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Nebraska Banks Fail to Open Doors LINCOLN 17 (AP) Nebraska state banks today failed doors for their both Gov. Chas. and secretary State said result of recent bank The banks total had deposits banks the First State Bank the Dwight Bank of Dwight; State Bank the Bank Bruno: the Butler County Bank Davis the Leigh State
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SIX NEBRASKA BANKS FAIL TO OPEN TODAY Lincoln, Neb., Aug. 17.-(P)-Six Nebraska state banks today failed to open their doors for business and both Gov. Charles W. Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,120,000. The banks are the First State bank of Pleasant Dale; the Dwight State bank of Dwight; the Brainard State bank of Brainard; the Bruno State bank of Bruno; the Butler Couny bank of Davis Ciy, and the Leigh State bank of Leigh.
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CLOSINGS CAUSE CONFUSION THAT DISTRICT Toledo, Aug. Toledo with combined sources of more than $100,000,000 failed open for business this morning, while saving sociations ceased payments posits during the present financial situation. In accordance with the request directors the four institutions, the state banking department pared take over their affairs to conserve assets the face of vious steady withdrawals by deposMore than 100 rural bankers Ohio, who met terday with State Charles Saffin, for state partment, had their assurance of cooperation by state authorities meeting local Saturday Late directors nounced closing of the Commerce Trust and Savings Bank, Ohio Savings Bank and Company and Commercial Bank Trust Company the wake these came word from directors fourth institution, the American Bank, state bank, that would be forced close because two the banks pending operations. It indicated conferences ative reorganization may be started within week ten days. Ties Up Large Amount. The action directors ties up period than The SecurTrust company, fifth bank which closed had about $20,000,000 deposits: the Savings Bank Trust company Commercial Savings Bank and company and the Trust and Savbank National bank, the fedo Trust company, the bank and the West usual today. The Morris bank and the Industrial bank, two special plan banks, open. There were no disorders when banks affected by the closings opened here today. There large crowds a: the banks. Twelve Close Akron. Akron, Aug. building and loan associations Akron and Falls today served their depositors with notice suspension withdrawals. companies involved deposits of $26,000,000. Albright. secretary of the largest. said step taken for purpose the no question insolvency and the suspension payments merely temporary." Nebraska Has Flurry. Lincoln, Neh., Aug. small Nebraska state banks failed open for business today. Gov. Charles Bryan and Lulkart, the state trade the were the result recent bank suspensions in Omaha. The six banks had total deposits approximately $1,180,000. They were the First State Bank Pleasant Dale: the Bank Dwight; the Brainard State Bank of Brainard; the Bruno State Bank of Bruno; the County Bank Davis City, and the Leigh State Bank of Leigh.
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FOUR GREAT from Page were tied in the banks suspending operations. Lincoln, Neb., Aug. Nebraska state banks failed to for today. Bryan and of the ment trade and said the were the result of recent bank in The six banks had total deposits of approximately 000. They were the First State bank Pleasant Dale, the of Brainard bank State bank Brainard: the Bruno State bank of Bruno: the Butler County of Davis City, and the Leigh State bank of Leigh. (Associated Wire.) Akron, Ohio, Aug. building and loan Akron and Cuyahoga Falls today served their depositors with notice temporary suspensions of with. drawals. deposits of Albright, secretary the largest, today said "the step taken the purpose protectThere is the question insolvency suspension of payments temporary.
