11737. City National Bank (Kearney, NE)

View Charter #13013 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13013
Charter Number
13013
Start Date
May 15, 1927
Location
Kearney, Nebraska (40.699, -99.081)

Metadata

Model
gpt-5-mini
Short Digest
6686dfb403fe9c1a

Response Measures

None

Receivership Details

Depositor recovery rate
50.9%
Date receivership started
1927-05-14
Date receivership terminated
1932-11-01
OCC cause of failure
Governance
Share of assets assessed as good
28.9%
Share of assets assessed as doubtful
70.2%
Share of assets assessed as worthless
0.9%

Description

City National Bank (Kearney, NE) failed to open in mid-May 1927 and was placed in the hands of a receiver (M. A. Ross) shortly thereafter. The cause cited in contemporaneous reports was frozen paper / bad loans dating from about 1920 (bank-specific adverse information). The bank did not resume normal banking operations; a receiver administered liquidation and paid dividends to depositors (25% dividend distributed beginning April 12, 1928). Therefore this is a suspension that led to permanent closure/receivership. Dates derived from newspaper publication dates (first report of failure to open: Nebraska City News Press 1927-05-15).

Events (5)
1. December 8, 1926 Chartered
Source
historical_nic
2. May 14, 1927 Receivership
Source
historical_nic
3. May 15, 1927 Receivership
Newspaper Excerpt
M. A. Ross, receiver of the City National bank of Kearney since last May, brought suit ...; Receiver Ross ... as receiver City National Bank in Kearney, Nebraska, plaintiff ... (many later legal actions shown).
Source
newspapers
4. May 15, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Frozen paper — bad loans dating from about 1920 cited as reason for closure.
Newspaper Excerpt
Kearney was thrown into excitement this morning when the City National Bank ... failed to open its doors. Dan Morris, president, ... attributed the trouble to frozen paper, but declared that the bank will be able to pay out 100 cents on the dollar.
Source
newspapers
5. April 12, 1928 Other
Newspaper Excerpt
Receiver Ross ... announced ... dividend checks ... would be distributed to depositors of the closed bank beginning Thursday ... a dividend of twenty-five per cent is being paid on all deposits. The total to be distributed ... $410,000.
Source
newspapers

Newspaper Articles (13)
1. May 15, 1927 Nebraska City News Press Nebraska City, NE
Article from Nebraska City News Press, May 15, 1927

Click image to open full size in new tab

Article Text

Kearney Bank Fails to Open Its Doors KEARNEY, Neb., May Kearney was thrown into excitement this morning when the City National Bank, with deposits of failed to open its doors. Dan Morris, president, and of the best known bankers in the state, attributed the trouble to "frozen paper," but declared that the bank will be able to pay out 100 cents on the dollar. A national bank examiner who to Kearney Friday night was in charge of, the institution. The City National was capitalized There are two other banks. both state institutions, at Kearney.

2. May 26, 1927 Dorchester Star Dorchester, NE
Article from Dorchester Star, May 26, 1927

Click image to open full size in new tab

Article Text

OF CURRENT WEEK KEARNEY BANK CLOSES, HOPES OUT City National Leans," Deposits Nearly $1,760,000. National bank Kearney has closed had deposits million, 750 thousand dollars and loans of two milthousand "Frozen loans" dating from 1920. assigned the reason for the failure. Last the City !onal bank and the Central National of sold their assets corporation. the City Na. tional bank Kearney The new stitution. controlled by the stockholders the two tormer banks and several amounting to thousand dollars capital stock and 15 thousand dollars surplus. After the organization of the bank by the purchase two old deposits were two million, 440 thousand dollars, and loans about the amount. While the bank. since then, reduced its loans approximately 300 thousand dollars the loss deposits amounts twice that sum. Kearney now has two state banks, the State and the American State Bradley Horses Enter Omaha Races Bradley, owner Bubbling Over, which won the 1926 version of the classic Kentucky derand owner of Bewithus and Buddy Bauer, of year's entries. has promised racing association several his horses the meet here June Bradley, said Byrne wealthy Omaha race enthusiast promised me send three four of his best horses, presume he will send Bewithus Buddy Bauer, but any Bradley horse real horse, Bradley Corn Leading Nebraska Crop than acres under cultivation or per cent was corn. Winter wheat credited acres while oats. was Hated and tame hay of all kinds totalled acres. There bushels produced the state average during the five-year period 1921-25 which put Nebraska third place corn production the nation. Iown led all states and Illinois was second Attractive Mail Boxes Beautify Roads Nebraska national campaign beautify public highways by making mail boxes attractive and more uniform, has been taken here. with an active attempt unsightly boxes removed, those improperly placed, correctly stationed. Co-operation of all rural subscribers being sought the post office department, and ters actively engaged helping along. Tubercular Eradication Reduces LOSS report recently issued Omaha Livesfock exchange ing comparative figures hogs Omaha and Nebraska City from accredited counties show there reduction per cent in the number of tubercular infected hogs slaughtered during the first three months 1927, first three months of 1926. Restrain Issue Of School Bonds Scott and other taxpayers for and restraining order against the board prevent from Issuing bonds for the erection school building, upon petition payers, without an The junction will be argued before Carter. Cutwerms Real Menace Crops braska have reported cutworms menace their this The rainy spring believed been responsible for inroads of the worms, which have shown quantities such not this vicinity for many To Begin Drive On Barberry Nebraska obtained $21,000 from federal appropriation for the new year beginning July for barberry eradication. The survey work for common barberry will Pierce. and Stanton the result work in bushes have been found and troyed from 4,045 properties. search carried during the shows that barberries been observed counties the state.

