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Bank Probers Ask for Information Concerning Atlas Bank Receivership Shellenberger, employed by the state to investigate the manageof failed banks by the former ment state banking board has got around affairs of the Atlas Bank Neligh. He has sent to H. clerk of the district court for croft, amount information large the court records. mates will require couple weeks time to dig up all the tion asked
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INVESTIGATION GUARANTY FUND ASSESS MENTS IN YEARS AMOUNT TO RECORDS INADEQUATE, CLAIM Payment Institution Was to Atlas Bank Of Neligh, Which Received Sum Of $809,248.89 Lincoln, Aug. assigned by chief of the guaranty fund investigation, to an of failed banks and various adjuncts of the state banking their work with reof what accomplished. In checking the guaranty fund period years, from 1911 1929, the auditors reported that total assessments for the fund that period amounted which the banks contributed the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund. On Jan. last, the auditors found, unpaid and funds were owing the fund in the amount of which sound banks owed closed banks owed $344,953. Reported The auditors reported discrepanvarious amounts in checking the reports the trade and those the receivers of failed banks, but unable plete check in all cases, they said, because the state records were complete. During the period, depositors 125 banks were paid full on losses from failures, of the institutions par tially reimbursing the fund later out assets. The report charged that the bureau trade and failed to keep adequate records also said there was neglect in filing claims with bank receivers for unpaid assessments ,due the fund. regular levied upon the banks during the nineteen years netted $4,680,337, special levies added auditors Neligh Payment Largest The largest payment from the guaranty fund any failed bank to Atlas bank Neligh, which received while the smallest payment was to the Trumbull State bank which largest refund made the guaranty fund during period from American State Bank Lincoln Not Protect Interests" directed,' said report, "that, our opinion, trade and did not protect the interests of the fund, except few cases, with the fund from banks aggregating While might have been large by filing claims doubt been the claims past where The auditors the SEE PAGE NUMBER
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FORD BEAR ESCAPES CAUGHT AFTER CHASE Dearborn, Mich., Aug. 21. (AP)There was a bear hunt on Henry Ford's estate yesterday, but neither the bear nor the 50 employes who hunted him looked upon it as a sporting event. The lone specimen of the bruin tribe owned by the manufacturer broke out of his pen about 9 a.m., and for eight and half hours there was considerable beating of bushes. The bear had several escapes, but kept a jump ahead until, wearied by the unusual exertion, he dozed off under tree. One of the more husky employes intensified bruin's sleep with club, and the animal was tied and taken to a newer and stronger pen. adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337. and 21 special levies added $15,131,042, the auditors said. The largest payment from the guaranty fund to any failed bank was to the Atlas Bank of Neligh, which received $809,348.89, while the smallest payment was to the Trumbull State bank which $3,070.50. Been Worthwhile The largest refund made to the guaranty fund by receiverships during the 19-year period was from the American State Bank of Lincoln in the sum of $307,358.38. "Attention is directed," said the report, "that, in our opinion, the department of trade and commerce did not protect the interests of the depositors' guarantee fund, except in a few cases, with reference to the balances due the fund from failed banks aggregating $344,952.78. While the recovery might not have been large by the filing of claims in each case, Lustrous Hair it would have, no doubt been worthwhile." Exquisite Hands In that connection the auditors Really, it seems like a bit of magic recommended that claims be filed for -such soft, exquisite hands, such these amounts in the future and in gloriously lovely hair! And she keeps them frequent past failures, where possible. Pease's Rexall Drug Store. ing health skin and You'll Babies given a weigh at Clayton's. tf your silken and sparkly clean!
