Bank of Syracuse (Syracuse, NE)

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Seeks to Recover On Bank Liability

Receiver Asks Permission To Sue Stockholders Of Failed Banks.

Application has been made by the State of Nebraska for an order of the district court to sue the stockholders of the Bank of Syracuse to recover the amount due and owing from each of them on account of liability.

It is set out in the application that the bank, capitalized at $25,000, was taken over by the department of trade and commerce November 30, 1931, and that E. H. Luikart has been appointed receiver and is now in charge of the affairs of the institution.

The stockholders set out in the application are D. P. West, August M. Brehm, Ella Larson, H. H. Amende, August Halm, F. W. Brehm, Louis Busch, H. J. Kuenning and Olga B. Mettzer.

A similar application was filed by the state against the stockholders of the Bank of Otoe, taken over by the department October 13, 1931, and on November 18, E. H. Luikart was named receiver and is now in charge. The Bank of Otoe is also capitalized in the sum of $25,000 and the stockholders, according to the application, are Lewis Ganzel, Fritz Reuter, H. J. Bohlman, S. H. Buck, A. D. Paap, Helen B. King, A. R. Buck, W. H. Irland, Martha R. Buck, Anna D. Hillman, Fred

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Chamber Without Regular Secretary

Thursday was the last day in the Chamber of Commerce office for W. R. McClary, executive secretary. He has been in the office for 20 months, but resigned before the last annual meeting. He will continue work in the insurance business which he has been following as a sideline during his secretaryship.

Mr. McClary came into office in August, 1930, to complete the unexpired term of W. W. Metz, who resigned. At the 1931 initial meeting of the board of directors Mr. McClary was re-elected for the fiscal year.

A new secretary has not been selected and Mrs. McClary will keep the business of the office going until the April 14 meeting of the board of directors, when new arrangements will be made.

Seeks to Recover On Bank Liability

Receiver Asks Permission To Sue Stockholders Of Failed Banks.

Application has been made by the State of Nebraska for an order of the district court to sue the stockholders of the Bank of Syracuse to recover the amount due and owing from each of them on account of liability.

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State Capitol

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of the owned non-farm homes are valued between $3,000 to $5,000 and the largest percentage of rented non-farm homes bring a rental of $15 to $30 a month, only 8 per cent bringing a rental of more than $50.00.

About one-sixth of the cases before the Nebraska Supreme Court involve the state of Nebraska in some way or another. Many of these are actions brought by the state. At the present time there are among other suits, the disbarment proceedings against seven attorneys, suit of the state against the gravel companies, alleging an illegal combine and the banking law cases.

The state of Nebraska has accepted $50,000 worth of bonds from the Bridgeport irrigation district which will relieve the water users of that district. Through a disagreement the federal government obtained a judgment of $110,000 to $125,000 on the property with a first mortgage, the state already held $75,000 in bonds with a second lien. The federal government finally agreed to settle for $50,000 and the state now holds bonds amounting to $125,000 with a first mortgage.

Members of the state railway commission appeared before an examiner for the interstate commerce commission to explain why the state commission granted railroads the right to decrease rates on sand and gravel in the state at the same time the roads were asking and receiving a 15 per cent increase on all freight rates. Because of the quantity of sand and gravel available in the state and the conditions existing here the railroads asked for the decrease and the commission granted it. The case will be heard further May 24 in Washington.

The Abel Construction Company has been awarded the contract for graveling the state highway between Shelton and Buda. Their bid was 8 cents per cubic yard under the nearest bidder. They took the bid at 64 cents a cubic yard.

Depositors in the failed Bank of Syracuse received a 35 per cent dividend and the depositors of the Upland Banking Company received 25 per cent.

The supreme court listened to arguments for Clarence G. Bliss on his motion to dismiss the appeal of the state banking department from the award by district judges of fees for representing Bliss in the proceedings wherein he was displaced as state bank receiver. The attorneys contend that since the bank receiver was appointed by the district judge that the governor has no right to dismiss him and that they should be reimbursed for the fees in the case.

Dentists of the state were in session in Lincoln last week.

