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BANK AT RALSTON, NEB., CLOSES ITS DOORS Lincoln. Neb., Ralston State bank closed today. and taken in charge by iners for the state of trade commerce. bank had deposits of closing attributed to slow and frozen loans.
13518. Ralston State Bank (Ralston, NE)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 27, 1928
- Location
- Ralston, Nebraska (41.205, -96.043)
Metadata
- Model
- gpt-5-mini
- Short Digest
48d31e48
Response Measures
None
Description
Multiple contemporaneous newspapers (Dec 27, 1928) report Ralston State Bank closed today and taken in charge by examiners for the state department of trade and commerce, with closing attributed to slow and frozen loans. Subsequent 1929 reporting (audit summary) documents mismanagement/insider loans by President Shannahan and prosecution/audit findings, supporting permanent failure/receivership. No article describes a depositor run prior to suspension.
Events (2)
1.
December 27, 1928
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Closing attributed to slow and frozen loans (poor loan quality) and inadequate capital/insider lending by president; state examiners took charge.
- Newspaper Excerpt
- Ralston State bank closed today, and was taken in charge by examiners for the state department of trade and commerce. The bank had deposits of $250,000. The closing was attributed to slow and frozen loans.
- Source
- newspapers
2.
July 11, 1929
Receivership
- Newspaper Excerpt
- The first audit ... learned that Shannahan loaned himself more than $16,000 ... loaned his wife and other persons for his own use more than $18,000. The capital stock of the bank was only $20... Some of these facts were known the state banking department before the bank finally suspended ... The auditors now suggest it may be possible prosecute Shannahan for forgery. The statute of limitations has run against some of the crimes ... In the Ralston bank case, President Shannahan has already been tried in court and acquitted on one charge. Prosecution of the officials of failed banks has resulted in conviction. (audit of Ralston bank).
- Source
- newspapers
Newspaper Articles (10)
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BANK AT RALSTON. NEB., CLOSES ITS DOORS Lincoln, Neb., Ralston State bank closed today, and was taken in charge by examiners for the state department of trade and commerce. The bank had deposits of $250,000. The closing was attributed to slow and frozen loans.
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WILL Each Claims to Be Only Heir to Estate of Wealthy Nebraskan Broken Bow, Neb., niece and the George Andrews of Anselmo are fighting the will left by him. giving all his valued at and $60,000 to George Kellogg. Fuhrman also named Kellogg executor without bond. When the petition of heirs was filed, Judge Holcomb ruled against Kellogg and Christen to be put under bond. Ruth Shephard. of Greeley, Colo. claims she the daughter the deceased the heir of the property Mrs. Otto Winter of Ansley, Neb. objects to the probate on the ground that she niece Fuhrman and sole heir. Margarithe Bauer, nee Fuhrman Wagenbach, Baden, Germany claims she the sister of the deceased and the sole heir to the property. An inventory of the property filed Christen shows that Fuhrman had acres of land and personal property amounting to certificate of deposit in the bank for $12,294.98 and the balance is in notes and mortgages for monloaned to neighbors and in ernment bonds and securities. There was only $26 in his checking account the time his death. Fuhrman 1927 suffered partial stroke and went Council Bluffs for medical attention. While there made will bequeathing $250 to Ruth Ball, whom he described "the daughter of my wife," and $100 to his niece, Mrs. Otto Winter, of Ansley. The rest of his property was willed to George Kellogg He stated in the that Kellogg had taken of him at various times and that his relatives had no claims on his Ruth Shephard claims that she daughter and that he mind when he that he was Council Bluffs Kellogg for the purpose him to and that he suffered partial paralytic stroke which him both mentally physically. She says that Kellogg came to Fuhrman stranger few months previous the execution of instrument. Mrs. Winter states the same objections, declaring that he was unduly influenced by Kellogg. The sister living Germany, who the mother of Mrs. Winter, makes similar allegations regarding the circumstances under which the will was made. DISTRICT JUDGES TO ASSIST SUPREME COURT Lincoln, Neb., The