First National Bank (Victorville, CA)

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Victorville Depositors Express Confidence in Institution's Ability to Pull Out

(Special Staff Correspondence) Dec. First National bank Victorville closed its doors this morning, notice being placed at the entrance which stated that in the hands of the United States national bank examiner. Officers that the closing the institution count the depreciation value of securities held by bank. An assessment recently levied on stockholders cover the value the securities pared former manager cashstated believed that depositors would paid in full within reasonable This be opinion business of community, who Tuesday confidence the bank and Mr John Turner, and large property this director and president the bank. Other Marsh, Clay Garrison and Godshall. Depositors in the bank met this afternoon discuss the and in the ability pull itself out sisting Walter Robert, Frank Hubbard appointed devise cash clearing during the bank's suspenstatement signed by all the steady withdrawals of deposits, depleting the serves, together deprebond prices, voted to suspend. We believe parrecovery in values derly marketing bonds assure payment all positors.'

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STARTS

(Special Staff Correspondence) VICTORVILLE, June club members visited with the Barstow Kiwanians Thursday evening. The delegation consisted of Humphrey, president; G. M. Moon, Dr. L. W. Gilliland, Walter Robert, R. M. Willson and Walker Jones. This was accordance with the custom of exchanging visits two clubs. The petition nominating Supervisor Arthur Doran for reelection being signed by Victorville Barstow electors. It will be circulated Needles other also. So far other candidate has signified intention of entering race. K. Newhall, receiver for the First National bank of Victorville, attended superior court in San Bernardino Friday business. and Nello Greer have moved Ariz., where Mr. Greer will engaged in operating ranch summer. John and Harvey Irwin of Victorbe charge the ranch. Hunter Howe will spend the Kansas. and Mrs. Niles Turner of San spent the last week visVictorville. Mr. and Mrs. Wallace Ford are making their home in Alhambra. Mrs. Marjorie McIntosh, newly elected principal Victor schools, attend mer the University of Mullen, of the school and charge of Eva Dell school for the past by Mrs. Mullen, will spend the vacation visiting with relatives Arizona.

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$46,000,000 DISTRIBUTED IN TEN DAYS

California Firms Helped Under Federal Relief Bill's Provision

During the ten day period from July 21 to July 31. the Reconstruetion loaned $46,711,056 to banks building and loan railroads and other agencies. The first report of the corporation. public today by South Trimble clerk of the House of Repaccompanied by letter signed by Chairman Atlee Pomerene that 437 loans totalling had been made during the 10 day period and incréases In loans prior to July 21 had totaled $1,653,500 The letter said the total thorized to banks and trust companies including $284,900 to aid in the reorganization of closed banks $104,309 to agriculture credit con porations $3,088,650 to building and loan associations: $2,247,500 to insurance companies; $90,000 to joint stock land bank: $580.716 to 000 to mortgage loan companies, and railroads "No Other Choice" Trimble in public the rehis decision last Thursday that he had no other choice the law, took exception to by Representa conferee on the relief bill, that his decision to make public the reports gain favor with Speak Garner "Such charge is ridiculous," Trimble law gives me no discretion in the matter. Speaker Garner has never attempted to Influence me in the discharge of my Chairman Pomerene's letter said that by the close of the period all except $25,000,000 of the $250,000.000 second series 8% per cent notes authorized by the board of direct ors on June 13. 1932. had been sold to the secretary of the treasury "On July 23: the board of directors authorized the issuance of third series of notes up to an ag. gregate amount of $250,000.000 maturing October 27. and ing interest at the rate of 3% per cent per annum. he said "The notes will be purchased by the secretary of the treasury as the funds are by the California Loans The of loans authorized during the 10 day period at rate of interest of 5% per cent includes: California Long Beach First National Bank Los Angeles, Wilshire National Bank of Los Angeles, $15,000 Monrova, Citizens Bank of Mon$25,000

Sacramento, California National Bank of Sacramento, $463 Sacramento, Trust and Savings Bank, $850,000. San National Trust and Savings Bank of America $3. chants Savings Bank Santa Santa First National Victorville First National Bank (receiver) $8,500

Building and associations California Inglewood People's Bldg and San Francisco, Home Mutual Deposit Loan Co., $80,000.

