Article Text
BUCHANAN BANK WILL BEGIN DUTIES BUCHANAN, Nov. Botkin, Washington, will his duties for the First National bank of Buchanan late week. Botkin was appointed receiver in Washington Monday.
8931. First National Bank (Buchanan, MI)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 3925
- Charter Number
- 3925
- Start Date
- October 16, 1931
- Location
- Buchanan, Michigan (41.827, -86.361)
Metadata
- Model
- gpt-5-mini
- Short Digest
0748c00d
Response Measures
None
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1931-10-30
- Date receivership terminated
- 1938-05-31
- OCC cause of failure
- Economic conditions
- Share of assets assessed as good
- 45.8%
- Share of assets assessed as doubtful
- 52.3%
- Share of assets assessed as worthless
- 1.9%
Description
The First National Bank of Buchanan suspended business on October 16, 1931 and remained closed under receivership (multiple receivers named: W.R. Payne initially, H.R. Botkin later). Depositors received dividend distributions in 1932; the bank did not resume normal operations. No contemporaneous newspaper description of a depositor run was found, so this is a suspension leading to closure with receivership and liquidation/dividend payments.
Events (7)
1.
September 17, 1888
Chartered
- Source
- historical_nic
2.
October 16, 1931
Suspension
- Cause
- Government Action
- Cause Details
- Bank suspended business and a receiver (W. R. Payne) was appointed; closure appears to be official receivership/administrative action rather than an on-the-street run.
- Newspaper Excerpt
- Business in this bank was suspended October 16, 1931, W. R. Payne the receiver.
- Source
- newspapers
3.
October 30, 1931
Receivership
- Source
- historical_nic
4.
November 4, 1931
Receivership
- Newspaper Excerpt
- BUCHANAN, Nov. Botkin, Washington, will his duties for the First National bank of Buchanan late week. Botkin was appointed receiver in Washington Monday. (Herald-Palladium 1931-11-04). (Also other articles show W. R. Payne named earlier as receiver.)
- Source
- newspapers
5.
June 24, 1932
Other
- Newspaper Excerpt
- H. R. Botkin, receiver, First National Bank, of Buchanan, closed last October, made a 45 per cent dividend distribution totaling $190,000 to 1,400 depositors. (Ironwood Times 1932-06-24). This confirms dividend payments under receivership in 1932.
- Source
- newspapers
6.
July 17, 1933
Other
- Newspaper Excerpt
- $30,376.42 on deposit in the First National bank of Buchanan, but this has been settled for by the Surety Co. and the dividends paid by the bank go to the surety company. (Herald-Press 1933-06-29/1933-07-17 references to settlements and surety payments.)
- Source
- newspapers
7.
December 14, 1933
Receivership
- Newspaper Excerpt
- BOTKIN REAPPOINTED RECEIVER ... R. Botkin, former receiver of the First National Bank of this place, were pleased him in charge after an absence of eleven again months ... He resumed duties here last week. (Berrien County Record 1933-12-14).
- Source
- newspapers
Newspaper Articles (12)
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Voice of The People I was very much interested in what "an observor" had to say asay about the reopening of the First National Bank of this place. Everything he said was true, we must have a bank in Buchanan. Let me go a little farther and say that everything will depend upon the personel of those who are goto be the officers of this bank. The very first question that is going to be asked is this: Who is going to run the bank And this is the vital question. The men who are to be the officers of this bank must be outstanding men in the community, men who will inspire confidence, and above all men who are not going to operate the bank for their own personal advancement or the advancement of any group, for we have had enough of this group business along all lines. The word "cooperation" is one that should be enlarged on for it means much. After the question of officers is settled and settled right, the first thing is for all who do business with the bank as depositors or otherwise to become boosters to such an extent that the people of the community will have confidence in the institution. This can be done if all will unselfishly do their part. The people can make or unmake any bank if they set their minds to it. If you can in the way have mentioned organize a bank that insures the confidence of the people you can reach the ones who will have much to with success, hoarders. The writer has personal knowledge of many people in Buchanan who have money that is not working other words, hoarded money. They will not deposit this money in any bank or loan it on the best security because they are afraid something will happen. If these people would loan their money deposit it so that it could be loaned out other people could pay their obligations and money would come back in circulation and prosperity would be here. It will take a campaign of education but it can be done. Before anything can be done you must have a bank that will inspire confidence or you will not get the hoarders. Here's hoping. Another Observor
