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Run Causes Bank Failure The failure of the First National Bank at Carroll last week is reported to be due to withdrawal of deposits and failure to make collections. The bank had a capitalization of $50,000, with total deposits listed at $40,000.—Pender Republic. Pauline, Genevieve and Lauren Charles visited Saturday night and Sunday with their grandparents, Mr. and Mrs. V. S. Charles. Kennith Hoar, son of Edgar Hoar, had his tonsils removed Wednesday at Tekamah by Dr. Lukens.
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CARROLL STATE BANK IN NEW LOCATION The Carroll State Bank moved Tuesday into their new location, in the building formerly occupied by the First National Bank, and are now ready to serve the publie in a more efficient manner than ever before in the history of the State bank. The new location gives the officers and employees a modern banking house, in which to serve their patrons, with all the conveniences of a city bank. The building was purchased at public auction a short time ago for the consideration of $15,000 including all fixtures. The officers who will serve the public are as follows: Howell Rees, president. A. F. Huwaldt, vice-president. Edward Huwaldt, cashier. V. G. Williams and Leslie Belford will continue as employees of the bank. The receiver of the First National Bank will retain an office in the building which will be taken care of by Miss Lena Stewart as in the past. Miss Stewart has put in her resignation to take effect August 1st, as she will go to Newman Grove when the school year begins to fill the position as principal of the Newman Grove public schools.
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To Kiwanis McRoberts Urges of Golden Rule All Dealings. Explains His Work Tells of Manner Which National Bank Are Conducted. McRoberts, receiver of the closed Citizens National bank Wayne, spoke to Kiwanians Monday following noonday luncheon, on the subject of Golden Rule in He explained about the appointment of national bank receivers and their duties. Nothing will solve difficulties between between tions, asserted Mr. application of the golden Mr. McRoberts receiver for banks in Pilger, Schuyler and Carroll, besides here. has just been appointed to take charge bank at Knoxville, also. Receivers by the comptroller of the currency and they are because of manifested ability and efficiency. In past held his years position by political favor. Merit choice. Mr. McRoberts also explained that one man can handle several banks when they close enough are together. This increases the dividends to be given depositors. The men in charge of the bank liquidate all the paper possible to the time take to finish any bank's business thus varies the receivers try pay depositors as nearly in full possible. Attorney's fees in national bank cases now fixed. This reduces expense. McRoberts ciation the cordial and Mrs. McRoberts given in Wayne.
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FROM TODAY'S MORNING JOURNAL TREASURER MAY FILE A SUIT WILL BE GOVERNED BY ADVICE OF SPILLMAN. Test Case to Determine Liability of Official Bonds of Two Former Treasurers May Be Started. Whether the state shall institute for the of $4,000 of state funds on deposit in the falled National bank Carroll is being considered by State Treasurer Stebbins He accepted the deposit conditionally when he took his office the first of the year It accepted subject to collection The supreme court decision July holding that the personal bonds by bankers to the state was not liable for the money was really an certificates of deposit and not state de posit and the bond which had been approved by Attorney General Spillman, Charles W Pool, secre. tary of state and Charles W Bryan then liable only for deposit of state funds. not for what proved to be, according to transaction between Robinson, state treasurer. and D an in certificates of deposit issued by the failed State Treasurer Stebbins sald Monday, when asked how he intends proceed to collect the money, that be would act upon the advice Attorney General Spillman's department and that he would have obtain an opinion from that department before he could what course would pursued suit against the bond of either Robinson the ceiver the failed bank may contemplated. according to discusthe capitol The bank alleged to have few assets sight court, in deciding against recovery the state from the bank bondsmen, gave the state judgment against the bank receiver The bond of former Treasurer Cropsey for five years and this period expires next January. The state has certificates of deposit for the $4,000 against the failed bank. 1922 Treasurer Cropsey had $12,000 deposit, guaranteed the Lion Bonding company. When the bonding failed he demanded money The bank could not secured his consent substitution personal bond signed by Thomas, John Davis, Alfred Thomas and Thomas Later paid off the dePosit, and still later received $4,000 more from the state as deposit. the personal bond being continued At the expiration of his term office Mr Cropsey held these four certificates for $1,000 each, and settlement his successor, Robinson, retained these his own property. He accounted for money on deposit by giving Robinson his personal check. days later he had the certificates renewed by the bank, and he turned these in to Robmson, who gave him his The court held that this constituted an investment of state funds deposit of money the bank by Robinson during his term of office. and as the deposi tory bond was given to repay only deposits belonging the state, the signers are not liable for the pay. ment of the certificates. The bank, however. having issued them, must pay. and judgement was entered against H receiver. The court says Robinson never made deposit. and the bond was to repay deposits made by Robin and did not secure the of renewal certificates, the bondsmen cannot be held.
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STATE TO ANSWER BANKS Attorney General Sorensen is preparing an answer to the suit filed by bankers who are resisting the special assessment levied under the bank guaranty law last December. He said the answer would be filed in the district court of Lancaster county Monday. His special council in this case are Edgar Ferneau of Auburn, chairman of the republican state committee, and C. E. Abbott of Fremont. The petition intervention filed in this case Friday by a depositor at Humboldt, while friendly to the side of the state, was not drawn or filed by the attorney general's office. One of the matters left by the Spillman administration for the new attorney general to look after is some action to recover $4,000 of state treasury funds deposited in the First National bank of Carroll and lost when that bank failed. The supreme court gave judgment for the state against the receiver who has no funds left, but held that the money was not a state deposit but was an investment of state funds. The transaction was between former treasurers, C. D. Robinson and D. B. Cropsey.
Serving Jail Sentence Tony Chilelly, Schuyler pool hall operator, appeared in county Thursday, on complaint of County Attorney Otradovsky which defendant was charged with sale and possession intoxicating liquor. The complaint recited that sale of liquor made to Federal Agent Walter Cunniffe, Jan. and raid by federal agents on Feb. in the confiscation alleged liquor. Chilelly pleaded guilty to the charges as recited and Judge Roether assessed fine of $200 and costs, or sixty days in jail. The defendant reported to Sheriff ther, Monday evening, and began his sentence in the Colfax county jail. The department of trade and announces the reopening of banks at Humphrey, StaCarroll and Murdock plehurst, which have been suspended recentnew 1933 Nebraska banklaw made possible for these banks to open for business. The banks and their depositors are quired sign contracts which provided that old depositors will paid exceed per cent month that new deposits will be kept separate and held trust This enables prompt and safety to patrons. The photo you miss now be retaken later. You will ong in vain for even little picwhen too late you realize that did not have any taken. Let convince you how our prices meet the depression and fully guaranteed. The Studio, Schuyler, Nebr.