First National Bank (Hastings, NE)

Article Text

SUSPENSIONS ARE ANNOUNCED

Neb., Oct. The First National Bank of Hastings today failed to open its doors for business. and federal authorities took charge. At the time its last statement carried posits totaling about Jones presdent and Vern Manahan, cashier. Attempts recently had been made to reorganize bank. The bank's capital was plus $100,000 and undivided profits $45,000.

Advices received here today were to the effect that the deposits totaled about $1,500,000 the basis figures obtained since the last statement.

May Reopen AUBURN, Neb., Oct. The First National bank here closed voluntarily this morning and officials they expected of Lincoln is president the bank and H. Bousfield cashier. Its capital stock $50,000 surplus $25,000 at the time of the last statement. notice the door of the bank it closed by order of its board of directors. Nelson. national bank examiner, is charge.

Article Text

HASTINGS BANK IN RECEIVER'S

The First National Bank of Hast ings failed to open its doors last Saturday morning, following ten day period of strenuous effort carry one of the oldest and most highly teemed financial institutions of the South Platte through adFollowing ization effort of about week ago thought that the storm might be weathered, but disturbing rumors, heavy first of the month and other conspired to defeat the plans for continuing the Report that little any actual loss, but serious will be caused many enterprizes Hastings which carried all of their funds in the closed institution.

Article Text

Hastings Banks Make Splendid Showing

Both the Hastings National the Nebraska National banks are publishing statements in this issue The Democrat that reflect uncertain terms the financial stability of the Despite the failure of the First National these remaining banks have no wise suffered from the strain the community. They entitle to the complete dence of this munity and that they enjoy confidence evidenced the splendid showing made the statements published today.

Furnished apartments for rent $20 up. House $25 and $30. Lawsons.

Reasonable prices, and ond-hand furniture. Van Gilders (18-tf).

Article Text

First National at Hastings Is Closed

By order of its board of directors the First National bank, established in 1881, at Hastings, closed Monday. United States Bank Examiner Frank S. Nelson of Grand Island was put in charge. "Depleted reserves, resulting from heavy withdrawals," was assigned by Examiner Nelson as the motivating cause of the closure. At the closing hour Saturday, the bank had deposits of $1,500,000 and capital stock of $200,000. The large business building in which the banking house was located is owned by the bank itself. With closing of the bank, A. H. Jones, president, announced that the plan for reorganization September 25, at which $200,000 in fresh capital was subscribed, to re-charter and continue operation of the bank, had failed to materialize. This, Jones said, was in part due due to representatives of metropolitan banks, who atthe time of the meeting at which the new subscribers were obtained had promised adequate backing, and later altered plans adn offered this support in a lesser degree. Jones issued a statement expressing confidence that the bank assets are in such a condition that if liquidated efficienty, depositors will suffer no loss. Efforts are being made, however, to reorganize the bank. Until 1917, the First National bank was under the direction of A. L. Clark, one of the best known bankers of the state. -Lincoln Evening Journal.

Article Text

folks glad! The jeweler said conference to examine the claims $3,000 diamond pin. of the committees which constitute India's population. Depositors To Get Paid

Finds $3,000 Buffalo, N. Hewitt's uncle found shiny pin and gave to Bernice to wear to school. It looked like one of those ten cent kind. The teacher had aren't Bernice's

Hastings, Neb., Oct. ficials of the First National bank which closed Monday, of the opinion that have expressed depositors will receive most their money. An inventory is being to transfer made, preparatory affairs to receiver.

Article Text

TIME FOR ACTION, NOT SENSELESS RUMORS

That the business in this community is critical to be disputed. But cannot be bettered by senseless rumby sitting around in the ashes of disappointed hopes, or by bitter criticisms of others. It be bettered by united action, personal sacrifices and the exercise of faith in the boundless resources of our soil. The situation far from hopeless. No calamity has ever happened to this country, or to any section of that made impossible to eventually recover. The history of Chicago, St. Louis Francisco may be cited examples. What seemed for time to irretrievable ruin turned out to be their real making.

Hastings will borrow from the of these three history cities this present setback can be made to prove the beginnings of new and better

The reorganization of the First National Bank and its amalgamation with one of the two remaining banks not impossible. On the other hand easily possible, and the one thing to do to restore confidence, stimulate business and rebuild wavering faith. Less than of new capital and the co-operation of the depositors in the First National will suffice. Let all positors having more than in the First National agree to the reorganization, and further agree to accept 50 per cent of their deposits after reorganization, awaiting the liquidation of the First National's assets for whatever dividends remaining there may be. Let all depositors of less than be paid at once, thus releasing huge sum of money into the channels of business.

