First National Bank (Elgin, NE)

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First National Bank of Elgin Fails to Open

The First National bank of failed to for business open Monday morning, notice the door stating that the bank closed by the board of directors and placed in the hands of tional bank examiner. According report, the general opinion that there will be loss to deposiThis the third bank close Elgin. One of the three organized and doing good business and considered good condition. Already movement is foot reorganize the First National and believed that this will done and the bank reopened for business few days.

Edwin Rogers of Oakdale Neligh Saturday.

Mr. and Mrs. John Malijewski Clearwater in Neligh Wednesday.

The Misses Mildred Olson, Scott, Lucille Anderson, and Leona Lewis attended the football game Lincoln Saturday.

Mrs. Guy Thornton and Mrs. Nels Petersen left Thursday for Omaha to visit daughters, taking training at the Univerhospital.

Danny, son of Mr. and Mrs. fell the steps the east ward school house Tuesday morning and received severe on the head. He was attended physician, who took several stitches in the wound.

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Took Small Amounts Out of Bank for Period of Five Years

NO ARREST IS MADE

Shortage Is Revealed in Examiner's Check-up

Harold Grant, 30, of Elgin, confessed Tuesday that he had bezzled approximately of the funds of the First National bank of Elgin, which failed to open for business Monday mornGrant was bookkeeper of the bank and in his confession told Taylor, cashier, and Uyon Norfolk, national bank examiner, that he had taken the money small amounts over period five years. Attorney Lyle Jackson of Newas employed by the receiver the First National to investicertain matters pertaining to bonds required of employees of the bank. Grant, who was born and reared the Elgin vicinity and the late Cyrus Grant, is said have first confessed the embezzlement to his wife, later repeating to Taylor and Lyon. Grant was married only last July. understood no suspicion was directed toward him, but his extreme nervousness is believed to have impelhim to admit the embezzlement. said Grant has turned over his property to be used in paying much possible of the shortage. He not taken into custody Tuesday and it not yet known whether complaint will be filed against him. Reports apparently good authority that depositors of National will be paid cents dollar and the bank reopened shortly.

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First National Bank In Receiver's Hands

Closed by Order of Directors Following Meeting Sunday. George C. Cronkleton Receiver

At a meeting of the board of directors held Sunday, it was decided to close the First National Bank of Elgin for liquidation. This decision came as a result of a steady withdrawal of deposits from the institution over a period of almost a year. George C. Cronkleton has been appointed receiver of the bank, taking up his duties in that capacity Wednesday. Mr. Cronkleton has handled the liquidation of a number of national banks in this section and has been successful to an unusual degree. Those who have examined the assets of the First National Bank state that the bills receivable are in first class shape and are largely collectable, although it will undoubtedly take several months to accomplish this The last statement, published September 24th, shows loans and discounts in the sum of $135,422.95 At the time of the last statement, deposits amounted to $123,720.34 The bank owned $97,850.00 worth of United States government securities. Bills payable and rediscounts amounted to $31,471.10. The cash reserve amounted to $11,710.47. It is the general opinion of those familiar with banking that there will be very little, if any, loss to the depositors, although their money will be tied up until the liquidation can be accomplished.

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Confesses Embezzlement of Bank Funds

Harold C. Grant Taken Into Custody by Federal Officers, Following Admission

Harold C. Grant, for more than six years a bookkeeper at the First National Bank of Elgin, was placed under arrest about noon Thursday by Sheriff Sutton and delivered to a deputy United States marshal, as a result of his confession Tuesday that he misappropriated more than $9,000 of the funds of the bank. Previous to his admission of guilt, he had not been suspected and the shortage in the bank had not been discovered. Since the closing of the bank Sunday, he had been extremely nervous and finally, upon being questioned by Mrs. Grant, broke down and revealed the facts. The facts, as nearly as can be learned, indicate that the funds of the bank were misappropriated in small amounts over a period of several years, and that certain sheets were withdrawn at times from the ledgers of the bank in order to make the books balance. Mr. Grant was born in this vicinity, a son of Mr. and Mrs. Cyrus B. Grant, respected pioneers, now deceased. He attended the Elgin public schools and later the Wayne normal school, following which he became associated with the First National Bank. He was trusted implicitly by all with whom he came in contact and held several positions of trust in local organizations. Those who knew him were amazed when the facts in this case became public. Last summer he was married to Miss Elizabeth Ralston, who, for several years, had been a popular member of the high school faculty. They had recently remodeled and refurnished their home and apparently were situated most favorably. It is understood that there will be little, if any, loss to the bank as a result of Mr. Grant's crime, as he was under bond, and is also understood to have turned over to the bank some property interests to be applied toward restitution. It should also be stated that the closing of the bank, which occurred Sunday, was not due in any way to Mr. Grant's shortage, but rather to steady withdrawals by depositors, which took place over a considerable period of time.

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ELGIN CLOSES

General Opinion Loss of Depositors Will Slight if Anything

First National bank of Elgin failed to open its doors for business Monday, being closed by the directand now in the hands of tional bank examiner. At the time of the closing is stated the deposits were approximately and its bills receivable approximately Other assets consist banking house and real estate. The county had considerable sum but this amply protected by government bonds in excess the deposit put up as security, the county under no contingency For considerable period each ceeding statement in response by the has shown shrinkage deposits and the closing made necessary by withdrawals which depleted the cash reserve point where likely the bank not meet upon Not alone bank officials but Elgin people familiar with its assets are of the opinion depositors lose little anything.

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BANK CLERK

Elgin Young Man Confesses to Speculations.

HELD IN HIGH

Shortage Totals About $9,000 Taken During Period Years Small Sums Time

As development of the failure the First National bank of Elgin appears that Harold Grant, the of the bank is short accounts to an amount of approx- imately $9,000, the exact amount not being definitely determined. After the closing of the bank he first fessed to his whom he married only last July and later to cashier and to Bank Examiner, Uyon. When the report first became current people would believe Grant was always considered model young man. His explanation that he lived beyond his means and that the sums taken different times, comparatively small amounts time during about six years. The shortage was covered by taking out and concealing ledger sheets of depositors amounts equal to the shortage whenever check of the bank was

He has not been placed under rest and what will be done about not been stated by government officials.

Grant was the son of the late Grant, pioneer resident of the Elgin vicinity and about 30 years old. He has been with the bank about years.

No suspicion was directed against him even since the bank closed but he knew, evidently that when the ceiver took charge of the books and checked them the shortage would be discovered he would not be position to remove ledger sheets before.

He stated he never had figured out how he would replace the money takHe has now turned over what property he has but this not enough to cover the shortage.

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EMPLOYE ELGIN BANK CONFESSES EMBEZZLEMENT Embezzlement of approximately $9,000 of the funds of the First National bank of Elgin, which failed to open for business Monday morning, was confessed Tuesday by Harold C. Grant, bookkeeper for the institution, according to reports. The confession was made to M. H. Taylor, cashier of the bank, and C. W. Lyon, of Norfolk, national examiner, it is said. Grant, who was born and reared in the Elgin vicinity and was the son of the late Cyrus Grant, is said to have first made the confession to his wife, later repeating it to Taylor and Lyon. There was no suspicion directed toward Grant, it is understood, but his extreme nervousness is believed to have impelled him to admit the embezzlement. Grant is a young man about 30 years of age and was married only last July. It is said that Grant has turned over all his property to be used in repaying as much as possible of his shortage. He was not taken into custody following the alleged confession Tuesday and it was not known whether a complaint was to be drawn against him.