3. June 21, 1927 Kearney Hub Kearney, NE
Article from Kearney Hub, June 21, 1927

Click image to open full size in new tab

Article Text

Now or Never! The hotel drive will close tomorrow evening. and the result reached that time may have definite bearing upon the future Our Town for to come. Admitting that many years the drive to secure subscription of $35,000 the preferred stock of the proposed operating company follows upon the heels of the recent City National bank suspension, with the consequent depressing influences, the fact nevertheless remains that this allotment to Kearney citizens not beyond our reach or our financial ability. To admit that this city of ten thousand people can not or WILL NOT invest thousand dollars in sound home enterprise which means so much this particular moment, would be shameful and humiliating confession made publicly without reservation plea in extenuation. Surely we do not intend to make such confession. Moreover climax of injustice reached when it becomes necessary for the generous and public spirited foot the bill for community and progress while his citizen lacking in public spirit or generosity is equally benefitted although his contribution pittance possibly nothing at all. Indeed, for circumstanced citizen to ride free the cost of another person not well circumstanced, is thing so repugmant as to be inconceivable, were not true and did we not know that such things are really done. The last lap of the drive is now on. The amount in sight at this time approximately $21,000.00. Strenuous will be needed to put the drive across for the full $35,000. Of course can be done. But to do It there must be addition to the list of subscribpossibly will be necessary for those who have subscribed to increase the amounts pledged. No "piker" be on good terms with himself he has contributed to the transformation of Splendid Effort Humiliating Failure. Again, great deal depends upon the action of Kearney's absentee of Mr. Keens, Mr. DownMr. Porterfield and present residents California, but having heavy property interests modest gesture from these four and step forward by other group of citizens are holdwould instantly change discouraging outlook into assurance of gratifying SUCCESS. should be borne in mind that the new owners of the uncompleted hotel asking for gifts or donations, offering reasonably safe investment six per cent with probability of future liquidation from the profits operation. But be that as may, the proposal were for gift instead of an investment, every subscriber would still be making the best of all investments, based upon his own community pride and the indirect benefits derived from the building of proud and community. Color blindness is frequently just annoying, but when the vision distorts to baby pink It high time do something about It. Censorship of bathing costumes on the Atlantic City beaches has been abandoned. You can censor some things all of the time, others some of the time but appears futile to expect to censor feminine dress at any time. This year, we are told, to petition of 1816, year without Let's worry about that when over and for the time being on finishing the hotel and looking forward to harvesting that wonderful small grain crop which now in sight. Canada threatens embargo filth" of American origin. There seems to be ample justification step, decent can thus be saved from polution. Cheap, degrading, filthy "magazine perhaps even more danthe future mankind than corn borer foot and mouth greatest says Charles "is for air ports great cities. This country situated be the leader We have no International 8 complicate things, our conditions are relatively good people to whom time means more than does to any Lindbergh merely stunt attitude toward him mere sentimentality.

4. September 7, 1927 Evening World-Herald Omaha, NE
Article from Evening World-Herald, September 7, 1927

Click image to open full size in new tab

Article Text

SUES SOUTH SIDE BANK Receiver at Kearney Wants Accounting on N M A. Ross, receiver of the City National bank of Kearney since nst May, brought suit in federal court here sday against the State Bank of South Omaha for an accounting, as the result 01 the latter's efforts to collect on a note. The note given by the Kearney blank, for $12,500. was not paid at maturity, and collateral notes were ordered sold, the receiver contends in his petition. The Omaha bank then bought them in Mr. Ross claims he did not get notice of the sale. The suit was filed by Brogan, Ellick and Raymond.

