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BANK DEPOSITOR'S MEETING
About 150 of the depositors of the Ruskin State Bank met at the Community Hall Monday night to talk over plans for reorganization. In Edgar last winter both banks closed, and they are now both operating successfully. Mr Ed Clack and Mr. Jones of Edgar both helped with the reorganization there and they both spoke at the meeting. It is up to every citizen of Ruskin and the Ruskin terrtiory to help boost for the reorganization of our bank, because land values will be better with a bank here, and every one in the community will be helped in some way. There is only one way to reorganize, and that is by selling $30,000 worth of stock - $25,000 to be capital stock and $5,000 to be surplus,
250 shares are to be sold at $120 per share. Deposits may be used to buy the stock and if you want to buy a share for someone else or loan enough for one or more shares, you may pay it with your check against your deposit. The committee in charge of selling the stock are: A. A. Andersen Chairman E. J. Micklesen Martin Jensen K. T. Schultz Henry Pohlman Wm. Mussman We reproduce below copy of subscription blanks which were passed out. If you desire you may fill in the blank below and mail it to any one of the committee or to Chauney Hull's store.
SUBSCRIPTION FOR SHARES OF STOCK
RUSKIN, NEBRASKA, 1932 I HEREBY SUBSCRIBE FOR SHARES OF STOCK IN THE RUSKIN STATE BANK AT $120.00 PER SHARE. THIS SUBSCRIPTION WILL NOT BE BINDING FOR ANY STOCK UNLESS OR UNTIL A COMMITTEE OF THREE MEN (TO BE APPOINTED BY THE PROSPECTIVE STOCKHOLDERS) SHALL HAVE CAREFULLY AND SEARCHINGLY EXAMINED AND APPRAISED THE ASSETS OF THE RUSKIN STATE BANK AND SHALL UNANIMOUSLY APPROVED THE PLAN OF REORGANIZATION.
SIGNED
ADDRESS
Saturday September 3rd 7:30 p.m. is is the last chance to buy a share of this stock, and we hope 250 shares will be subscribed for before that time. After this stock is subscribed for, a committee of three will be appointed to investigate the notes etc., at the bank, and $30,000 of the poorest or slowest security paper will be set aside and the stock subscribed will be put in its place. Then a regular executive session of the new stockholders will be held and directors and officers elected. The old stockholders have automatically surren lered their stock. Please note that if you subscribe for one or more shares of stock and the report of the committee is not satisfactory to you, then you are not held to your subscription. 100 percent of the depositors must sign a wavier regarding their deposit which will be fully explained, and if someone refuses to sign this waiver, of coures some of the deposits will be set aside to cover the amount of said deposit.
Mr and Mrs. Depositor, let's not permit this bank to go into the hands of a receiver, for generally when the State Department has charge about 50 percent is all you can expect to be paid, while if the bank is reorganized it will pay out in full. If the bank is reorganized any new deposits will be held and not loaned and the bank will be operated under direct supervision of the state department until every depositor has been paid in full. The operating expense of the bank will be paid by the interest on the money already loaned out, which is over $100,00, and this will be about $8,000 interest and the bank expense will not exceed $5,000 per year. The $25,000 subscribed in April was not used as it would not have staved off the closing. Anyone who gave a check or note in April may have it back by calling at the bank. Mr Jensen is to be commended for not using this money, as it would have only tied up that much more money, and would have probably have done no good. The trouble with that subscription was that it did not bring new money to the bank, but most of it was already in the bank.
NOW LISTEN! Your bank is solvent and will pay out 100 per cent if reorganized, but if it is thrown into receivership the state department will collect what they can at once, force as many loans to be paid as they can, and throw the whole community into a chaotic state of affairs. Besides that they will sacrifice the real estate or bank property, and also the notes, etc., at bargain prices. A bank receiver will be heartless and hard boiled and force collections as best he can and lump everything off to the best of his ability to hurry up the settlement. YOU, Mr Depositor, will take what is left after the heavy expenses are paid. This 250 shares should be subscribed for long before Saturday. At Edgar they had 37 shares over subscribed and our community should be just as wide awake as Edgar folks.
There hasn't been any more mismanagement of our bank than you have all mismanaged your affairs, You have bought livestock or have held your grain haven't you? And it has depreciated in value It is simply this: The depositors money has been loaned out on good security, but the man who borrowed it can not pay right now because prices are low, taxes are high, and such things; but if you give him a chance he can pay the interest and eventually pay back the entire loan, whereas if you try to force him to pay it right now you will break him and ruin your whole community, and not get very much money either. Ask any one of the committee for further information, or ask us. Lets subscribe for this stock and meet Saturday night and appoint our committee of three so we can get this bank started early in September. IT CAN BE DONE! - LET'S DO IT!!