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MICHIGAN FINANCIAL SITUATION BRIGHTER More Banks Being Reorganized, Less Being Closed Throughout Michigan TWO U. P. BANKS CONSOLIDATE Interest in state banking affairs recently shifted to the Upper Peninsula as the result of a merger in Houghton of two national banks and the suspension of business by two banks at Iron River. The Houghton National Bank and the Citizens Na. tional Bank, of Houghton, were consolidated, the business of both institutions hereafter to be conducted by the Houghton National Bank. All deposit liabilities of the Citizens National have been guaranteed by the remaining institution. Houghton National Bank, headed by A. N. Baudin, was organized in 1865. It has resources in excess of $4,000,000 and deposits of approximately $3,000,000. The Citizens National Bank, organized in 1901, had resources of about $1,000,000 and deposits in excess of $750,000. Its president was A. F. Heidkamp. Merger of the two Houghton national banks, followed several days after the suspension of business by the Miners State Bank, of Iron River, and the Commercial Bank, of Stambaugh. The Iron River bank suspended on June 9. Directors declared the suspension was voted to effect a reorganization. The Commercial Bank, of Stambaugh, a neighbor institution, closed its\ doors the previous day. Two other bank suspensons were reported recently. On June 13 the Sherwood State Bank, Sherwood, organized in 1909, failed to open its doors. The suspension followed recent assessments on the stockholders and other efforts to keep the bank in operation. It is believed that depositors will be paid in full. The private bank of Churchill and Webber, at New Era, failed to open for business on June 14, and will liquidate. The bank was established in 1909 as a branch of the Churchill and Webber bank at Shelby. When the latter institution failed in 1931, the depositors fo the New Era bank agreed not to withdraw their deposts. Resources approximate $113,000. R. E. Reichert, banking commissioner, expresses satisfaction with the progress made in reorganization and reopening activities. He points out that, as a result of the co-operative efforts of depositors and state banking officials, assisted by new legislation, nine banks have been reopened since December 1, 1931. They are at Saline, Ypsilanti, Reading, Romulus, Bessemer, Bridgewater, Petosky, Caledonia and Fenton. Eight more have completed ararngements for reorganization and will reopen shortly. Reichert said that 35 other banks are working toward reorganization and are in various stages of progress, pointing either to their eventual reopening or the establishment of new banks. So far this year, sixteen banks have suspended business, while 13 were closed. Judge Frank L Doty has granted a court order approving the plan for reorganization of the First State Bank, of Milford, following a hearing which showed 89 per cent of the depositors in favor of the plan. A decree was to be signed this week providing for the bank's reopening. The Coloma State Bank, Coloma, was to be reopened late this week following an order by Judge Charles E. White terminating the receivership. A court order also was issued recently at Caro for the reopening of the State Savings Bank of Caro. R. E. Reichert, state banking commissioner, states that the Bay City Bank is in a condition to reopen at any time. This statement followed completion of an analysis and appraisal of the bank's assets. The depositors' committee of the Benton Harbor State Bank is within $100,000 of its goal in securing depositors' signatures to a reorganization plan. Forty per cent of the required amount of $850,000 of the deposits of the closed Clare County Savings Bank, Clare, has been signed to agreements for the bank's reorganization and reopening. Nearly $250,000 was paid out in dividends recently to depositors in three closed Michigan banks. H. R. Botkin, receiver, First National Bank, of Buchanan, closed last October, made a 45 per cent dividend distribution totaling $190,000 to 1,400 depositors. Depositors of the defunct State Bank, of Freeport, are receiving a 15 per cent dividend. W. R. Lobdell is receiver. The payment will total $31,100. A ten per cent dividend was distributed this week to depositors of the defunct Bridgman State Bank, closed in December 1930, by T. F. Gore, receiver. The payment totals about $27,000. The Bridgman bank has thus far paid out 30 per cent. A court hearing will be held befor Circuit Judge E. C. Pugsley, to facilitate liquidation of assets of the defunct Churchill and Webber private bank at Shelby. A plan has been proposed by which creditors would be able to obtain 20 per cent of general claims by actual purchase of notes, mortgages and security assets of the bank or by payments of cash as an alternative. The plan provides for the sale of the bank's assets at public auction. He came back a few days later and before the. officials could single him out again he had gotten on the outside of a few more free meals. Finally the county board agreed to appropriate money for the feeding of the indigent army. After that, it didn't last long. The last straw was reached when the men refused to help the city clear a municipal park. Shortly after the law was laid down. The bums had to go or something unpleasant would happen. Today men are living in jungles near the city. They are seldom seen on the streets. They do not molest anyone. The only time they ever were a nuisance was when the good people of Iron River tried to help them out. Iron River today has resumed its usual trend of life. Today We do not rub elbows with filthy bums. We are not accosted on every corner. The city hall is a clean building once again and the sidewalk in front of it may be walked over dry-shod. Better forget about the soup kitchen and flop house, Menominee.Iron River Reporter.
