Farmers State Bank (Hemingford, NE)

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FOUR STATE BANKS SUSPEND

SPRINGFIELD. Neb., Oct. 13 Upon the voluntary action its officers. the American state bank here was turned over today to the state department of trade and for liquidation. J. F. McLain ,examiner, was placed in charge. Deposits were about $190,000.

At Holstein HOLSTEIN, Neb., Oct. 13 (P)The First State bank of Holstein was turned over to the state department of trade and commerce today for liquidation. Capital stock was $25,000; surplus $2,500, and deposits about $90,000.

Close At Orleans ORLEANS, Neb., Oct. 13 (P)The State bank of Orleans was closed today for liquidation. C. H. Wear was president: M. E. Wear, cashier. The bank was capitalized for $25,000; had surplus of $5,000, and deposits of about $160,000.

Hemingford Failure HEMINGFORD, Neb., Oct. 13 LP)-Officers of the Farmers' State bank here suspended business today and turned the institution over to the state department of trade and commerce for liquidation Caapital stock was $30,000 surplus $2,500. and deposits, $200,000.

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Business

On Monday the Farmers State Bank at Hemingford closed and on Tuesday the three Alliance banks witnessed substantial increase in This deposits. sensible and splendid attitude on the part of the people of Box Butte not that Alliance banks anxious profit by the misfortune of the bank: Not at all. that bank and the of will be increasingly as time apparent But the confidence deposits in the Alliance banks that the people of this vicinity have brains and capable using them. The three Alliance banks are in excellent condition. money from such and hiding away private places, in curities, and using the postal can classed your nose to spite your Money in the banks supplies the motive power that keeps business moving in the city and on the farms. there tendency withdraw money and hide away. you are contributing to your employment without money the business and farmers can't carry Business has started definitely on the long trek back Prices butterfat, eggs and poultry are higher than they were year ago, and some the surpluses in other things been reduced, these prices will climb. No can forever. They all end some time. Business come back with blare trumpets parade, will back gradually and fast people

Alliance has always enjoyed prosperous business. Real estate values have steady for more than years. The city is founded on substantial footIt will continue just long the people follow and attitude their home town. Just simple word expresses the formula for continued Without this town With no town can lose. But individual attribute and not some- Over 50 Planes And thing that be bought in sack. These show lack of confi- An Autogiro To dence and the part of the Here your your and the value you When Airplanes galore. Small, large and somebody comes up with that best the and varied types of the interests of Alliancecraft will be Alliand and ask him what he means. October 25 for the Take issue with him do in no uncertain terms. Air Tour being made You wouldn't let anybody get with whispering the state. The flock planes campaign against your family your like huge don't let them away with one against your town of birds will reach Alliyour investment here. ance and remain for These days courage, not for cowardice. the rest the day. Stand and fight for your town as would for Among the aerial fleet which will your home. the future the town depends the contain planes future your investment. want one the autogiros which take chiseled away little time propaganda that and land you know false, but that will do more harm than Alliance Chappell Hay Springs other thing that be done just now. only stops the tour You don't have to grinning Pollyanna, nor hypocrite man with confidence The air show starts from Omaha town. But you do have exhibit little first stop Burwell next and will your Then do

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CLASSIFICATION OF BANK CLAIMS HELD

Receiver Presents Claims of Harrison and Hemingford Banks

Classification of claims of depositors of the defunct Harrison State Bank at Harrison and the Farmers State Bank at Hemingford came before the district court here today. C. E. Brown, bank receiver, represented the department of trade and commerce at Lincoln.

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Classification of claims of depositors of the defunct Harrison State Bank at Harrison and the Farmers State Bank at Hemingford came before the district court here today. C. E. Brown, bank receiver, represented the department of trade and commerce at Lincoln.

Objectors to changes in classification from preferred claims to general ones have 30 days in which to file petitions of intervention. Following this the banking department has 30 days in which to answer.

Hearings on the petitions will be held on April 11 or as soon as possible thereafter for the Hemingford bank and on April 18 or as soon as possible thereafter for the Harrison institution.

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his veterinary practice here this spring.

Carl Spacht relieved C. A. Brown as bank receiver of the Farmers State Bank Monday. Mr. Spacht says he has not decided whether or not he will move his family back to Hemingford.

Cullen N. Wright of Scottsbluff was an over night guest at the L. O. Bradley home Wednesday evening.

You get prompt and courteous service and prices are right at 2tc Essay's Cash Store.

NOTICE I will discontinue sewing from June 1st until August 1st. Mrs. Clyde Yardley. J. J. Norcross was a business visitor in Marsland and vicinity the first of the week.

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To Be Dividend Depositors

Meyer has entered E. Judge district court authorizorder in an of 10 percent the payment ing to the depositors in dividend cash Farmers State Bank of defunct the which closed October Hemingford the bank at the time Deposits in totalled A 10 closed tnis sum be dividend distributed to the deto be the institution. in positors for the payment of Application made by dividend the bank receiver, in Stoll, deputy the bank and it was of charge Luikhart of the by proved partment of Banking in Lincoln. will probably be mailed Checks those entitled by law to direct and should be distribthem receive they can be made soon as uted and in the mail. signed put

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Receiver of First National There Sues for Proceeds of All Assets Sold.

Suit for an accounting and judgment was filed in federal court Monday by E. M. Marlow, receiver for the First National bank at Alliance, against E. H. Luikart of the state banking department and Ben Saunders, superintendent of the department.

Mr. Marlow wants an accounting of the entire proceeds of the sale of the bank assets, with the value of the assets at the time of sale and any increase in value that may since have accrued, with interest, and judgment for the amount of the total so determined.

