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First National Bank of Algona Closed by Directors
Algona, Ia., Nov. 12.—The First National bank was closed here this morning by action of its board of directors, and a national banking examiner has taken charge.
The bank had deposits of $650,000 and a capitalization of $50,000.
Frozen assets was ascribed as the cause of the action.
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Kossuth County Farm Is Sold by Algona Receiver ALGONA, April 11.-The McElhinney farm of 219 acres, located north of Algona was sold at auction in court last week Wednesday afternoon by W. C. Pyle, First National bank receiver. Nicholas J. Krieps was the buyer and the consideration was $20,305 of which 11,000 was paid by assuming a mortgage against the land. All real estate owned by the First National bank has now been sold, but the bank has a mortgage equity against one item of real estate.
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Assets of First National to be Sold Sept. 19.
W. Pyle publishes list of remainassets another column ing another part this appear will sold at the Kossuth which court house at two county estimate the remaintember An ing assets would place the amount list approximately debtors and amount owing will The interest the receiver in the Keen farm located the paving will of Algona court house This about September which disthe of and will real bargain posed for National has paid The cent up now, per bank closed dividends 1924. Mr. has November since 1928, and has receiver nine other banks dividend will This the last one to be paid
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Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks.
Six Kossuth county and neighboring banks which went broke during the deflation this week paid their depositors dividends amount ing to $400,000 as Christmas reminders. This belated Christmas cheer helps. The First National Bank of Algona pays final dividend of 4.85 per cent, which will put into circulation about $2,000. The final payment brings the total paid by this bank to 49.85 per cent. The First National of Britt has paid dividend of ten per cent. The First Nationals of Rolfe and Forest City are in process of final closing. The bank at Rolfe will pay out 84.9 per cent. The bank at Wesley has paid 65 per cent and will have more to pay. The First National at Burt will be ready today to pay its first dividend of about $70,000, which will be 25 per cent. The bank was closed Sept. this year. The for the County Sav ings bank of Algona will distribute over $300,000 in cash to depositors of that bank and five others, one other in Algona, and one each at Humboldt, Corwith, Luverne and Ringsted.
Cut Dickinson's Debt, Willford Says.
WATERLOO, of W. C. Pyle from his position receiver of the Pioneer National bank and the Commercial National bank, both of Waterloo, was quested Monday by Congressman Willford. Democratic leaders were advised of the action by telegram received here from the congress man.
Charges Compromise. Willford asked Comptroller Currency O'Connor to remove Pyle, charging Pyle, while ceiver of the First National Bank Algona, at Algona, made settlement with Senator Dickinson. which lieved the senator of more than $11,000 on the pay. ment of $700 by Dickinson. Given O. by Judge. Pyle was appointed receiver the First National bank of Algona 1925 Dickinson at that time the congressman from the old tenth Iowa district Willford told the comptroller Monday that the application for the compromise settlement was filed by Pyle in Kossuth county district court Dec. 13, 1929. and that the settlement with Dickin son was authorized the same day by Judge James Deland.
Doubts "Best Interest." Congressman Willford told the comptroller that he did not believe these settlements were in the best interest of the depositors of the First National Bank of Algona. He charged in asking Pyle's moval that the settlement in ques tion concerned four notes of the Algona Auto Machinery owned by Dickinson, Pyle. (Continued on Page
Dickinson Refutes Reported Choice.
Senator Dickinson said over the from that W. Pyle was not appointed receiver of the First National bank Algona, Ia., his recommendation, as reported some patches Monday night. Pyle was placed in the gona bank from some other trust." Senator Dickinson said. "He had been satisfactory receiver, and can say that under his trust the First National bank of Algona paid out more than any other bank there
Praises Pyle.
Pyle could not be removed the grounds of inefficiency, because he is one of the best receivin the service.' Acknowledging that the com promises the notes had been made as charged by Congressman Willford. Senator Dickinson said that in all cases in which his name had been on them as security, the agreements for settlement were approved by depositor's committees.
Tells of Payment.
"On my own notes, have paid out 100 cents on the dollar interest. The only compromises have made have been in cases where been an indorser Senator Dickinson declared. Senator Dickinson said he had knowledge of the Backus note mentioned also by Willford in his complaint to the comptroller.
Indications Are Pyle Will Remain As Bank Receiver
A dispatch from Washington that indicated there that C. Pyle will be retained as receiver of the Commercial National and Pioneer banks of Waterloo, derequest Congressman A. C. that he be replaced. as is understood to be such that the compoffice will make no change Not by Senator L. Dickinson is quoted as saying that Pyle was pointed receiver the First National bank of Algona, Ia., his Dickinson is further quoted as follows: "Mr. Pyle was placed in the Albank from some trust. He had been a and can say that under his First National bank Algona more than any other Pyle could not be removed on the grounds of inefficiency, because he one of the best receivers in the service." Says Compromise Approved. Acknowledging that the compromises on the notes had made stated by Willford. Dickinson said that all cases which his name had been agreements settlement approved by "On my own notes,' he said "I have paid out 100 cents on the dollar, with interest.'
RAIL STATION BURGLARIZED. H. L. Gibson, ticket agent for the Chicago Great Western railroad, early Thursday morning reported to police that burglar had sprung lock in the railroad's east station and stolen suit case, number of stamps, and keys to machine thieves to raid the Mr. and Mrs. Edward 1102 and Dr. and Mrs. O. W. Britt, 1100 avenue, twice were frustrated early Thursday morning. Police called m. and again at to the two residences. Altho no chickens were Thursday attempts on the coop at the Nesbit residence and other in the vicinity have been successful, it was reported.