72-0312
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MASON Oct. 29. Kossuth county banks, County Savings Bank of Algona, Algona State Bank. Algona, and the Bank Swea City were closed at noon day.
The first two banks are in the hands state banking examiners and the National bank charge representative of the comptrollers the currency. Depleted due to heavy withdrawals are for the closing in each case.
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Two Iowa Institutions in Hands of State Examiners. MASON CITY, Iowa, October 29 (AP).-Three Kossuth County banksthe County Savings Bank of Algona, the Algona State Bank, Algona, and the First National Bank at Swea City -were closed at noon today. The first two banks are in the hands of State banking examiners, and the national bank is in charge of a representative of the Controller of the Currency. Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.
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Plan Purchase of Pavilion and More Land From Nearby Farm.
ALGONA, Sept. of proposed court sale of the former Lloyd Wellendorf farm just east of the fairgrounds to the county fair association and Mr. Wellendorf by the County Savings bank receiver appears in today sale. A hearing on the application will be held next Tuesday. If the sale goes thru as planned the fair will get the east 212 feet of the Wellendorf farm, which parallels the fairgrounds fence on the west side of the race track. The sale includes all land east of the road in front of the house, and the fair society will own the big sale pavilion erected 10 or more years ago by Mr. Wellendorf. The rest of the land is to be sold to Mr. Wellendorf. With this additional land the fair can build new grandstand on the west side of the race track, where the afternoon sun will not drive spectators out of seats. Much of the space in the present grandstand kept vacant by hot sun. The Wellendorf will also be notable addition to the fairgrounds buildings, excellent for calf and other club work and for demonstration talks by judges.
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Kossuth District Court Has Lightest Schedule of Cases in Many Years
ALGONA, Jan. 23.-The district court of Kossuth county will open next Monday with Judge Lovrien of Humboldt on the bench. This will be the lightest term for & long time. Only 43 cases have been filed since last term which is about half the usual number. Only seven cases are set down for trial during the term as follows: L. F. Walsh et al versus William O'Donnell; County Savings bank receiver versus Elizabeth Yanser; Algona State bank receiver versus C. C. Chubb; Hart Parr company versus Harm Groen; J. A. Hamilton versus Harold G. Hamilton; May Eleanore Stehle versus Emma Geimer and Estate of Andrew J. Helmer, deceased.
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AKRE GROCERY BUILDING IS SOLD TO LAIRD FOR $8,500
A deal was consummated last week by which Warren E. Laird purchased the building in which the Thos. Akre grocery located from the County Savings bank receivershp for $8500. The building is of brick, and was erected in 1916 by M. Jusperson, who lost it to the bank when the bank closed. Mr. Jusperson, however, still holds right of redemption. Mr. Laird pur. chased the building as an invest ment only. The Akre store will remain in its present location.
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Algona Store Building Is Sold for $8,500 by Savings Bank Receiver ALGONA. Sept. 1.-W. E. Laird has purchased the Akre store build. ing from the receiver of the County Savings bank for the sum of $8,500. Mr. Laird will continue to rent the building to Thomas Akre for a store and apartment.
Ratiroad President Dies. DETROIT. Sept. D. Bronner. vice president of the Micnigan Central railroad, died early this morning at his apartment In the Whittler hotel Mr. Bron. ner had been III since last May.
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Algona Store Building Is Sold for $8,500 by Savings Bank Receiver ALGONA. Sept. E. Laird has purchased the Akre store build. ing from the receiver of the County Savings bank for the sum of $8,500. Mr. Laird will continue to rent the building to Thomas Akre for a store and apartment.
DETROIT. Sept. D. Bronner. vice president of the Micnigan Central railroad, died early this morning at his apartment In the Whittler hotel here. Mr. Bron. ner had been III since last May.
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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.
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Eight of Iowa Institutions Make Final Payments to Depositors.