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$46,000,000 IN TEN DAYS

California Firms Helped Under Federal Relief Bill's Provision

During the ten day period from July to July 31. the ReconstrueFinance Corporation loaned $46,711,056 to banks, building and loan railroads and other agencies. The first report of the corpora tion, made public today by South Trimble clerk of the House of Representatives. was accompanied by letter signed by Chairman Atlee Pomerene showing that 437 loans totalling had been made during the 10 day period and increases in loans authorized prior to July 21 had totaled $1,653,500 The letter said the total amount loaned. $32,990,180 was authorized to banks and trust companies including $284,900 to aid in reorganization of closed banks $104,309 to agriculture credit corporations: and surance companies $90,000 to joint stock land bank $580.716 to 000 to mortgage loan companies, and $6,862 railroads "No Other Choice" Trimble In making public the rehis decision last Thursday that he had no other choice under the law took exception to statement by Representa conferee on the relief bill that his decision to make public the reports was gain favor with Speak John N. Garner "Such charge is ridiculous," Trimble said. "The law gives me no discretion in the matter Speaker Garner has never attempted to influence me in the discharge of my duties. Chairman Pomerene's letter said that by the close of the period all except $25,000,000 of the $250,000.000 second series 3rd per cent notes authorized by the board of direct ors on June 13. 1932 had been sold to the of the treasury "On July 23, the board of directors the issuance of third series of up an ag gregate amount of maturing October 27. 1932. and bearing interest at the rate of 3% per cent per he "The notes will be purchased by the sec retary of the treasury as the funds are required by the California Loans The statement of loans authorized during the 10 day period at rate of interest of 5% per cent includes California Long Beach, First National Bank of Long Beach, $200,000 Los Angeles, Wilshire National Bank of Los Angeles, $15,000 Monrova. Citizens Bank of Mon$25,000 Rialto, First National Bank, $25, 000

Sacramento, California National Sacramento California Trust and Savings Bank $850,000 San Francisco National Trust and Savings Bank of America. $3.Santa Ana Farmers and Mer $275,000 chants Bank of Santa Ana Santa Ana, First National Bank Victorville First National Bank (receiver),

Building and loan associations California Inglewood People's Bldg and Loan Association. $35,000 San Francisco, Home Mutual De posit Loan Co., $80,000

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TRIMBLE HITS BACK

Official Denies He Sought To Gain Favor With Speaker John Garner

During the ten-day period from July to July 31, the reconstruction corporation to banks, and loan ciations, and other agencies. The first report of the corporapublic to-day by South Trimble, of house representatives, accompanied letter signed by Chairman Atlee Pomerene showing that loans totaling $45,057,556 had been made during the ten-day riod and loans thorized prior July 21 had totalled Banks Get Most The letter the total amount loaned, authorized banks and trust companies, including to the closed banks; $104,309 to agriculture credit corporations; $3,088,650 building and loan $2,247,500 $90,000 joint stock land bank; $580,716 livestock credit porations; $747,000 mortgage companies, and $6,862,700 railroads. Trimble in making public the following his decision last Thursday that he had no other choice the law, took exception Representaconferee on the relief bill, that his decision to make public the reports gain favor with Speaker John Garner. Chairman Pomerene's letter said the close the period except $25,000,000 of the $250,000,000, second series 3½ per cent notes authorized by of June 1932, had been sold the secretary of Loans In California The statement of loans authorized California during the tenperiod under section the of interest per includes Long Beach, First National Bank Long Beach, $200,000. Los Angeles, Wilshire National Bank of Los Angelees, Monrovia, Citizens' Bank of MonRialto, First National Bank, $25,-

Sacramento, California National Bank of Sacramento, California Trust and Savings Bank, $850,000. Francisco, National Trust and Bank of America, $3,800,000. Santa Ana, Farmers and Merchants Savings Bank of Santa Ana, $275,000. Santa Ana, First National Bank of, Santa Rosa, Exchange Bank, $58,000. Victorville, First National Bank of, (receiver) Willows, Bank of Willows, $140,000.

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Reconstruction Loans Made First Issued Public; Report

Aug. During the ten-day period from July July 31, the reconstruction corporation loaned $46,711,056 banks, building and loan ciations, railroads and other agenThe first report of the corporation, made public today by South Trimble, clerk of the house of repletter signed by Chairman that 437 loans totaling $45,057,556 been made during the ten-day period and loans prior July 21 had totalled $1,653,500.

Items Segregated The letter said of the total amount loaned, thorized and panies including to the of closed banks; $104,309 agriculture credit porations; $3,088,650 building and loan surance companies; $90,000 joint stock land bank; $580,716 livestock credit corporations; $747.000 mortgage loan companies, to railroads. Trimble in making public the following his decision last Thursday that he had no other choice under the tion statement by RepresentaTreadway, conferee on the relief bill, that decision make public the reports gain favor with Speaker John Chairman Pomerene's letter said the close the period $25,000,000 of the second series per thorized by board of directors June 1932. had been sold the secretary of the treasury.

July 23, the board of directors authorized the issuance of third series of notes up an aggregate amount of maturing October 27, and bearing interest the rate of 3½ per cent annum," he said. "The notes will purchased by the secretary of the treasury as the funds are required by the corporation "During the period corporation $5,000,000 the retary of agriculture in accordance with the provisions section two of the act total allocated from FebruJuly inclusive. Of this has been paid the secretary of agriculture July The statement of loans authorized during the period der section of the rate of interest of 5½ per includes: Arizona The United Bank and Trust Company, California: Long Beach, Calif. First Bank Long Beach, $200,000; Los Angeles, Wilshire tional Bank Los Angeles, Monrovia. Citizens Bank Monrovia, $25,000; Rialto, First Bank, $25,000; Sacramento, CaliforNational Bank of $463,000; Sacramento, California Trust Savings San Francisco, National Trust and Savings Bank of America, $3,800.Santa Ana, Farmers and Merchants Savings Bank Santa Ana, $275,000; Santa Ana, First National Bank of, $475,000; Santa Rose, change $58,000; Victorville, National Bank (receiver) Willows, Banks of Willows, $140,000.