5. February 11, 1928 Kearney Hub Kearney, NE
Article from Kearney Hub, February 11, 1928

Click image to open full size in new tab

Article Text

NOTICE. State of Nebruska, County of Buffálo, Lieut. Chas. You are hereby notified that on the 5th day of November, 1925, Ed. Robinson bought tax sale, of the then treasurer of Buffalo county, Nebraska, the following described real estate, situated in said county, viz: Lots- 135 and in South Kearney, an addition to the original town of Kearney Junetion, now in the city of Kearney, Nebraska, for the taxes for the years 1922, 1923 and 1924, said real having been taxed for said years in the name of Lieut. Chas. Morton. and appears the records in the name of Lieut. Chas. Morton, and that the undersigned as the assignee of such purchaser, is now the holder and owner of the certificate issued upon said sale, and that three months after completed service of this notice deed will be applied for. JOHN f2w3 Owner of said Certificate. John Miller E. Randall, Attys. NOTICE TO DEFENDANTS. To Grace P. Coffey and George Coffey, non-resident defendants: You will take notice that M. A. Ross, as receiver City National Bank in Kearney, Nebraska, plaintiff, has begun an action in the district court of Buffalo county, Nebraska, against you impleaded with Benjamin A. Armitage, al, the object and prayer of which to deed executed by Benjamin and Helen Armitage, his wife, to Grace Coffey, bearing date August 1927. and recorded December 13, 1927, in book 118, page 588, of the deed records of Buffalo county, Nebraska, and conveying the northeast quarter Section (32), in Township nine (9) north, Range (14), west of the sixth principal in Buffalo Nebraska, and to cancel deed by Benjamin A. Armitage and Helen Armitage, his wife, to Belle McFerren, bearing date August 1927, and recorded December 13, 1927, in book 68, page 214, of the deed records of Dawson county, Nebraska, and conveying the northwest of Section (22), in Township eleven (11) north, Range twenty-one (21), and the southwest quarter of Section (22), in Township twelve (12) north, Range nineteen (19), west of the sixth principal meridian, county, Nebraska, and to subject the same to the payment of judgment obtained by plaintiff against the defend. ant Benjamin A. Armitage (under the name of B. Armitage) in the district court of Buffalo county. Nebraska, December 16th, 1927, for with interest and costs, and a judgment obtained by plaintiff against the defendant Benjamin A. Armitage (under the name of B. Armitage) the county court of Buffalo county, Nebraska, on December 17. 1927, for $875.04 with interest and costs, and for costs of suit. Plaintiff alleges the said judgments, the executing and recording of said deeds, that said judgments are wholly unsatisfied, that execution has been returned nulla bona. That said deeds were fraudulently executed and re-

6. February 11, 1928 Kearney Hub Kearney, NE
Article from Kearney Hub, February 11, 1928

Click image to open full size in new tab

Article Text

corded by the said defendants Benjamin Armitage and Helen Armitage, his wife, 80 received by the said Grace Coffey and Belle McFerren, defendants, are sisters of the defendant Benjamin A. Armitage, for the fraudulent purpose of cheating, hindering, and defrauding plaintiff in the collecting of his judgments. That George Coffey is the husband of Grace P. Coffey. You are required to answer said petition on Monday the 5th day of March, 1928, or said petition will be taken as true and rendered Dated January 20th, 1928. M. ROSS, As Receiver of City National Bank In Kearney, Plaintiff. j21f18 John Miller & E. L. Randall, Attys. NOTICE TO DEFENDANTS. To Marguerite S. Gildner and Elmer J. defendants: You will take notice that M. Ross, as of The Central National Bank of Nebraska, has begun in the district court of Buffalo county, Nebraska, against you the object and prayer of which is to foreclose mortgage dated March 25, 1924, given by you to S. Donnell and recorded in book 109, page 302, of the mortgage records of Buffalo counNebraska, securing note of $2,and Interest and taxes, and conveying tract of land in the southeast quarter of the quarter of section (35), in Township nine (9) north, Range sixteen (16), west of the sixth principal meridian, in Buffalo county, Nebraska, and heretofore known as the south 130 feet of Block One (1), in Frank's second addition in the city of Kearney, and for the sale of said lands to satisfy the debt and taxes paid in the sum of $701.80 and interest and costs plaintiff default in the conditions of said mortgage are required petition on Monday the 12th day of March, 1928, or said petition will be taken as true and judgment entered thereon. as receiver of The Central National Bank of Kearney, Plaintiff. j26w4 Nye and Nye, Attys. NOTICE TO CREDITORS. In the County Court of Buffalo County, the matter of the of Joseph Kapps, Public hereby given that the creditors of said estate will meet the executor of said estate before said court in the court house in said county on the 4th day of April, 1928, o'clock m., for the purpose of presenting their claims against said estate for examination, adjustment and allowance. Four from the 25th day of 1927, are creditors to file this court their said claims, and all not filed within said time will be barred. Dated this 16th day of January, 1928. (Seal.) J. M. EASTERLING. j17w4 County Judge. Kodak finishing. Midwest Camera Shop CHATTEL MORTGAGE SALE. Notice is given by virtue of chattel dated November 1926, duly filed in the office the clerk of Logan county, Nebraska, executed by Tappan, to secure payment of $382.04, upon which there now due $275.56, default having been made in payment, and no suit or other proceedings at law having been instituted to recover said debt any part thereof. it will sell the property to-wit: One Star Coupe, 1926, factory number L8335, formerly 14L1542, at public auction at 1816 Central Kearney, Nebraska, on the 21st day of February 1928, at o'clock FEDERAL FINANCE COMPANY, j30t20 Mortgagee.

