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NORFOLK NATIONAL BANK IN COMPTROLLER HANDS Norfolk, 30 Norfolk National bank, oldest banking house in this section, was closed today. notice posted on the bank doors yesterday said that the institution had been in of the comptroller of on the order of its The bank had capital of about $100,000 deposits of $800,000. E. Burnham, once director the City Federal Reserve bank president. No official statement has been given Lyon, bank examiner, charge affairs.
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Norfolk National Bank Has Suspended Business Norfolk, Neb., Nov. 30 (U.P.) The Norfolk National bank, oldest house in this section, was closed notice posted the bank doors said that the had been placed charge the comptroller on the order of its directorate. The had capital of about $100,000 $800,000. Burnham, Kansas City Federal Reserve No official statement has been given out. W. Lyon, bank examiner, in charge of the affairs.
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BANK A nonresident receiver. now in the employ of the Treasury department, will in all probability be appointed for the Norfolk National bank which failed to open its doors Monday according to word received in Omaha Wednesday. Efforts have been made to Norfolk man appointed as receiver Two names have been mentioned receiver. They are Frank Burchmore, now receiver for the Tilden National bank at Tilden and Harold Nomland. receiver for the City National bank at Kearney. Word from Washing ton that the appointment Burchmore would considered. depending on whether he can sume added duties. If this cannot be arranged it is probable Mr. Nomland will be given post. His work at Kearney is practically Charles Kelsey, Norfolk attorney, was recommended as attorney for the receiver by Huse, Norfolk publisher. Mr. in this week and presented Mr. Kelsey's name to the Treasury department Attorneys for bank receivers are appointed upon the receivers. with the approval of the comptroller currency In no case an attorney be appointed for receiver if he has had legal other business connections with the failed
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nonresident receiver. the employ the Treasury partment, will in all probability appointed for the Norfolk National bank which failed to open its doors Monday word received in Omaha day. Efforts made Norfolk man appointed receiver Two names have been mentioned receiver. They are Frank Burchmore, now receiver for the Tilden National bank Tilden and Harold Nomland. ceiver for the City National bank Kearney. Word from Washingthat the appointment Burchmore would be considered, depending on whether he can sume the added duties. this cannot arranged probable Mr. Nomland will be given the post. His work Kearney practically concluded for the receiver by Gens Huse, Norfolk publisher. Mr. Huse was in Washington this week and presented Mr. Kelsey's to the Treasury department. Attorneys for bank receivers are appointed upon of the with the approval the comptroller be appointed for he has had legal business connections with the failed bank
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Banks at Hoskins and Norfolk The depression made present again itself felt in this section of the state with the closing of two more banks, the Hoskins State Bank at Hoskins and the Norfolk National Bank Norfolk. The Norfolk bank was closSaturday and the Hoskins bank Monday. The reason given for the closing of the Norfolk bank was because of the insolvency of the Norfolk Savings Bank, an affiliated stitution of the Norfolk National Bank and operated with virtually the same officers. Reduced values in bonds and real estate is given as the reason for the failure of the savings bank. In order to avoid on the National bank the board of directors decided that the best course was to close the doors of the bank. However, the Norfolk institution may pay out 100 cents on the dollar according to the Norfolk Daily News. The bank one of the oldest in northeast braska and its last bank statement gave its deposits $852,000. Burnham, one of the most prominent figures in state banking circles, president of the bank. The bank in charge of Lyon of Norfolk, national bank examiner. A receiver to be appointed. The Hoskins State Bank was closed said "as precautionary measand by voluntary action on the part of its directors. The bank had connection with the Norfolk National bank, R. G. Rohrke, cashier of the Hoskins bank being director of the Norfolk institution and Burnham director of the Hoskins bank. August Ziemer was president of the Hoskins institution. The bank's deposits amounted to little more than Virgil Lee, representing the state banking department in charge.
