First National Bank (Aurora, NE)

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BANK WAIVERS BEING SIGNED BY DEPOSITORS

The Aurora Banks Reporting Progress Toward Their Reopening Soon

Both the First National Bank and the Farmers State Bank of Aurora are encouraged over the response to their waiver letters recently sent out to all depositors of their institutions. The signatures are coming in promptly and a large number have been received at the bank, sufficient to assure the banks that an ample number of names will be received to put through the plans as outlined by each.

Some signatures have of course been delayed, as depositors are residing out of town and state.

The resolutions on the approval of the preferred stock of the National Bank were passed in Washington on December 12th.

The Farmers State Bank received their authorization for the submission of contract agreements from Merle N. Foster, chief examiner of the state banking department.

general balance of $15,089.77 protected by the pledge of assets and that the certificates of deposit for the cemetery fund amounting to $14,59 were trust funds; that they were placed in the bank by officers of the bank who were also city officers and at no time were considered a part of the funds to be used by the bank.

The city has already won its case involving its claim for the prompt payment of $29,357. The state supreme court held that the bank had the right to secure city deposits with the bank's assets. The new question arose because assets with a face value

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ANNUAL MEETING; AURORA BRIEFS

Aurora, Neb. Jan. 26. (Special)—Charles Williams, son of Mr. and Mrs. H. R. H. Williams, formerly of Aurora, was among the 17 students at the Nebraska university who were initiated this week into Pi Mu Epsilon, national honorary mathematics society. Charles is a graduate of the Aurora high school.

The Aurora Elevator company held its twenty-fifth annual meeting at the Fidelity hall in Aurora Tuesday, at 11 o'clock. The wives of the stockholders were guests, observing the twenty-fifth anniversary. J. W. Shorthill of Omaha, secretary of the Farmers West Central Grain company, was the guest speaker. Mr. Shorthill was the first manager of the company when it was organized. At the close of the business meeting the books for 1933 showed a net profit of more than $5,000.00 for the year over and above all expenses. About 200 attended the banquet.

The reorganization of the First National bank in Aurora is proceeding and the final papers for the approval of the comptroller of the currency prior to the granting of the new charter have gone forward to Washington. Frank C. Crone of Kearney who will be the executive vice-president of the new bank is now in Aurora assisting L. C. Opper, the conservator of the old bank in setting up the new books and making the necessary reports to the Reconstruction Finance corporation. The new bank will have $20,000 of preferred stock owned by the Reconstruction Finance corporation as soon as the final approval has been secured. Frank M. Farr of Paxton who will be the cashier of the new bank is expected in Aurora within a day or two. The common stock has all been paid in.

At the Wednesday noon luncheon of the Aurora Rotary club Robert H. Graham, manager of the Iowa-Nebraska Light and Power company in this district was the guest speaker. He discussed the public utility questions from the standpoint of the electric light companies. He quoted figures to show that water power is not as economical as power produced in fuel plants. He stated that in all of the privately owned public utility plants were put out of business by public ownership, the taxes of the public would be greatly increased because of the loss of revenue through the destruction of the private plants.

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Rep. Carl Bremer Introduces Bills

Proposes Districts For A One House Legislature — Bank Receiver To Be Optional

Carl T. Bremer, Hamilton county's representative to the state legislature introduced two bills this week.

The first bill introduced by Bremer was the second to be filed in the house for option by depositors of a failed bank on whether a local person or the state banking superintendent should act as receiver.

The proposed districts for the one house legislature introduced by Bremer calls for a house of forty members and would place Hamilton, Merrick and Clay counties in district number 26. The plan proposed by Bremer is as follows:

No 1, Richardson and Nemaha counties; 2, Pawnee, Johnson and Otoe; 3, Cass and Sarpy; 4 to 9, inclusive, Douglas; 10, Washington, Burt and Thurston; 11, Dakota, Dixon and Cedar; 12, Wayne, Stanton and Cuming; 13 Colfax and Dodge; 14, Butler and Saunders; 15 to 17, inclusive Lancaster; 18, Gage; 19, Jefferson and Saline; 20, Fillmore, Thayer and Nuckolls; 21, York and Seward; 22, Polk and Platte; 23, Madison and Pierce; 24, Knox and Antelope; 25, Boone, Nance, Wheeler and Greeley; 26, Merrick, Hamilton and Clay; 27, Webster and Adams; 28, Buffalo and Kearney; 29, Hall and Howard; 30, Sherman, Valley, Garfield, Loup and Blaine; 31, Holt, Boyd, Keya Paha, Brown and Rock; 32, Hooker, Thomas, McPherson, Logan and Custer; 33, Dawson, Gosper and Phelps; 34, Franklin, Harlan and Furnas; 35, Chase, Haynes, Dundy, Hitchcock and Red Willow; 36, Frontier and Lincoln; 37, Perkins, Cheyenne, Deuel, Keith and Arthur; 38, Garden, Grant, Cherry and Sheridan; 39, Dawes, Sioux, Box, Butte and Morrill; 40 Scotts Bluff, Banner and Kimball.

Bank, Tuesday evening, the reports of officers were received showing net profits for the first ten month's operation to have been $1607. The old directors were elected unanimously and upon organization the old officers were reelected.

The officers for the coming year are F. E. Edgerton, president, Frank C. Crone, vice-president; Frank M. Farr, cashier. Dr. J. M. Woodard and Myrl S. Mather are the other members of the Board of Directors.

The bank began business February 26, 1934, having been authorized by the Comptroller of the Treasury to take over 65 per cent of the assets of the old bank and to assume 65 per cent of the deposits. The other 35 per cent was turned over to O. F. Hartquest, E. C. Rhinehart and F. E. Edgerton, trustees. The trustees paid two dividends of 10 per cent each, during the year.

The First National Bank has increased its deposits this year more than $80,000 and its officers have refused to accept deposits aggregating about $150,000 on interest for the reason that the bank had no means of loaning the money. Its officers felt that it would be poor policy to accept time deposits and pay interest on funds which would lie idle in the bank.

At the meeting Tuesday evening, there was present a general optimistic feeling as to the coming year. Only another crop failure can prevent this community going forward rapidly, was the feeling of the officers and directors of the bank.

The officers and directors expressed themselves as being anxious to be helpful in the community in assisting business so long as the loans can be made safely, guaranteeing the refund of the loans when due. They stated that the depositors money should not be loaned by them in places where return was doubt-