7. April 12, 1928 Kearney Hub Kearney, NE
Article from Kearney Hub, April 12, 1928

Click image to open full size in new tab

Article Text

BEGIN PAYING OF DIVIDENDS Over Four Hundred Thousand For Bank Depositors. Receiver Ross. of the City National bank, announced late yesterday that dividend checks had been returned from Washington where they had been sent for signatures and would be distributed to depositors of the closed bank beginning Thursday This morning at nine o'clock. citizens began calling for their checks and although the news did not receive wide circulation quite number were in line when the bank opened its doors dividend of twenty-five per cent is being paid on all deposits. The total to be distributed. according to Mr. Ross, of $410,000 Checks can be called for at any time during regular banking hours, it announced.

8. April 25, 1928 The Pilot-Tribune Blair, NE
Article from The Pilot-Tribune, April 25, 1928

Click image to open full size in new tab

Article Text

tee Fund Law. The legislature shall provide by law the payment of such secured certificates by an annual assessment on the banks. The credit of the state shall under this provision after January 1932. not be pledged all certificates thus secured shall have been paid, When this amendment to the shall, by proclamation of the governor, become and be repealed. The executive committee offers the following comment in regard to the adoption of the above proposed amendment: This is not proposal to tax the property of the of the state. merely to loan the credit people proposes of the state temporarily to the banking department for the purpose of hastening the closing of the affairs of solvent banks and saving great expense to the guarantee fund. The deposits in state banks have trebled in our the fifteen the average increase having been past years, million dollars All state banks have to about ten year. pay an annual assessment of six-tenths of one per cent on their deposits for the benefit of the guarantee fund. continued increase in the deposits will hasten the The of the claims against the guarantee fund. If payment public confidence in the bank deposit law is maintained the deposits in the banks will continue to grow and swell the from the assessments the banks. sums upon 3. If the above amendment is adopted the state can sell bank receivers' certificates at a very low rate of terest, pay the depositors the money found legally due them and save millions of dollars of expense in interest and for the cost of operating a large number charges banks by the guarantee fund commission over long periods without earning income. As nearly as we can mate, or more of the money collected from the solvent banks has to be used at present upon to pay interest and in the operation of bankrupt banks the commission. Our proposal would stop a great deal of this expense. The money saved would go towards the wiping out of the deficit. early 4. The creation of the guarantee fund commission for the temporary handling of insolvent banks has undoubtedly saved large sums to the guarantee fund. The proposed amendment will make it possible save additional large sums besides aiding the intent of the law, the payment of depositors within a reasonable time. 5. This is not proposal to issue to each depositor an individual certificate, scattering thousands of such certificates over the state and making the holders of such certificates the prey of speculators and loan sharks. No one who considers the impossible difficulties of paying dividends on such widely scattered individual certificates, some very small, and the great expense involved will consider such a plan of any practical value. It would be at least partial repudiation. It will not do to say that every person should be smart enough select sound bank for his deposit. had implicit faith in the City National bank of Kearney. The bank broke last May with deposits of more than two million dollars. April 12 the receiver received an order to pay dividende of 25%, that being the first dividend paid. Every depositor in that bank will be heavy loser. Even financial experts are deceived occasionally and the average citizen can to be an expert in banking. The faith of the state pledged to make the guarante law work as long as stands on the books. After provision is made to handle the present overdraft the of the state and their people presentatives in the legislature can calmly consider what the next step should be. will benefit all of the people of the state if the solvent banks can be given more time to pay off the guarantee fund deficit. that can be done the can be reduced. All of the recited can cured if the people of the state adopt the proposed constitutional amendment. Frank O. Edgecombe, Chairman. Brown, Secretary.

