13315. Farmers State Bank (Newman Grove, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 17, 1929
Location
Newman Grove, Nebraska (41.750, -97.775)

Metadata

Model
gpt-5-mini
Short Digest
f206beb5

Response Measures

None

Description

State banking examiner posted notices July 17, 1929 that the Farmers State Bank was taken over by the Nebraska State Banking Department as insolvent; no run was reported. Subsequent article (Sept. 1929) indicates a receiver (Harry Henatsch) was appointed, consistent with permanent closure/receivership.

Events (2)

1. July 17, 1929 Suspension
Cause
Government Action
Cause Details
State Bank Examiner Lyman C. Sorensen took the bank's affairs over; bank declared insolvent by the state banking department and closed by examiner.
Newspaper Excerpt
notices were posted the doors of the Newman Grove State Bank and the Farmers State Bank by Lyman C. Sorensen, State Bank Examiner, that the affairs of the bank had been taken over by the state banking department
Source
newspapers
2. September 26, 1929 Receivership
Newspaper Excerpt
All of his property was found to be mortgaged to the Farmer's State bank of Newman Grove and being of less value than the indebtedness was ordered turned over to the bank's receiver, Harry Henatsch.
Source
newspapers

Newspaper Articles (3)

Article from Newman Grove Reporter, July 17, 1929

Click image to open full size in new tab

Article Text

BOTH STATE BANKS ARE TAKEN BANKING DEPARTMENT The Newman Grove State Bank, The Farmers State Bank, and the Security Savings and Loan Association Declared Insolvent by Bank Examiner About six o'clock last night notices were posted the doors of the Newman Grove State Bank and the Farmers State Bank by Lyman C. Sorensen, State Bank Examiner, that the affairs of the bank had been taken over by the state banking department and that a meeting would soon be called of the positors and creditors to consider the advisability of re-organization. This meeting will be held next Friday night. The depositors the Newman Grove State Bank will meet at 7:30 at the new auditorium and the depositors of the Farmers State Bank will meet 8:30 o'clock at the high school assembly room. Both meetings will be addressed by George W. Woods, of Lincoln, the new bank commissioner. This financial crash is the result of condition which has prevailed over the state for the past several years involving especially state banks. When the Nebraska State guaranty fund ceased to function after making extensive drafts on the state banks and the legislature was unable to find solution to the problem, it seriously impaired the standing of many state banks. This, together with the unusual dition of commercial paper during the reconstruction period following the world war has made banking very difficult business. For the past several months there has been gradual withdrawal of deposits although there no run on either bank. The bank examiners were here the most of the past week and though an effort was made Tuesday to prevent the closing of the banks was fruitless. Geo. H. Gutru, president of the State Bank and Olson, president of the Farmers State Bank were in conference with George W. Woods newly appointed Bank examiners at Columbus until evening when it became apparent that nothing could be done Mr. Sorensen returned to Newman Grove and took over both banks. The capital stock of the Newman Grove State Bank is $30,000 with surplus of $10,000. The deposits were around $300,000. The capital stock of the Farmers State Bank is $15,000 with surplus of $6,000 The deposits amount to A law passed by the last legislature provides for re-organization of failed banks by calling meetof the depositors and appointing committee to go over the books and make an appraisal of the value of the commercial paper of the bank. The capital stock and surplus is taken to apply on uncollectible notes. All questionable is put together and an effort per made to collect it. The depositor's money or sufficient amount of it held to offset this paper. New stock must be subscribed and the bank is put into operation again. If this questionable paper is collected or an amount equal to the old deposits less the capital stock and surplus, the depositor's claims will be paid in full. If a re-organization not effecte,d the bank will be placed into the hands of receiver. Newman Grove is left with one bank, The First National, which is strong institution with its deposits well safeguarded by stock of government bonds amounting to many times its capital stock. The deposits in this bank have rapidly grown during the past several months, and it has the implicit confidence of the people. Mr. Sorenson states that practically every bank that has failed since the passing of the new law providing for re-organization has taken advantage of this law and effected re-organization. It is hoped that re-organization of these banks can be made. Some think that if this is done they may be consolidated into one strong banking institution. The closing these banks will only the ness of the town for it will not be long until every busines man affected will be able to arrange new banking facilities. Very exaggeratreports were heard on the streets last night as to the amount of deposits of different individuals the closed banks. One deposit ported to be $45,000 shrunk during the night to $4,000. People should pay no attention to any reports until they are confirmed. The business of the town went along as ual today and stranger coming to town would not know that financial crisis had occurred.


Article from The Madison News, September 12, 1929

Click image to open full size in new tab

Article Text

MEADOW GROVE BANK IS CLOSED No New Bank At Newman Grove Yet NEWMAN GROVE, Sept. 7-So far no new bank has been organized to replace the Newman Grove state bank and Farmers' state bank which failed here recently. It is understood that application has been made for a charter for a new national bank, but no active organization has yet occurred.


