $t8,2A3, 79618 ar,
> considered as guaranteed deposits
e S2,449,33l.32 are regarded as doubt
d ful and S1l, 1888, 274.13 are considere,
r as not guaranteed.
On the 1875 banks placed in classes
Is the fund has ascertained its definit,
l. liability to be 81 1862, 12S08 and ha
n issued certificates of indebtedness I,
T. that amount. A total Of $792,827 ha
e been paid from the fund and $245,
k O95.02 has been paid by the receive
N of closed banks. In addition, $50,
n 6O9.64 has been spent in paying ii
full a large number of small claims
all OF which We're less than $40.
In addition TO the liability 70
which certificates of indebtedness
nave been issued S72361649 in out
:. standing claims have been reiecte
y but the time for filing claims FOR re
hearing has not expired; and appli
cations for rehearing have been file
on 81 ,S44, 21372 in claims. In add
n ton, $74,299.12 in claims are pendin
a. before the guaranty fund commiss
ii sion after having been reported b
n The referee and $227 ,4S6.4S are liste
for review by the commission, max
ing the possible additional liabilit
on the classified banks $5,4S5,14 IS.
sb Si7i,317 Cash Reserve
he Since, if these claims are Above,
81 10 per cent dividend will be payabI
rh at once the commission is holding j
is reserve enough cash to meet this d,
IL mand. It has $474,347.32 in cash an
n $4,000 will be received from levie
n on banks which have not yet bee
he collected.
of Failure of the cash to balance wit
he the assets as listed is due to the ia,
that part Of the listed assets consist
es OF deposits of guaranty fund none
bv IN banks which later closed, unco
by lected assessments from closed banl
and other minor items.
Depositors in two state banks HAY
RS been paid by full by the guarant
u fund. They were persons who ha
of money on deposit in the First Sta
ed bank of Jud and the Farmers Sta
In bank of Marmarth, the first viii,
r. failed after the guaranty fund WI
established.
m Payments to the depositors in the.
,es two banks totaled $1S7 1913, viii
Of the remainder Of the $1,000, 626..
q paid out by the fund consisted
RS SSlS,436.64 paid out in 10 per cel
ar dividends to the depositors of 9th
closed banks.