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SURETY MAKES GOOD MOST OF COUNTY FUNDS Bonding Firm Pays $84,376 Of Deposits In Closed Banks When the Michigan Surety Co., paid County Treasurer Kittie Fuller $65,000 recently. representing the full amount of the county's deposit in the American National Bank & Trust Co., of Benton Harbor, that particular bonding company had paid to Berrien $184,376.4 of the nearly $190,000 the county has collected from closed banks to date The Michigan Surety company has paid the county $89,000 of the county's $143,000 in the Commercial National Bank & Trust Co., of St. Joseph, and $30,376 the county's funds in the First National bank of Buchanan. The county still has claim for interest amounting to $734.87 against the American National bank When the Michigan Surety Co., paid the county's claim against the American National bank, it paid $62,000 in cash, and $3,000 worth of county road $16,767 Claim Pending Berrien county still has claim of $16,767.73 against the Michigan Surety Co., for county funds in the Ste'vensville State bank, and for $5,500 county funds in the First National Bank of Buchanan. Among some of the depositors of the closed banks the impression seems to prevail that the county's collection of its funds came from payments made by the bank receivers out of the banks funds, thus making the county funds preferred claims over the claims of other depositors. This is not the case The money the county has collected has come entirely from the guarantees provided through surety bonds furnished by the surety companies and if there is any loss on county funds, thus indemnified, that loss will be sustained by the bonding companies. List your Houses for Rent or Sale in the Classified Ads.-Adv.
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PROCEEDINGS OF THE BOARD OF SUPERVISORS OF BERRIEN COUNTY, MICHIGAN---1932-1933 It was moved by Mr. Kretchman, supported by Mr. Green, that the report of the Per Diem and Mileage Committee be adopted. Motion carried. It was moved by Mr. Eidson, supported by Mr. Chaddock, that the Board adjourn to June 27, 1932. Motion carried, and the Board so adjourned. B. H. BITTNER. Clerk. THEODORE KATZBACH, Chairman. JUNE SESSION Morning Session, June 27, 1932 Pursuant to adjournment. the Board of Supervisors met at their rooms in the Court House, in the City of St. Joseph, Michigan, on Monday morning. June 27. 1932, and called to order by Chairman Katzbach Womer, Eidson, Sommers. Kretchman, Jackson, Geddes. Fare num. Preston, Gersonde, King, Beeson, Warman, Case, Smith. Total present, 38.Minutes of the previous session were approved as read. A communication from Burns and Hadsell as attorney for the G. Blish Estate, advising the Board that the Tubercu- reão by the Clerk. It was moved by Mr. Bartz, supported by Mr. Koenigshof, that this matter be referred to the Committee on Health Welfare and Mothers' Pensions for investigation and report. A communication from the Detroit House of Correction listing rates for prisoners confined in its institution was read by the Clerk. It was moved by Mr. Chaddock, supported by Mr. Jackson, that the Board adjourn to 1:30 m. Motion carried. B. H. BITTNER, Clerk THEODORE KATZBACH, Chairman. Afternoon Session, June 27, 1932 The Board reconvened and was called to order by Chairman Katzbach. Supervisor Farnum addressed the Board relative to permit by Mr. Albert Bittner, who owns property at the northwest corner of Ship and Church Streets. Mr. Albert Bittner desired to build an oil station, and therefore requested that the Chairman of this Board be empowered to sign such petition and permit. supported by It was moved by Mr. Green, supported by Mr. Case. that the matter of renewing the contract with Pine Crest Sanatorium for County tuberculosis patients be made special order business Mation carried. The remainder of the spent Moved by Mr. Storms, supported by Mr. Chaddock. that the Board adjourn to o'clock, Tuesday morning, June 28. Motion carried. B. H. BITTNER, Clerk THEODORE KATZBACH, Chairman. Morning Session, June 28, 1932 500 5.00 5.00 5.00 7.90 7.50 6.10 5.00 970 5.00 8.70 500 5.00 5.20 5.00 16.80 5.10 38.40 15.68 16.08 11.68 7.30 5.00 5.10 16.08 5.00 5.00 5.00 5.00 5.00 5.00 5.00 11.60 Afternoon Session, June 28, 1932 The Board reconvened at m. and was called to order by Chairman Katzbach. Rev. George Horst addressed the board in behalf of the Boy Scout Council, requesting the Board of Supervisors to authorize the Berrien County Road Commissoin to repair the indrive to the Boy Scout Camp at Madron Lake. It was moved by Mr. Beeson, supported by Mr. Farnum, that the Board of Road Commissioners be permitted to improve said road. total amount spent not to exceed $100.00 Motion carried. Chairman Richards of the Committee on Health, Weliare, and Mothers' Pensions reported orally on the matter of the W. G. Blish estate. advising the Board that no action was necessary at this time. Mr. Richards, Chairman of the Committee