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NEBRASKA EVENTS TODAY'S NEWS Seek $5,000 Relief Fund Sidney, Dec. drive will be started here Monday to raise $5.000 to care for the needy during the winter. The funds will be administered through community chest officers. Hurt in Genoa Crash Genoa, Dec. Fell, of Omaha, was recovering from juries here today. Fell collided with the rear of loaded truck on the highway east of here last night, The trucker drove on. Escapes Jail Gang Beatrice, Dec. Cobb, county jail prisoner, escaped while working with gang of prisoners south of here. He has been serving time for chicken stealing. Deputy John Wiens was overseeing the gang. Charge Criminal Negligence Blair, Dec. tion that Ray Hahner, of Lyons, be held on charge of criminal negligence, was made by coronjury here. George Ryan, Blair trucker, was killed in the crash between two trucks. Named Bank Receiver Norfolk, Dec. Frank Burchmore, of Omaha, arrived last night, to become receiver the closed Norfolk National bank. Awaiting Sentence Fremont, Dec. Albert Shaffer, of Hooper, awaiting sentence here on conviction stealing calf from M. Shepherd. Shaffer recently received prison calf stealing conviction. Cotner Team Captain Lincoln, Dec. Bell, guard the football team, has been elected captain for next season. Bell lives Elwood. He Roscoe Haynie, of Omaha. Farm Congress Ends Chadron. Dec. the closing day of Chadron's 15th annual winter farm congress. Cattle, poultry and agricultural products have been on exhibit here since mid-week. Older Boys' Conference North Platte, Dec. Over Temperance Union. SHERIFF WITHDRAWS OFFER OF A REWARD
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ROUTINE BANK'S RECEIVER WORK PROGRESSING, HOW. EVER, AND CLAIM BLANKS TO BE MAILED SOON The Norfolk National bank ceiver, Frank Burchmore, and assistants are beginning to make some progress on the voluminous amount work which is before them in connection with settling the affairs of the bank. Mr. Burchmore told The News afternoon that he and his are now busy preparing the new set of books covering the bank's transactions. The bank's books are not used at all but made, he and after this finished new books are "proved" by comparing them with the bank's books. Each item among the assets and liabilities must be numbered and this also much work Within about ten days each depositor will be mailed blank, Burchmore stated. on which he will prepare proof of claim. These proofs of claim will be mailed back the bank by the depositors. When all are in and have been checked over they must then be sent to the office of the of the currency D. for checking and are then returned to the ceiver here. All of these details require considerable time and make sible this time to predict when dividend be paid to the de may positors. This has nothing to do with the amount of the dividend that the bank will pay, however. Even the bank pays 100 cents on the dollar the regulations the treasury department quire that the details described above must be completed Mr. Burchmore suggested that he and his assistants are consider ably in their efforts to speed up the procedure by the great number of people who come the bank or telephone asking for their statements and wanting get their safety deposit box He asked that the bank's pa trons desist because sible to grant the requests. The regulations of the depart ment prevent anyone from access to safety deposit box, Burchmore said. until has been proved that the boxholder does not the bank course one comes to the every door declares that he does not
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NORFOLK NATIONAL BANK RE. CEIVER ACCESS WILL BE GRANTED Persons who have safe deposit boxes rented Norfolk Na tional bank may have access them any time after noon Friday, Friday morning Frank Burchmore, receiver the institution. has been necessary keep them locked since the tion closed nearly two weeks that certain necessary aminations bank's books could made before they leased. Mr. Burchmore also announced firms notes the bank and also money deposit there that the deposit would automatically offset against the provided the sig nature note and the name the depositor's account identical. He also said that the Interest the bank which are offset partially offset by deposits had ceased bank closed notes are offset by the deposits. other he Jones note for $1,000 the bank has deposit the deposit offset note that $500 stopped the day the bank closed.