Article from Norfolk Daily News, September 26, 1929

Click image to open full size in new tab

Article Text

twenty projects the club might undertake the first semester of the school year. The list that has been compiled will be mailed to the members and they will check ten of the projects they want incorporated in the program. Harry Lohr, a conductor of the C. & N. W. Columbus branch, met with an accident last Monday which tore some ligaments from one of his legs. He has been unable to work for three days. Miss Hazel Dawson who has been secretary for the board of education in Norfolk since 1921, and who resigned recently, left her position Wednesday and was succeeded by Miss Lillian Steffen. Fire in a vacant house at 515 Lincoln avenue at 1:15 o'clock Wednesday afternoon, was extinguished by the fire department before much damage was done. The fire started in an old mattress in the basement of the house. In the third round of the Y. M. C. A. horseshoe tournament Gerald Christopherson will play Bern Pfunder. Drexel Grubb, Vedder Stevens and Jack Harrington are in the third round so far but their opponents are not known as yet. Three cheer leaders have been elected by the Junior college students to lead college activities for the coming year. They are: Stanley Donner, Louise Turk and Dean Bowen. These three are working up a pep program for the year. Frank Perry will be unable to speak Friday morning at the Athletic convocation to be held by the Junior college in the high school auditorium. The principal speaker will be Rev. E. Merle Adams, minister of the First Congregational church. English classes in the senior high school, taught by the following instructors went to the public library to hear Henry L. Cecil speak on the subject of books: Miss Mary Ellen Pangle, Miss Lucile Vickers, Miss Beatrice Koch, and Miss FranHornaday. Hunters are warned by the police to be careful of the appearance of the crates they carry their dogs in when they go hunting. Some hunters have been accused of being chicken thieves because of the crates they carried on the side of their cars. The first meeting of creditors was held Wednesday in the case of Oscar M. Huseby of Albion. All of his property was found to be mortgaged to the Farmer's State bank of Newman Grove and being of less value than the indebtedness was ordered turned over to the bank's receiver, Harry Henatsch. Area construction foremen of the Nebraska area of the Bell Telephone company met Thursday here with Construction Supt. R. Y. Hyde. The construction foremen at the meeting were: R. B. Dearduff of Grand Island, R. Baker of Sioux Falls, S. D.; R. J. McDermott of Omaha, K. J. Leibee of Grand Island: A. J. Anderson of Sioux Norfolk. Falls, S. D.; T. A. Clarke of An anto accident occurred at 1211 Nebraska avenue Wednesday aft ernoon when car driven by Leonard Manzer and owned by George Tatge collided with a car owned by A. W. Goldsworthy. As a result of the collision which damaged the Goldsworthy car, Manzer and Tatge were booked at the police station. After an investigation by the police Thursday morning, the men were released. The annual American Legion dance will be held in the lower floor of the Chevrolet garage on North Fourth street. on Armistice Day. Nov. 11- All members of the Norfolk post of the legion are request. ed to be present at the monthly meeting Monday night, Oct. 1, to make final prepartions for the sale of the dance tickets and to select the committees that will function the night of the dance. The activity GROWTH SHOWN BY LUTHERAN HOSPITAL HERE 2,166 PATIENTS TREATED DURING YEAR, REPORTS TO STOCKHOLDERS SHOW ROHRKE AGAIN PRESIDENT NORCO EGG MASH Total Amount of Business During DOES IT Year Was $109,835-Need of Support Because of Charity Cases is Norco Egg Mash hurries the Pointed Out moult contains the right Stockholders of the Lutheran amount of minerals and proHospital association of Norfolk, at tefn. Gets your hens back on their annual meeting Wednesday in the job and keeps them at it. the hospital building, listened to reports of officers showing a continued growth and expansion of the work of the hospital. The outstanding development at the hospital, as reviewed by the Rev. M. E. Mayer in his report, was the completion of the new wing of the building, erected at a cost of approximately $50,000, and making it possible to care for the ever increasing number of patients. Business Shows Growth The number of patients admitted during the year, shown by the reports, was 2,166, an increase of eighty over the previous year. $21.00 The number of hospital days was 16,556. There are forty-eight student and graduate nurses employed at $10.50 the hospital and seventeen other employes. $10.50 Some idea of the large financial operations of the hospital was given in the treasurer's report, which shows a healthful condition of the SATISFIES finances, in spite of the large amount of charity work done, The toal amount of business done during the year was $109,835.94. The meat, milk and grocery bills amount ed to more than $25,000 during the year, in addition to the provisions that were donated. Other items run into large figures and in connection with plea for continued support of the institution, vote of thanks was given to the various churches, societies and individuals who helped to furnish a number of rooms and in other ways contributed to the various needs of the hospital. Continued Support Needed Only by continued support, it was pointed out, can the hospital continue to do so much charity work. A resolution was also passed thanking the various physicians, surgeons and nurses, R. J. Shurtleff, the hospital attorney, and all employes for their spirit of wholehearted loyalty and cooperation. The