In order to assure publication of the congressional record, congress has appropriated a half million dollars for the purpose. When it was found that funds were almost exhausted for this purpose an emergency bill was passed.

Not satisfied with the ruling of the Nebraska railway commission, the Omaha taxicab company that has been proposing a cheap rate in the city, has announced that it will appeal to the supreme court. Their system was objected to as unfair competition by other taxicab companies and by the street railway company.

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case heard further May

The Abel Construction company has been awarded the for graveling the state highway Shelton and Buda. Their bid was per cubic yard under the bidder. They took the bid 64c bic yard. Depositors in the failed Bank of Syracuse received 35 percent dividend and the depositors of the Upland Banking Company received percent. The supreme court listened guments for Clarence G. Bliss on his motion to dismiss the appeal of the state from the award by district judges of fees for Bliss in the proceedings wherein he was displaced as state bank receiver. The attorneys contend that the bank receiver was appointed by the district judge that the governor has no right dismiss him and that they should be reimbursed for the fees in the case. Dentists of the state have been session in Lincoln this week. In order to assure publication of the congressional record, congress has appropriated half millian dollars for the purpose. When was found that funds were almost exhausted for this purpose an gency bill was passed. Not satisfied with the ruling the Nebraska railway commission the Omaha taxicab company has been proposing cheap line the city has announced that will appeal to the supreme court. Their system objected unfair by other taxicab companies and by the street railway company. Chief Justice Charles A. Goss will speak at Wahoo the evening of June before the open meeting of the Men's Brotherhood. Potato acreage shows marked duction this year with prospect of increased prices. Since Nebraska considered one of the potato states looks rather good to the growers of the state. have increased their acreage by about percent, which in view of the crease in other states makes more promising outlook here than in other A group of Lincoln business men university leaders are working together plan to be presented the Reconstruction Finance Corporation through which the farmers of the state may secure aid. date the farmers Nebraska have received no direct benefit from the Permission has been granted the state banking by District Judge Charles H. Stewart, borrow $50,000 from the Reconstruction Finance Corporation for the pose liquidating the failed state bank at Center, money to be repaid when the assets of the bank are liquidated. This system will low the commission more time for liquidation and felt that will make large sacrifices unnecessary. The chief to the action was the fact that depositors have first lien on assets. There are twelve candidates for state legislature who have nothing to worry about in the fall election. districts failed to name democratic candidate for the house of presentatives and five failed to name candidate while two senatorial districts failed to name republican nominees. now too late to fill the vacancies. The law provides that when vacancy through resignation after the nomination made that the party committee may fill the vacancy until 30 days before election but when no nomination made there is no provision for filling the place.

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to fight both grasshoppers and cutworms in the state. The college of agriculture is co-operating with county agents in distributing information to the farmers. Experts say that ten pounds of poisoned bran distributed now will accomplish more than 100 pounds used later in the season.

Both central committees will meet in Lincoln the 21st to perfect organizations and make plans for the coming campaign.

The Supreme Court has held that the state board of equalization and assessment improperly reduced the 1931 valuations of natural gas pipelines by 17 percent in the state and has ordered that the valuation be set aside and the companies assessed on the same basis as other property. Attorney General Sorensen brought action against other state officials in his official capacity and representing three counties involved. Other state officials, members of the board, are perplexed over the turn of opinions although the governor has had no comment to make in the matter.

Charles W. Taylor, state superintendent will give commencement addresses at the following points, Leigh, Huntley, Maxwell, Rushville, Gordon, Ohiowa, and Craig. He will also speak at West Point on Memorial day.

Roy Harrop of Council Bluffs, Ia., has filed initiative petitions with Secretary of State Marsh which propose a state bank with branches in every county and a legislative appropriation of $1,000,000 back of the scheme. The secretary of state returned the petitions to Mr. Harrop because they lacked the necessary number of signers for legality. Mr. Harrop has other proposals that he would like to submit to the voters if he can get enough backing to get his petitions signed.

Former governor, S. R. McKelvie, advocates the taxing of municipally owned utilities as one means of cutting the property tax for the farmer. He estimates that $50,000,000 worth of utility property in the state is tax free.