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THE OMAHA BEE-NEWS. THURSDAY, AUGUST 21, 1930 AUDITORS FIND BANKS OWE STATE GUARANTY FUND $3,299,061 Collector Miss S. W. Nebraska HAPHAZARD COLLECTING POINTED OUT Trade and Commerce Figures Fail to Jibe With Banks'; Records Incomplete LINCOLN, Aug. 20. (P)-Auditors assigned by C. Shallenberger, chief of the guaranty fund investigation, to an examination of failed banks and various adjuncts of the state banking department Wednesday concluded their work. In checking the guaranty fund for a period of 19 years. from 1911 to 1929, the auditors reported that total assessments amounted to $19,811,379, of which the banks contributed $18.694,669, the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund On Jan. 2. last. the auditors found, unpaid assessments and refunds were owing the fund $3.299,061. of which sound banks owed $2,954,108. and closed banks owed $344,953. CARELESS IN RECORDS The auditors reported discrepancies in checking reports of the trade and commerce departments with those of the receivers of failed banks. but were unable to make check in all cases, they said, because the state records were not complete. During the 19-year period depositors in 125 banks were paid in full on losses from failures, 89 of the institutions partially reimbursing the fund later out of assets. FAIL TO COLLECT The report charged that the bureau of trade and commerce failed to keep adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337, and 21 special levies added $15,131,042. the auditors said. The largest payment from the guaranty fund to any failed bank was to the Atlas bank of Neligh, which received $809,348.89, while the smallest payment was to the Trumbull State bank, which reThe largest refund by receiverships was from the American state bank of Lincoln in the sum of $307,358.38. DIDN'T PROTECT FUND "Attention is directed." said the report, "that, in our opinion. the department of trade and commerce did not protect the interests of the depositors' guarantee fund, except in a few cases, with reference to the balances due the fund from failed banks aggregating "While the recovery might not have been large by the filing of claims in each case, it would have, no doubt been worth while." In that connection the auditors recommended that claims be filed for these amounts in the future and in past failures, where possible. The auditors also criticized the keeping of records of the guaranty fund by the department, declaring the most "serious defect" was the absence of permanent record of accounts with failed banks which have received payments from the fund. The auditors also reported they were unable to locate bank statements from 1914 to 1923, inclusive, "and no one seemed to know their whereabouts. No uniform system of filing such documents seemed to be in use." Aviation Student Builds Own Glider NORFOLK, Aug. 20.-James Thornburn, youthful aviation student on the Andrew Risser air field here. has completed glider which will be given an official tryout soon. The glider is entirely home made and is said to be duplicate of some of the gliders used in Germany.
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BANK FUND AUDITORS HIT STATE HANDLING Say Records Incomplete in the Department of Trade, Commerce. CLAIMS NOT FILED Lincoln, Neb., Aug. 20 (P) Auditors assigned by A. C. Shallenberger, chief of the guaranty fund investigation, to an examination of failed banks and various adjuncts of the state banking department today concluded their work with a review of what they accomplished. In checking the guaranty fund for period of 19 years, from 1911 to 1929, the auditors reported that total assessments for the fund in that period amounted to $19,811,379. of which the banks contributed 694,669 the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund. On last January 2, the auditors found, unpaid and refunds were owing the fund in the amount of $3,299,061. of which sound banks owed $2,954 108, and closed banks owed $344,953. State Record Complete. The auditors reported discrepancles in various amounts in check ing the reports of the trade and commerce departments with those of the receivers of failed banks, but were unable to complete a compiete check in all cases, they said. because the state records were not During the year period, depositors in 125 banks were paid in full on losses from failures, 89 of the institutions partially reimburs1DK the fund later out of assets. The report charged that the bureau of trade and commerce failed to kep adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Largest Payment at Neligh. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337. and 21 special levies added $15,131,042, the auditors said The largest payment from the guaranty fund to any failed bank was to the Atlas bank of Neligh which received $809,348.89. while the smallest payment was to the Trumbull State bank which reThe largest refund made to the guaranty fund by receiverships durIng the 19-year period was from the American State bank of Lin Did Not Protect Fund. "Attention is directed, said the report, "that, in our opinion, the department of trade and commerce did not protect the interests of the depositors' guarantee fund. except in a few cases, with reference to the balances due the fund from failed banks aggregating $344.952.78, while the recovery might not have been large by the filing claims in each case, it would no doubt have been worthwhile. In that connection the auditors recommended that claims be filed for these amounts in the future and in past failures, where possible The auditors also criticized the keeping of records of the guaranty fund by the department, declaring the most "serious defect" was the absence of a permanent record of accounts with failed banks which have received payments from the fund. The auditors also reported they were unable to locate bank statements from 1914 to 1923, inclusive, "and no one seemed to know the whereabouts. No unifrom system of filing such documents seemed to be in use." The University of Pittsburgh foot ball team will go into training at Windber, Pa., September 2.