This plan will insure every depositor least 50 per cent of his deposits immediately. Better that right now than to keep this tied retarding business, bankrupting than money up, more one business institution and spreading disaster all about. A receivership is to be avoided if humanly possible. Receiverships are always and the of expensive, appointment one now means delay in releasing any of the money now locked up in the First National's vaults.

If there was time in which to show faith in the future of Hastings, that time is now. Right now! Not next month, next week. NOW!

Let there be an immediate meeting of those interested untangling immediately the problem. Let there be present willingness to sacrifice bit for the common good. Shove the croakers, the knockers and the whiners to the rear, and let men of faith and courage take the lead. Certainly there are enough men with money in this community who are willing step to the front and put into effect reorganization and amalgamation plan that will immediately relieve the situation, and again set the business wheels in the forward moren.

Article Text

BANK RECEIVER NAMED

Washington Oct. 17.-Appointment of George B Cronkleton as receiver of the First National bank of Hastings, Neb., was announced by Comptroller of Currency Pole. Cronkleton, who has handled sev. eral receiverships in Nebraska. is in the state now and will report immediately at Hastings

Article Text

Bank Reorganization Prospect at Hastings

Re-organization of the failed First National bank here is in prospect. Mayor William Madgett states that a committee of chamber of commeree members, and bankers from Lincoln, Omaha and Kansas City, have been considering plans for reorganization. Details of the plan have yet to be worked out before it can be:submitted to a depositors' committee, he said.

Article Text

NEBRASKA NEWS NOTES.

Tecumseh, Neb., Feb. 3.-Alvin Gustafson, Cook farmer, drove his cars onto the creek ice aid cutting ice for his house. Both cars broke through. He pulled them with tractor.

Fremont, Neb., Feb. Frank Martin, renter the Albert Campbell farm, pleaded not guilty making liquor and bound over district court for trial. 250gallon still was found operating on the farm.

Auburn, Neb., Feb. Paul, Stella, claims he was hit falling telephone pole he driving along highway. He filed action against the LinTelephone Telegraph Co., of Auburn, seeking damages.

Hastings, Neb., Feb. 3.-Office headquarters for of persons seeking to bring: about ganization re-opening of the First National bank, of Hastings, have been here. The plan approved group of positors. Cooper, charge of the work of reorganization. said letter soon to be mailed to depositors, outlining plan for organization with $100,000 capital and $50,000 surplus. The capital surplus will derived from bank stock, for which the offices have been opened.

Lincoln, Neb. Feb. Senators Andy Welch, democrat, Milford, and Hugo Srb, democrat, of Dodge, have filed for re-election. Welch has served two terms in senate representative the eighteenth senatorial district. Srb represents the eighth district.

Article Text

CAPITAL NEWS

Nebraska's total of federal taxes for 1931 amounted to ac cording to statements recently sued by the international revenue bureau.

The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans under way to open the First National Bank of Hastings, which closed last fall.

The second annual Nebraska en gineers' round-up will be held Febr 24 at the University of Nebraska. Leading speakers on various engineering topics will address the meeting. Dean Ferguson of the University College of Engineering is general chairman of the event. Frank J. Taylor of St. Paul has filed for the renomination on the non-political ballot as regent of the state university from the sixth dis trict. Stanley D. Long of Cowles has also filed for renomination university regent from the fifth dis trict. Although the congressional dis trict has been reduced from six to five in number there has been no change in the regent districts which are the same as the former con gressional districts Dr. Alfred E. Eeves of Farnam is the first republican to file as can didate for lieutenant governor.

Alliance friends of Lee Brasye have filed a petition nominating him for railway commissioner on the republican ticket. Brasye, who is now Lincoln attorney, formerly lived in Alliance

Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district.

E. E. Placek of Wahoo has bee selected by the Ritchie democratic organization as a candidate for del egate to the democratic national convention from the old fourth congressional district.

Mrs. L. M. Lord of Omaha will republican candidate for national from Nebraska as rival of Mrs. Cameron of Omaha, present national committeewoman.

WANTED: Clean cotton rage at The Herald office. Call 1810.

Article Text

WILL CLOSE STORE The Milburn grocery, which has been selling out its stock in the building north of the Farmers State bank, announced Wednesday morning that by Tuesday of next week the store would be closed. No deliveries will be made from the store after Saturday. Until his final closing Mr. Milburn said the sale would continue.