on the County Poor. made an oral general report of conditions at the Berrien County Poor Farm. Following general discussion. it was moved by Mr. Richards. supported by Mr. Sommers, that the Superintendents of the Poor be empowered to purchase : refrigeration for produce at the farm. total sum not to exceed $1,100.00 : this payment to be made from the contingent poor account. Motion carried. It was moved by Mr. Green, that the Board of Supervisors meet at the County Poor Farm for general inspection of the premises Wednesday afternoon, June 29, after three o'clock, at no additional expense to the County. Motion supported by Mr. Gersonde and carried The Contagious Claims Committee reported as follows To the Honorable Board of Supervisors: Your Committee on Contagious Claims and Accounts respectfully submits the following as its report. recommending that the several amounts be allowed as given below and that the Clerk be authorized to draw orders for the same: Character Claimed Claimant Claim Allowed V. C. Pockett Transportation 4.31 Wood Harris Nursing 25.00 American Legion Hospital 412.75 Dr. Robert Reagan Services 139.00 Dr. W. Ellett Services 7800 Dr. E Colef Services 76.00 Dr. A. Rosenberry Services 36.00 Dr. P. G. Hanna Services 14.00 Dr. Carl Mitchell Services L. Mollhagen & Son Supplies 24.55 S. A. Samoore Supplies 11.15 J. Leverton Supplies 43.75 G. Eckman 23.12 Supplies Empire Grocery Supplies 21.64 20.50 Clark Shimer Supplies 17.40 North Shore Dairy Supplies 18.30 Producers Creamery Supplies 124.53 WM. W. HOCKER, FRANK SOMMER LOOMIS K. PRESTON. Committee Moved by Mr. Renbarger. supported by Mr. Kretchman, that the recommendations of the Committee be concurred in. Motion carried. Moved by Mr. Gersonde. supported by Mr. Sweet. that the Board adjourn to o'clock Wednesday morning, June 29, 1932. Motion carried. B. H. BITTNER, Clerk. THEODORE KATZBACH, Chairman. Morning Session, June 29, 1932 The Board met at o'clock Wednesday morning, June 29, and was called to order by Chairman Katzbach. Roll call found all members present with the exception of Supervisor Boyce Minutes of the previous session were approved AS read. Supervisor Hennes, Chairman of the Judiciary Committee, read the following report: Mr. M. A. Hennes, Chairman of the Judiciary Committee. Board of Supervisors. Benton Harbor, Michigan. Dear Sir:- Re: County funds in closed banks. Per authority granted by the Board of Supervisors and at the request of your Committee, we have acted with Mr. Cunningham, Prosecuting Attorney, in the matter of collecting County funds in closed banks, and have to report as follows: Commercial National Bank & Trust Company, St. Joseph, Michigan. After conferences and negotiations with the Michigan Surety Company, the Surety on the bond, the Michigan Surety Company offered and proposed to pay $89,000 in full settlement the the bond of and the Board of Supervisors at its last session authorized the Receiver paid dividend of 30 per cent, amounting to $26,700. and the Surety Company paid $62,300, making a total of $89,000. The Receiver of the bank paid dividend to the County of 30 per cent on the excess of the County's claim over and above $89,000. and hereafter the County Treasurer will collect any dividends which may be paid upon the excess, over and above $89,000. County had on deposit in this bank $5,000. The bond was signed by the Standard Accident Insurance Company as surety. The Surety refused to make payment on the ground that efforts were being made to reopen the bank. To protect the interest of the County, it became necessary to bring suit, and after suit was brought, the Surety Company paid the full amount of the claim, to wit $5,000; this item thus being fully concluded. Buchanan State Bank, Buchanan, Michigan. We had numerous conferences and negotiations with the Receiver and the personal Sureties on the bond. To protect the interest of the County, it became necessary to institute court proceedings, and suit is now pending against the bank, the Receiver, and all Sureties on the bond. This case cannot be tried before the next October term of our Circuit Court. First National Bank of Buchanan, Buchanan, Michigan. We have had numerous conferences with the Receiver and the American Surety Company, the Surety on the bond. The time for bringing suit was about to expire, and we brought suit, after obtaining an order from the U. S. District Court. After suit was brought, the American Surety Company paid $30,376.43. which portion of the item was assigned to not been We are advised that the Re$10,000. ceiver has paid the County dividend of 45 per cent of this Berrien County Bank, Benton Harbor, Michigan. We have had conference with the Receiver of the bank, and the Sureties on the bond. but same did not bring results. The time for bringing suit was about to expire, and to protect the interest of the County, suit was brought against the bank, the Receiver, and the Sureties on the bond. under order of the Circuit Court of