11201. State Bank (Belt, MT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 11, 1922
Location: Belt, Montana (47.386, -110.926)

Metadata

Model: gpt-5-mini
Short Digest: d1e3d2f1

Response Measures

None

Description

The State Bank of Belt closed after the arrest of its president L. B. Lockhart on charges of misappropriation (bank-specific adverse information). The bank suspended operations in October 1922 and never reopened as a going concern; a receiver (W. C. Blomquist) was appointed and the institution was liquidated with dividend payments in subsequent years.

Events (3)

1. October 11, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Arrest of president L. B. Lockhart on charge of misappropriation of funds; resulting depletion of reserves and authorities posted notice of closing for insufficient reserve.
Newspaper Excerpt: the State Bank of Belt closed its doors ... the bank failed to open after Thursday's legal holiday, Columbus day. The notice posted on the door ... stated the reason for the closing as an insufficient reserve.
Source: newspapers

2. July 1, 1923* Receivership

Newspaper Excerpt: W. C. Blomquist, receiver of The State Bank of Belt, a corporation, Plaintiff. (receiver named July, 1923). Receiver Blomquist was named receiver in July, 1923 and until now has devoted all of his time to the office.
Source: newspapers

3. July 12, 1923 Other

Newspaper Excerpt: Rumors have been rife that funds of the liquidating State Bank of Belt are involved ... we are authorized by W. C. Blomquist, receiver, to say that these reports are absolutely without foundation. (Describes liquidation/receiver activity.)
Source: newspapers

Newspaper Articles (16)

1. October 19, 1922 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, October 19, 1922

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After staggering a week from the blow dealt it by the arrest of its president, L. B. Lockhart, on a charge of misappropriation of funds, the State Bank of Belt closed its doors last Wednesday evening, and although no notice of its official closing by the state banking department was posted until late Thursday night or early Friday morning, the bank failed to open after Thursday's legal holiday, Columbus day. The notice posted on the door and signed by H. E. Stewart, deputy state bank examiner, stated the reason for the closing as an insufficient reserve. S. L. Kleve, assistant superintendent of the state banking department, and E. E. Dawson, cashier of the bank, appointed as deputy examiner, are now in charge of its affairs. Mr. Kleve states that no receiver will be appointed immediately, and not until every effort toward the reopening of the bank has been made. What the prospects of this are he does not state. The bank, he states, was examined last December and was found te be in a very fair condition. The last statement of the bank, issued in response to the call of September 15. shows loans and discounts of $257,980.57, and it is supposed that the greater amount of the loans are placed in this vicinity. The deposits totaled $142.656.41, and the borrowed money $110,122.20. The cash reserve was slightly more than required by law $12,936.61. Both the deposits and the cash reserve were undoubtedly lowered to a considerable extent during the few days the bank remained apen after Lockhart's arrest , though no withdrawals other than those made in the natural course of business are said to have been allowed. The State Bank of Belt is this city's

2. October 26, 1922 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, October 26, 1922

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County Funds Protected By Bonds That Cascade county will lose no money nor be deprived of its use for any length of time, through the recent failures of banks in which county deposits were carried is the statement of Fred C. Andretta, county treasurer. In the case of the Commercial National Bank of Great Falls, which at the date of closing carried a county deposit of $50,611, the county was fully protected by a surety bond for $34,000 and by stock of the Montana Power company assigned over to the county treasurer as collateral for the balance of $15,611. It has been stated that personal bonds of officers of the bank had been given in this case. The State bank here and the Miners State bank at Sand Coulee had deposits of county funds in the following amounts; the State Bank of Belt had $10,000 on deposit insured in the American Surety Co., of New York; the Miners State Bank of Sand Coulee had $7,800 on deposit secured by a Surety bond in the amount of $8,000 in the American Surety Company of New York. In the even that any of the banks reopen for business, which is highly probable according to rumor; Mr. Andretta states that with suitable security the amounts will immediately be replaced in the banks upon the proper guarantees being submitted to the county treasurer.