supreme court today announced selection of six district court judges for service during the January term. which lasts for the next months or more. The list included Judges Raper, of PawCity: Begley, of Plattsmouth; Hastings, David City; Louis Lightner, Columbus; of Red Cloud, and of These judges sit singly in pairs with the supreme judges when called for service, and write opinions in some cases in which they sit. BANK AT RALSTON, NEB., CLOSES ITS DOORS Lincoln, Neb., Ralston State bank closed today. and taken in charge examiners for the state trade The bank had deposits The closing attributed to slow and frozen loans. NORFOLK BEGGAR SHOWS DID GOOD BUSINESS Norfolk, Neb., (Special) armed beggar today changed in silver for currency store and then displayed about currency, declaring his week's wages pencil vendor in Norfolk and vicinity. He wished everybody merry Christmas and happy new year. ESCAPED CONVICT SPENT NIGHTS IN JAILS Columbus. Neb., For months. Walter Wilds, 22 years who escaped from Colopenitentiary Canon City last January evaded capture by applynightly at police stations in towns where he stopped for night's lodging, he told Chief Police Brandon today. figured that the safest for me to Wilds said. on the theory that officers expect an escaped convict near
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FUHRMAN WILL Each Claims to Be Only Heir to Estate of Wealthy Nebraskan Broken Neb., (Speniece and of the George Andrews Fuhrman of Anselmo are fighting the will left by him, giving all property valued at between $50,000 and George Kellogg. Fuhrman also named Kellogg executor without bond. When the petition of heirs was filed. Judge Holcomb ruled against Kellogg and David Christen of Anselmo, to be put under bond. Ruth of Greeley, Colo. claims she the daughter the deceased and the sole heir of Mrs. Otto Winter of Ansley, Neb. objects the probate the ground that she niece of Fuhrman and the sole heir. Margarithe Bauer, nee Fuhrman, Wagenbach, claims she is the sister of the deceased and the sole heir to the property. An inventory of the property filed by Christen shows that Fuhrman had acres of land and personal property to certificate of deposit the bank for $12,294.98 and the balance is in notes and mortgages for monloaned to neighbors and in government bonds and securities. There was only $26 in his checking count at the time of his death. Fuhrman in 1927 partial stroke of and to Bluffs for medical attention. While there he made be$250 to Ruth Ball, whom he "the of and $100 to niece. Mrs. Otto Winter, of Ansley The rest of his property was willed to George Kellogg. He stated the will Kellogg had taken care him at various times and that his relatives had no claims on his Ruth Shephard claims that she Fuhrman's daughter and that he was of mind when he made the will. that he was removed to Council Bluffs by Kellogg for the purpose of getting him to make this will and that he suffered partial paralytic stroke which left him totally incompetent, both mentally and physically. says that Kellogg came to Fuhrman stranger months previous the execution of the instrument. Mrs. Winter states the same objections, declaring that was unduly influenced The sister living Germany, who the mother of Winter, makes similar regarding the circumstances under which the will was DISTRICT JUDGES ASSIST SUPREME Neb., supreme court today announced of six district court judges for service during the Januterm. which lasts the next months or more. The list cluded Judges Raper, of PawBegley, mouth; Hastings, of David City: Louis Red Cloud, and Eldred. of These judges singly or in pairs with supreme judges when called for and write opinions in some cases in which they sit. BANK AT NEB., CLOSES ITS DOORS Ralston State bank closed today, and taken charge by examiners for the state of trade and The bank had deposits of $250,000. The closing was attributed to slow and frozen loans. NORFOLK BEGGAR SHOWS DID GOOD BUSINESS Norfolk, Neb. (Special) one armed beggar today changed $300 in for currency in store and then displayed about currency, his wages pencil vendor in Norfolk and He wished everybody merry Christand happy new year. ESCAPED CONVICT SPENT HIS NIGHTS IN JAILS Columbus, Neb., For Walter W. years old, who escaped from Colorado penitentiary at Canon City last January evaded capture by applynightly police stations in towns where he stopped for night's lodging, he told Chief of Police Brandon here today. figured that was safest place for to Wilds said. acted the theory that officers wouldn't expect an escaped convict near