Berrien County, Michigan. This suit is now pending and will be brought on for trial at the next October term of court. Stevensville State Bank, Stevensville. Michigan. The Michigan Surety Company has admitted liability on its bond. and we anticipate that the full amount of the deposit, to wit $20,000 will be paid at an early date. If not, it will be necessary to bring legal proceedings. American National Bank and Trust Company, Benton Harbor. Michigan After conference with the Michigan Surety Company, the Surety on the bond. we were given assurance that the full amount of this claim. amounting to $65,000, and accrued interest. will be paid at an early date. If this item is not paid within reasonable time, to protect the interests of the County it will be necessary to institute legal proceedings. We herewith enclose statement for services and cash disbursements to date. Our charges are in harmony with terms approved by the Board of Supervisors. Dated June 13, 1932. GORE & HARVEY June 22, 1932. Mr. M A. Hennes. Benton Harbor, Michigan. Dear Hennes, Chairman Judiciary Committee, Benton Harbor, Michigan. Supplemental report on County funds in closed banks. Since giving you the report on funds in the closed banks, we have to make the following supplemental report American National Bank and Trust Company, Benton Harbor, Michigan. The County Treasurer filed a claim against the American National Bank and Trust Company for principal and interest lowing: amounting to $66,734.87. This amount was paid in manner folCredit by three Berrien County road bonds, each for $1,000.00 $ 3,000.00 Cash paid by Michigan Surety Company 62,000.00 Total paid $65,000.00 Balance owing by the bank on which amount dividends will be paid to the County, 1,734.87 Total $66,734.87 This item was settled without bringing suit. Said settlement was duly approved by the Chairman of the Board of Supervisors, the Judiciary Committee of the Board of Supervisors, and W. M. Cunningham, Prosecuting Attorney. Yours truly GORE & HARVEY, Special Counsel Mr. M. A. Hennes, Chairman of the Judiciary Committee, Board of Supervisors Re County Funds in Stevensville State Bank. At the time the Stevensville State Bank closed on Sen. tember 24, 1931, Berrien County had on deposit in said bank items as follows Principal $20,000.00 Accrued interest 314.25 $20,314.25 At that time the bank held drain orders to be paid by the Treasurer of the County of Berrien from drain funds, which the Circuit Court of Berrien County has allowed as an off-set against the above balance. amounting to $1,683.44 These drain orders, under order of court, will be delivered to the Treasurer of Berrien County, and the cash therefrom will be turned into the Treasury of Berrien County when the orders are paid. Balance of claim after deduction of drain orders $18,630.81 Dividend paid by the bank 2,031.42 Excess dividend to be returned to the bank per order of court 168.34 Dividend to be credited on claim 1,863.08 Balance owing by Stevensville State Bank to Berrien County $16,767.73 Berrien County holds the bond of the Michigan Surety Company for $20,000, and, according to the foregoing, the Michigan Surety Company should pay the said sum of $16,767.73 in full satisfaction of claim of the County. (More Proceedings Will Be Published March 12) The Board of Supervisors met at 9:30 Tuesday morning, June 28. 1932, and was called to order by Chariman Katzbach. Roll call found all members present. Minutes of the previous session were approved as read. The General Claims Committee reported as follows: To the Honorable Board of Supervisors: Your Committee on General Claims and Accounts respectfully submits the following as its report, recommending that the several amounts be allowed as given below and that the Clerk be authorized to draw orders for the same: Character Claimed and Claimant of Claim Allowed Marguerite Eggert School census 5.00 Chas. Tichenor School census 5.00 Paul Hastings School census 5.00 Paul DeWitt School census 5.00 H nry Hutchins School census 8.70 A. G. English School census 21.76 Austin Miller School census 5.00 John Cuthbert School census 5.00 Dennis F. Lewis School census 5.00 John Dawson School census 5.20 Mrs. John Warman School census 45.28 Mrs. Edith Bittner School census 11.36 Mrs. Russell File School census 5.00 Mrs. Agnes Patterson School census 46.40 Harry Young School census 5.00 Riley Zerby School census 5.00 Mrs. Helen Gitchell School census 17.36 Eda Resecrans School census 12.48 Mary Ott School census 5.00 Mrs. C. Glover School census 27.60 Mrs. Sharai School census 6.80 Bertha Kramer School census 32.48 Maynard Kugel School census 5.50 Mrs. E. B. Hemingway School 7.70 census Doris Cheevert School census 7.60 Emma Mitchell School census 5.50 Chas. Richards School census 5.00 Ernest Jackson School census 9.20 Arthur King School census 7.30 Alfred Martin School census 5.50 Fred First School census 5.00 Anna Juergensen School census 5.00 W. G. Sharpe School census 21.92 C. W. Haskins