3. October 26, 1922 Belt Valley Times Belt, Armington, MT

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Additional Locals Harvey Nulliner, who was arrested a week ago last Sunday morning on a charge of second degree assault after he had gotten careless with a revolver at his home and firing several shots, was released from the county jail under $1,000 bonds late last week and has returned to Belt. He has been ordered to appear in district court today to show cause why he should not pay temporary alimony while his wife's suit for divorce is pending. The Calone& Johnson mine has completed arrangements for the use of the coal loading chute built on the Great Northern right-of-way near the Rocky Mountain elevator by the defunct Higwhood Coal Mines last year, and is now loading coal over it. The new arrangement enables the mine to load all grades of coal at the same time. lump and nut being loaded at the chute and mine run and slack into cars on the house track. A party of 20 young people were ntertained a the rooms of Miss Mary Pattsner Monday evening in honor of Mrs. Albert Santschi and Miss Sophie Krebs, who left this morning for California. Cards formed the chief source of entertainment, followed by lunch. Miss Genevieve Schoeder and Burney Kjose won prizes for obtaining the high scores at the games, while Miss Alice Beaudry and Leslie McHose were consoled with suitable prizes for the low scores. While there have been may rumors current about the city regarding the reopening of the State Bank of Belt, which closed its doors two weeks ago, Cashier E. E. Dawson, who is in charge as a deputy state bank examiner, states that it is not probable that any action along this line can be taken before early in the new year. S. L. Kleve, assistant superintendent of the state banking department, who was here directly after the closing of the bank, has departed, leaving the affairs in charge of Mr. Dawson.

4. April 12, 1923 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, April 12, 1923

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LOCKHART IS ARRESTED AGAIN Charged with the crime of grand larL. B. Lockhart, Cascade county Falls ceny, banker, was arrested on a Great street Thursday afternoon. Deputy LockSheriff C. S. Dennis, who took him to hart into custody, accompanied the county jail, where he immediately bonds in the sum of $1,500. Pengave for grand larceny is a sentence than alty of less than one year or more 14 in the state not years prison. A direct information was filed against Lockhart in district F. court A. Thursday by County Attorney isEwald and a bench warrant was who sued for his arrest. Lockhart, jail, his age as 28 at the county Belt gave president of the State Bank Miners' of and is vice-president of the inState Bank of Sand Coulee, both in stitutions having closed their doors October, 1922. According to the information filed with against Lockhart, he is charged of theft of $3,357 from the funds the State Bank of Belt. The information the contains two counts of larceny officer against the banker, one as an of the bank and one as bailee. The information charges that Lockhart "did, on or about the 29th day cus- of May, 1922, have in his possession, tody or control, as bailee, servant, State agent, trustee or officer of the Bank of Belt, certain money, property, of evidence of debt, contracts, articles value, credits, things in action, of the the value of $3,355.00, then and there property of said bank, and did, willfully, unlawfully, feloniously, deprive the true owner of said property." In the second count, it is cited that Lockhart, as president of the Belt institution "did, on or about the 29th day of May, 1922, take, steal, withhold or appropriate to his own use certain moneys." L. Q. Skelton, state superintendent of banks, E. M. Klebe, H. G. Lescher, and H. E. Stewart, deputy bank superintendents; M. T. Messelt, Mr. and Mrs. Ed. Gerber, E. E. Dawson, James G. Larson and E. Lundell are named witnesses for the state. Mr. Lescher as was named receiver of the bank at Sand Coulee in November, 1922, shortly after it closed its doors and at about the same time he took charge of the Belt institution as deputy state superintendent of banks. Asked as to whether any action would be taken in connection with y Lockhart's association with the Sand Coulee bank, Mr. Ewald said that recf ords alleged to be missing from that concern have prevented the finishing of an investigation there. Mr. Ewald S stated that on the night before the I state examiner's deputies took charge of the Sand Coulee bank, certain rect ords are alleged to have been removed from the vault, and that all efforts on f the part of state officials to locate P them have been without success. V It is specifically charged in the in8 formation against Lockhart that the f defendant wrongfully transferred n $2,300 to his own credit at the Belt bank. It is alleged, Mr. Ewald said, raised the furniture and bank's that Lockhart fixtures value in of the the t amount of $2,300 and later placed that c sum to the credit of his personal acit count. No intimation was given by t officials as to the way in which the 5 balance of the amount named in the p information is alleged to have been taken. e d Lockhart has been in Belt and Sand t Coulee for the last two years. He is c married and has one child. Lockhart came to Great Falls about three weeks ago and has been maintaining his residence at the Y. M. A. -Great Falls Tribune. b th A plea of not guilty was entered Friday morning in district court by L. B. Lockhart, Belt banker, when arbefore Judge H. H. S with the crime of raigned charged grand Ewing, larF ceny. Lockhart's trial was set for 8 April 25. Attorney D. J. Doyle of ly O'Leary & Doyle appeared for Lockti hart. County Attorney F. A. Ewald said p Friday that he was unable to state 11 whether additional charges against Lockhart would be made. Disappeard ance of books from the bank at Sand t Coulee the night before the state su-