9. April 26, 1928 Falls City Daily News Falls City, NE
Article from Falls City Daily News, April 26, 1928

Click image to open full size in new tab

Article Text

CITIZENS BANK GUARANTEE UNION March 23 citizens engaged in var- prey of speculators and loan sharks. No one who considers the impossible fous occupations in a meeting at Lindifficulties of paying dividends on coln organized the Citizens Bank such widely scattered individual cerGuarantee union, an executive comtificates, some very small, and the mittee being selected. The reason for great expense involved will consider organizing was the heavy deficit in such a plan of any practical value. the bank deposit guarantee fund and It would be at least partial repudiathe Inability of the state banking detion. partment to sell bank receivers' certificates because of the uncertainty as 6. It will not do to say that every to the time of payment. After all person should be smart enough to sesuggestions as to remedies has been lect a sound bank for his deposit. examined, It was decided that the only Everybody had implicit faith th the practical remedy was to offer to the City National bank of Kearney. The people limited constitutional amendbank broke last May with deposits of ment. The form of the proposed more than two million dollars. April amendment decided upon is as fol12 the receiver received an order to lows: pay a dividend of twenty-five per cent, "Guaranteeing the payment of dethat being the first dividend paid. posist in banks is a public purpose. Every depositor in that_bank will be The legislature may pledge the credit a heavy loser. Even financial experts of the state for the payment of certiare deceived occasionally and the avficates to liquidate claims against the erage citizen can not hope to be an fund for the payment of deposits, in expert in banking. The faith of the an amount not greater than five per state is pledged to make the guarantee cent of the average daily deposits in law work as long as It stands on the the bank operating under the Guaranbkooks. After provision is made tee Fund Law. The legislature shall handle the present overdraft the peoprovide by law for the payment of such secured certificates by an annual assessment on the banks. The credit of the state shall not be pledged under this provision after January 1, 1932. When all certificates thus secured shall have been paid, this amendment to the constitution shall, by proclamation of the governor, become and he repealed.' The executive committee offers the following comment in regard to the adoption of the above proposed amendment: 1. This is not a proposal to tax the property of the people of the state. It merely proposes to loan the credit of the state temporarily to the banking department for the purpose of hastening the closing of the affairs of of insolvent banks and saving great expense to the guarantee fund. 2. The deposits in our state banks have trebled in the past fifteen years, expirations. the average increase having been about ten million dollars a year. All state banks have to pay an annual assessment of six-tenths of one per cent on their deposits for the benefit of the guarantee fund. The continued increase in the deposits will hasten the payments of the claims against the guarantee fund. If public confidence in the banks will continue to grow and swell the sums realized from the assessments upon the banks. 3. If the above amendment is adopted the state can sell bank receivers' certificates at a very low rate and Improvements of interest, pay the depositors the money found legally due them and save millions of dollars of expense in interest charges and for the cost of operating a large number of banks by the guarantee fund commission over long perjiods without earning income. As nearly as we can eliminate, one half or more of the money collected from the solvent banks upon assessments has to be used at present to pay interest and in the operation of bankfeet to shoe. rupt banks by the commission. Our proposal would stop a great deal of this expense. The money saved would go towards the early wiping out of the dficit. home town. 4 The creation of the guarantee commission for the temporary hand- ling of insolvent banks has undoubtedly saved largs sums to the guarantee fund. The proposed amendment will make It possible to save additional large sums besides aiding the intent of the law, the payment of depositors within a reasonable time. 5. This is not a proposal to issue to each depositor an individual certificate over the state and making the holders of such certificates the to pie of the state and their representstives in the legislature can calmly consider what the next step should be. 7. It will benefit all of the people of the state at the solvent banks can be given more time to pay off the guarantee fund deficit. If that can be done the assessments can be reduced. All of the advantages recited can be secured if the people of the state adopt the proposed constitutional amendment. Frank O. Edgecombe, Chairman. W Brown, Secretary.