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FOUR TOLEDO BANKS FAIL TO OPEN DOORS 12 Building and Loan Groups Close at Akron: 6 Nebraska Firms Close. Four Toledo banks with combined of more than 000 failed open for business to day while 11 saving ceased payments of deposits during the present situation state take banks to conserve in previous steady withdrawals by building Akron and Falls today served their with of temporary suspension of withThe companies carry deposits of À Albright of the largest step purpose of protecting the positors There question and the suspension payments is merely temporary. banks today failed open their doors for business and both Charles Bryan and H. secretary of state department of trade were the result of suspensions in Omaha The six banks total deposits of They are the First bank of Pleasantdale the Dwight State bank of Dwight the Brainthe Bruno of Bruno Butter County bank of and the Leigh State bank of Leigh FIRE KILLS MAN Redding Canyon Creek while fight fire in the Trinity forest today
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SIX NEBRASKA STATE BANKS FAIL TO OPEN Blamed By Governor On Recent Bank Suspensions Deposits Of Over Million. Neb., Aug. Nebraska state banks today open their doors for business both Gov. Charles Bryan Luikart. secretary the state department trade said the the result recent bank in Omaha The six banks with total deposits are the First State bank Pleasant Dale: the Dwight State bank Dwight; Brinard State Bruno State bank of Bruno; Butler county bank Davis City, and the Leigh State bank Leigh.
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Doors of Half Dozen Banks in Nebraska Closed to Public Lincoln, Neb.-(P)-Six Nebraska state banks Monday failed to open their doors for business and Gov. Charles W. Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of "approximately $1,120,000. The banks were: The First State bank of Pleasantdale; Dwight State bank of Dwight; Brainard State bank of Brainard; Bruno State bank of Bruno; Butler County bank of Dav. id City, and Leigh State bank, of Leigh. Bryan and Luikart said officers of the banks decided to close them so that all depositors would have greater chance of sharing equally in the banks' funds. They said the Leigh State bank had its funds deposited in the South Omaha State bank, which closed last week, and that the other five banks had funds on deposit with the Union State bank, of Omaha, which also closed last week.
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TO page meeting tomorrow of the citizens' committee recently named by Mayor William Jackson to study the city's unemployment and poor lief problem. OLD STORY Chicago, Aug. Gilruth, receiver for twelve closed banks controlled by John Bain, former member of the South Park board, today issued statement declaring that his sons, and three companies in which Bain was interested the banks more than mostly on notes backed up with collateral State's Attorney John Swanson said "The state's attorney's office will certainly investigate the matter.' IN NEBRASKA Lincoln, Neb., Aug. Six small Nebraska banks failed open business today. Gov. Charles W. Bryan and H. Luiksecretary of the state department of trade and commerce, said the closings were the result of cent bank suspensions in Omaha. The six banks had total deposits approximately They the First State bank of Pleasant Dale: the Dwight State bank Dwight, the Brainard State bank of the Bruno State bank of Bruno, the Butler County bank David City. the Leigh State bank of Leigh. Bryan and Luikart said officers the banks decided to close them that all depositors would have greater chance of sharing equally the banks funds.
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SIX NEBRASKA BANKS CLOSE LINCOLN, Aug. 17, Nebraska state banks failed to open their doors for business Monday, and both Governor Charles W. Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,120,000. They are the First State bank of Pleasant Dale, Dwight bank of Dwight, Brainard State bank of Brainard, Bruno State "bank of Bruno, State bank of David City and the Leigh State bank of Leigh. Bryan and Luikart said officers of the banks decided to close them so that all depositors would have greater chance of sharing equally in the bank's funds. They said the Leigh State bank had its reserve funds deposited in the South Omaha State bank which closed last week, and that the other five banks had funds on deposit with the Union State bank of Omaha. which also closed last
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SIX STATE BANKS SUSPEND BUSINESS Omaha Unrest Is Blamed Six state banks, having deposits estimated to aggregate $1,120,000 voluntarily closed their doors Monday. The closures, according to Governor Bryan who spoke for the state banking department, were "a direct result of the closing of the Union State Bank of Omaha." Closed Monday were the following state banking institutions: First State bank, Pleasant Dale. Dwight State bank, Dwight. Brainard State bank, Brainard. Bruno State Bank, Bruno. Butler County State bank, David City. Leigh State bank, Leigh. The closures announced Monday brought to a total of 10 the number of state banks which have closed their doors within as many days. All of the suspensions were said to have been brought about by the failure last Monday of the State Bank of Omaha, and the subsequent closing of Omaha's other three uptown state banks. Banking officials Monday expressed belief there would be little loss to depositors in the closures announced. They were voluntary, it was pointed out, and represented an attempt of banking officials to protect their depositors. ufacturing company last week, arrested four persons and confiscated 1,250 gallons of "liquid malt." The plant was located in the old Jetter Brewing company building. charges were filed, not because the liquid malt was sold but because an agent of the company told undercover men how to proceed to transform the malt into beer with a 4 to 8 per cent "kick." Hellerman said his company sold the malt in strictly legitimate channels and that he was not responsible if some persons took advantage of it and made beer of it by adding yeast and sugar. The malt is indispensable to bakeries and other legitimate users, he said. Those arrested were Hellerman and Carl Haase, shipping clerk, Miss Selma Kamrath, bookkeeper, and James Novak, brewmaster. Ten agents took part in the raid. Books of the company showed the malt had wide distribution throughout the state. The Jetter Brewing company quit operating some years ago and the Magic company rented a part of its building.