Rev. J. P. Mueller. hospital chaplain, gave an interesting talk on the work of bringing spiritual comfort to the sick and dying. That the hospital offers its services to people of all denominations is shown by a list of religious denominations represented among its patients: Lutherans 691; Methodist 481: Catholic 261; Congregational 167; Presbyterian 124; Baptist 49; all others no religious preference 172. Rohrke Again Elected R. R. Rohrke of Hoskins was again elected president. Fred Bruhn of Norfolk was chosen vice presi- committee which is now arranging the program consists of John Chmeler and E. L. McCune. The senior Girl Reserves held a candle lighting service of recognition Tuesday night at the Y. W. C. A. Mrs. Shirley Eckert played the violin and Mrs. C, D. Young accompanied her on the piano for the musical effect of the ceremony. The cabinet members who were dressed their uniforms of blue and white gave an impressive ceremony. each lighting a candle which represented line of the code. Francis Hills and Beatrice McGowan sang solos for the ceremony. Virginia Ryan and Hazel Mouritsen had charge of the devotionals. The sponsors spoke briefly on one phase of the club purpose, seeing things, doing things and being things. Each girl then lighted her candle and held It high while they sang "Follow The Gleam". dent; the Rev. J. Holstein, Plainview, secretary; W. C. F. Filter of Norfolk, treasurer. The executive committee is: the Rev. M. E. Mayer, Fred Bruhn, F. W. C. Filter; auditing committee: The Rev. G. Tiefel, Frank Winter: editor of the Hospital Bulletin: The Rev. M. F. Scheips of Pierce. Service is Sole Motive In his report, the Rev. M. E. Mayer said: "Like the Good Samaritan we members of the Lutheran Hospital association are endeavoring to give the right care to the patients that are brought to our hospital for service. For no other reason have we assembled here today for our annual stockholders' meeting, for no other reason do we collect monies, open our hospital to all reputable physicians and surgeons, conduct a nurses' training school, employ gra duates and other help at the hospftal. all the administration of the affairs of the Lutheran Hospital assoclation focusses upon the right care of, and the service to, our patients. is the duty and opportunity of every hospital to teach, train, and educate. It should not only train its students and employes but should, through its personnel and facilities, disseminate an educational influence throughout the community. It must awaken the community to its responsibility in seeing that there is provided adequate care for the sick, to know what sound, scientific practice of medicine and surgery means, and to understand the value of modern hospital service. The hospital is special adapted-to educate in the prevention of disease and in promotion of better health in the community. For this reason not only those who require the services of the hospital, or who are financially interested, but every member of the community, should boost for a good and efficient hos pital. "It is the duty of every institution, which is part and parcel of large field of endeavor, to aid and assist others working on that same field, even as it needs their aid and assistance. The cause is common one, and the participation of every unit is required to further and enhance the cause. Unfortunately some hospitals live much unto themselves and, either for selfish or apathetic reasons, fail to contribute single thing for the betterment the field generally. The right thing would be that each in stitution stand ready to help solve the many problems and give all others the advantage of their knowl* edge and experience.' of the bride, and a barn dance followed. Mr. and Mrs. Kruger have gone to the Black Hills for a two weeks' honeymoon trip. Lambrecht-Suhr Winside, Neb., Sept. 26-Special to The News: The marriage of Miss Anna Suhr of Beemer and William Lambrecht took place yesterday noon in Methodist Episcopal parsonage, the Rev. J. Marple officiating. Both the bride and bridegroom are graduates of the deaf and dumb institution at Omaha. They will make their home on a farm northwest of Winside. where new residence and farm buildings are being constructed for them. Bracht-Eichenseer Crofton, Neb., Sept. 26-Special to The News: quiet wedding took place at St. Rose church on Tuesday morning at o'clock when Miss Caroline Eichenseer of Crofton became the bride of Frank Bracht of Hartington, the Rev. Joseph Boschek officiating. The attendants were Miss Clara Eichenseer, sister of the bride and Leo Bracht, a brother of the bridegroom. The bride wore a gown of white georgette with Spanish lace and her maid wore Nile green en' semble suit with hat to match. After the ceremony the immediate relatives drove to the bride's home where a four-course wedding dinner was served. Mr. and Mrs. Brancht then left for points in South Dakota and Minnesota for a two weeks wedding trip. Mrs. Bracht is the third daughter of Mr. and Mrs. Michael Eichenseer of Crofton and was reared here. Mr. Bracht is a prosperous young farmer near Hartington. On their return Mr. and Mrs. Bracht will reside on a farm near Hartington. Out-of-town guests here for the wedding were: Joseph Bracht and family, the Rev. C. R. Trummer and Miss Elizabeth Schoneberg, Hartington; Miss Catherine Donner, Sloux City, and Miss Clara Eichenseer, St. Louis, Mo. An amusing story comes from Montagu, South Africa, where, in school-boys' criket match, the batsman hit the only ball possessed by the village cricket team among a few ostriches standing close to the field. One of the birds whipped up the ball, and swallowed it. The ostrich was caught, and by pummeling and massaging its neck for some time the ball was recovered.