10bcb92cbb7f4a82Capital injected, Full suspension, Books examined
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Minn., Dec. First and Moorhead National bank, with deposits of more than $2,000,000, was voted meeting directors here The step decided method protecting against run the while reorganization is being effected, statement issued by directors said. directors blamed circulation of false the stability the institution for the
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other probably fatally injured when Central train struck the which they were riding here this afternoon. Mrs. Flo Clayton, twentyeight, driver of the suffered fractured skull and expected Her mother, Mrs. Stella Nash, sixty, was killed instantly. The carried block on the pilot of the engine before train could be CLOSE Suspension at Moorehead, Minn., Follows Circulation of Rumor. Dec. closing of First Moorphead National bank, voted meeting of the bank's direcafternoon. ment, declared that widespread, regarding bank sulted deposits and the the to with drawals conserve the resources and protect loyal supporters The declared that they "expect the bank soon will opened
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Minnesota Bank Is Closed by Directors OUR CHRISTMAS MOORHEAD. Minn., Dec. (AP) -Closing of the First and Moor GIFT TO YOU head National Bank. with deposits of more than $2,000,000 was voted at As Special Holiday of directors here. Program We Offer You decided as method of protecting resources against run TRIPLE on the bank.
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Minnesota Bank Is Closed by Directors the First and Moorhead National Bank. with deposits of more than $2,000,000 was voted at meeting directors The step was decided as method of protecting resources against a run on the bank.
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MOORHEAD NATIONAL BANK CLOSED DUE TO MONEY WITHDRAWAL Directors Call for Reorganization After Run 'Is Started by Rumors' Moorhead, Minn., Dec. 24.-Closing of the First and Moorhead National bank pending reorganization was announced Saturday by members of the board of directors following a meetIng held by them. The directors, in a statement, said that the spread of false rumors regarding the bank had resulted in such n withdrawal of deposits that the action was deemed necessary to pro-
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BANK CLOSES DOORS TO PROTECT DEPOSITORS MOORHEAD, Minn., Dec. 24.(AP) - Closing of the First and Moorhead National bank, with deposits of more than $2,000,000. was voted at a meeting of directors here today. The step was decided on as method of protecting resources against a run on the bank, while a reorganization is being effected, statement issued by directors said. The directors blamed circulation of false rumors regarding the stability of the institution for the run.
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DILWORTH BANK CLOSES DOORS, FEARING RUN Dilworth, Minn., Dec. 24.-(AP) run on the Dilworth State Bank of Dilworth as result of the of the First and Moorhead National Bank of Moorhead directors of the Dilworth indecided to close that bank statement that the bank closed don't owe cent to any Owen M president of the Dilworth State Bank day of the circumstances and prevent possible to close the bank pending Some of the officers of the First and Moorhead National of Moorhead are directors of the Dilworth Re-Opening Plans Talked. for reorganization of the First National bank of closed Saturday by order of the board of are to be taken up immediately. it announced today by bank officials. The bank was closed pending reorganization, due to continued Leavy withdrawais of deposits resulting from "widespread false and vicious rumors,' according to officials The statement of the bank, issued Oct. 3. showed the bank had more than a quarter of million dollars, in quick consisting of Other bonds and securities and cash This statement showed capital surplus and profits with surplus and $1,954.14 in divided Since that time the undivided profits item had to $20 000 and Christmas greeting card published few days before the undivided profits of Bank officers maintain that the bank was and is in good condition. that there has been considerable liquidation this fall of their out standing loans and that the closing was decided upon solely to protect depositors and allow and reopening H. Wray has been placed receiver by Irwin charge Wright, chief bank examiner for this pending re-organization.