School census 5.10 Marcia Bishop School census 5.00 Helen Glade School census 7.00 Cole Smith School ceasus Edmund Eccles School census 5.70 Louis Zech School census 8.50 Mrs. W. Bartz School census 8.60 Frank Bender School census 5.00 Mrs. E. M. Totake School census 11.04 School census 8.20 C. M. Hogue School census 8.80 Mrs. Amos Thomas School census 8.80 Mrs. Linore Taylor School census 5.50 Mrs. Helen Floher School census 5.40 Thomas Payne School census 5.70 Frank Cibulka School census 5.00 Claud Blackmun School census 10.32 Mrs. Myrtle Orris School census 5.00 Mike Strefling School census 5.00 Geo. Paul School census 5.30 Ray Metzger School census 6.20 Mrs. Fern Lacv School census 10.56 Reuben Hazen School census 8.90 Ruth Wishart School census 22.48 Herbert Brown School census 11.52 Harry Gast School census 9.20 Hattie DeVries School census 11.68 Frank Post School census 13.34 Elmer Myers School census 33.44 Amiel Dass School census 17.68 Earl Farmer School census 11.20 Winifred Anderson School census 6.50 Mrs. Tom Watts School census 10.00 Erich Kerlikowske School census 5.00 Leah Damon School census 8.00 Bernard Grahn School census 1048 Vera Spaulding School census 5.00 Mrs. Myrtle Smith School census 5.00 F. Glavin School census 7.20 Mrs. A. W. Baker School census 25.12 Mrs. Gertrude Johnson School census 12.72 Mrs. Margaret Keith School census 15.68 Burger School census 10.96 Irvin Pearson School census 5.00 5.00 Mrs. Chas. Hess -Schoo Mrs. Wilma Carlin Ross Burrus School census Genevieve Franz School census Lois Skinner School census Ethel Fisher School census Adolph Knott School census W. M. Little School census Mrs. Bert Mitchell School Ira Neiswender School census Ralph Sebasty School census M. Gilbert School census E. Halett School census Zora Vite 5.00 School census Frank Straub School census Chas. French School census Richard Koehn School census Trella Rough School census Daisy Wrenshaw School census Florence Bury School census Fred Foster School census Myrtle Peters School census Catherine Fairchild School census Marguerite Jones School census Merl Hand School census Mrs. E: B. Reed School census Karl Kaiser School census Thos. Rowe School census Fannie Peters School census Emma Bard School census Pike School census Elva Bertha Brennan School census Beatrice J. Anderson School census Laurence McMillen School census John Paul School census G. R. Closson School census James L. Adams School census Mrs. Geo. Hartline 10.96 School census Lucille Schedler 11.20 School census E. Swope 21.84 School census Mrs. Katie Arnt 7.00 School census Albert Varnan 10.12 School census Howard F. Wooley 8.20 School census Beryl Dominy 11.28 School census Ed. C. Dukesherer 5.20 School census Walter Kocber School census 7.80 Mrs. Amy Randall 9.50 School census Geo. Sunday 5.00 School census O. G. Ingleright 6.60 School census Ruth Worter School census 8.90 Mrs. Clara Rowe School census 41.28 Mrs. Georgia Stover 10.00 School census Mr. Isaial Kramer School census 12.96 Journal Era Printing 27.30 Coloma Courier Printing 96.50 College Press 11.50 Printing Mich. State Industries 103.25 Log Tags Herald Press Printing 6.30 W. G. Smith Printing 8.50 Printing 24.00 R. Laas Printing 10.25 Glenn Clark Burial Soldier 77.00 Geo. E. Correll Burial Agent Fee 4.00 Milo Webster Burial 2.00 Dan Porter Burial Agent Fee 2.00 Alvin O. Knaak Burial Sailor 77.00 Chas. Nichols Burial Soldier 75.00 Marion Rutherford Burial Soldier 75.00 Mrs. Augusta Smeidendorf Burial Sailor 7500 The Katzbach Burial Soldier 77.00 O. Dean Burial Soldier Widow 75.00 W. G. Sharpe Burial Soldier 77.00 Troost Augustine & Price Burial Soldier 77.00 John Chaddock Burial Agent Fee 2.00 Bean Son Insurance 80.64 Farmers Mutual Ins. Co. Insurance 75.60 Jakway Services 53.25 Loomis Preston Services 42.05 J. Harrison, V. S. Services: Claimed $14, allowed 10.00 Rimes & Hildebrand Supplies 11.91 Chas. E. Moon Friend Court 251.00 M. G. McGawn Road Commission 125.00 Wm. A. Vawter II Road Commission 118.00 J. Walter Wood Road Commission 125.00 R. Snowden, M. D. Rabies Ttreatment 25.00 Dr. M. Globensky Services 20.00 Will Yund Duplicate Check 1.25 L. W. Kerlikowski Inquest 15.00 Dr. Watson Examination of liquor 35.00 Dr. E. Taylor Examination of liquor 5.00 Dr. E. R. Taylor Autopsy 25.00 Laurence H. Fish Services 82.00 Pawating Hospital Services 3.00 A. H Wigzins Supplies 1.55 Loroner 23.20 Dr. H. C. Kling Rabies Treatment 25.00 J. H. McCartney, M. Rabies Treatment 50.00 Mrs. Elsie Young State Boarding House 27.81 Mrs. Bessie Dunkelberg Comm. of Schools 95.00 Mrs. Ida A. Nutting Board 5.00 Road Commission Weighmaster 955.10 Pawating Hospital Services 56.00 Mrs. Hattie E. Clark Board 49.54 Niles Transfer Co. Trucking 2.00 Remington Rand Supplies 8.00 Mrs. Alice Laning Board Bill 7.50 Mrs. Ida Nutting Board Bill 5.00 Mrs. Hattie E. Clark Board Bill 12.84 Agnes Phillips Board Bill 23.55 Jennie B. Mecham School Commission 52.95 Miss Claire Holm Services 60.00 Miss Elizabeth Burton