DES MOINES, Dec. 25. (P)Eight closed Iowa banks have paid the final dividend to depositors as a Christmas gift, L. Andrew, state superintendent of banking, reported today. They are as follows: Parnell Savings bank, $12,944.59; Farmers Savings banks at Troy Mills, $4,721.97; Odebolt Savings bank, $11,789.21; Winthrop State bank, $38,789.21; Ringsted State bank, $51,250.22; Farmers Savings bank at Odebolt, $18,874.14; Farmers State bank at Clutier, $19,321.72; Jesup State bank, $28,853.86. Nineteen other closed banks have paid Christmas dividends as follows: Farmers Savings bank at Bernard, 25 per cent, $36,662.48. Farmers and Traders State bank at Bonaparte, 15 per cent, $51,128.49. First State Savings bank at McCausland, 25 per cent, $29,331.55. Peoples Savings bank at Marengo, 5 per cent, $22,512.66. Malcolm Savings bank, 10 per cent, $19,974.14. Des Moines Commercial Savings bank, 5 per cent, $92,514.70. Security State bank at Promise City, 25 per cent, $45,017.87. County Savings bank at Algona, 10 per cent, $137,669.38. United State bank at Des Moines, 5 per cent, $67,165.18. Floris Savings bank, 30 per cent, Peosta Savings bank, 20 per cent, $12,016.99. Farmers Savings bank at Corwith, 25 per cent, $53,442.13. Gravity State bank, 25 per cent, Peoples State bank at Humboldt, 10 per cent, $43,644.67. Anthon tSate bank, 10 per cent, Citizens State bank at Anthon, 10 per cent, $26,743.92. Farmers State bank at Rockwell,
In the district court of Iowa, in and for Kossuth county. L. A. Andrew, Superintendent of Banking of the State of Iown, plaintiff, VR. County Savings fendant Bank, of Algona, IOWA, deTo whom It may concern: Notice is hereby given that there is now on file in the office of the clerk of the district court of Iowa, in and for Kossuth county, the application of L. A. Andrew, Superintendent of Banking of the State of Iowa, as receiver of the County Savings Bank, Algona, Iowa, asking that he may be authorized to compromise certain obligations held against Carl Hutchins and Ella Hutchins, and Oscar E. Miller and Nellie May Miller, as per the terms described in said application. And you are further notified that the hearing on said matter has been set for the first day of Ap. ril, 1931, at two o'clock R. m. of said day, at the court house in Algona, Kossuth county, Iowa, at which time and place you may appear and show cause, if any you have, why said settlements should not be made and order cation. entered as prayed for in said appliDated March 25, 1931.
L. A. Superintendent of Banking ANDREW, of the State of Iowa, as Receiver of the County Savings Bank, Bank, of Algona, Iown Charge. By R. H. MILLER, Examiner in
NOTICE TO ALL DEPOSITORS, AND SONS THE RECEIVERSHIP OF THE SAVINGS BANK OF ALGONA, IOWA.
You and each of you are hereby tifled that there now file the office the Clerk of the District Court of Kossuth County, Iowa, the eighteenth quarterly report of the Honorable of Banking of the State of Iowa, Receivof the County Savings Bank of gona, Iowa, the same being the final report of Miller, Charge of said in which said report the Receiver Examiner Charge show all receipts and dissince the date of the last report on file, and said Receiver that the said Miller be discharged Charge said Bank and his bondsmen from all liability date March 31st, 1932, the date of said report. You are further notified that unless appear thereto at the court house object on or before the hour of 2:00 o'clock on the first day June, 1932, and show cause why report should not be approved and why said R. Miller should not be discharged Examiner in Charge and his bondsorder and decree of this court will be entered approvsaid report the Miller Examiner Charge the County Savings Bank Algona, Iowa, and exonerating his bondsmen from all liability date March 31st, 1932, the date of the said report on file. the State of Receiver of the Kossuth County State Bank Algona, Iowa, the same being the final report Miller as Examiner in Charge said bank, in which said report the receiver and Examiner in Charge show all receipts since the date of the last report file, and said Receiver asks that said R. H. Miller be discharged aminer in Charge of said bank and bondsmen exonerated from all liabilias date March 31st, 1932, the date of said report. You are further notified that unless appear thereto at the court house Algona, Iowa, and object on or before the hour of 2:00 o'clock the first day of June, 1932, and show cause why said report should not approved and why the said H. Millshould be discharged as Examiner in Charge and his bondsmen onerated, an order and decree this court will entered approving said report and discharging the said Miller as Examiner Charge of said bank and exonerating his bondsmen from of date March 31st, 1932, the date of the said report on file. of Banking of the State of Iowa, as Receiver the Kossuth County State Bank 49 of Algona,
Bidding is Slow and No is Evident.
Remaining assets of the County Savings bank representing some have been court auction for only $800 the Guarantee kaloosa, which makes buying up final assets of closed banks. The sale was held in the courtroom early Tuesday Only small audience was in tendance. There however, in the unit or itemsale, in was but bidding slow when the assets were ofsoutheastern Iowa.
Dollar an Item Bid.
A standing bid dollar item had been filed before the sale held. the unit sale most the items sold without further On number, bids up $35, some to $50. But there little enthusiasm. to bid their own The total of the individual used opening the group sale. The unit sales, all which were subject to bloc sale, provided that proved highest, totaled The first bloc therefore $730. of $750 made few minutes later, and then the bidding apparently ceased, but after among the bidders the offer was raised then $765. and finally $800, where stopped. Examiner Conducts Sale.
M. Fox, special examiner in the state was auctioneer, and H. Hull, local examiner charge, clerk, asssited by Herbst. remaining affairs of the bank up final dividend paid. This will be before Thanksgiving, unless some hitch settlements not included the sale develops. Final Dividend Soon.
The final dividend will for than cent, and this more per raise the total paid back the bank to little more than per The bank was closed in the fall of 1929, just after stock market which opened the depression. Liquidation has been progress since, record cent dividends the last few depressed prices and years shrinking collateral is considered good.