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GOVERNOR APPOINTS RECEIVERS OF BANKS GEORGE E. HALL TO HAVE STATE BANK OMAHA. Bryan Says That Efficiency and Not Locality or Politics Control Choice. Governor Bryan announced apant receivers recently failde pointment the following assiststate banks: George E. Hall, Lincoln, State bank Omaha. Barak, Petersburg, South Omaha State bank. Haase, Norfolk, Farmers Merchants, Benson. W. M. Whalen, Lincoln, First State bank, Reif, Bloomfield, Leigh State Brozek, Chadron, Bruno State Bruno, and bank of Wisda, Ord, Butler County State bank, David City. Ruzicka, Schuyler, Dwight State bank, Dwight. Lincoln, State examiner in charge of Union State bank, Omaha. Secretary Luikart of the department of and ceiver of all state banks and the will as his assistants in liquidating the failed banks under their charge. M. Morrisey, former chief justice, had been appointed for receiver the State Bank of Omaha, Eugene O'Sullivan, attorney for the receiver the South Omaha State bank, Harland Mossman for the Union State and Howard Saxton for the Farmers and Merchants bank of Benson. These attorneys all reside in Omaha. Governor Bryan announcing said policy the of and use the efficient receivers the staff rather than to make local political The appointees are now charge of banks and have shown liquidating for the benefit depositors, said the governor. He stated that he had received letters some petitions in one day written in the interests one but had thought not the best interests the depositors to appoint the man. "These assistant receivers are skilled bankers, said Governor Bryan, "and have their present works so arranged that others can take their places these highly trained men assume duties where.' Most of the attorneys appointed (Continued on Page 5.)
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BRYAN APPOINTS BANK RECEIVERS Experienced Agents Get Preference Over Local Men. Effort Being Made To Reopen Union State At Omaha. Instead naming local applicants Omaha acting receivers banks which recently failed in those communities, who have had previous men experience in handling such institutions and shown their ability convert assets into money for the benefit given the for those positions. of nine ppointments agents charge banks have their doors during the weeks Saturday by Governor All those assigned take charge the were chosen from list of men employed for such duty. They E. Hall, Lincoln. State bank of Petersburg. South Omaha State bank, Omaha Haase, Norfolk. Farmers bank, Whalen, Lincoln. First State Dale Bloomfield. Leigh State Brozek Chadron. Bruno State Bruno, Bank of BrainBrainard. County Schuyler. Dwight State Dwight Lau, examiner in charge, Wants Most Efficient Men. important posts and filled men who know need said Governor Bryan. "Having in the the the most utilize and efficient the deparment's staff than banking local people assistant appoint may not prove receivers qualified for the have been in service These men for some and of assets their for to the largest money for requests have come from the to have this that from man apapointed. letters support of from Omaha ticular applicant, and letters and in other behalaf had been received the day believe the before. better fare of the depositors putting trained asserved sistant declared he The B Page
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HALL RECEIVER OF STATE BANK George E. Hall, Lincoln, former state treasurer, was named assistant receiver of the State Bank of Omaha Saturday by Governor Bryan. Other assistant receivers named for Omaha closed banks are: A. J. Barak, Petersburg, South Omaha State bank; J. E. Haase, Norfolk, Farmers and Merchants bank, Benson; C. A. Lau, Lincoln, state bank examiner, Union State bank. Assistant receivers named for out-state banks are: W. M. Whalen. Lincoln. First State bank of Pleasantdale: L. H. Reff. Bloomfield, Leigh State bank. Leigh: T. J. Brozek. Chadron, Bruno State bank, Bruno, and Brainard State bank at Brainard: J. C. Wisda. Ord, Butler County State bank of David City: E. E. Ruzicka, Schuyler, Dwight State bank of Dwight. The governor said he had ignored scores of requests for political appointments and was naming experienced men as assistant receivers. "In placing these men in charge of the banks named we are transferring them from other receiverships where they have shown utmost efficiency in conserving assets for depositors and winding up affairs of the institutions under their charge,' Bryan said. "The banks relinquished by the men named Saturday have been so organized that they can be handled by other men.' E. H. Luikart, secretary of the department of trade and commerce, is the receiver for all the closed state banks. The assistant receivers will have actual charge of the affairs of the banks.
