New Buffalo State Bank (New Buffalo, MI)

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NEW BUFFALO STATE BANK

Steady Withdrawals Blamed; Is Likely

NEW BUFFALO, Dec. New State closed its doors here this upon vote of its board of directors, called in early today. The voted to close the bank because of its weakened by continual slow withdrawals upon the closing of other banks the accordto William representative of the state banking department to arrive take Meanwhile the bank closed including holders of safety deposit boxes.

Capitalized At The Buffalo capitalized for $20,000. Its the close last fiscal period, 29, were No estimate attempted on dsposits Officials of the bank would make today the bank's or future developments, to until state bank would take charge. Officers of the bank are: President, Knight; president, Eldridge; Littlejohn. Hart Bank HART, Counbank, $40.failed to open its doors for today. the door the that had been closed order the board of direcThe organized in 1884 as the Citizens Exchange one two such institutions in Hart.

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(First STATE IN THE COURT THE COUNTY OF BERRIEN, IN CHANCERY

RUDOLPH REICHERT, State Banking 8040.

NEW BUFFALO STATE BANK, for Benton Michigan.

Defendant

At session the the day White, Circuit came to heard upon petition the New the same said receiver make legal for against New Buffalo same Herbert Roe, of the of New County, and said receiver of IS that this once each for AND DECREED in any against (90) days the the for the distribution assets said bank not when dividends are or distribution

CHAS. WHITE, Judge.

STATE OF MICHIGAN

(Seal)

COUNTY OF BERRIEN Benjamin Bittner, Clerk of the Circuit Court for the County do that the is true correct of Rudolph Banking New State New Michigan tered and above entitled in said appears record That the original true and the whole have hereunto set and affixed of this 26th day of BENJAMIN H. BITTNER, Clerk (Last Insertion May 14) (12 Sats.)

(First Publication: February 27, 1932) SALE By failure to principal sum sehereinafter at maturity, default has been in payment and that Burton Edna May Johns, husband and wife, near County, MichMichMichigan, dated 24th day November, 1926, recorded office in 158 page 524, was order the Circuit the County Berrien, In State defendant, law and order said Bank mortgage, principal being and remaining there is this principal the Sixty-three and for hundred sixty-six and aggregating sixtynow and or law having been instituted the by mortgage or any thereof, aforesaid, THEREFORE, virtue the power of sale tained said mortgage, the premises scribed the mortgage as that part south section five range west, described six feet of said degrees twenty-three hundred and 3-10 four fifty-six 2-10 feet to north line said property: fifty-four 2-10 feet to the said 8-10 feet place four and that part of the south half of described thirty-five and 8-10 feet of the said west hundred and 5-10 feet to center and along center road one hundred twenty feet thence north seventy-two degrees two hundred thirtyand thence thirty west one hunfeet Lake minutes along Michigan feet north line said property: 5-10 feet private road feet wide off easterly side, lying and being in the Township the Berrien and State lic auction the bidder at front door of the House in City St. Joseph said 23rd day May A. D. ten o'clock in the the amount due on said mortgage and all Dated, BENJAMIN KRAL, Receiver Stevensville Mortgagee. CHARLES W. STRATTON, Attorney for Receiver. Business Address: St. (Last Publication: May 21, 1932)-13 Sate.

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of South thence North line South State Let day May rien the City Joseph, with and the attorney fee allowed by Dated February ROLLAND BARR, Mortgagees. St. May Sats)

OF IN COUNTY OF BERRIEN, IN CHANCERY

RUDOLPH E. REICHERT, NEW BUFFALO BANK, New Buffalo

Defendant.

At session Court, the 26th Charles White, This came be heard upon Roe, this against the State the said receiver and legal motion Attorney for receiver, ordered against the New Buffalo same Herbert of the of hereby to blank of that for filing claim against (90) days from the shall of said not proved dividends are or

RIFORD, Judge. for Michigan

STATE OF MICHIGAN

OF Clerk the Court the County do that the and is correct copy State Buffalo New and filed entitled record the original and In set hand and the said St. this BENJAMIN (Seal) (Last Insertion May 14) (12

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WHITE CUTS PAY BANK RECEIVERS

A readjustment of the salaries for receivers of state banks in Berrien county today by Judge Charles E. White. On recommendation of the state banking department, the judge signorders which reduce the salaries the various receivers, effective May Judge White stated today that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department.

The reductions were as follows: Berrien County bank, Benton Harbor, from $6,500 to $4,800. Benton Harbor State bank, from $6,000 to $4,800. Bridgman State bank, from $5,000 to $3,600. New Buffalo State bank, from $2,500 to $2,000. Stevensville State bank, from $4,000 to $2,800. Buchanan State bank, from $4,000 to $3,000.