Services 45.00 Miss Cora E. Wilson Services 34.00 Miss Christine Eggert Services 45.00 Geo. F. Cunningham Probation Officer 438.45 Helen R. Caldwell Services 67.00 Rahns Shoe Store Shoes 2.45 Tom Hammond Juvenile Officer Dr. G. Watson Services 88.50 Lucile A. Japi Detention Home 60.00 Dr. W. L. Helkie Autopsy 35.00 Geo. W. Sattler Expenses 96.00 Carl A. Mitchell Post Mortem 25.00 H. M. Halversen Typewriter Rental 3.00 H. M. Halversen 3.00 Supplies Emma Arnold Services 7.18 Loeffer's Drug Store Supplies Chas. E. Moon Friend of Court 1.50 Chas. E. Moon Friend of Court 117.00 W. Kerlikowski Coroner's Services 120.30 Arleeta L. Silcox Services 40.00 Dr. Wm. Littlejohn Services 10.00 U. of M. Coroners' Dept. 120.30 Lucille Zapf Detention Home D. Sharpe County Infirmary 28.30 Poor 83.45 County Clark Martha Wentworth Services 6245 Walter Eidson Services 18.00 Womer Services 7.20 Services 90.11 W. M. Cunningham Dr. C. V. Spawr Services 2.00 Chas. H. Jackson Services 23.50 Clarence Bartz Services 52.05 Burgh Services Services 14.00 John Warman Services 33.00 Wm. Richards Services 17.60 H. L. Geddes Services 4.60 John D. Carmody Services 18.30 Services 7.20 Harry Boyce Chas. Walker Sheep killed 39.90 Sheep killed 10.40 Eunice Pope Ducks killed Chickens killed 5.60 Ray Davis Orastus Howard Chickens killed 4.60 David Phillips Ducks killed 6.10 Sheep killed 11.50 Roy Weaver Sheep killed 5.00 Tom Foster Chickens killed 5.10 Emma Hagerman Chickens killed 30.50 Helen Wartha Sheep killed 35.30 Ernest Herman Pigs killed 10.20 Anton Ball 6.40 Chas. Walker Sheep killed Dean Clark Sheep killed 6.10 Ernest Herman Sheep killed 111.20 Sheep killed 5.80 Oscar Wyant JOHN CHADDOCK DEAN CLARK, JOHN J. WINN CHAS H. JACKSON HENRY GERSONDE G. WENCLIK. Committee It was moved by Mr. Chaddock, supported by Mr. Clark, that the recommendations of the Committee be concurred in. Motion carried. It was moved by Mr. Chaddock supported by Mr. Sommers, that the Board adjourn to m. Motion carried. B. H. BITTNER, Clerk THEODORE KATZBACH, Chairman.
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STERLING OUT AS ATTORNEY FOR RECEIVER Succeeded By Evans As Counsel In American National Affairs Fremont Evans of St. Joseph. prominent sister city attorney and county Democratic leader. succeeded Mayor John Sterling as attorney for the American National bank receiver today. The American National receiver R. Payne, conservator of the Farmers & Merchants National bank and receiver for the Commercial National bank in St. Joseph, and the first National bank of Buchanan. Attorney Evans' appointment from the office of the comptroller general in Washington. Mr. Sterling has been attorney for the American National received since the Main street financial institution closed its doors, December 17. 1931. "I've Been Discharged" Mr. Payne confined his comment afternoon to bare verication Mr. Evans' appointment. Asked he had resigned, Mayor Sterling said, "you could scarcely put it that wayI've been discharged. You might say my connections.' Attorney Evans' appointment seen in the light political move the present administration, since the St. Joseph lawyer has always been staunch Democratic worker, while Mayor Sterling is an equally (Please Turn to Page Six)
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$10,000 check deposited in the First National Bank or Buchanan before it closed in October, 1931. The surety company offered $2,000 in full release from further claim on this item. The county already had received dividends from the bank on this item totaling $5,500. The county will continue to receive all further dividends paid by the bank this account. on Attorney Harvey, in explaining the situation this morning, said that it is expected that another 25 per cent dividend will be paid by the bank, in which case, the county will come out even. In view of the rather close legal questions this check, he recommended accepting the settlement. The suit brought by the county against the bank and surety company over this item now pending in the United States court, but will be dismissed now that the settlement has been reached. The county also had $30,376.42 on deposit in the First National bank of Buchanan, but this has been settled for by the Surety Co. and the dividends paid by the bank go to the surety company Chairman Hennes of the judiciary committee introduced the resolution to accept the terms of the compromise, which passed unanimously, with the of the law firm of Gore and Harvey and Prosecuting Attorney Harvey W. Holbrook. Approve Attorney The board also approved bill for submitted by the law firm of Gore and Harvey for legal work in connection with suits brought against closed banks, including the First National Bank of Buchanan, the Buchanan State bank, and the Berrien County bank of Benton Harbor. The law firm Gore and Harvey were appointed legal advisors with the prosecuting attorney to the judiciary in handling the collection of county funds in closed banks.