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FUHRMAN WILL Each Claims to Be Only Heir to Estate of Wealthy Nebraskan Broken Neb., (Speniece and ter the George Andrews Fuhrman Anselmo are fighting the will left by him, giving all his property valued between $50,000 and to George Kellogg. Fuhrman also named Kellogg executor without bond. When petition of heirs filed, Judge Holcomb ruled against Kellogg administrator and appointed David Christen Anselmo, to be put under bond. Ruth Shephard, of Greeley, Colo. claims she the daughter the deceased and the sole heir of the property Mrs. Otto Winter of Ansley, Neb., objects the the ground that she niece of Fuhrman and the sole heir. Margarithe Bauer, nee Fuhrman, Wagenbach, Baden, Germany, claims she the sister of the ceased and the sole heir to the property. inventory of the property filed Christen shows that Fuhrman had of land and personal property amounting to certificate of deposit in the bank was for and the balance in notes and for monloaned neighbors in ernment bonds and There was only $26 his checking count the time his death. Fuhrman 1927 partial stroke and Council Bluffs for medical attention. While there he made queathing Ruth whom he daughter of deceased $100 his niece. Mrs. Otto Winter, of Ansley The rest of his property willed to George He stated in that Kellogg had taken him various times and that his relatives had no claims on his Ruth Shephard claims that she daughter and that he unsound mind when he made the will, that he to Council Bluffs by Kellogg for the purpose of getting him to make this will and that he suffered partial paralytic stroke which left him totally incompetent, both mentally and physically. She says that Kelcame Fuhrman stranger few months previous to the cution of the instrument. Mrs. Winter states the same objections, declaring that he was unduly influenced by Kellogg. The sister living in Germany, who mother Mrs. Winter, makes similar allegations regarding the circumstances under which the will was made. DISTRICT JUDGES ASSIST SUPREME COURT Lincoln. Neb., The supreme court today announced selection of six district court judges for service during January which for the next months or The list included Judges Raper, of Pawnee City: Begley, Plattsmouth; Hastings, David City: Louis Lightner, Columbus; of Red Cloud, and of These judges sit singly or in pairs the supreme judges when for service, and write opinions in some cases in which they sit. BANK AT NEB., CLOSES ITS DOORS Neb., Ralston State bank closed today, taken in charge by iners for the state of trade and The bank had deposits The closing was attributed to slow and frozen loans. NORFOLK BEGGAR SHOWS HE DID GOOD BUSINESS armed beggar today changed $300 in silver for currency local store and then displayed about his week's wages pencil vendor Norfolk and vicinity. He everybody merry Christmas and happy new year. ESCAPED CONVICT SPENT HIS NIGHTS IN JAILS Columbus, Neb., For Walter Wilds, years old. who escaped from Colorado penitentiary at Canon City last evaded capture by applying nightly police stations in towns where he stopped for night's lodging, he told Chief of Police Brandon here today figured that the safest place for me to Wilds said. acted the theory that officers wouldn't expect an escaped convict
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BANK AT RALSTON, NEB. CLOSES ITS DOORS Neb., Ralston State bank closed today. and was taken in charge examiners for state department trade commerce. The bank had deposits $250,000 The closing was attributed to slow and frozen loans. NORFOLK BEGGAR SHOWS DID GOOD BUSINESS Norfolk, Neb., (Special) armed beggar today changed $300 in silver for currency in local store and then displayed about $1,000 in currency, declaring was his week's wages pencil vendor Norfolk vicinity. He wished everybody merry Christmas and a happy new year. ESCAPED CONVICT SPENT HIS NIGHTS IN JAILS Columbus. Neb. Walter 22 For months, years old, who escaped from Colorado penitentiary at Canon City last January evaded capture by applyat police stations in ing nightly where he stopped for towns lodging, he told Chief night's Police Brandon today. figured the safest for Wilds said. place the that officers acted on theory wouldn't expect escaped convict near