5. July 12, 1923 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, July 12, 1923

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Rumors have been rife that funds of the liquidating State Bank of Belt are involved in the closing of the Stanton Trust & Savings bank. We are authorized by W. C. Blomquist, receiver, to say that these reports are absolutely without foundation. Miss Maggie Young of Helena, and formerly a resident of Belt and a graduate of the Belt Valley high school class of 1916 was in town Monday on her way to the camp meeting at Neihart. Mike Kessler has opened a shoe repair shop on Second avenue south in Great Falls. Last week his family joined him there. Dr. Stewart's office will be closed from July 15 until Aug. 1st to allow the doctor to attend the state meeting at Missoula and to take a short vacation.-Adv. At the next regular baby elinic, babies will be scored according to habit and physical development. They will be graded according to the following ages: babies to nine months; nine months to two years; two years to six years. If possible certificates will be issued to those grading over 75 per cent. Those who wish may bring a pienic lunch. Friday, July 27, is the date, 12 m. to 4 p. m. Bring the babies. Summer school will start Monday in the eighth grade room of the Custer school.

6. October 25, 1923 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, October 25, 1923

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W. C. Blomquist, Receiver of The State Bank of Belt, a corporation, Plaintiff.

7. April 30, 1925 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, April 30, 1925

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Harry Hamment came in on high after supplies Tuesday. It Born to Mr. and Mrs. C. H. Provin at the Columbus hospital on April 27th, a daughter. Mother and babe are reported doing well. The case in which M. T. Messelt was charged with irregularities in connection with the affairs of the State Bank of Belt has been dis missed by the county attorney. Judgement has been taken against the defendants in the case of W. C. Blomquist, Receiver of the State Bank of Belt, against former stockholders who have not paid their stock assesments as follows: L. B. Lockhart, $21,600; E. E. Dawson, $3000; Ebba Lundell, $500; and D. A. McLeod, $4000. The Choteau County High School has re-established the manuel train ing and domestic arts departments in their school. These departments were discontinued two years ago because of the strenuous financial situation. A number of Belt people who had planned on attending the show and dance at Raynesford failed to ar rive because the upper road was im passible. All those who took the Otter Creek road were successful and report a good show and a fine time. Mr. and Mrs. John Jarvi of Sand Coulee were the guests of Mrs. Richard Keto last Sunday. Fred Kraftenburg of Little Belt was a business vistir in town Wednesday. John Carlson of North Willow was seen in town yesterday. Mike Matson received through the hands of John Carlson the tidy sum of $90 which his friends on Little Belt had raised for his benefit. He wishes us to thank them on his behalf and his family's. Dr. and Mrs. Stewart were business visitors in Great Falls Saturday. A most enjoyable meeting of the guild was held at the home of Mrs. R. H. Bemis last Thursday afternoon. Much work was done before lunch was served. Rev. Young and son were present and he addressed the guild upon various phases of their work. The guests present besides the members were Mrs. Leland, Mrs. Dahl annd the Misses Kendall, Gullickson, Kreuger Rice, Schuler, Peterson, Bemis. The next meeting of the Guild will be with Mrs. Homer Armstrong on Thursday May 7th. Mr. and Mrs. Lee Johnson and daughter Doris spent a few hours in town visiting friends. Miss Myrtle Skadsen visited Mrs. Joe, Morris yesterday. Miss Wanda Sifford was a guest at the home of Jude Hubber a few hours Wednesday. Vernon Crow of Greenfield visited at the Wood home over the week end. Mr. and Mrs. Fred Burrows of Fife were transacting business in Belt Wednesday. Mrs. James Cooper was a business visitor in Belt Wednesday. Mr. and Mrs. A. Weir were in town yesterday. Mr. Weir was looking atter some road work in this vicinity. Mr. and Mrs. T. W. Noble visited with Mr. and Mrs. Bob Siegling on Sunday. Miss Mabel Edman of Great Falls spent the week end visiting Miss Edith Johnson. The card party given by the ladies of the Altar society of St. Marks church was an enjoyable affair although the Great Falls crowd expected failed to arrive. Mrs. N. H. Nelson won head prize for the ladies, Mrs. Homer Armstrong the consolathin. Bob Heron refused the booby alhough it was offered to him. Ernest Siegling was high among the nen, S. A. Remington, second and the ow score went to Mr. Kleffner.

