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Newfield Opposes Bank Receiver
(Continued from page 1) Recent failure of the pickle and pepper crops is said to have been an important contributing factor in the failure of the bank at New field, although fruit and poultry are also raised in the township. "We, the undersigned depositors of the First National Bank of Newfield," continues the petition, "petition the comptroller of currenzy at Washington as follows: "First, to rescind his order placing the Newfield bank in the hands of a receiver"Second, to allow this community to reorganize its bank along the sound lines agreed upon by the Bank Reorganization Department in Washington in conference with representatives of the Depositors' Committee and directors of our bank. "The fact we are a small com- munity with limited earning power, is, in our opinion, no reason whatever why the welfare of depositors and the hope for return of prosperity should be sacrificed by the appointment of a receiver for the only bank that can adequately serve this territory.
Understand Plan
"We understand clearly that the plan of reorganization calls upon the stockholders to furnish $25,000 and upon depositors to take approximately 50 percent of the deposits in non-assessable stock in the new bank. Under the plan, at least 50 percent of our deposits would be available to us in cash as soon as the bank opened and the remaining 50 percent would be represented by non-assessable stock in a strong bank, having a sound depreciated value of well over $100 share.
"Those of the undersigned." the petition says, "who may have signed an earlier petition through misunderstanding of the true facts, or through having the facts misstated, hereby withdraw their support from any such petition.
"We urge, that in fairness to us, you act favorably on this petition at the earliest possible moment. 'Finally, we wish to pledge our full support to a reorganized bank and to emphasize our belief that the entire community will do like-
The Newfield bank building, Lowder said, cost $60,000 and it is proposed to sell it for $30,000, ncluding furnishings, to the depositors upon reorganization. Lowder estimated that approximately 90 percent of deposits in the old bank would be represent ed when the petitions have completed the rounds, or 10 or 15 percent more than is required by the de partment at Washington. "Limited deposits and earning power" of the bank, Lowder said, formed the chief objection of the comptroller's office to the plan for reorganization. A letter, dated Aug. 30, 1933, was sent Davis by the depositors' committee while Davis was conservator of the bank, and points out that arguments advanced by the comptroller against reorganiza- tion are not "sufficiently valid drag our community through the hardships and sufferings of a bank receivership. Financial Statement
The following financial statement of the bank was issued Sept 30, 1932: Resources- loan and dis counts, $117,318.89; bonds and SC curities, $63,778.93; banking house and mniture and fixtures, $56, 098.33; cash and reserve, $30, 815.26; real estate, $20,951.08; to tal, $288,962.49.
Loabilities-Capital stock, $50.000; surplus, $10,000; undivided profits, $133.64; reserve contingencies, $800; circulation, $3778.53; total deposits, $147,134.63; bills payable, $77,115.89; total, $288,962.49. The statement was signed by Davis then cashier, and the directors, Richard W. Dyer, Samuel is Sacco and Ralph Rambone. Dyer was formerly president of the bank and Edward Brandriff was vice president.