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Supervisor Preston declared "But would like have Mr. Harvey answer few questions he can Do you know what bonds the & bank know the government and real estate bonds, but not in detail." replied Attorney Harvey "Do they have any Chinese bonds?" don't know whether they do or know whether the government charged off $400,000 worth of "In March. after the bank closed." do know The federal bank inspectors passed M. bank December 1932, and that the bonds which were passed then did not change value between then and March Attorney Harvey replied. Blames For Delay In response to question by Supervisor Clarence Bartz Lincoln township when part the county's funds might released the Harvey defederal governunfortunate that there now available approximately million dollars in cash which could be returned the The county had funds there for which to pay certain came on March 15. bank had that ready paid the government closed the bank. deposited with the federal reserve. my opinion that there is political ideas One should control the bank, and that should controlled by the stockholders and director in the M. bank, been attorney for the bank for years. In the years that the bank existed, the bank has stood every test. through runs, when every other bank passed the federal examiners on December 31, 1932 had the full confidence of the people "Why bank prepared to meet ery normal demand upon should closed, Washington itself must 'And to answer your question when the county may expect funds You will get when Washington sees fit before. Accepts Compromise The board supervisors this morning voted accept from the American Sur$10,000 check deposited the First National Bank Buchanan before The surety offered $2,000 in full release from further claim on this The county already has dividends from the bank on this item totaling $5,500. The county will receive further dividends paid by the bank on this Harvey in explaining the situation that expected that another 25 percent dividend will paid by the bank, which case, the county will come out In view of the rather close legal questions this check accepting the settlement. The suit brought by the county against the bank, and surety company over item now pending the United States court, but will that the settle ment has been reached. The county also $30,376.42 on deposit the First National bank but this has settled for by the the divi. dends by the bank go to the Surety Chairman Hennes of the judiciary committee introduced the resolution accept the terms the compromise; which passed with the of the law Gore & Harvey, Prosecuting Attorney Harvey Holbrook. approved bill for The board the firm of $326.80
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Gore Harvey for legal work in connection with suits brought against closed banks, including First National Bank Buchanan, Buchanan State and the Berrien County bank Benton The firm Gore Harvey were appointed legal advisors with the prosecuting attorney the judiciary handling the lection of county funds in closed banks
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STATEMENT OF CLOSED BANK IS RELEASED BUCHANAN Following issued June 1933 First National bank of Buchanan showing the condition of that instituBusiness in this bank was suspended October 16, 1931, W. R. Payne the receiver. Assets date of suspension, $655,additional assets acquired, (book value, not actual) $26,847.75; Stock assessment, one hundred percent. Total cash collected from assets and stock assessment, $361,414.26. Offset allowed on assessments $36,854. Total losses charged off, Total assets accountfor, $732,154.98. Total liabilities, this date, Total liabilities accounted for $555,315.68. Total collections to be accounted for, $433,916.56. Since the bank closed its doors twe dividends have been paid to its depositors to 55 percent and aggregating The Buchanan State bank which closed doors the same time has paid dividends twice, 10 percent each time and totalling approximately
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BOTKIN REAPPOINTED RECEIVER Popular Bank Official Returned Here After Month's Absence; Also in Charge Niles City National. The many friends of R. Botkin, former receiver of the First National Bank of this place, were pleased him in charge after an absence of eleven again months, the result of pointment to this place by the Comptroller of the Currency. Mr. Botkin resumed duties here last week. He left here on Jan. to accept an appointment receiver of national banks at Marine City and Algonac. He mained there Sept. when he was appointed to the ship of the City Bank Trust Company, and transferred back to Niles. accompanied as ways his first assistant, Harry He remains charge there, with Fred Vanderberg. former emlpoyee of the First National Bank Trust Company, representing him here. The affairs of the First Nationwill accordingly the local with daily hours of to and to Mr. Botkin requests that the Record extend the people of Buchanan appreciation the former courteous and helpful lations which he maintained with them during former tenure of the position. He and the assistant who resents him locally, Mr. Vandenberg. wish to assure all those who have with the First National bank that they will be ed with the utmost and with the best ability of those in charge.
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Announces Bank Receiver Change, Littlejohn Here BUCHANAN Oct. 25-H., R. Bot kin, receiver for the First National bank announces that in the future he will be represented at the local bank by Martin Littlejohn of New Buffalo. Fred L. Vanderburg, who has had charge of the bank has been transferred to the staff of the First National bank in Niles. Mr. Littlejohn has had number of years ex perience in banking Buchanan persons who had funds on deposit in the City National bank and Trust company of Niles at the time of its suspension should make sure that they have filed their claims. according to H. R. Botkin, receiver of that institution. The filings made during the regime of the are now void and refilings are for participation in any possible future dividends, Mr. Botkin, announced. number of Buchanan depositors have not at tended to the matter he says.