10. April 26, 1928 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, April 26, 1928

Click image to open full size in new tab

Article Text

The News Letter Box Communications to this department will be welcomed. They should be brief and to the point and should avoid offensive The name of the should each let ter, though de may be under certain Letters too long for will be unless are the writer Religious denominational controversies should be avoided. Citizens Bank Guarantee Union Lincoln, Neb. Editor News: March citizens engaged in varioccupations meeting Lincoln organized the Citizens Bank Guarantee union, an execucommittee being selected. The reason organizing was the headeficit the bank deposit guarantee fund and inability of the state banking department to sell bank receivers' certificates cause of the uncertainty to the time payment. After all sugges. tions remedies been decided that the practical remedy was offer the people limited constitutional amendment. The form amendment decided is as follows: the payment of deposits in banks public The may pledge the credit of the state for the pay. liquidate claims the fund payment deposits, an amount than percent of the daily deposits banks operating under GuaranFund The legislature shall provide by law for the payment of such secured certificates an annual assessment on the banks. The credit the state be pledged under this after 1932. When certificates thus secured shall been paid, this amendment constitution by proclamation the governor, become be repealed. The executive committee offers the following regard the adoption of the above proamendment: This is not proposal to tax the property of the people of the state. merely proposes to loan the credit of state temporarily the banking department for the of hastening closing the affairs insolvent banks saving great expense to the guarantee fund. The deposits in state trebled the past fif. years, the average been about ten million year. All state banks have pay assessment of percent on their posits the benefit of the antee fund. The crease in the deposits will hasten the payment the against the fund. public fidence in the deposit the in the banks grow swell the sums upon the banks. above adopted the sell certificates at low rate interest, pay the itors the money found legally due them and save millions dollars expense in interest charges and cost of operating large number of banks by the fund commission over long periods without earning can estimate, the money collected from the solvent banks upon has be present and in the operation bankrupt banks the commisOur proposal would stop great deal this expense. The money would towards the out of the deficit. of the for the temhandling of banks saved large sums the guarantee fund. The save sums besides aiding the intent of the the payment depositors within This proposal to issue each depositor certificate. scattering thousands such the state and the holders such certificates the prey of and loan sharks. No who impossible difficulties dividends such widely scattered individual certificates, some very and the great pense involved will consider such plan of any practical value would be at least partial repudiation. will not do say that person should be smart enough select sound posit. Everybody had implicit faith the City National of KearThe bank broke last May deposits of more than million April 12 the ceiver an order to dividend of 25 being the first paid. Every positor that bank will heavy loser. Even financial perts deceived and the average citizen can not hope to be an expert banking The faith state pledged make the guarantee work long stands the After provision made to handle the present overdraft the people the state and their representatives the legislature can calmly consider what the next step should will benefit all of the peothe state the solvent banks be given more time the guarantee fund defithat be done sessments reduced. All of the advantages recited can be secured people the state adopt proposed constitutional FRANK Chairman. BROWN, Secretary Explains Norfolk, News: because had the courage and recent council meeting and describe the conduct of the mayor the evening of the city hall, telling the abused the and especialresidents of and and how stated then that he had beer his cellar he Nordwig )in his talk the council admitted beer his cellar and that percent those in the ball also beer in their singled as one to get revenge Being good neighbor and generous sort of into my basement and let him pick out some tools he wanted to borrow, and from there starts the story of how the goat. On April about Chief Police Flynn and railroad detective, called at home and said that that possession and material such : light globes, brooms, shovels and quested to let them through house. asked to the search might made the but they did myself and admitted them warrant. close

11. April 27, 1928 Silver Creek Sand Silver Creek, NE
Article from Silver Creek Sand, April 27, 1928

Click image to open full size in new tab

Article Text

PLAN TO STRENGTHEN GUARANTEE FUND LAW March 23 citizens engaged in various- occupations in a meeting at Lincoln organized the Citizens Bank Guarantee Union, an executive committee being selected. The reason for organizing was the heavy deficit in the bank deposit guarantee fund and the inability of the state banking department to sell bank receivers' certificates because of the uncertainity as to the time of payment. After all suggestions as to remedies had been examined, it was decided that the only practical remedy was to offer to the people a limited constitutional amendment. The form of the proposed amendment decided upon is as follows: "Guaranteeing the payment of deposits in banks is a public purpose. The legislature may pledge the credit of the state for the payment of certificates to liquidate claims against the fund for the payment of deposits, in an amount not greater than five percent of the average daily deposits in the banks operating under the Guarantee Fund Law. The legislature shall provide by law for the payment of such secured certificates by an annual assessment on the banks. The credit of the state shall not be pledged under this provision after January 1, 1932. When all certificates thus secured shall have been paid, this amendment to the constitution shall, by proclamation of the governor. become and be repealed." The executive committee offers the following comment in regard to the adoption of the above proposed amendment: 1. This is not a proposal to tax the property of the people of the state. It merely proposes to loan the credit of the state temporarily to the banking department for the purpose of hastening the closing of the affairs of insolvent banks and saving great expense to the guarantee fund. 2. The deposits in our state banks have trebled in the past fifteen years. the average increase having been about ten million dollars a year. All state banks have to pay an annual assessment of six-tenths of one per cent on their deposits for the benefit of the guarantee fund. If public confidence in the bank deposit law is maintained the deposits in the banks will continue to grow and swell the sums realized from the assessments upon the banks. The continued increase in the deposits will has- ten the payment of the claims against the guarantee fund. If public confidence in the bank deposit law is maintained the deposits in the banks will continue to grow and swell the sums realized from the assessments upon the banks. 3. If the above amendment is adopted the state can sell bank receivers' certificates at a very low rate of interest, pay the depositors the money found legally due them and save millions of dollars of expense in interest charges and for the cost of operating a large number of banks by the guarantee fund commission over long periods without earning income. As nearly as we can estimate, one-half or more of the money collected from the solvent banks upon assessments has to be used at present to pay interest and in the operation of bankrupt banks by the commission. Our proposal would stop a great deal of this expense. The money saved would go towards the early wiping out of the deficit. 4. The creation of the guarantee fund commission for the temporary handling of insolvent banks has undoubtedly saved large sums to the guarantee fund. The proposed amendment will make it possible to save additional large sums besides aiding the intent of the law, the payment of depositors within a reasonable time. 5. This is not a proposal to issue to each depositor an individual certificate, scattering thousands of such certificates over the state and making the holders of such certificates the prey of speculators and loan sharks. No one who considers the impossible difficulties of paying dividends on such widely scattered individual certificates, some very small. and the great expense involved will consider such a plan of any practical value. It would be at least partial repudiation. 6. It will not do to say that every person should be smart enough to select a sound bank for his deposit. Everybody had implicit faith in the City National bank of Kearney. The bank broke last May with deposits of more than two million dollars. April 12 the receiver received an order to pay a dividend of twenty-five per cent, that being the first dividend paid. Every depositor in that bank will be a heavy loser. Even financial experts are deceived occasionally and the average citizen can not hope to be an expert in banking. The faith of the state is pledged to make the guarantee law work as long as it stands on the books. After provision is made to handle the present overdraft the people of the state and their representatives in the legislature can calmly consider what the next step should be. 7. It will benefit all of the people of the state if the solvent banks can be given more time to pay off the guarantee fund deficit. If that can be done the assessments can be reduced. All of the advantages recited can be secured if the people of the state adopt the proposed constitutional amendment. FRANK O. EDGECOMBE. Chairman. W. A. BROWN, Secretary. Having trouble starting your car? Try Skelly gas, at Maybergers. We sell only High Test. Don't gamble with cheap shoe repairing-you'll get beat every time. Play safe and send us your shoes.Goodyear Shoe Shop. Politis Bros., Columbus, Nebr. a6-4t

