Prineville National Bank (Prineville, OR)

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BANK'S RECEIVER SUES

Assessments Levied of Recovery on Stockholders Sought. recover 100 per cent suits to Four levied against assessments the Prineville in which closed September tional 1931 bank, were filed in the federal district court here yesterday by H. H. the bank. receiver for Hall. The defendants are J. 181 shares Karnopp Hall, Prineville, 104 W O. $10 400 Alda and Hormer mond. 10 $1000 In the Post, recovery is against Hall, suit three which were sought for $204. $2600 and $90.

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INACTIVE ACCOUNTS TO PAY

Seven New York Stock Exchange Firms Install Service Charge.

NEW YORK, June 9. - (AP) - Effective July 1, seven large New York stock exchange houses will make a service charge on inactive accounts which do not produce enough revenue to pay overhead costs.

The move is in line with efforts of brokers to pare their expenses in keeping with the decline of trading in stocks the past month.

The plan involves charges of $25 a year on accounts carrying securities with no money balances and on accounts with an average credit or debit balance of less than $1000. On accounts with an average debit or credit balance of between $1000 and $5000 the annual charge would be $12.50.

No charge will be levied providing an account pays commission of $6.25 or more during a quarter.

35 Per Cent Dividend Ordered.

H. H. Hall, receiver Prineville National bank, has been authorized by the controller of the currency to pay a dividend of 35 per cent to the bank's creditors. It is expected by Mr. Hall that 30 days will elapse before the routine necessary for delivery of dividend checks can be complied with. Notice will be sent claimants when payment is ready. This will be the second dividend, the first of 22 per cent having been paid in August, 1932. The bank suspended September 1, 1931.

Foreign Bonds' Changes Slight.

Representative foreign bonds remained practically unchanged during May, according to the Foreign Bond Associates, Inc., index of 50 representative issues, which rose from 58.27 on April 30 to 58.33 on May 31. The 30 European issues in the index declined 0.19 per cent during the month, and the four Asiatic issues 0.98 per cent. The 16 South American issues in the index, however, rose 1.63 per cent.

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PRINEVILLE BANK ASSETS OFFERED in a hundred years

Public Sale Scheduled for October 19

LOVE like A copy of the list of assets of the great Prineville national bank, which are theirs! to be sold public auction in Prineville on October 19 at o'clock in the afternoon, was received at The Bulletin office today for inspection by the public. H. H. Hall, rein a decade such ceiver of the bank, has given formal ENTERTAINMENT notice of the sale of the remaining assets of the trust The Prineville bank suspended September 1931 and during the THE receivership it has paid all of its preferred and claims in full and 57 cent in dividends on general claims The final divivend will be paid after the remaining assets have been sold The following summary of the opWORLD erations of the comptroller's office with relation to closed banks since early in 1933 was supplied by Hall At the close of the banking holiday there were 1417 national banks, including state banks in the District MOVES of Columbia under the jurisdiction of the comptroller of the currency with deposits of .971,960,000 which did not reopen. This was the most serious problem confronting the comptroller's office The question is ON properly asked: what has happened? There have been reorganized 1051 banks with deposits aggregating $1.758.184.000. and 28 national banks paid their depositors in full the sum of and went out of busiCENTURY ness. There were placed in receivership 302 banks with deposits of $158,417,000 but plans have been approved for 18 of these receivership banks to reopen, which will release additional $10,132,000 This leaves 36 banks in conservatorship, and of these 30 banks with deposits of $41,664,000. have plans approved for reorganization, and SIX banks with deposits of $3,183,000 have disapproved plans These banks may submit approved plans. have received since March 16 1933. in dividends Slightly in excess of 50 per cent has been paid to depositors in receivership Since the establishment of the bureau of the comptroller of the currency, a period of about 70 years, depositors have received 94 cents FOX Picture out of every dollar collected. which is a remarkable record In other MADELEINE words. salaries of receivers, attorney's fees, and all overhead have been paid at a total cost of 6 cents out every dollar collected The comptroller's office has had another important task since the banking holiday in connection with the issuing of preferred stock by national banks The object of issuing preferred stock by the banks is to permit them to hold certain slow assets without foreing collection, well to enable them to extend more liberal credit One thousand seven hundred twenty national banks have preferred stock in the amount of $460,342,800 The reconstruction finance corporation has purchased $392,265,654. while local interests the United States have purchased $68,077,146 There are at the present time 5478 active national banks in the United States with deposits of $20,055,724. 000 The deposits in national banks on June 1933 were