People Ex Rel. Barrett v. West Side Trust & Savings Bank

The Auditor of Public Accounts assumed control of the West Side Trust and Savings Bank of Chicago on December 19, 1933, and on January 12, 1934, appointed William E. O’Connell receiver of the bank. Three days later the People of the State, on the relation of the Auditor, filed a bill of complaint in the superior court of Cook county against the bank, charging its insolvency and praying for its dissolution and the settlement of its affairs. Specifically, the relief sought by the complaint was that a decree be entered finding (1) that the capital stock of the bank had become so impaired it…