The Bismarck Tribune Newspaper, October 14, 1924, Page 8

PAGE EIGHT CLOSED BANKS | PAYMENT PLAN IS EXPLAINED Guaranty Fund Commission Resolution Shows Reasons For Its Dividend MAKES BA CLASS Lack of Adequate Fund Rea- ; son for Classifying Banks | For Purpose of Paying Depositors jon, in deciding ton idend to depositors to those of ks closing prior to July 1, 1923, found that this was a natural dividing line, as bank failures, which | had been numerous previous to that! time, almost ceased at this point, und then grew rapidly later. ‘The reasons impelling the commis- sion in making its decision, announc- ed yesterday, are given in the com mission's resolution as follows: EAS, the closing of banks in ate has naturally divided it- nto two periods, as follows; to- That prior to July Ist, 1923, there had been fifty-eight closings, and since July Ist, 1923, there have been one hundred and thirty-four closings, and of the banks cl ing prior to July Ist, about fifty-two closed ing the years 1920, 1921 and 1922, and only about six (not previously closed) during the first half of 1924; but about August 1923, frequent clos- ings again began, and WHEREAS, the Commission has completed its audit of all banks that closed prior to July Ist, 1923, and has acquired extensive information upon which to base a decision, allow- ing or rejecting claims of depositors, and it is prepared in large part to consider and either establish or re- ject such claims, in due course as presented, and as to such banks in general, the claims of depositors have, in the greater number of cases, been presented to and allowed by the Receiver, and Claims Not Presented WHEREAS, as to the banks that closed subsequent to July ist, 1923, the presentation of claims of the de-| positors to the Receiver is very far} from complete, and claims are still in course of presentation to the Re- ceiver for allowance or rejection; and the Commission has not complet- ed its audit of such banks, and can- not complete the same for a cons: erable period of time, and, in the or- dinary course of things, many months will elapse before the presentation of the claims to the Receiver will be complete, and WHEREAS, by reason of the situa- tion, it will soon be practicable to begin paying off depositors in banks which closed before July 1st, 1923, but it will not be practicable at this time to begin paying off depositors in such banks as closed after that date, and WHERE. several banks whic! closed shortly after July Ist, 19: have been examined, and others about to be examined for the pur- pose of re-opening such closed banks, and there is reasopable expectation that still other of the banks which closed shortly after July Ist, 1923, will on account of bettered financial condition, collection upon slow loans and assets, be in position to be ex- amined for re-opening, rendering it inexpedient to include any such banks in classification upon which payments of depositors would be Made in the near future, and Small Deposits Numerous WHEREAS, an examination and tion of the guaranteed in a large number of closed disclosed that the claims ‘of depositors, against the Depositors Guaranty Fund, to the extent of over thirty per cent, consists of deposits ranging in amount from less than one dollar to ten dollars, and it seems probable that claims of depositors must be paid off in several install- ments, and the expenses of adminis- tration, postage, clerk hire, etc. will in the end aggregate a considerable and substantial sum in connection with the payment of each _install- ment; and such expense will be as great in connection with the paying of divendends upon small deposits as the larger ones, and it therefore ap- pears that a substantial fraction of the Fund would thereby be absorbed in expenses, thus reducing the amount available for paying divi- dends to depositors, and WHEREAS, the expenses of ad- ministration can be materially re- duced in the aggregate through eli- minating the large number of small deposits, by paying the same in one installment, and WHEREAS, the costs and expenses of administration, particularly the! payment of number of dividends upon Certificates of Indebtedness will incur considerable expense which would have to be borne by the Fund, it is desirable that small Cer- tificates of Indebtedness be eliminat- ed, if possible, and in the judgment and opinion of the Commission no Certificates of Indebtedness should be issued in sums of less then two dollars. Regulation No. 10: NOW, THEREFORE, Be It Re- solved, that a Regulation and Rule, to be designated as Regulation num- ber ten, be hereby adopted, clas ing and iding the closed banks a: follows, viz: Class “A” shall consist of all those banks closing on or prior to June 30th, 1923. o Class “B” shall consist of all those banks closing subsequent to June 30th, 1923. Such classification being subject to the right and authority of the ion to hereafter subdivide or such elas as may seem necessary. { To Issue Certificates Regulation No. 11: ¥T FURTHER RESOLVED, that a further Rule and Regulation, to be designated as Regulstion number eleven, be hereby adopted, to-wi ‘That as fast 29 depositors verify & The Commi first de ‘such claims as are admitted as guar- | plied on such claims and present to the Commission’ their | verified claims against banks in) Class “A", as provided by the Rules of the Commission, such claims shall be acted upon with all practicable expedition, and either allowed or re-, jected, and that those rejected, upon notice of appeal, shall be set aside for hearing as provided by law, and | that Certificates of Indebtedness be | issued in the course, and as fast as is consistent with the proper per- formance of the clerical work —{or | anteed. That upon such admitted claims there be paid, as promptly as the