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Twenty Per Cent Dividend for Norfolk National Depositors Norfolk. Neb., April Employes the for the failed Norfolk National bank are preparing 1,200 checks be mailed out 40 soon first depositors from the assets The checks will represent $140,000, or 20 per 80 The checks are being completed to Washington, D. for government signatures. Trade however, was decidedly dull Country mand has narrowed sharply since 110 Monday and Tuesday and finds unevenly lower they 40 the weaker, than week ago. Good to choice stockers $6.00@7.15 Fair good good stockers Trashy grades $3.00@3.75 80 choice feeders Fair to 40 fair feeders $4.00@5.00 $2.00@3.00 steer calves $4.00@7.25 Stock heifer calves Trashy stock calves STOCKERS No. STAGS 395 70 STOCK HEIFERS 571 BOARS FEEDERS 330 PIGS 206 (Yesterday's Late Sales on Page (Yesterday's Late Sales on Page 2)
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National Dividend WILL Checks Expected Thursday ACT PROMPTLY Depositors in the Norfolk Nationbank will receive their first dend checks, probably Thursday. from comptroller's office in Washington Frank receiver of the bank, that the signed checks had been sent by registered mail day. believed that they will reach Norfolk afternoon they do Mr. Burchmore expectto able begin their distribution Thursday morning. Out-of-town depositors will ceive their checks mail, but those living Norfolk speed the distribution If they will call bank for theirs, Mr. more said. The dividend checks will be for percent of the deposits and the total amount to be paid depositors will be between and 000. The announcement that checks had been mailed was cheering news to depositors whose money had been tied up since the bank closed last fall. The release of this amount money expected reflected decided improvement in busipointed that $10 check passing through ten hands payment of debts or the purchase goods, amounts to $100. the dividend checks are kept moving community they may easily cancel debts pay for goods totalmillion dollars, in the week ten days.
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BANK OFFICIAL IS DEAD IN NORFOLK Sept. Fred federal receiver, died here for the Norfolk National and for the First National banks Hartingand Neb.
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Nebraska News Notes. Nebraska City, Neb., Sept. Violet Turnbaugh, 15, was near here yesterday afternoon when she stepped into deep hole the Missouri river. The girl had been wading with number compan Boats of Nebraska City Outboard Motor association races aided in searching for the body. Norfolk, Neb., Sept. B. 59, federal bank receiver, died here yesterday. He receiver for the Norfolk National bank and the First National banks Tilden, Hartington Crofton, Neb. Grand Island, Sept. Viola Knop, ended her life yesterday She believed dispondent over health. Kennard, Neb., Sept. body Harry Japp, was found hanging from here Saturday ternoon. The youth had been missing from his home since Thursday was believed to have ended his life while over inability find steady employment. Dalton, Neb., Sept. 5.-State and county officials are seeking identity of safe cracksmen blew open the post office safe here and made off in cash and equal sum stamps pool hall and blacksmith also were entered, presumably by the same marauders.
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New Receiver for National Harald Nomland, new receiver the Norfolk National bank, arrived here late Wednesday and assumed new duties Thursday morning. Mr. Nomland succeeds the Frank Burchmore, who died suddenly short time ago, He will receiver for the First National bank of Tilden, the First National Crofton and the First National Hartington. experienced bank receivcoming here from Kearney where held that position for the City National bank. Prior to his service there Mr. Nomland bank receiver at Stockton and Phillipsburg, Kan. He married and has daughter years old. The family will move here once.
