Jasper County Democrat, Volume 1, Number 49, Rensselaer, Jasper County, 18 March 1899 — ASSESSED BY DAWES. [ARTICLE]

ASSESSED BY DAWES.

One Hundred Per Cent, on National Bank of Illinois Shares. As a finale to the greatest bank failure in the history of the United States, Comptroller Dawes has levied an assessment of 1(K) per cent on the stock of the defunct National Bank of Illinois of Chicago, which was capitalized at $1,000,600, Receiver McNulta has also been directed to make a further investigation of the affairs of the bank with a view of commencing an action for damages against the directors and officers of the bank, which was wrecked by their bad management. The Comptroller said that he had foreseen for some time the necessity of this assessment, and that while he regretted that it would fall heavily upon a great number of innocent shareholders, he had no choice in the course which by law he is compelled to take. Mr. Dawes declines! to make public the names of the shareholders who by this order will be required to pay into the bank a sum equal to the original value of the stock. Comptroller Dawes estimates the deficiency in the assets at $1,200,000, and the assessment on the stock, if fully paid, will bring in $1,060,000. On account of the present financial condition of some of the stockholders, however, it is said that 35 [K'r cent of the assessment cannot be collected. so that it will not net more than $650,000.