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Bank Receivers Named Lincoln, Neb., Aug. 22 LP)-Governor Bryan today announced the appointment of the following assistant receivers for closed state banks outside of Omaha: W. M. Whalen, Lincoln. in charge of First State bank of Pleasant Dale: L. H. Reif, Bloomfield, Leigh State Bank of Leigh: T. Brozek, Chadron, Bruno State Bank of Bruno, and the Brainard State Bank at Brainard: J. C. Wisda of Ord, Butler County State Bank of David City: E. E. Ruzicka, of Schuyler, Dwight State Bank Dwight.
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VETERINARIAN Given to Sick Serum Man but Death Comes Frank Lynch, Suvverkruble, veterinary living near Neb., dead of anthrax. Dorsey, had been given serum but He his condition was very serious from the start. He sick for five days. CLOSED BANK RECEIVERS ARE CHOSEN BY BRYAN Lincoln, Special: Gov. Bryan announced appointment following receivers recently failed state banks:! H. Reif. Bloomfield, Liegh State bank, Leigh: Brozek, Chadron, Bruno State bank, Bruno, and Bank Brainard, Hall, Lincoln, State bank Omaha; Barak, South Omaha State bank; Haase, Norfolk, Farmers Merchants, M. Whalen, Lincoln. First state bank, PleasantButler county state David City: E. Schuyler, Dwight State bank, Dwight: Lad, Lincoln, state examiner in charge of Union bank, Omaha. Secretary Luikart of the 5ment of trade and commerce, receiver all failed state banks and appointees serve his assistants. Gov. Bryan said was the policy of the department trade commerce to use the most efficient on the staff rather than to make political appointments. FLORIDAN ORDERS COYOTES FROM NEBRASKA RESIDENT paper publicity does pay, in the opinion of Edward Winkler. man residing Verno Beach, Fla., dered two baby coyotes from him after reading of coyote captures. According trouble should be experienced in filling the order. TIN CAN POISONING IS FATAL TO SEVERAL PIGS Emmett, D. H. Bennett O'Neill diagnosed affliction that killed several pigs the Guy Beckwith ranch tin poisoning. Buttermilk had been allowed stand several days. Acid forming the milk thought to have corroded the tin.
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LEIGH STATE BANK CLOSES DOORS MONDAY Continual Withdrawals and Unfavorable Propoganda Cited as Cause The doors of the Leigh State bank. here, failed for business morning by act of the board directors, who gave out tice that closing effected and that the bank be examined the state banking department. signed issued to this paper by the cashier, Nelson, which can be found on this page, states that propaganda continued withdrawals, depleted bank's reserves to point directors thought best to close bank for the protection the depositors. The statement also quotes deposits shrinking from of year ago $179,000.00 at the present time. Monday afternoon Bank Examiner Haynes arrived diately went books institution. After his findare made the state department appoint receiver the bank, probably will be Rief, who now charge of the Citizens State Creston and Columbus State The receiver then depositors meeting which will elect committee to act upon the affairs the closed bank Many that the deposimeeting when the bank's fairs will be open to the public, reorganization will be affected the bank will again. World.