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HOOVER'S NEBRASKA LEAD OVER SMITH 147,786 Lincoln. Neb., Herbert Hoover and his running mate, Charles Curtis. Nebraska majority of 147.786 votes over Gov. Alfred Smith and Joseph official tabulations the state canvassing board certified today figures contained an official report the, general election issued by Fank Marsh, secretary of state democratic nominee carried 12 counties in the state, total majority them being 4,148 votes The counties majorities carried by Governor Smith Butler. ing. 179; Dakota, 45; Greeley. 614: 260; Platts 313; Saline 608; Sherman, 58; Stanton, 85 and Thurston Arthur Weaver's majority over Charles Bryan race for governor was 77,622. Weaver received votes, Bryan had 230.640 and Phillip Haffner the socialist candidate received 2.095. WANTS BANKS TO PUT UP DEPOSITORY BOND: (Special) County Attorney W. Dowling has written letter Mrs. Clara Kaul Davis county treasurer, and to county commissioners. suggesting that in the present condithe bank guaranty fund. the county treasurer should require state banks to give the same depos tory bond as of national banks HOTEL MAN IS OF NORFOLK WALTONIANS Neb., (Special)John Olson. one northeast Nebraska's leading and manager Hotel Norfolk elected president of the Norfolk chapter the Izank Walton league of at a meeting Monday METHODIST CHURCH LINCOLN, DAMAGED BY FIRE Lincoln. Emmanuel church damaged fire. believed to have caused by spentaneous com. bustion, last night the loss. which was largely to the basement of the church, was not given. IOWA WOMAN PLACE WAYNE NORMAL Neb. Special)Miss Ruth Paden of Waterloc Ia., in Training school of the local college caused by the Miss Edith who has been in charge of the sixth grade. Miss Marshall, has been in charge grade during the last five years will married December 22 Lloyd Hitchcock of Springfield, Mo. FOUR OLD ENGINEERS GUESTS AT BANQUET Norfolk, Neb., Dec 19 (UP)Four veteran engineers, all of whom spent :rom 42 to 50 years at the throttle of North Western raillocomotives were honored here last night given by the Brotherhood of Locomotive Engineers. The four, who on the pension list, are Thomas Shiveley, Omaha: Pat Crotty, Norfolk; O. E. Collins, of Chadron, and Joseph Schwartz, of Omaha Several engineers who have been retired for some time attended the banquet WOMEN CONTEST FUHRMAN WILL Each Claims to Be Only Heir to Estate of Wealthy Nebraskan Broken Neb., (Speniece of the late George Andrews Puhrman of Anselmo are fighting the will left by him. giving all his property valued at between $50,000 and George Kellogg. Fuhrman also named Kellogg executor without bond. When the petition of heirs was filed. Judge against Kellogg administrator and appointed David Christen of Anselmo, to be put under Ruth Shephard of Greeley Colo claims the daughter the deceased and the sole heir of the property Mrs: Otto Winter of Ansley Neb objects the probate the ground that she niece of Fuhrman and the heir Margarithe Bauer. nee Fuhrman of Wagenbach. Baden. Germany claims she the sister of the deceased and the sole heir to the An inventory of the property filed by Christen shows that Fuhrman had 1,100 acres land and personal property amounting certificate deposit in the bank was for and the balance notes and mortgages for monloaned neighbors and in government bonds and securities. There was $26 in his checking account the time his death Fuhrman in 1927 suffered partial stroke and went Council Bluffs for medical attention. While there made bequeathing $250 Ruth Ball, whom he described "the daughter of my deceased wife." and $100 to his niece. Mrs. Otto Winter. of Ansley The rest of property willed George Kellogg He stated in the will that Kellogg had taken care him at various times that his relatives had no claims on his Ruth Shephard claims that she is Fuhrman's and that he of unsound mind made the will, that he removed to Council Bluffs by Kellogg for the purpose of getting him to this will and that suffered partial paralytic stroke which left him totally both mentally and physically. says that Kellogg came Fuhrman stranger few months previous to the execution of the instrument. Winter states the same objections. declaring that he was unduly influenced by Kellogg. The sister living in Germany, who is the mother of Mrs. Winter makes similar allegations the circumstances under which the will was made. DISTRICT JUDGES TO UPREME COURT Neb., The supreme court today announced the selection six district court judges for service during the January term. which lasts for the next six months The cluded Judges Raper, Pawnee City: Begley, Plattsmouth: Hastings, David City: Louis Columbus: Red Cloud, and Eldred of McCook singly or in pairs with the judges when called for write ions in some cases in which they sit. BANK AT RALSTON, NEB. CLOSES