8. August 19, 1925 The River Press Fort Benton, MT

Article from The River Press, August 19, 1925

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Suit Against Big Sandy Mine Great Falls.-Action to compel payment of $100,000 in bonds issued by the Mackton Coal company of Big Sandy was begun in district court Thursday, when Judge Stephen J. Cowley signed an order directing the receivers of the State Bank of Stockett and the State Bank of Belt to join in a legal move to force the Northwestern Ttrust company of St. Paul, trustees for the issue, to foreclose on property of the mine. In petitions for the joint move signed by the receivers of the two banks, the Stockett institution is represented as holding $42,000 of the bonds and the Belt bank $10,000. The deed of trust, under which property of the mine was transfer red, first to the Stanton Trust and Savings bank and later assigned to the St. Paul institution, as security for the bonds, enjoins individual bondholders from suing, expressly stating that only the trustee might bring action against the company. The bonds, according to J. W. Freeman, counsel for the Stockett and Belt banks, were issued in 1917 for five years and are overdue. The mine is not operating at present, he stated.

9. January 29, 1926 Great Falls Tribune Great Falls, MT

Article from Great Falls Tribune, January 29, 1926

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Receiver Will Issue Deposit Certificates to Jas. Shannon Heirs W. C. Bloomquist, receiver of the State bank of Belt was ordered Thursday by District Judge S. J. Cowley to issue receiver's certificate to the heirs of the James Shannon covering amounts on deposit in the bank to the credit of the estate. order was requested by J. E. Healy, executor, who stated that a certificate of deposit for $5,228 had been provided by the receiver, and that it was im possible to close the estate until separate receiver's certificates were issued. On petition of W. Tighe, attorney for the estate, Judge Cowley also issued an order awarding him $100 attorney's fees, for legal services following the decree of distribution in 1920 BIRTHS Born. to Mr. and Mrs. Lee J. Barclay of 718 Second avenue north. at the Columbus hospital, January 27, son. Born, to Mr. and Mrs. C. C. Jacobsen of Carter, at the Columbus hospital, January 27, a daughter. Born, to Mr. and Mrs. Percy N. Walworth of the West Hotel, the Columbus hospital, January 27, a son.

10. February 4, 1926 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, February 4, 1926

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# Jimmy Shannon Estate Settled The Jimmy Shannon estate wih now be settled and the executors J. E. and J. P. Healey will now breathe a sigh of relief. All the property had been divided among the heirs with the exception of a Receivers certificate for $5228 on the State Bank of Belt and this could not be divided without a court order. The executors were anxious to have the matter finally settled and petitioned the district court for an orde upon W. C. Blomquist, receiver, directing him to issue receivers certificates to each of the heirs in accordance with their respective shares in the estate. Last week Judge Cowley sitting on probate matters ordered that the original receiver's certificate be so divided and that individual receiver's certificates be issued to the heirs This will permit the estate to be closed and the heirs will receive the dividends as they may be paid. The majority of the heirs live in Ireland where Jimmy Shannon emigrated to the United States.