The receiver wants the defendants required to turn over to him all the assets of the bank or else the proceeds from their sale, with interest and court costs.

The Alliance bank closed Oct. 31, 1931 and Ben Bond was the first receiver. He resigned the next July and his successor, Arthur E. Torgeson, served a year. Marlow was appointed July 1, 1933. He says share holders in the bank were assessed $100,000 and $64,666.18 was collected from the rest, the rest being defaulted because they couldn't pay any more. At that time the state department of trade and commerce, with C. G. Blass as secretary, had appointed E. H. Luikart to handle the assets and liquidation of all failed state banks in Nebraska. He was appointed June 1, 1931 and is still functioning. Banks are now in charge of the state banking department, and Saunders is superintendent of banks. The department and Mr. Saunders are made defendants to the suit, Marlow explains, because there seems to be some likelihood that the receivership and liquidation of all failed Nebraska state banks will be turned over to them.

The Farmers State bank of Hemingford failed and was closed Oct. 12, 1931, the plaintiff recites, and Mr. Luikart as receiver, and the state department of trade and

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Suit for an accounting and judgment was filed in federal court Monday by E. M. Marlow, receiver for the First National bank at Alliance, against E. H. Luikart of the state banking department and Ben Saunders, superintendent of the department.

Mr. Marlow wants an accounting of the entire proceeds of the sale of the bank assets, with the value of the assets at the time of sale and any increase in value that may since have accrued, with interest, and judgment for the amount of the total so determined.

The receiver wants the defendants required to turn over to him all the assets of the bank or else the proceeds from their sale, with interest and court costs.

The Alliance bank closed Oct. 31, 1931, and Ben Bond was the first receiver. He resigned the next July and his successor, Arthur E. Torgeson, served a year. Marlow was appointed July 1, 1933. He says share holders in the bank were assessed $100,000 and $64,666.18 was collected from the rest, the rest being defaulted because they couldn't pay any more. At that time the state department of trade and commerce, with C. G. Blass as secretary, had appointed E. H. Luikart to handle the assets and liquidation of all failed state banks in Nebraska. He was appointed June 1, 1931 and is still functioning. Banks are now in charge of the state banking department, and Saunders is superintendent of banks. The department and Mr. Saunders are made defendants to the suit, Marlow explains, because there seems to be some likelihood that the receivership and liquidation of all failed Nebraska state banks will be turned over to them.

The Farmers State bank of Hemingford failed and was closed Oct. 12, 1931, the plaintiff recites, and Mr. Luikart as receiver, and the state department of trade and

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The Farmers State bank of Hemingford failed and was closed Oct. 12, 1931, the plaintiff recites, and Mr. Luikart as receiver, and the state department of trade and

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ASK ACCOUNTING IN HANDLING OF ALLIANCE BANK

Receiver of First National There Sues for Proceeds of All Assets Sold.

Suit for an accounting and judgment was filed in federal court Monday by E. M. Marlow, receiver for the First National bank at Alliance, against E. H. Luikart of the state banking department and Ben Saunders, superintendent of the department.

Mr. Marlow wants an accounting of the entire proceeds of the sale of the bank assets, with the value of the assets at the time of sale and any increase in value that may since have accrued, with interest, and judgment for the amount of the total so determined.

The receiver wants the defendants required to turn over to him all the assets of the bank or else the proceeds from their sale, with interest and court costs.

The Alliance bank closed Oct. 31, 1931, and Ben Bond was the first receiver. He resigned the next July and his successor, Arthur E. Torgeson, served a year. Marlow was appointed July 1, 1933. He says share holders in the bank were assessed $100,000 and $64,666.18 was collected from the rest, the rest being defaulted because they couldn't pay any more. At that time the state department of trade and commerce, with C. G. Bliss as secretary, had appointed E. H. Luikart to handle the assets and liquidation of all failed state banks in Nebraska. He was appointed June 1, 1931 and is still functioning. Banks are now in charge of the state banking department, and Saunders is superintendent of banks. The department and Mr. Saunders are made defendants to the suit, Marlow explains, because there seems to be some likelihood that the receivership and liquidation of all failed Nebraska state banks will be turned over to them.

The Farmers State bank of Hemingford failed and was closed Oct. 12, 1931, the plaintiff recites, and Mr. Luikart as receiver, and the state department of trade and commerce deposited $16,663 in the First National bank of Alliance on Oct. 28 and opened a checking account in Mr. Luikart's name. Marlow says he doesn't know where the funds in this account came from, but has reason to believe they accrued to Luikart or Bliss in handling the receivership of the Hemingford bank.

The day the account was opened in the Alliance bank, the petition says, the bank delivered to the department of trade and commerce, as security for the deposit, certain federal land bank bonds, $14,000 from the St. Louis bank, $4,000 from the Houston bank and $2,000 from the Berkeley bank. When the Alliance bank was closed Oct. 31, there were outstanding three cashier's checks for which Luikart as receiver for the Hemingford bank was payee, in the sums of $1,702.08, $147.94 and $369.09. These sums, it is alleged, were deducted from the assets of the Alliance bank by the department of trade and commerce.

Marlow charged that this transfer of Alliance bank assets as security for the state department's or Luikart's deposits was illegal and invalid, being contrary to the laws of the United States and constituting a preferential payment. The Alliance bank had no right, he says, to pledge its assets for payment of Luikart's cashier check, and he adds that the officers of the bank took this action "knowing that it was in contemplation of insolvency." He says the creditors, depositors and share holders of the Alliance bank were damaged in the sum of $19,672 and he asks judgment in that amount. The suit is filed by Harry E. Gantz