12. May 4, 1928 The Ewing Advocate Ewing, NE
Article from The Ewing Advocate, May 4, 1928

Click image to open full size in new tab

Article Text

Proposed Constitutional Amendment Relative To State Guarantee Fund Inasmuch as the people of Nebraswill be called upon to vote on the proposed constitutional amendment relative to the bank guarantee fund at the November election it behooves them to become familiar with the provisions of that amendment. Frank Edgecombe as chairman and Brown as secretary of the newly ganized "Citizen's Bank Guarantee Union" have issued the following statement, with the approval of the executive committee of that body. March 23, citizens engaged in ious occupations meeting at còln organized the Citizens Bank Guarantee Union, an executive mittee being selected. The reason for organizing was the heavy deficit in the bank fund and the inability the state banking department to sell bank receivers' certificates of the uncertainty as to the time of payment. After all suggestions as to remedies had been examined, was decided that the only practical remedy was to fer to the people limited constitutional amendment. The form of the proposed amendment decided upon as follows: "Guaranteeing the payment of "posits in banks public purpose. legislature may pledge the credof the state for the payment of "certificates liquidate claims "against the fund for the payment of "deposits, in amount not greater "than five per cent of the average "daily deposits in the banks operating "under the Guarantee Fund Law. legislature shall provide by law "for the payment of such secured "tificates by annual assessment the banks. The credit of the shall not pledged under this "provision January 1st, 1932. all certificates thus secured "shall have been paid, this amend"ment to the constitution shall, the governor, The offers the following comment in regard to the adoption of the above proposed amendment: This is not proposal to tax property the people of the state. merely proposes to loan the credit of the state temporarily to the banking department for the of purpose hastening the closing of the affairs of insolvent banks and saving great expense to the guarantee fund. The deposits in our state banks have trebled in the past fifteen years, the average increase having been about ten million dollars a year. All state banks have to pay an annual assessment of six-tenths of one per cent on their deposits for the benefit of the guarantee fund. The continued increase in the deposits will hasten the payment of the claims against the guarantee fund. If public confidence in the bank deposit law is maintained the deposits in the banks will contin- ue to and swell the realgrow sums ized from the assesments upon the banks. 3. the above amendment adopted the state can sell bank ceiver's certificates at very low rate of interest, pay the depositors the money found legally due them and save millions of dollars expense in interest charges and for the cost of operating large number of banks by the guarantee commission over without earning come. As nearly as we can estimate or more of the money collected from the solvent banks upon assessments has to be used at present to pay interest and in the operation of bankrupt banks by the mission. Our proposal would stop great deal this expense. The monsaved would go towards the early wiping out of the deficit. 4. The creation of the guarantee fund commission for the temporary handling of insolvent banks has doubtedly saved large sums to the guarantee fund. The proposed amendment will make it possible to save additional large sums besides aiding the intent of the law, the payment of depositors within reasonable time. This is not proposal to issue to each depositor an individual tificate, scattering thousands of such certificates over the state and making the holders of such certificates the prey of speculators and loan sharks. No one who considers the impossible difficulties of paying such widely scattered individual tificates, some very small, and the great expense involved will consider such plan of practical value. It would be at least partial repudiation. 6. It will not do to say that every person should be smart enough select sound bank for his deposit. Everybody had implicit faith in the City National Kearney. The bank broke with deposits of than the issued order to pay dividend cent, per that being dividend paid. Every depositor in that bank heavy loser. Even financial perts are deceived occasionally and the average citizen can not hope to an expert in banking. The faith of the state is pledged to make the guarantee law work as long as it stands on the books. After provision made to handle the present overdraft the people of the state and their representatives in the legislature calmly consider what the next step should be. It will benefit all of the people of the state if the solvent banks can be given more time to pay off the guarantee fund deficit. If that can be done the assessments can be duced: All of the advantages recited can be secured if the people of the state adopt the proposed constitutional amendment.