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DEPOSITORS MEET TODAY F. H. Peterson was named temporary chairman of a depositors' committee named today by depositors of the closed First and Moorhead National bank of Moorhead. A committee of from three to seven men will be named by the depositors' meeting today. Depositors of the closed First and Moorhead National bank in numbers that filled the Moorhead high school auditorium, leaving little standing room, met this afternoon. The purpose of the meeting, as previously announced, was to form a depositors' committee to act for creditors of the bank in whatever affair might develop. F. H. Peterson, Moorhead attorney, explained to the gathering that the depositors' committee would have no power or authority except to assist the bank receiver in negotiations. Leslie Welter Sr. called the meeting to order. A temporary organization was to be effected before the naming of a committee was to be considered.
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bank. operating under . new charter, employees of the closed bank will continue their work as far as possible. Committee Reports When opened the bank will have a capital of $100,000 and $50,000 surplus. The full report of the depositors' committee as presented today fol- "Acting under instructions from the general depositors and under pormission of the banking department, your committee made a very careful and complete examination of the assets of the First and Moorhead National bank. After doing this. it was the opinion of your committee that It was neither feasible nor possible to reorganize and reopen the closed bank under its charter and that It was virtually necessary that a new bank operating under a new charter, be organized to give this community adequate banking facilities. "Under arrangements duly approved by the comptroller of currency, the new bank which will soon have completed its organization and be ready to open for business will purchase a considerable number of the good assets of the closed bank at full face value and accrued interest to date of purchase; thereby permitting a 50 per cent cash dividend to be paid to depositors at once. The balance of the bank's assets will be trusteed and further dividends will be distributed as these assets are liquidated and collected by a representative of the comptroller of currency. "The committee wishes the depositors to fully understand that no assets have been sold except at full face value with accrued interest and that the remainder of the assets are held in trust, intact, and exactly as they were on the day the bank suspended operations. "It is the opinion of the committee that depositors' interests have been safeguarded and protected to the fullest possible extent under the plan approved by the comptroller of currency. "At this time, the committee wishes to acknowledge the splendid co-operation received from the banking department and its representative, Mr. Schram."
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FIRST & MOORHEAD NATIONAL BANK STATEMENT RELEASED Editor Moorhead Daily News: For the information of creditors of the First and Moorhead National bank and your readers generally, have compiled some facts and figures showing the condition of the receivership at the close of business on December 31, 1929, reflecting liquidation progress since the bank suspended about year ago, The statement covers such details am authorized to publish, and is follows: Statement of Condition of First and Moorhead National Bank, of Date of Its Quarterly Report, December 1929. ASSETS (At Suspension, Dec. Bills receivable $1,564,200.03 Assets other than bills receivable 702,319.56 Stock assessment 150,000.00 Total of all assets coming into the hands of the REMAINING ASSETS UNCOLLECTED Bills receivable 874,835.36 Assets other than bills receivable 114,436.28 Assets acquired since suspension 49,910.87 Stock assessment 86,992.87 Total assets uncollected $1,126,175.38 Total claims proven on unsecured $1,471,346.54 Total unproven unsecured liabilities 51,665.21 Total liabilities secured: Public deposits, counts, $170,002.20 431,728.39 Total additional liabilities proven 6,501.45 Total of all liabilities $1,961,241.59 Dividends paid to date Secured and preferred claims paid 414,917.07 Cash on hand 14,831.41 should be explained that the item of "cash does not reprenet collections on assets since the payment of the first dividend of 50 per cent on May 1929. Collections made since May 1929. total nearly but this has been sum used largely to carry an agreement entered into with the First National bank in Moorhead unacceptable assets transferred to it on 1929. Our contract with the First National bank in Moorhead will very soon completed. making future collections on remaining assets available for payment of further dividends to SCHRAM,