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LOANS MADE TO BANKS BY GOVERNMENT

California Institutions Receive Aid From Loan Act

(By Associated Press) WASHINGTON Sept. 6. The Reconstruction Corporation in report to congress on its activities during July, made public today by South Trimble, clerk of the house, showed that during the month it authorized loans totaling $137,445. 973. Of this amount $100,908,844 was authorized to banks and trust companies, including $93,892,523 to aid in the reorganization or liquidation of banks that were closed or in process of liquidation: $264.821 to building and loan associations: $329,697 to insurance companies: $12,341,551 to mortgage loan companies; $124,500 to joint stock land banks; $197,866 to agricultural credit corporations, and $23,278,692 rediscounts to regional agricultural credit corporations. Under the act of congress authorizing it to make loans to finance sales of agricultural surpluses in foreign markets, the corporation authorized four loans aggregating Acting under the emergency relief act of 1932, the corporation authorized loans of $262,250. Loans authorized during July included the following to California concerns: National Bank of Compton, $5,000 First National Bank, Culver City, $27,000. Oxnard, Bank of A. Levy, Inc., Mortgage Guarantee Company, Los Angeles, $825,000 Withdrawn or cancelled: Victorville, First National Bank (receiver) $8,500. Withdrawn or cancelled in part Woodlake. First National Bank Newport Beach, First National Torrance Mutual Building Association $255.58.

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PRIZE POSTER KING APPOINTED AWARDS ISSUED TO NEW OFFICE

Senior and Junior High School Students Are Honored by Housing Committee

Winners of the better housing program poster contest in the senior high school and Sturges junior high school were announced yesterday. Junior college winners were announced last week. In the senior high school art class, Grace Olds took first prize as well as the award for second grand prize in the whole contest, Virginia Bussey, junior college student having won first grand prize Other winners in the high school were: second place Joe G. Samudio third place Antonio Navore. fourth place Johnny Collier, fifth place Don Cochrane, sixth place Orville Douglas Melba Martinell, Vernon Game and J. Gaffney received honorable mention. In the junior high school class. Mary Thomas won first prize. Other winners were: second place, Marshall Craw: third place. Jeanne Kelley: fourth place, Jack Shorten: fifth place, Bill Hughes: sixth place, Doris Garrett. George Kakara and Mary Jane Wright received honorable mention.

Bank Receiver to Take Over Affairs of Institution At Victorville

Consolidation of the receiverships for the three closed national banks in San Bernardino county will take effect on Jan. 1, it was announced at Washington yesterday. John E. King will be in charge as the Appointment as receiver of the First National Bank of Victorville completes the plan for the consolidation of the liquidation of three institutions. Mr. King was appointed receiver of the San Bernardino National bank several weeks ago. Previously he had been in charge as receiver of the First National Bank of Rialto. Consolidation of receiverships has been made in the interest of economy of liquidation.

Films of the assassination of King Alexander were barred from the Netherlands.

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BANK RECEIVER IS COMBINING THREE OFFICES INTO ONE

Offices of the First National Bank, now in receivership, were transferred to room 518 of the Andreson building in San Bernardino this week by John E. King, the receiver.

The transfer is in conformity with the policy of the federal banking department, and follows the consolidating of the receiverships of the Rialto bank, the San Bernardino National Bank and the First National Bank of Victorville, Mr. King explained.

The San Bernardino National Bank offices are located in the same suite.

Those wishing to transact business with Mr. King or his co-workers will be able to make appointments with Worth Brewer, who will be at the local bank when his services are needed. It will be necessary, however, to make appointments with the San Bernardino office for the local meeting.

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LAST DIVIDEND OF BANK READY

(Special Staff Correspondent) VICTORVILLE, Nov. 20. — Final dividend checks to depositors of the First National bank of Victorville will be distributed next Tuesday and Wednesday by John E. King, the bank's receiver.

Word that the checks had been signed by the comptroller of currency in Washington and mailed to Mr. King was received today in San Bernardino.

The dividend, representing 20.68 per cent of the deposits at the date of the bank's closing, will total $23,000. In all, the depositors will have received 50.58 per cent of their funds.

Although the receiver of the bank is being discharged with the payment of the dividend, it is possible that the depositors will receive slightly more as participation certificates will be issued. The certificates will entitle the depositors to assets, if any, collected by the RFC, which holds unpaid notes.

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TO DISTRIBUTE DIVIDEND CHECKS OF DEFUNCT BANK

Final dividend checks to depositors of the First National Bank of Victorville will be distributed next Tuesday and Wednesday by John E. King, the bank's receiver.

The dividend, representing 20.68 per cent of the deposits at the date of the bank's closing will total $23,000. In all, the depositors will have received 50.58 per cent of their funds.