ITS DOORS Lincoln Neb. Ralston State bank closed today. and was taken examiners for the state department of trade commerce The bank had deposits $250.000 The closing attributed to slow and frozen loans. NORFOLK BEGGAR SHOWS DID GOOD Neb., (Special) armed beggar today changed $300 silver for currency local store and then displayed about currency. declaring was his week's wages as pencil vendor Norfolk and vicinity. He wished everybody merry Christmas and happy new year ESCAPED CONVICT SPENT HIS NIGHTS IN JAILS For Walter W. Wilds, 22 years who from rado penitentiary at Canon City January evaded capture by applying nightly at police stations in towns he for night's lodging, he told Chief of Police Brandon here today figured that the safest place for me Wilds said. acted on the theory that officers wouldn't expect convict to go near
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New Suits 462 Standard Boxes Law-2370-U One Ford Sedan: atS Wonch admx on insurance Eq-1015-Chas E Paden Chas B Morearty al; infringement. Central Life Ins Co Harry E Williams et al: fore- District Court 253-267-Lola Stanley Albert B Martin $500 246-364-T H Maenner Co Erna Reed al; deficiency judgt against Erna $1,812.65 Arthur Daniel Hannon; Municipal Court $76.60 Municipal Court 24 State Roy Miller $268.84 T4-190-Edward E Brehm et al Ray Starkey $70.54 T4-192-Fred Willuhn Harry Stevens $24.96 T4-194-Walter Anderson Louise Han$85.80 T4-195-Dr E Reinsch H Morris T4-188-Harry Koch Co Leonard Turk S4-200-J Brandeis * Richard $64.17 S4-195-Peter Fisher Bert C Gardner $37.69 S4-196-Dr Visek Premo Carmacho $63 84-177-Jay Leeka Ralph Gilson $39.50 S4-192-William Epstein Charles $4.55 Outfitting Co Joseph $35.40 S4-163-South Omaha State Bank Olszowka $13.30 Omaha State Bank Fred Zabel al $22.39 S4-167-South Bank W Turner et $29.85 Omaha State Bank RobOrtmeier Mitchell Earl Adams: S2- 21-Hartman Carpet Co Whitehill et al: for pitf for S4- 54-Gordon Barada W Taylor: deft Foltz John Julin $17 90-Emil Soukup George $350 S4-141-M K Jensen Harry Mickelsen: for deft. DISTRICT COURT New Civil Suits 256-183-State Nebr SorenRaiston State Bank; for close bank. Murnan Clyde O Murseparate Derner Paul Derner: separate 256-186-Prud Ins Co Edith F John356-187-Om Addalade Powers al: forel of mtgs. R De Vol Royal N De Dodson W Woolworth Co: Conner W Woolworth Co: Earnest Lear: D Nodean John E Falconer Raymond divorce. 256-196-Stanley Skupa Rudolph forel of cont. 256-197-Bertha Shook Charles F divorce. New Filings Filings for May 16 bond. 246-355-In Est Melick: stip. 255-349-Strayer Franco: ans. 229-336-Jensen Jensen: Trail Rubber to execute vouch253-286-Hikell Anderson: ans & amd Filings for May 17 Linde Air Products lien. 248-117-Prickett Shanahan; req for Ex-24-205-International Shoe Co Peri256-186-Prud Ins Johnson: bond. 233-191-County of Douglas O'Donnell; 252-282-White White: pet. 256-147-Smith Smith: appli to amd reL Assn Harris: req 248-315-Scott Falconer: 255-350-White Hayden: 250-247-Fuller Thompson: affi. Motions 253-344-Rohriein Thompson: for new Brass & Copper Co 254- 96-Baxter Hills: to approve reof referee. Derner: for temp almy. 256-188-De De Vol: same. 256-192-Lear Lear: 255-149-Dietch Hason: strike part Falconer: for temp almy. remain in full 246-214-Harris Harris: decree. 220- 5-Whitlock Whitlock: modified 256-147-Smith Smith; restng Judge Fitzgerald 5-Johnson Cambliss: amend 254-163-Sube Jones: dismd. Omaha & B St Price-Hollister Co Larrabee Co Inc: replevin and bonds exonerated. Judge Thomsen 244- State Bk of Pender Karle: dismd. Judge Dineen 255-289-Aleck Postal Telegraph Cable of Nebr Farmers Paint 256-137-Same Lemisch; temp injune16-Larson Larson: decree. Kirksey: decree. Judge Hastings Brake Adjuster Co Warto North252-334-Quade Steele: decree 254-118-King King: sale ordered. defts to party deft. Quinn: 10 The following cases be called in Court Room No. at day morning to be set for trial: 245-317 Knapp Langfellner 251-273 Shocknesse 244- 43 Monical C St Ry 244-305 Western Surety Co Rhoades 252-124 Follmer Rawley (Special.) Rice 250- Forke Central City (Special. 254-286 Noble Roff (Special.) Tighe County (Special.) Ramer C B Q R R Co Anderson (Special.) Co Farmers Pt (Special.) 252-189 Malone Murphy Dewey. 