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STATEMENT SHOWS & CENT DIVIDEND, TOTALLING $777,264.79 HAS BEEN PAID. Contract With First National Bank Completed, Receiver's StateShows. Progress of liquidation since suspension of the First and Moorhead National bank, which closed December 22, 1928, shown statement of condition made public today by Westlin, receiver. Dividends totalling percent, have been paid, cording to the and cured and preferred claims paid $530,676.35. Contract Completed Mr. Westlin also revealed the repurchase held closed institution with the First National bank in Moorhsed now completed all cash hand and future collections on remaining will be available for payment future dividends to creditors. An agreement had been made the First National bank in Moorhead repurchase unacceptable assets tarnsferred to it on May 1929. The statement issued by Mr. Westlin shows cash hand on which represents the cash on hand since completion of the contract with the First Nation- Collections made since the First and Moorhead National suspended while out of the total collections during the year the sum has been used to carry out the agreement with the First National. Assets the closed institution the of listare at including receivable, other assets cash hand. and stock assesment. Remaining Assets Remaining assets uncollected, December 1930, totalled including assets acquired since suspension. Liabilities $2,073,371.56 Listed liabilities claims are total proven on unsecured liabilities, total unproven cured claims, $26,507.78: total secured cancelled by total rediscounts paid, $170,002.20, and total additional proven,
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RECEIVER'S STATEMENT EDITOR MOORHEAD DAILY NEWS: Crystals Fitted For the information of creditors of the First & Moorhead National "Walk a Flight and Buy Right" bank, and your readers generally, have compiled some facts and figures showing condition of the receivership at the close of business on December 31, 1930. reflecting liquidation progress since the bank suspended. The statement covers such details as I am authorized to publish, and it is as follows: Statement of conditioin of the First & Moorhead National Bank JEWELRY of Moorhead, Minn., as of date of its quarterly report, December 31, 1930: 21/2 Bdw Fargo. Over Woolworth's ASSETS (At Date of Suspension, December 22, 1928). Bills receivable $1,564,200.03 Assets other than bills receivable and cash on hand assessment 150,000.00 Stock Total of all assets coming into the hands of the receiver $2,416,519.59 REMAINING ASSETS UNCOLLECTED (Dec. 30, 1930) Bills receivable 791,236.08 Assets other than bills receivable 88,461.03 45,646.95 Assets acquired since suspension Stock assessment 76,431.86 Total assets uncollected $1,001,775.92 Total of all liabilities Dividends paid to date (50 per cent) Secured and preferred claims paid. 777,264.79 530,676.35 $2,073,371.56 $ 40,389.81 Cash on hand Cash on hand represents net cash on hand since the completion of the contract with the First National Bank in Moorhead. Collectons made since suspension total $1,311,411.88. Out of the total collections during the year 1930, the sum of $165,613.49 has been used to carry out an agreement entered into with the First National Bank in Moorhead, to repurchase unacceptable assets transferred to it on May 1, 1929. Our repurchase contract with the First National Bank in Moorhead is now completed and all cash on hand and future collections on remaining RENEE Violnist. assets will be available for payment of future dividends to creditors. WESTLIN, Receiver.
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BARNESVILLE LIQUIDATION OF PROGRESSIVE BANK ADVANCES Tax Levies Reduced At No Sacrifice Of Improving City city of Barnesville, which recently re tired the last of its bonded indebted ness, has made an record in public during the last 10 years, and at the time has gradually reduced its tax levies to Ten years the city tax levy was $6 Its electric 10 years an throughout the which decade phone was and need of modernized and Many streets mud at Its condemned city Its supply has The entered tract company Second Dividend Payment Announcement Up To Comptroller Liquidation of assets of the First Moorhead National bank, which suspended Dec. 22, 1928, is eration pervailing low prices for farm products, said M. Westlin, receiver, Saturday in public the quarterly statement of the bank's condition. No announcement was made as to when the second dividend will paid Mr. Westlin pointing out this information is announced by the comptroller of currency in The bank has paid to the creditors includes a cent dividend to and end the total of $122, said statement follows: assets 000 reDec assets on