clerical work can be performed, a! dividend of ten per cent to be up- Certifi- | cates of Indebtedness, and that no dividend check shall be drawn for a sum of less than ten dollars, ex- cepting in such cases as the admitted claims shall be levs than the suid sum of ten dollars, in which event dividend check shall be drawn for the full amount of such claim, and that no Certificate of Indebtedness shall be made or delivered to a claimant for a sum of the less than two dollars, and thut any umount there may be due upon admitted claims over the sum of ten dollars, and less than the sum of twelve dul- lars, the difference shull be added to the first dividend check and paid to such claimant. oly u il “THE BISWARTK TRIBUNE THE REST OF THE WORLD BEHIND New Willys Business Coupe Is Announced In answer to an insistent demand on the part of Willys-Overland dealers and the motoring public, particularly among business and professional men where the econ- omies made possible by the Willy- Knight engine are highly appreciat- ed, Willys-Overland now announces two remarkable additions, the new Business Coupe and the Brougham, both mounted on Willys-Knight chassis, The Coupe follows the startling Success achieved by the Coupe De- Luxe, which rapidly won for itself the appellation, “Beau of the Road,” announced last spring. It is like its predecessor in general lines, dif fering only in a change of body color, upholstery and some of the interior fittings. The standard color of the new Business Coupe is blue, with black molding lines. It is finished in lac- quer, with a promise of indefinite life. Top, back and rear quarters arove the belt line are in black Durote. Top, of landau type and with japanned landau joints, is of soft, padded anti-rumble construc- tion. ; Amid shrieking whistles and the ringing of church bells, the ‘round -the - world fliers came back to Clover Field, near Santa Monica, Calil., from the greatest race of all time. It was from here they started out to encircle the globe just 196 days before. This picture shows Lieutenant Lowell Smith, flight commander, landing. His plane, the Chicago, was the first to come in. Paste t picture in your serapbook. Some day you will want to show it to your grandchileren. . revived for Granger ee 2 “Weliman’s famous old Secret a popular seller wil in 32 states —2 | \ ang all Vile sil no I }OW it can be told. Three years ago we decided to revive a famous old secret method of mellowing tobacco—“Wellman’s Method”, it was called. For three years we have been quietly try- ing it out—we, and about a quarter-million shrewd pipe-smokers who discovered it for themselves. , No whirlwind campaigns, no “special offers”, no extravagant claims; Granger Rough Cut has made good on its taste alone, There could be no better proof of its quality. _Now we are ready to “tell the world”. An extraordinary pipe tobacco. “Well- man’s Method”— now ours exclusively—not only inellows tobacco, but “rounds it out” — gives it a new taste, richer and milder. Granger Roug TUESDAY, OCTOBER 14, 1924 Inside, seats and back cushions are of blue leather to -harmonize with the exterior finish. Cloth head and side lining is used. There is a rear view mirror, with double drop bracket. Interior hardware fittings are of unusually attractive design and quality, in keeping with the re- finement of the entire car. Rear deck space is ample to tahe care of a small steamer trunk, for two or more suit cases, while a separate door for sample cases, medicine cases or golf clubs, opens into ‘the same compartment. Ad- ditional space is furnished back ‘of the seat for parcels and interior convenience. ! Windshield is in @e piece, with inside nickel-plated lever locking cam quadrants, which are also equipped with finggr pulls on the lower ends, making the quadrants serve the double purpose of opening or closing the shield, as well as holding it in any desired . position, Large 30-inch doors, hung with three concealed joint hinges, make extrance or exit easy, even for un- usually large persons. Body frame is of extra ‘heavy hardwood, covered with solf pad- ding to prevent the wood from com- ing in contact with the metal. All joints are double-glued and screws are hand driven. Brace irons used quarter-million smokers A new richness from an old-time process Made for pipes —cut for pipes -packed sensibly to save money There’s no other method like it, nor any other tobacco like Granger. And not only differently mellowed, but cut differently—cut for pipes. The Rough Cut burns more slowly, hence smokes cooler— and a pipe-load lasts nearly twice as Jong. And finally—notice the package. IfGrangerRoughCut were packed in fancy lithographed tins, it would cost 15 cents. But wrapped in smart heavy foil, you get this fuller,longer,cooler smoke ata third less cost. Foil instead of cost- ly tin—hence the price. Too good to be true? Ask any man who has tried it. Better yet—get out your pipe! | 10¢ throughout the body, give more than the required rigidity and strength. Twenty-gauge steel, made from first quality auto body sheets is used throughout, assuring further sturdiness of construction. \ Price of this Business Coupe has been set at $1495.00 f. o. b. Toledo. =—S—S—S—_—_—_—O—_—_S—_ GET POSITIONS WITHOUT DELAY Pupils attending Dakota Business College, Fargo, do not have to face the bugbear of job-hunting. Before finishing their courses, Florence Tingdahl was sent to the Millarton State Bank, Dan Jacobson was: placed with the Garfield (Minn.) State Bank. On their very graduation day, Grace Adams went to the Northern School Supply Co., Mary Brudevold to the First National Bank of Tower City. Such results speak for themselves. Watch each week. ‘“‘Follow the*, fucceB$ful.’’ Begin next Monday. Write F. L. Watkins, Pres., 806 Front St., Fargo for terms, etc.