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To Funeral For Mr. and Mrs. Ralph Allen, Mr. Charles Kelsey and Guy Thompson, of went to Omaha Tuesday attend funeral services held the Masonic temple for Frank Burchmore, federal bank ceiver of the Norfolk National bank, who passed away here suddenly Saturday night the home his sister, Mrs. death, which came shock his family, was due embolism. Mr. Burchmore had made home in Norfolk since the closof the Norfolk National bank last December, and also ceiver the national banks Hartington, Tilden and Crofton Before receivof the banks this vicinity, Mr. Burchmore had been in the insurance business in Omaha. Funeral rites were charge Right Angle lodge No. 303, and and Arthur Jones, Christian Science reader. Burchmore survived by widow, his daughter, Mrs. Hardin Sweeney Omaha, who married short time ago, and brother, George of Omaha, and six sisters, Mrs Allen of Norfolk, Mrs. Lundquist, Mrs. Hallquist and Mrs. all Omaha, Mrs. Rickman Angelus, Washington, and Mansfield of Port Sill, Okla.
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TRANSFER BANK RECEIVER KEARNEY. Sept. Nomland, receiver of the City National bank of Kearney, has been transferred to Norfolk, where he will be in charge of the Norfolk National bank and the First National banks at Hartington, Tilden and Crofton. Affairs of the City National are in the final stages of liquidation, and the final dividend, probably 2.8 per cent and amounting to approximately $50,000, probably will be ready in October. With the payment of this final dividend, the creditors will have received trifle 50 per cent of the total approved claims of $1,682,000.
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JUDGMENT ASKED AGAINST NORFOLK NATIONAL BANK SAVINGS RECEIVER AVERS LOANS MADE TO AID NATIONAL BANK ACCOUNTING SOUGHT IN SUIT Luikart Claims Officers of Savings Bank Knew Mortgaged Property Was Not of Sufficient Value to Protect Institution Charging that officers of the Norfolk National bank and the Norfolk Savings bank, who were the same for both institutions, caused at various times before the two banks were closed, Nov. 27, 1931, the savings bank to make loans to different persons and firms for the purpose of increasing assets of the national bank, H. Luikart, as receiver of the savings bank, has filed action in federal court here against Forrest Lear, as receiver of the National bank, asking that an accounting be had as the amount of money due him from the defendant and that he be given judgment against the defendant. The amount involved is around Officers of the banks as listed in the petition are E. Burnham, president of both institutions: Pasewalk vice-president of both banks, and the cashier, who is not identified in the action. Among the listed causes for action charging that at the time the banks closed, the savings bank had on deposit in the bank; that officers knew the national bank was in solvent before was closed; that no part of the deposit has been paid to the savings bank, except the sum of and that $3, 628.30 has not been paid. "Traded With Themselves" At various times within two years before the banks closed, the petition states, Norfolk National bank officers purchased for and sold to the savings bank bonds of various countries, states, municipal corporations or private corporations, and in making the transactions dealt and traded with themselves as officers of the Norfolk Savings bank. The petition further alleges that the bank paid for the bonds; that many of the bonds were not listed on any exchange and had no market value, and that none of them were investments for the savings banks, and bonds were not general liens. The plaintiff avers that the bonds at the time of their purchase did not exceed $50,000 value, and the savings bank has been in the sum of $22, no part of which has been paid. In the case of loans to persons firms, the plaintiff claims that the banks' officers would loan sums through the savings bank for the purpose of reducing the persons' or firms' to the Norfolk National bank. Charge Intent To Injure In having the savings bank make the loans, the officers would have the borrowers mortgage and convey to the savings bank property they owned, knowing at the time that the mortgaged property not of sufficient value protect the savings bank against loss, and that the mortgage was accepted by the officers with the intent of injuring the savings bank, according to the petition. The plaintiff states in the petition that if the defendant so desires, he ready, willing and able to surrender to the defendant any security listed or described in the various causes of action and ceived by the savings bank, upon the repaying the plaintiff the cost of such security the savings bank. also asked by the plaintiff that whatever sum be found to bé due defendant the plaintiff be adjudged and decreed preferred claim against the defendant and to be paid in full out of the assets of the Nonfolk National bank. M. McDuffee, Norfolk, is the plaintiff's attorney.