353-206 Hendley Stoner Schmitz 249-159 Dropenski Cotten Transfer cases.) -690 Shields Omaha Johnson Electric Callamer Hellstrom. Johnson Wright Boller Co Berger. McFayden Carver Hastings 247-203 Bumgardner Omaha Storage 248-110 Pletgras Bergantzel Utilities District Hedges Phelps Utilities Covenant Hosp. Dollar Friedel Katzman Woolworth Co. Bischoff Cook Yellow World Dolgoff 253-271 Calls for May 18 James Fitagerald, Judge OFEN 246- Elkhorn Judge Drain- Estates for May 18, at M. Anton Swoboda: pet for adm. Chris same. John Ralph: Thomas Sarah Maude Good: Marie Timothy Charles Deul: Joseph F Blacksmith: same. Henry Wolf: pet for settlement. Charles Hesse: same. Peter Hansen: same. Oliver same. Petitions Filed for Administration 18125 Martin M Martin Sachs Harry Van Alstine. Earnest Margaret. 18130 James Houge. New Civil Suite Edward G Nelson: damages $92. S4-227-H Heinz Co Ben ReinschrelAbrams Lacy Steward: Klein Richard Thompson: acct S4-230-S Leon Joseph E Little; on T4-226-Ed Roche Harry Belmont: conversion of prop Finance Corp Jas M Kelley al; $69.54. S4-231-D Jourdan Robert S4-232-C Willows Springs Syrup Co: on $190.57. 24 -265-B E Hishmek Sam Sallah: on S2- 16-Charles Muller John Forester: wrongful detention. NOTICE TO ATTORNEYS All on call in the Municipal now being assigned to the various by the Presiding Judge. Current call this under Presiding Judge George Holmes. Calls May 18 COURT ROOM George Holmes, Judge -Harper Mosher Wade. COURT ROOM No. Lester Palmer, Judge COURT ROOM No. Sophus Neble, Judge (Central Criminal Court) John W. Battin, Judge (South Court) City Robert W. Patrick, Judge placed upon the final call cases will not be motion necessity For urgent Hearing Monday, May 1989, Before Morearty Strunk Andrews Franciscan Sister26705 Harry Koch Co Village of 36422 Teigeler Before the Division No. Bennett Bennett. Exrx. 1929, Hearing Tuesday, Before the Bank Lenhart Beaver Crossing Cunningham State Est. Halter Allied Before the 26985 Manion Farmers Co-op Elev Acc Ins Publication International Ford Transfer 26871 Trust Farmers Merchants For 22, subject Before the Court Bailey Taulborg Andresen Williams 26764 State Bank Before the No. 26867 Lincoln Trust Co., Trustee 36822 Farmers Merchants Bank, Mil26851 Dawson County State Bank Farmers State Bank Meents. Nelson 26831 Omaha Grain Exchange Spill For Hearing Thursday, May 23, Before the Court. the No. 2. Penn Neligh Lbr 26865 Banking House Folda 26866 Guardian Farmers IMPORTA Ins Court, attorneys are directed have all ords, which urday Lincoln,
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WHAT AUDITORS FIND. knows legislature appropriated not to exceed $150,000 examination of the affairs of the many Nebraska banks that have failed in the past There years. objects: To recover addipossible and to proseany bankers found liable under the law Former GovShallenberger was appointed examiner and has dozen auditors working under him. The first audit be completed that the bank Ralston failed about Its years president Shannahan. Mr. Shallenberger has given the principal facts found by the auditlearned that Shannahan loaned himself than $16,000 to finance some real estate deals and that loaned his wife other persons for his own more than $18,000. There other loans in the bank similarly The capital stock of the bank was only $20.- Some of these facts were known the state banking department before the bank finally suspended years but the department did nothing but caution the bank Improve its ways. This slap on the wrist didn't bother Shannahan The auditors now suggest may be possible prosecute Shannahan for forgery. The statute of limitations has against some of the crimes against the banking law committed Shannahan. These matters The Signal mg this detail the auditare going to find exactly these facts in number of other failed banks. Time will prove whether the guess right, but our notion that most failures were caused without criminal intent. guaranty law invited of persons without experience and proved ability and with very little capital of their own to go into the banking business. Disaster was just certain the rising of the sun. The guaranty law was properly buttressed by laws restricting the number of banks and the entry into banking by unqualified persons. Of course no money will be recovered result the audit of the Ralston bank. Undoubtedly that will be the rule most of the other audits. In the Ralston bank case, President Shannahan has already been tried in court and quitted on one charge Prosecution the officials of failed banks has resulted conviction. Whatgood Shannahan thief in fact. The facts about Ralston bank were made public long ago when Shannahan on trial they are merely being brought again to public notice. For four years we did everything in private bank and in national bank that anybody could do, except furnish the capital, our