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DEPOSITORS WILL RECEIVE THAN 19 PERCENT MEETING DISCUSSES MATTERS TO THE FAILED Depositors in the failed Leigh State Bank met at the opera house Wednesday evening to discuss the status of the situation at this time. Members of both the regular and the farmers committees were present and the first argument alose to which committee should call ing. John Wullschleger sr., was asked to take the chair, but due to deafness, he vacated in favor of A. H. Breunig. Assistant Receiver H. Reif stated that complete report of the assets of the bank had recently been asked for by the farmers committee and that tentative valuation had been placed on the notes and other assets of the failed institution. A total value of was placed on the of the notes and these were appraised at $15,757. Other property in possession of the depositors brought the total up few thousand dollars, according to Mr. total of 19% is all that the depositors can expect if assets are collected in full according to the value placed upon them by the committee," Mr. Reif said. "The statement is being noised around that the receiver gets $20.00 per day. agree with I'd like to," said Mr. Reif. "Some months my salary has been as low as he continued. There was much feeling displayed in the discussion of the assets of the failed institution. Several of the speakers brought up the matter of large notes in the defunct bank not being secured and absolutely worthless. might just as well say goodbye to our money, unless we get an attorney to look after our interests." should have hired good lawyer in the first place," said one of the depositors who lost money in the bank. The manner of appointing depositors' committee was discussed. To this the receiver replied that every detail of the banks business was to the interested parties and that the books be may seen at Columbus. "Why do we have to go to Columbus every time we want to know something about our own business asked one of the depositors. Receiver Reif stated that it was his experience that it was positively possible to keep the depositors and and the borrowers separate at an open depositors' meeting. He also stated that depositors can call meeting any time they wish. farmers and working people have to take things in our own hands are going to get anywas another thrust made by one present. Speaking about the in the defunct bank, Receiver Reif stated that these documents will eventually be sold at auction matter of procedure in these cases whole thing was crooked," exclaimed man. Asked about some of the notes held by an Omaha bank, the receiver stated those had to be sold in the metropolis satisfy their claims and an overdraft of $1,584.00 in the South Omaha institution. all sounds like hot wind. The way looks to me they had no security behind their notes and we depositors are stuck." said an elderly man. Nearly one-hundred people were present at the meeting. About dozen women were in the crowd. The matter was further threshed out in small groups following the meeting.
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DEPOSITORS OF LEIGH STATE BANK WILL NOT RECEIVE MORE THAN 19 PERCENT Depositors in the failed Leigh State Bank met at the opera house Wednesday evening to discuss the status of the situation at this time. Members of both the regular and the farmers committees were present and the first argument arose as to which committee should call the meeting. John Wullschleger sr., was asked to take the chair, but due to deafness, he vacated in favor of A. H. Breunig. Assistant Receiver L. H. Reif stated that a complete report of the assets of the bank had recently been asked for by the farmers committee and that a tentative valuation had been placed on the notes and other assets of the failed institution total value of $80,790 was placed on the value of the notes and these were ap praised at $15,757. Other property in possession of the depositors brought the total up a few thousand dollars, according to Mr. Reif. A total of 19% is all that the depositors can expect if all assets are collected in full ac. cording to the value placed upon them by the committee, Mr. Reif in any other radio. Get new radio The statement is being noised for the great programs of 1932! around that the receiver gets NINE TUBES $20.00 per day. I agree with this -that I'd like to, said Mr. Reif. Some months my salary has been as low as $14.00,' he continued. There was much feeling displayed in the discussion of the assets of the failed institution. Several of the speakers brought up the matter of large notes in the defunct bank not being secured and absolutely worthless. We might just as well say MADISON MODEL goodbye to our money, unless we Table model in Art Moderne, radio get an attorney to look after our new ubesuperheterodyne using the interests." We should have Volume Control, Automatic hired a good lawyer in the first Tuning, Tone Control and Detection. Every amplifier place, said one of the depositors tube Price, complete with Majestic $5950 who lost money in the bank. tubes The manner of appointing a deA very moderate down payment and positors committee was discussed. uberal terms make purchase of a To this the receiver replied that modern Majestic easy. every detail of the banks business IGNAC POWOLNY, was open to the interested parties and that the books may be seen at Headquarters at Holoubek's Columbus. Why do we have to Columbus every time we want to Service Station, Phone 30. know something about our own Clarkson, Nebr. business? asked one of the depositors.