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STATE NEWS Dick Busacker of Talmage, fishing in the new channel of the Nemaha river near Talmage, unearthed what appeared to be a part of the jawbone of some prehistoric animal. The jawbone IS nearly three feet in length with eight teeth on one side and five on the other. The teeth are nearly three inches wide and the roots are deeply imbedded in the jawbone. The jawbone appears to be the upper part of the animal's jaw and the snout is spoon shaped Busacker saw the object in the river bed and waded through the shallow water to unearth it. The new channel is 20 feet deep and the water had apparently washed away the last covering of the soil. State Engineer Roy Cochran recently reported maintenance costs for Nebraska's state highway system last year were threequarters of a million dollars less than in 1930. despite a 1,500 mile addition to the state system being maintained. Cochran said part of the reduction was effected by improved practices and part by reducing the standard of maintenance in cases where temporary retrenchments could be made without greater additional maintenance cost in later years. The total maintenance bill last year was $2,282,135. compared with $2,833,527 in 1929. $3,043,508 in 1930. $2,854,968 in 1931 and $3.027,522 in 1932. The mileage increased each year. A. C. Tilley, maintenance engineer, said the average maintenance cost for a mile of gravel was cut from $439.64 in 1932 to $315.35 last year. of Approximately one-fourth the Nebraska taxes which became delinquent on May 1. 1933, had not been paid by February 1934. it was revealed at Washington recently. The figures were ohtained through a CWA survey. conducted by the department of commerce. The tabulation is based on returns from 81 of the 93 counties, and shows a delinquency in state and local taxes of 24.97 per cent. The survey covers only property taxes, which, in the counties covered. should have totaled $47,174.54 The total delinquency was $11,777,200. In Douglas county the total delinquency is $1,830,939, of a total property levy of $10,891,967-or 16.81 per cent Delinquency in other counties runs from 8.86 per cent up to the unprecedented high mark of 80.06 per cent. In 12 counties most of them in the drouth area of the north and west, less than half of the taxes had been paid. A meeting of the state relief committee has been called by Chairman W H. Smith for the first of June. to make allotments to counties for the month of June and to pass on matters which have come up since the last meeting including the 14 thousand dollar deficit for work relief incurred in ancaster county during May Federal Relief Agent Havnes est imates that it will take eight hundred dollars a day to meet emergency relief requirements of Lancaster county for the month The federal government has been asked to provide 550 thousand dollars for relief in Nebraska during June National Administrator Hopkins has already promised 276 thousand dollars for pecial relief to distressed farmers as an additional fund. and another 50 thousand dollars is expected to carry on rural rehabilitation work A compilation prepared in the federal state relief office shows that Lancaster county is spending the highest percentage of its own local revenues to meet relief needs of any county in the state Its proportion is 36 per cent compared with 34.4 in Dougles county. No other county is using as much as 30 per cent of its total income for relief purposes Funds for Nebraska's Sutherland project are expected to be available to the district within 30 days, it, was indicated recently after directors at North Platte finished executing two mortages and a temporary bond Daniel J Monen, trust officer of the Omaha National bank. said a requisition for 495 thousand dollars, the first federal cash for the project. was made out when he met with directors of the project recently. The first cash is to meet expenses of completing surveys, obtaining right of way and of initial construction. 18. 1934, Jesse H. Jones, chair man, reported. The largest in dividual loan authorized in Nebraska was $175,000 to the Farmers State bank of Columbus. The Farmers State bank of Kearney borrowed $141,750 and the Norfolk National bank received $130. 000 Besides the loans to closed bank receivers, the RFC also authorized a loan of 50,000 to the Fremont Mortgage company. State Treasurer George F. Hall recently announced purchase of $1,000,000 of U. S. treasury bills with current state funds on hand Hall has been worried about find ing a place to deposit state bal ances, large at this time of year He said the bills will mature the latter part of next November and were purchased at a discount of 07 of one percent SO that the state will obtain a vield of $350 interest which will go into the state gem ral fund The bonds were purchased through the l' S National Bank of Omaha