DISTANCE RECORD FOR JACKS A "flying" visit was paid to his former home at Pawnee City a few days ago by Lawrence Parli, accompanied by two friends from Monmouth, Ill., in order to enable "Doc" to show the easterners how jackrabbit hunting was conducted in initiated circles in Nebraska.

The three young men drove from Monmouth, arriving here at midnight Saturday night, and the party returned to Monmouth Sunday evening. Parli, with the help of his brother, Lou Parli, escorted Doc's two friends on a hunting trip that bagged two jacks, the first the Monmouth boys had ever seen.

SURVEY LIGHT LINES R. O. Adams, surveyor with the engineering department of the Iowa-Nebraska company, accompanied by T. E. Cable and W. B. Schoenleber, all of Lincoln, came Tuesday to start surveying the transmission lines extending north to high line connections from DuBois and Summerfield. The company is making an estimate on rebuilding both lines, it was stated at the local electric office.

Mrs. L. M. Lord of Omaha will be a republican candidate for national committeewoman from Nebraska as a rival of Mrs. Cameron of Omaha, present national committeewoman.

The Bloomington State bank, which suspended business October 20, 1931, has been re-organized and opened for business. Plans are under way to open the First National bank of Hastings which closed last fall.

The second annual Nebraska engineers' round-up will be held February 24 at the University of Nebraska. Leading speakers on various engineering topics will address the meeting. Dean Ferguson of the university college of engineering is general chairman of the event.

Dr. Alfred E. Reeves of Farnam is the first republican to file as candidate for lieutenant governor.

Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district.

Want ads in The Republican cost only ten cents per line per insertion. They are worth a lot more.

Article Text

News from the Capitol And Over the State Events of the Week as Told by Naomi Buck

The Bloomington State Bank, that suspended business October 20, 1931 has been re-organized and opened for business. Plans are under way to open the First National Bank at Hastings which closed last fall.

The total national wealth of the United States in 1930 was 229 billions according to the national industrial conference. The national income for that year was 71 billions. If these sums could have been distributed among the families of the nation, each family would have had $11,000 capital and $2,366 income. Nebraska rated high in per capita wealth for 1930, estimated at $3,927.

The December report of the state budget commissioner shows that warrants amounting to $1,866,000 were drawn as compared with $2,200,000 the previous month. Fourteen million dollars has been issued since the beginning of the biennium last July. Appropriations received to date total $26,000,000, the unexpended balance is something over $12,000. The amount of $934,000 was spent during the month for highway and maintenance. The next largest item on the list was $469,000 for salaries and wages, $148,000 for lands and buildings and $128,000 for supplies.

State gasoline tax receipts for January total $456,000 as compared to $668,000 in December. The January 1932 receipts are over $100,000 less than a year ago. Figures compiled by the state treasurer show that $38,650,000 have been received in the state gasoline tax fund since the law went into effect in April 1925. The tax was two cents a gallon until April 1929 and was then increased to four cents a gallon. Of this sum more than $6,000,000 has been distributed to counties as their share for county road work.

Article Text

The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are underway to open the First National Bank of Hastings which closed last fall.

Article Text

is something over $12,000. The amount of $934,000 was spent during the month for highway and maintenance. The next largest item on the list was $469,000 for salaries and wages, $148,000 for lands and buildings and $128,000 for supplies.

The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are under way to open the First National Bank of Hastings which closed last fall.

From 11 to 21 cars of relief supplies were shipped each day last week to the drouth district in northeast Nebraska. That the railroads are making their contribution is shown by the fact that one road has donated over $35,000 worth of service and two or three other roads operating in this section have made proportionate contributions of free transportation.

The second annual Nebraska engineers' round-up will be held February 24 at the University of Nebraska. Leading speakers on various engineering topics will adress the meeting. Dean Ferguson of the University college of engineering is general chairman of the event.

Frank J. Taylor of St. Paul has filed for re-nomination on the non-political ballot as regent of the state university from the sixth district. Stanley D. Long of Cowles has also filed for renomination as university regent from the fifth district. Although the congressional districts have been reduced from six to five in number there has been no change in the regent districts which are the same as the former congressional districts.

Dr. Alfred E. Reeves of Farnam is the first republican to file as candidate for lieutenant governor.

Alliance friends of Lee Basye have filed a petition nominating him for railway commissioner on the republican ticket. Basye, who is now a Lincoln attorney, formerly lived in Alliance.

Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district.

E. E. Placek of Wahoo, has been selected by the Ritchie democratic organization as a candidate for delegate to the democratic national convention from the old fourth congressional district.

Mrs. L. M. Lord of Omaha will be a republican candidate for national committeewoman from Nebraska as a rival of Mrs. Cameron of Omaha, present national committeewoman.

Article Text

Alliance friends of Lee Basye have filed a petition nominating him for railway commissioner on the republican ticket. Basye, who is now a Lincoln attorney, formerly lived in Alliance.

The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are underway to open the First National Bank of Hastings which closed last fall.

Article Text

Hastings Bank Receiver Ready to Receive Claims

Hastings, Neb., Feb. 10 (U.P.)—Creditors of the failed First National bank have been notified by George G. Cronkelton, receiver, that they may file claims.

This means that approximately $250,000 in cash is ready for distribution.

It is reported that collections are rapid on the better class of paper and it is evident that the quarter million now in the bank is growing and is the basis for the statement of the receiver that a substantial dividend will be paid.

Article Text

Plan of Hastings First National discussed

Hastings, Neb. Feb. 12 Plans First tional Bank are despite ment of Receiver George Cronkleton that dividend is soon to be paid interested in the opening of the bank begin solicitiation of stock scriptions to Cooper committee The stated more than one secretary the $150,000 stock subscrip- Blattgerste tions goal has been already pledged. tacked

Article Text

CLAIMS

Brings Nearer Date of Distributing Be Faster.

About third the claims against the First National Bank have filed, was estimated today by receiver. "That's doing pretty good," Mr. Cronkleton "but could them faster. The soon they are filed course, the ter trust, and the soon can dividend paid." when notice claims could be filed that there quarter million dollars ready to paid out in dividends, and this distribution only upon the filing of sufficient of the claims. There learned, some miswith regard to the filing claims. least some fail their deposit the bank the basis their claim The procedure to deposits out of the bank, file While the official notice reads 90 are allowed for filing, that does not mean that the depositor should wait days, nor does mean that dividend can be paid earlier than days from the posting of the Hastening of claims hastens dividend. which view of the amount of cash on hand, may be dividend of from 20 to 25 per cent deposits. distribution of quarter million dollars in Hastings trade nels awaits the filing claims by depositors against the First Na tional

Article Text

First National Depositors Accept Offer of Omaha Man to Head Organization Move.

Depositors of the First National Bank meeting Tuesday night the Clarke Hotel entered into agreement with Robert Goethe the Charles Walters Company Omaha whereby Goethe will take charge of the organization bank succeed the First Na tional, which closed October 1931.

Goethe's proposal, which cepted without dissent by the proximately hundred depositors organize bank present, to which will meet the approval the chief examiner the Kansas City federal reserve district payment for his The depositors pledged selves $2,000 if the re-organization effected. subscriplist was passed and Mayor William Madgett. chairman depositors re-organization presided. Goethe members the began this organization outline plans to solicit morning subscriptions. Have Stock Subscriptions. The plan organize capital $100,000 and sur$50,000. this to be raised of 1,000 shares stock $150 share. The committee ready has subscriptions amounting several thousand dollars. The bank over assets bank amount corresponding to deposits received. According to the plan outlined, the assets will divided, the assets placed trust and this trust administered officials the new bank liquidated opportunity fords. Goethe outlined his plan before the depositors to sider the advisability employing him. He said had consulted Chief Wright the Kansas City federal district Wright had voiced the opinion that the plan feas-

Specializes Bank Service. The Charles Walters Company Goethe represents has offerservice banks period years. Its transactions are mainly nature carried without publicity and included organization banks, placing bank employes, consolidation banks and reorganization of banks, Goethe An open discussion of the quesfollowed Goethe's presentation his proposal. Among those spoke urged co-operation the depositors in project Cottingham, DutMaltman, Dr. Alva King and Fred Cook.

Article Text

FEDERAL COURT CASES

Two suits been filed with the clerk the federal court George Cronkleton, re ceiver for First National Bank, asks amount $3,000 interest against Crilly Franklin unsecur ed promissory note that amount second case the petition Henry Bertrand against W. Lieske, Emma Lieske, Chris Christensen county for the foreclosure mortgage the amount $8,000. petition filed Attorney Thom as Robertson Usually foreclosure cases are handled district courts, but amount $3,000 taken the United States may court in case.