11. May 27, 1926 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, May 27, 1926

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Local Items of Belt and Vicinity William Junkermeier made a busST. LUKE'S CHURCH iness trip to Belt yesterday. John Richardson of Rocky Ridge Lee H. Young, Pastor. Church School 10 A M. came in after supplies Tuesday and narrowly escaped being run over when another auto-driver neglected ST. MARK'S CATHOLIC CHURCI his car while he looked around. Sunday school 2 o'clock p. m. E. F. Eulberg was a business visiFirst Mass 8 o'elock a. m. tor to our city yesterday. High Mass 10:30 A. M. Mrs. B. Glime makes the trips to Benediction 7:30 P. M. town these days because Mr. Glime IS too busy. CHRSTIAN CHURCH The Sophomore and Freshmen clas Sunday School 10:30 A. M. ses of the high school have nearly Communion services 11:30 A. M. completed A nicely engineered "B" Christian Endeavor 7 P. M. on the hill in the Calone field cast of Junior Endeavor (in basement) town. The letter is of large propor. P.M. tions and may readily seen for a long Preaching services 8 P. M. distance. Midweek service Wednesday 8 P. M Mr. and Mrs. Alcide Fischer, Jr. If you don't attend elsewhere-Come of Waltham will leave on Saturday o: fhis week by auto for Mrs. Fischer's MARCELLING home in Virginia. They will spend Second door below the Truy Laun several weeks there and along the dry. Jessie Sampson, Phone 89W Atlantic coast visiting places of interest. They will return about Au, At times it is unfortunate for the gust first. children that parents can not see a Mr. Moulton, field representative show first else on the second night of the Armour Creamery Co. of Milesthey would urge their children to atCity has been in Belt overseeing. extend. Such a show was "Janice Mertensive improvements and alternaedeth," shown at the Pythian Sunday tions in the quarters of the receiving and Monday. Yet the children tha: station in McConkey's store. McConsaw the picturization of Paul Revere's key's ship the second largest supply ride and the crossing of the Deleware of cream to this creamery of all the got few more thrills than their elders stations and have already shipped Leon McConkey is home for a few this month more than 1200 gallons days visit from his ranch at Warrich of cream. Mr. and Mrs. Gus Manchester re Graybill and Graybill, attorneys, turned Saturday from a motor trip yesterday filed a petition from deto Butte. positors in the State Bank of Belt Mrs. Sam Wilson of Lewistown asking the court either to terminate visited relatives in Belt Tuesday and the receivership, to let the work Oh took their car back. a commission basis or to combine Mr. Charles Dahl spent Sunday in this receivership» with others with the Great Falls. When he returned he end in view of diminishing the exi was the proud owner of a new Chrys pense of closing up the business. ler coach. No criticism is made of the manner The Guild met last Thursday afterin which the receiver, W. C. Blomnoon at the church for the purpose of quist ha sconducted the business of painting the basement. After the the receivership but consider the ex work was finished the ladies adjourpense too great. ned to the home of Mrs. George Stuf-

12. June 10, 1926 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, June 10, 1926

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JUDGE RETAINS $ RECEIVER ON A CHANGED BASIS A full time receivership for the State Bank of Belt which closed Oc tober 11, 1922, was terminated Mom day by District Judge Stephen 3. Cowley and an order issued which provides that the receiver shall in the future receive as compensation 20 per cent of all funds collected and received. The action of the court was taken on petition of W. C. Blom quist, receiver of the bank Mr. Blomquist was named receiver in July, 1923 and until now has devoted all of his time to the office. In his petition to the court Monday Mr. Blomquist said that it would not be for the best interest of the creditors if a full time receiver was notained at a salary of $300 a month, due to the diminished assets, It was his opinion that termination of the receivership by sale of the assets would not be advantageous. The receiver's petition shows that the banks remaining assets have a value of at least $30,000, and that these can be realized on if the debt tors are given an opportunity to liquidate their obligations. Judge Cowley entered an order providing that the future Receiver Blomquist's compensation shall be 20 per cent of all moneyn collected, to which will be added a reasonable amount for rent and attorney's fees which will be fixed by the court. The filing of Receiver Blomquist's petition followed the presentation of another petition last week in which Albert Beaudry and 27 other creditors asked that the policy of maintaining a full time receiver for the bank be abandoned. This proceeding was dismissed by the court on the ground that the title was faulty.

13. June 24, 1926 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, June 24, 1926

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Annette Weggeland and Brother, Anders were in town after ranch necessities and they visited their sister, Mrs. John Jaap. B. S. Baker of Wayne spent Wednesday morning in Belt on business Hail! Hail! The gang are all going to the First National to get their Hail Insurance. Adv. Mrs. Al Rowe of Cora creek visited Belt Wednesday. John Magnuson and Mr. and Mrs. Herbert Magnuson were in town yesterday having dental work done and calling on friends. Walter Midgett who has been it with rheumatism for some time was taken to the veteran's hospital in Helena Wednesday for treatment. Walter is an ex-service man who saw action overseas. Hubber and Son are selling all their grade she-stock. Their stock can be seen and tested before you purchase. A ditching outfit of the Great Northern has been working in the city for a day. The outfit is in charge of R. M. Conners, Roadmaster and John Wallen, Assistant Roadmaster. Homer Bain, formerly OF Armington was brakeman on the train crew. The ditcher does the work of several hundred men with neatness and dispatch, Judge Stephen J. Cowley recently issued an order that the Receiver of the State Bank of Belt should hereafter receive no salary but should be paid twenty per cent of the amount of collections. On Tuesday Twentyeight of the creditors of the bank petitioned the judge to reduce the percentage to seven per cent on notes and two per cent on the sale of real estate and furniture.

