First National Bank (Somerfield, PA)

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EMIGH IS NAMED BANK RECEIVER

Judge Henderson Authorizes Appointment Today

NEXT WEEK Judge D. W. Henderson today authorized J. W. Emigh, receiver for the First National Bank of Somerfield, the Peoples National Bank of Point Marion, and the First National Bank of Smithfield, all closed during the past year by the state banking department, to sell at reasonable prices listed stocks and bonds or become a party to any refinancing plans that might effect savings for depoistors of the respective To reach banks. your Many bonding companies, financing FRIENDS holdings of defunct banks, have themselves experienced financial difficulties, and as result it becomes necessary to lift the securities and either sell or TELEPHONE refinance them, in many instances, it is pointed out. your Petitions presented today revealed that securities in question amount to you about $100,000 in the case of the Som- have one field bank, approximately $100,000 in than the Point Marion bank, and $250,000 in the Smithfield bank. dime The papers were presented by Attorney William J. Crow, counsel for the receiver.

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1916 35.00 1930 173.00 1934 243.00

"If we deduct the cost of the war—that is, the debt burden and the care of disabled world war veterans, which added together amount to about $50 per family per year—we find the 1934 figure to be $193 per family.

"There is, of course, the very definite necessity of caring for those in need until business can absorb the unemployed. This in 1934 amounted to about $60 per family. Should we deduct this, we still have $133 per family, an increase of over 250% since 1916—little or none of which is necessary. That increase represents the strangulation of democracy by the cancer of bureaucracy."

FEDERAL LOANS MADE TO SOMERSET COUNTY BANKS

Congressman J. Buell Snyder has prepared a statement showing the amounts which the Reconstruction Finance Corporation has loaned to banks and trust companies, including those banks and trust companies which are in the hands of receivers, in Somerset County, from Feb. 2, 1932, to Sept. 30, 1935, inclusive, as follows:

First National Bank of Boswell (Receiver) $136,900.00 First National Bank of Cairnbrook (Receiver) _ 23,700.00 First National Bank of Davidsville (Receiver) _ 11,000.00 Citizens National Bank of Hooversville (Receiver) _ 56,728.00 First National Bank of Hooversville (Receiver) 57,986.10 Farmers and Merchants National Bank of Rockwood 7,875.00 First National Bank of Rockwood 67,335.00 Citizens State Bank of Salisbury 58,315.71 First National Bank of Somerfield (Receiver) -- 57,000.00 County Trust Company of Somerset 35,000.00 Citizens National Bank of Windber 151,874.51

Total $663,714.32

Amounts disbursed on subscriptions for preferred stock of banks and trust companies, under Sec. 304, Title 111, of the act approved March 9, 1933, as amended, in Somerset County, during the period from March 9, 1933, to September 30, 1935, inclusive:

Citizens National Bank of Meyersdale $ 50,000.00 First National Bank of Sipesville 12,500.00 Peoples National Bank of Somerset 50,000.00 Citizens National Bank of Windber 50,000.00

Total $162,500.00

tive agencies, market research services, map drawing and cartography services, and sales consultants. Theaters and hotels are to be covered as in 1929 and 1933, she said.

Miss Philson declared the present census is the answer to the request of business for dependable 1935 information for sounder planning of expansion programs, and is a continuation of the similar business censuses of 1929 and 1933.

Miss Philson is a very successful business woman. She is manager of the S. O. Philson estate and business manager of the White Star Hotel at Jennerstown. Miss Philson's vision of business was well shown recently when she offered the Commissioner's of Somerset County an airport site of some fifty acres, adjacent to Jennerstown for the sum of one dollar a year and a lease for forty-nine years.

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First National Bank of Boswell (Receiver) $136,900.00 First National Bank of Cairnbrook (Receiver) - 23,700.00 First National Bank of Davidsville (Receiver) -- 11,000.00 Citizens National Bank of Hooversville (Receiver) - 56,728.00 First National Bank of Hooversville (Receiver) 57,986.10 Farmers and Merchants Farmers and Merchants National Bank of Rockwood 7,875.00 First National Bank of Rockwood 67,335.00 Citizens State Bank of Salisbury 58,315.71 First National Bank of Somerfield (Receiver) -- 57,000.00 County Trust Company of Somerset 35,000.00 Citizens National Bank of Windber 151,874.51