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DEPOSITORS' MEETING LARGELY ATTENDED A large number of depositors of the Clarkson State Bank attended the meeting called last Thursday for the purpose of acquainting the depositors of said bank with new plan under which the bank is to operate. The meeting was presided over by A. J. Vlach, chairman, who after brief talk introduced Jos. T. Votava, prominent attorney of Omaha, who is well versed in these matters and who has thorough knowledge of the banking situation as it now stands. In the opening part of his talk, Mr. Votava stated what experience he has had with the handling of banks in distress. The banks he cited, according to his version, were in much worse condition than is the case with the Clarkson State Bank and these institutions at this time are gradually working out of their difficulties. He pointed out that receiverships are very expensive and oftimes work hardship not only on the depositors, but the borrowers as well. As rule, he stated, when matters are wound up, everyone concerned in the liquidation of the closed institution is a loser, notwithstanding the community in itself. Mr. Votava stressed the point that the present law known as House Roll 167, was created for the purpose of alleviating these depressed conditions, and he strongly urged the depositors to sign the required waiver agreements. A large number of depositors signed the waivers at the meeting and since the meeting nearly two-thirds of the bank's depositors have already signed the contracts. As soon as the required percentage of deposits is obtained, the state banking department will name a depositors committee which will look after the interests of the depositors and the institution itself. There are some who hesitate to sign the waivers, but those acquainted with the affairs of the bank, feel that it is the only wise thing to do under present conditions. To throw bank into receivership is not always the best thing for depositors to do. The Leigh State Bank, for instance, closed its doors two years ago and under its form of receivership has thus far paid out only 6 per cent. A Snyder bank closed in 1927, and in charge of a receiver, has brought about a big loss to depositors and still the matter remains unsettled. Another similar case exists over at Scribner, and there are hundreds of same cases all over the state. The following item appearing in last Monday's gives a fair idea as to what costs to liquidate a bank through receivership. In many other instances where banks were liquidated through receivership the cost and expenses were even much greater. "Fee Payment Allowed in Bank Receivership Harlan, Ia., May 7.-Following hearing before Judge Wheeler on allowance of court costs in the Elk Horn bank case, Receiver F. H. Kruse is to receive from the main trust fund for his services to date, $1,200. V. H. Byers, attorney for the receiver, will receive $1,500. Kruse had previousreceived approximately 11 thousand dollars, while Byers had received $11,346.50." The above item plainly shows that the receivership of a bank is very costly proposition. It is far better for the depositors to have their bank liquidated by the officers of the bank in an orderly and less expensive manner than to place a stranger in charge of the bank's assests. There are many other factors to be taken into consideration before anything permanent is done. The fact that you sign the waiver agreement does not deprive the depositors of their privilege of placing the bank into receivership in case the officers in charge can show no progress in the liquidation process. Under the new Nebraska law, H. R. 167, SO we are informed, those employed at the bank operating under restrictions, must earn their own salaries from the profits of the bank. In view of this the depositors have nothing to lose and everything to gain. With the price of small grain and live stock increasing daily, there is no question but what we will a great improvement in conditions before the next few months and from our observations it would appear to be downright crime to permit the closing of a bank at this time when improvement seems to be SO near. At times like these of today, the welfare of the community must also be taken into consideration when it comes to the settling of a vital matter such as the one now confronting us. Where there is will there is a way. Save your banks and business institutions and the community of Clarkson will be sure to prosper as it has in former years. Sound judgment on the part of the depositors, borrowers, bank officials and all concerned will greatly help in bringing our banking institutions back to the top where they once were. Forget petty jealousies and let all pull at one end of the rope. We owe it to our town and community.