13. May 19, 1928 Kearney Hub Kearney, NE
Article from Kearney Hub, May 19, 1928

Click image to open full size in new tab

Article Text

Motor car corporation. "How many times citizens of American towns looked back with sor. row to the missed opportunity they had as small communities to adopt definite highway systems which would fit in with subsequent development.' remarked Mr. Young in a recent interview. result of lack of foresight they are now faced with many needless problems of traffic control and road construction-problems which could have been avoided to great extent if the communities had been able to plan intelligently for the future. "New York is trying an experiment which other states may well watch. It has law under which it is attempt. ing to make provision for planning and zoning in rural districts. By this law any township may draw up and undertake comprehensive scheme for Its development. provided it does not encroach on incorporated villages and cities. As undoubtedly many new planning commissions will come into being in New York, it will be instructive to watch how they function. "County and township officials can benefit by such law. for with the development rural districts these officials have been faced with problems of traffic control. construction of houlevards and highways, and attending maintenance questions, and as result of comparati limited experience they have not always been able to carry on this important work under the most plans. With the assistance they could receive from local planning we may expect to see great advances made hereafter. his car over 25,000 miles, Minke declared. Most of these have been trackIng through the mountains of California, called by him "pretty rough useage." The car performed perfectly through. out the gruelling run, he declared, or the high average would not have been possible. The actual average speed is marked at 40.8 miles per hour for the distance, although the speedometer was registering about 50 miles per hour most of the day. High speeds of 65 miles per hour were touched frequently. Minke set his preliminary schedule at 22 hours, as against the former record of 23 hours, 29 minutes. Prior to the last established time, Louis B. Miller on his now historic Chrysler Imperia "80" round trip transcontinental run had set mark of 26 hours, 29 minutes, between the two cities. The schedule was maintained most of the way. detours encountered cutting the time Minke had no trouble on the road, according to information he brought back to the Greer. company of Southern California Chrysler distributors. The he drove was fully equipped and complete with many accessories. The entire trip was made with the top up, and Minke says he was comfortable all the way. even if was little lonesome in the middle of the desert reaches and with nothing ahead but the black night sky. also was units in excess of February, 1928, which in turn had exceeded all previous performances in the history of the company., Combining the output of these three months with 32,000 Bigger and Better Chevrolets built for display pruposes in December, and the 91,000 turned out in January, the total output of new 1928 models up to May was in excess of half the output in 4927. With eight months remaining in the year optimism everywhere abound. ed in the Chevrolet organization that the year's output would shoot well beyond the million car mark. The record volume achieved to date, and the bright outlook for the future. show the measure of confidence placed In the by the millions of peopie now driving Chevrolets, Mr. Knudgood will factor is Chevrolet's greatest asset and puts the company under obligation to maintain the standards of quality which the public has so overwhelmingly accepted, thus making possible the new production marks now being set. Everything that is desired of bread from texture to nourishment, is yours if you use Kearney made flour. Laura Harrison Nellor will continue marcelling and hair cutting at 2115 B Ave. Marcel 50c, Press 25c. Phone 369. Just Rite Starter Mash is fine your chicks. Barts Produce Co. NOTICE. Ella A. Hull and Marion N. Hull are hereby notified that on March 22, 1928, the Travelers Insurance Company, corporation, as plaintiff, filed its tition in the district court of Buffalo county, Nebraska, against Frank Morris, Della Morris, M. Ross as ceiver of the City National Bank Kearney, Nebraska, M A. Ross, as receiver of the City National Bank in Kearney, Nebraska, Joseph A. Hull, Bessie L. Hull and Nicholas Gibreal as defendants, which petition was afterwards amended as to make said Ella Hull and Marion Hull parties defendant in said action. the object and prayer of which petition is to foreclose executed by the defendants, Frank Morris and Della Morris, they conveyed to north half of the southeast quarter Section and the southwest quarter of Section in Township 8, north Range 16 west of the sixth principal meridian in Buffalo county, Nebraska. to secure the payment of mortgage note for the sum of $16,000.00, dated April 31, 1926. to have appointed receiver to take possession of and manage said real estate during the pendency of said action, and to have general equitable relief. You are required answer said petition on or before the 25th day 1928. VELERS INSURANCE CO. By P. McDonald, Its Attorney.