The Abel Construction company of Lincoln has been awarded the contract for graveling the highway between Blair and Herman at a cost of $2,045.

The state board of equalization has decided to ask the supreme court to clarify its ruling on the subject of taxation of natural gas pipe lines. The Governor feels that the court arrived at its decision through a misunderstanding of the records.

Figures from the department of census in Washington show that there are 117,657 owned nonfarm homes and 88,985 rented nonfarm homes in Nebraska. There are in addition 63,712 owned farm homes and 63,850 rented farm homes in the state in addition to 4,819 farm homes and 3,976 nonfarm homes which were not classified. These homes housed a total of 342,999 private families. A study of values shows that the largest percentage of the owned nonfarm homes are valued between $3,000 to $5,000 and the largest percentage of rented nonfarm homes bring a rental of $15 to $30 a month, only 8 percent bringing a rental of more than $50.00.

About one-sixth of the cases before the Nebraska Supreme Court involve the state of Nebraska in some way or another. Many of these are actions brought by the state. At the present time there are among other suits, the disbarment proceedings against seven attorneys, suit of the state against gravel companies, alleging an illegal combine, and the banking law cases.

The state of Nebraska has accepted $50,000 worth of bonds from the Bridgeport irrigation district which will relieve the water users of that district. Through a disagreement the federal government obtained a judgment of $110,000 to $125,000 on the property with a first mortgage, the state already held $75,000 in bonds with a second lien. The federal government finally agreed to settle for $50,000 and the state now holds bonds amounting to $125,000 with a first mortgage.

Members of the state railway commission appeared before an examiner for the interstate commerce commission to explain why the state commission granted railroads the right to decrease rates on sand and gravel in the state at the same time the roads were asking and receiving a 15 percent blanket increase on all freight rates. Because of the quantity of sand and gravel available in the state and the conditions existing here the railroads asked for the decrease and the commission granted it. The case will be heard further May 24 in Washington.

The Abel Construction company has been awarded the contract for graveling the state highway between Shelton and Buda. Their bid was 8 cents per cubic yard under the nearest bidder. They took the bid at 64 cents a cubic yard.

Depositors in the failed bank of Syracuse received a 35 per cent dividend and the depositors of the Up-land Banking Company received 25 percent.

The supreme court listened to arguments for Clarence G. Bliss on his motion to dismiss the appeal of the state banking department from the award by district judges of fees for representing Bliss in the proceeding wherein he was displaced as state

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PAY TO DEPOSITORS. Depositors of failed state banks in Nebraska received $172,715.61 from liquidation of assets in the month of August, according to a summary issued by the department of trade and commerce. The largest payment was 37.56 percent, or $33,267 paid to depositors of the Mason City Banking company being the first payment to them. Depositors of the Bank of Syracuse received $9,944 which makes 50 percent of their claims.

NEBRASKA-IOWA PICNIC. A Nebraska-Iowa picnic, for all Nebraska residents who formerly lived in Iowa will be held Friday at Antelope park. The basket dinner will be served at 6:30 p. m. Iowans in Lincoln for the state fair are to be special guests.

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Bank Pays Dividend

Bank of Syracuse Offers To Depositors

Depositors in the suspended bank of Syracuse were greatly pleased Saturday when they received percent dividend from the state banking department which makes total of sixty per paid out by that bank. The receiver of the Mr. John Eiser, working steadily toward final liquidation of the assets of the bank he receiving the cooperation of the debtors of the bank in fine shape and ultimately the affairs of the bank will be successfully concluded and thought all will receive their full share the deposits in the bank at the time its suspension.

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100 CENTS.

LIQUIDATION of the Bank of Syracuse which closed in 1932 has been completed insofar as the depositors are concerned, and they need no longer be concerned. This Otoe county institution is one isolated example in itself, for it has paid out 100 per cent to its creditors and, says Bank Receiver Luikhart, there will be something left for the stockholders.

The closing of the Bank of Syracuse was no aftermath of bad banking or negligence on the part of its officials. It was a victim of the times. Its closing was taken in the interest of the depositors who were told from the day the institution closed that if they would be patient they would get all their money.