14. November 9, 1926 Great Falls Tribune Great Falls, MT

Article from Great Falls Tribune, November 9, 1926

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APPEAL TAKEN BY BLOOMQUIST IN BOND CASE Belt Bank Receiver Dissatisfied With Ruling in Suit Over Surety Liability A decision of Judge Charles N. Pray of the federal court in dismissing an action brought by W. C. Blomquist. as receiver of the insolvent State Bank of Belt. against the American Surety company of New York will be appealed to the circuit court of appeals as the result of authorization granted the receiver Monday by District Judge Stephen J. Cowley The receiver, according to his petition for authority to make the appeal, in stituted against the surety company to recover $10,000 on bond issued to in demnify the bank against embezzlement or wrongful acts of L. G. Lock hart. former president of the bank. The action was originally filed in district court, but was transferred to the federal court. Judge Pray on October found in favor of the defendant. and pointed out that Lockhart had appropriated $500 of the bank's fund on August 24, 1925, to his own use. This was by other officers of the bank and the money ordered returned The surety company was not notified of the abstraction and this alone. the court held. was sufficient to permit the company to avoid all liability The receiver states in his petition that he believes the court erred in the opinion. and that an appeal should be made to the circuit court appeals in order that justice may be done to the stockholders. The decision. according to Mr. Blomquist. should not be ae cepted as final or conclusive. In addition to authorizing the appeal. Judge Cowley directed that the costs of prosecuting the appeal be allowed as an expense against the receivership.

15. January 18, 1927 Great Falls Tribune Great Falls, MT

Article from Great Falls Tribune, January 18, 1927

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BELT RECEIVER PAYS DIVIDEND OF 10 PER CENT State Institution Will Make Third Distribution to Its Creditors Payment 10 per cent dividend. representing $12,015 of the insolvent State Bank of Belt authorized Monday morning by District Judge W. H. Meigs application of of the institution. The dividend the third which been made since the bank closed in October. 1922. In requesting authority to pay the 10 per dividend, Receiver Blomquist stated that preferred claims have paid that total was hand the bank. The payment the will leave balance of $2,807.85 in the receiver's hands. dividends made by the bank were for 69 and each representing 10 per cent of the general claims. At the time the bank suspended erations. total of $53,193 was due to depositors certificates of deposit, $12,004.40 deposits also due for payment, and deposits totaled totalled $35,201. which cancelled by Total assets were placed at $207. which classed $43,315.32 and $73,115.32 "worthless." Total collections of the receiver to date are

16. January 28, 1927 Great Falls Tribune Great Falls, MT

Article from Great Falls Tribune, January 28, 1927

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STOCKETT BANK RECEIVER PUT ON COMMISSION 10 Per Cent of Collections to Replace $100 Month Salary Heretofore Paid Compensation of H. G. Lescher, as receiver of the State bank of Stockett was Thursday placed on commission basis, which provides that the receiver shall recive 10 per cent of all collections, according to an order filed in dis triet court by Judge H. Meigs. Orders authorizing compromise settlemens of obligations of the Belt Farmers Mill & Elevator company were also issued. Mr. Lescher in the past has received $100 month as compensation for act ing as receiver of the insolvent Stockett bank, and requested that he be placed on 10 per cent basis on the ground that the remaining collec tions are As receiver of the Stockett bank, Mr Lescher was authorized to accept $1. 500 as full settlement of $4,500 obli gation of the Belt elevator company to the bank. The company on November 1921. according to the petition, ex ecuted $5,000 promissory note in favor of the bank, and balance of $4,500 is due on the note. The obligation other mortgages $7,500 and $9,063.10 and the value of the elevator property is appraised at but $12,000. Mr. Lescher. as receiver of the State bank of Belt. also was authorized to settle $9,063.10 indebtedness of the elevator company for $3,000. This debt was incurred through $16,000 promis sory note, subject to two other mort gages.