banking views probably colored by that experience. If the people of the had permitted the legislature years ago enact the that now being put into of the bank failures would have been prevented. For one of banks would have been permitted to begin business. One good effect of the audit exposures will be to make the state department hard boiled in of banks that violate provisions of the law The banking department was crimnegligent for not closing the long before its condibad close The failed bank permitted after the deknowledge ample for that chain is no than its weakest link The link fully importprovisions of the bankThe legislature and GovWeaver seem to have hit upsound enforceemnt
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Edison and Electric electrical industry will duct four months celebration during which will be the greatest tribute paid to an inventor," says the New York Times. was on October 21, fifty that THOMAS years ago, ISON, after weeks of tireless, relentless experimenting during which he slept on a with resistbox for pillow, produced his ance first successful incandescent lamp with filament of carbonized sewing ton which was sealed in an exhausted glass bulb and which glowed triumphantly for forty hours. None of could go to bed', Edison said years later. just sat and watched with anxiety and growing elation. The foremost authorities of the day, among them such eminent physicists as Preece and Tyndall, had declared the 'subdivision of the electric light wisp. At once Edison became the 'wizard that he has since remained. Some conception of the enthusiasm that his achievement aroused may be formed when it is called that special trains carried people from New York to Menlo Park, N. to see the first public demonstration, on December 31, a method of illumination which was destined to have a profound effect on society. was more than an electric Edison invented. his ament generally with materials had him to substitute bamboo for had to design virtually the entire central station apparatus as we know namos of modified type to generate energy, transmission and distribusystem, sockets for lamps and ters. He not only solved the theoretically unsolvable but made the electric current the servant of man. Before his Pearl Street Station, first of modpower houses, was completed New York's largest source of electric energy was battery of 2,000 cells stalled by the Western Union graph Company. "Edison has lived to see electricitransform cities, farms, homes, and industry. Bold as was his prediction of the social and economic effects that would follow the introduction of the electric lamp, he probably never saw avenues transformed into fairy lanes and crime thereby reduced, huge office buildings becoming nocturnal honeycombs of light, cities converted spectacles transcending anything that poets ever imagined, and artificial light made the cheapest of manufaccommodities. Nor could he have forseen that factories would become safer and that the productivity of the worker woud be increased. That first bulb of his to have proves been a itable Aladdin's lamp which the engineer has rubbed again and again to produce new and ever extraormore dinary social effects. With Edison's carbon filament the electrical age became a reality." banks has seldom resulted in canvic tion. Whatever his good intentions, Shannahan thief in fact. The was about the Ralston bank were facts long when Shannamade public ago han was on trial and there are merely being brought again to public notice. For four years we did everything in bank and in national bank private that anybody could do, except furnish the capitol, and our banking views are probably colored by that experience. If the people of the state had permitthe legislature dozen years ago to enace the legislation that is now beput into of the bank failures would have been prevented. For one reason many of the banks woud not have been permitted to bebusiness. One good effect of the audit expos will be to make the state bank department hard boiled in the treatment of banks that violate the provisions of the law The state bankdepartment was criminally negligent for not closing the Ralston bank long before its condition got SO bad it had close. The failed Geneva bank was permitted to operate a long time after the department had knowledge ample for its closing. It is said that chain is no stronger than its weakest link. The enforcement link is fully as important as the provisions of the banking law. The legislature and Governor seem to have hit upon sound enforcement plan.