LAKE SHORE GREEN HOUSE Now open. Next to Potted plants and evergreens. Rentfrow, Phone 5-7-3t

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BANK RECEIVERS' SALARIES SLASHED BY JUDGE WHITE

A readjustment of the salaries of receivers of state banking institutions in Berrien county was announced by Judge Charles E. White today. On recommendation of officials of the state banking department the judge signed orders which reduced the salaries of the various receivers to become effective May 1. Judge White stated today that the fixing of salaries for bank receivers on the new scale met with the approval of the state banking department. The reductions of the receivers salaries were fixed as follows: Berrien County Bank, Benton Harbor from $6,500 to $4,800. Benton Harbor State Bank from $6,000 to $4.800. Bridgman State Bank from $5,000 to $3,600. New Buffalo State Bank from $2,500 to $2,000. Stevensville State Bank from $4,000 to $2,800. Buchanan State Bank from $4,000 to $3,000. daughters, Mrs. Al Fuller and Mrs. Allson Post, both of Livingston. Funeral services will be conducted at 2 o'clock Saturday from the residence and at 2:30 o'clock from the Methodist church at Bridgman. Burial will be in Greenwood cemetery at Bridgman.

The United States has nearly as much invested in the City of Shanghai as it has in the whole of Japan$356,000,000 and $500,000,000 respectively.

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New Buffalo Planning

This evening (Thursday) deof the closed New Buffalo bank at the school are meeting auditorium, at to discuss the of The receiver reports that there are about $152,000 on deposit.

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RECEIVERS

Salaries, Effective July Announced by White new schedule of salaries for ceivers of closed state banks Berrien was today Judge Charles White in the Berrien circuit court. Letters advising the receivers that their would be reduced on July salaries and fees fixed by the state banking have been mailthe receivers. The new salary schedule for reivers of banks Berrien' county follows: Worth receiver for the Berrien County bank, reduced from $3,600 to $2,500. Harry Boyce, Buchanan State bank, reduced from 2,000. Herbert Roe, receiver of the New Buffalo State bank, reduced from $1,500. Gore, an State bank, reduced from $3,000 $1,800. This the second reduction in ceivers' salaries which has made through the court and state banking department since the receivers were first some the cuts now more than per cent. case of Bean of the Berrien County bank the first placed and now to the been made in the salaries bank the of the state banking depart-

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SALARIES OF RECEIVERS

Axe Falls On Pay Of Those In Charge Of Berrien Institutions

Receivers for state banks in Berrien county will draw less pay after July Orders just issued by Circuit Judge White call for in the salbank receivers running the way from $1,000 to Judge White's salary reduction orders follow issued the state banking department Lansing. The salary reductions include the following W. Worth Bean, receiver for the Berrien County bank, reduced from to $2,500. Harry Boyce, Buchanan State bank, reduced from $3,000 to $2,000. Herbert Roe, receiver the New Buffalo State bank, reduced from $2,500 Gore, Bridgman State bank, reduced from $3,000 $1,800. This the second reduction in ceivers' salaries which have been made through the court the state banking department since the various receivers were first appointed some instances the cuts now amount to more than percent. In the case Receiver Bean the Berrien County bank the salary was first placed $6,000 and down $2,500. Similar cuts all over the state been made the salaries bank upon the recommendation of the state banking department.

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BERRIEN BANK RECEIVERS SALARY CUTS

ST. JOSEPH, Mich., June Receivers for closed banks in Berrien county have been notified of drastic reductions in their salaries. In one instance, that of the ceiver for the closed Berrien County bank in Benton Harbor, the salary has been reduced two installments from $6,000 per year to $2,500. Other receivers notified of salary reductions effective July Harry Boyce, Buchanan State bank, reduced from $3,000 $2,000: Herbert Roe. New Buffalo State bank. $2,500 to and Gore, Bridgman State bank, $3,000 to The new salaries are in accordance with the fees established by the state banking

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Other attempts to change the measure lay ahead. Senator La Follette (Prog-Wis), who would like to see the total boosted to $10,000,000,000, plans to propose an increase. Bonus and inflation riders are in the offing, also, though the administration leaders express no worry about them.

Labor Deplores Defeat

The American Federation of Labor deplored today the defeat of the McCarran amendment, which would have required President Roosevelt to pay wage rates prevailing in private industry to all the 3,500,000 "employables" to whom the administration says it will give work. "The working people of the nation," President William Green said, "will feel that congress failed them in this crucial test."

The successful compromise leaves the president free to pay "security wages," estimated by officials at $50 a month, provided they do not "affect adversely" the wage scale in private industry. On all permanent federal building projects, however, he must pay the prevailing rate.

White Authorizes New Buffalo Bank Receiver to Sell $9,000 Bonds

Circuit Judge Charles E. White has authorized Herbert Roe, receiver for the New Buffalo State bank, to sell $9,000 worth of bonds at a price of not less than 90 less brokerage commissions.

The proceeds will be used for the liquidation of the closed institution.

The bonds are: $2,000 of Hearst Magazines, Inc., 6's of 1938. $3,000 of Hearst Publications, Inc., 6 1/2s of 1946. $3,000 of Southwestern Gas and Electric company 5's of 1957. $1,000 of Public Service Company of Colorado 5 1/2's of 1954.

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Circuit Judge Charles E. White has authorized Herbert Roe, receiver for the New Buffalo State bank, to sell $9,000 worth of bonds at a price of not less than 90 less brokerage commissions.

The proceeds will be used for the liquidation of the closed institution.

The bonds are: $2,000 of Hearst Magazines, Inc., 6's of 1938. $3,000 of Hearst Publications, Inc., 6 1/2s of 1946. $3,000 of Southwestern Gas and Electric company 5's of 1957. $1,000 of Public Service Company of Colorado 5 1/2's of 1954.