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NEW DIVIDEND WILL BE ISSUED 8 Per Cent Payment To Be Paid Moorhead Bank Depositors Between $120,000 and $125,000 will put in circulation among Moorhead residents about April as the result of approval by the United States comptroller of currency of the second dividend by the First and Moorhead National bank, which pended operations Dec. 22, 1928. O. M. Westlin, receiver for the inMenday the dividend, for per and to depositors have the for first for 50 per was paid May 1929, giving depositors close to The institution has paid nearly one and quarter million dollars ferred claims and the first dividend, Westlin declared. "The contract for paying the first dividend not completed the fall of 1930, the amount represented in includes only funds in 1931, the said. "The checks covering the second dividend should be back from Washington ready for distribution by April
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SETTLEMENT MADE PAID IN SUIT BROUGHT DEPOSITORS OF BY MRS. CRANSTON CLOSED BANK HERE $28,500 ACTION DROPPED AFTER AGREEMENT; SECOND SUIT TRIED TODAY. Robert Cranston Takes Stand day To Testify As ant With Meehan. The $28,500 damage suit brought Mrs. Robert Cranston against Peter Meehan, Moorhead soft drink parlor proprietor, and Lawrence Ressler, his "barkeep," was settled Wednesday after an entire morning had been spent in examination witnesses, it was announced today. Trial was begun today of another suit, brought by Mrs. Harold Rode against Meehan and Robert Cranston, secking $7,500 damages for the loss of her husband, of two men one killed in an accident last fall when Cranston drove his truck into coupe. She alleges that Cranston intoxicated while driving his truck and that he got drunk on "spiked" malt sold to him in Meeh- Amount Not Known The amount of settlement reached the first suit could not be learned today. It was indicated, however, that present suit brought Mrs. Rode may also be settled, well third action, brought Goldie Connor against Meehan. Following the noon recess yesterday, that in the first suit probably could be effected and Judge Nye the jurors until 9:30 today. Mrs. Cranston claimed that her husband was sent to Stillwater penitentiary for 15 years as result of the liquor Meehan sold him and cause of which the accident occurThe second man killed in the collision was Frank Sniglewski. Examination of the jury was completed and Robert took the stand to testify the sion today, opening trial of the suit brought by Mrs. Rode. peated testimony given his own trial that he went Meehan establishment about noon on the day of the accident and that he Ernest Connor purchased and drank two glasses of "spiked" malt each. FIRST MOORHEAD NATIONAL RECEIVER ISSUES STATEMENT OF CONDITION. Bank Still Has $18,414.61 In Unproved Claims; Cash On Hand Totals Since the First and Moorhead National bank suspended operations December 1928, total of 293,580.97 has been paid to depositors and creditors, according to statement of condition received day by Westlin, receiver, from the comptroller of the currency Of this amount, $864,598.96 has been paid in dividends totaling 58 percent to unsecured creditors. Secured and preferred liabilities, such and county deposits, totaling $428,982.01 have been paid, the $18,414.61 Unproved There still remains claims which have been proved and the depositors of these funds are entitled to payment of 58 percent. Cash on hand totals Total assets of the bank the date of suspension, shown by the books, amounted to collections made since that time amount to Under the heading of assets, the following are shown: Additional assets acquired since suspension, (bcok value, not actual,) stock assessment percent), $150,000; cash collected from assets, cash collected from ditional assets, cash lected from stock assessments, total cash collected from sets and stock assessment, $1,337,349.11; offsets allowed on assets, $136,543.27; losses charged off assets, $182,024.43; losses charged off on stock assessment, losses charged Uncollected Assets Uncollected assets, uncollected additional assets, $46,uncollected stock assessment, $58,191.92; total remaining uncollected assets, Liabilities: Secured liabilities date of suspension, secured liabilities date of suspension, additional abilities established, total liabilities to date, $2,068,371.51.
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560 Acres of Land Is Sold for $5,525 Five hundred sixty acres of land, all but quarter section of which located in Clay county and stituting part of the assets of the closed First and Moorhead National bank. was sold today for $5,525. The sale was conducted hearing Clav county district court before Judge Nye, on petition of Westlin, bank receiver. One quarter located Traill county, was sold Fred Downs, near Hillsboro, for 000. He was the only bidder. Two quarter sections, located south Moorhead. were sold Fred Brophy, Moorhead, for and another also south of Moorhead, was sold to Emil and Carlstrom, near Moorhead, for