State authorities who had charge of the institution remarked recently that its assets were the "cleanest" of any closed bank in the state. They meant that loans would be collectible with good judgment on the part of the receiver and that there was no note in the bank which indicated poor judgment on the part of the lender.

It is to the credit both of the receiver and the officers of the bank that the depositors have been paid 100 cents on the dollar. It is to be hoped, too, that stockholders may realize every possible dollar from the assets which are remaining, for they deserve it.

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WHAT OTHER EDITORS SAY

RECOVERY IS PROGRESSING

(Omaha

One rather encouraging sign of the times the apparent belief of practical economists that the depression has about worn itself out and that natural forces are now working in favor of increased activity in commercial and financial lines. The captains of industry and the leaders in finance who have been openly pessimistic or ominously on conditions for three or four years are as positive that the whole situation improving and will continue improve until the nation again blessed with prosperity in the not very distant future. The statement of General Dawes last week good example of this new trend of informed opinion. "While recognize fully. said the gen eral, "the overwhelming long time importance of balanced budget and wise governmental policy point out that the normal course of covery involving mass action is not determined by human reasoning but by human nature, and that the rate of following the same course in this present depression and for the same simple causes that did in the two great former depressions in the country, those of 1873 and 1893 And embarking on the dangerous seas of definite prophesy say that these simple causes will bring about great sustained uplift in heavy goods and mark the beginning of the year full of prosperity in next May and June Recovery is inevitable Nothing can stop the progress toward it, just as nothing could stop the progress toward the chasm in 1929, The various steps taken by the government to aid business and employment will neither greatly retard nor greatly accelerate the return of good times." No one is looking for miraculous change in conditions over night but it must be apparent that these optimistic utterances of commercial leaders are in line with the popular views of the day Many believed from the first that the depression would just have to wear itself out and that is just what happening, in the opinion of those best in position to feel the pulse of the nation Lets hope they are right.

100 CENTS

(Nebraska City

Liquidation of the Bank of Syracuse which closed in 1932 has been completed insofar the depositors are concerned, and they need no longer be concerned. This Otoe county institution one isolated example in itself, for it has paid out 100 per cent to its creditors and says Bank Receiver Luikhart, there will be something left for the stockholders. The closing of the Bank of Syracuse was no aftermath of bad banking or negligence on the part of its officials was victim of the times Its closing was taken in the interest of the depositors who were told from the day the institution closed that if they would be patient they would get all their money State authorities who had charge of the institution remarked recently that its assets were the "cleanest" of any closed bank in the state They meant that loans would be collectible with good judgment on the part of the receiver and that there was no note in the bank which indicated poor judgment on the part of the lender. It is to the credit both of the receiver and the officers of the bank that the depositors have been paid 100 cents on the dollar. It to be hoped, too, that stockholders may realize every possible dollar from the assets which are remaining, for they deserve it.

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CENTS

" editorial taken from The following the Nebraska City which under the able guidance publication. receiving Sweet. one of the best dailies published in our state, has the following comment make on the liquidation of the Bank Syracuse and the editorial expresses our sentichamber ments exactly of the Bank of Sy racuse which closed in 1932 has been completed insofar the depositors are concerned. and they need no longer be concerned. This Otoe county institution one isolated example in self, for has paid out 100 per cent to its creditors and, says Bank Receiver Luikhart, there will be something left for the stockholders. "The closing the Bank Syracuse was no aftermath of bad banking negilgence on the part of its ficials. It victim the times. Its closing was taken the interest the who were told from the day the institution closed that Mr. they would patient they would get left all their money State authorities who had charge the institution remarked recently that assets were the "cleanest" any closed bank the state. They meant that loans would be collectible with good judgment on the part of the receiver and that there was no note the bank which indicated poor ment on the part of the lender is to the credit both of the ceiver the officers of the bank that the depositors been paid ments 100 cents the dollar. to be hoped, that stockholders real- The ize every possible dollar from the be sets which are remaining. for they Hillis. serve