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Norfolk National Bank Has Suspended Business Norfolk, Neb., Nov. 30 (U.P.) The Norfolk National bank, oldest house in this section, was closed notice posted the bank doors said that the had been placed charge the comptroller on the order of its directorate. The had capital of about $100,000 $800,000. Burnham, Kansas City Federal Reserve No official statement has been given out. W. Lyon, bank examiner, in charge of the affairs.
BANK A nonresident receiver. now in the employ of the Treasury department, will in all probability be appointed for the Norfolk National bank which failed to open its doors Monday according to word received in Omaha Wednesday. Efforts have been made to Norfolk man appointed as receiver Two names have been mentioned receiver. They are Frank Burchmore, now receiver for the Tilden National bank at Tilden and Harold Nomland. receiver for the City National bank at Kearney. Word from Washing ton that the appointment Burchmore would considered. depending on whether he can sume added duties. If this cannot be arranged it is probable Mr. Nomland will be given post. His work at Kearney is practically Charles Kelsey, Norfolk attorney, was recommended as attorney for the receiver by Huse, Norfolk publisher. Mr. in this week and presented Mr. Kelsey's name to the Treasury department Attorneys for bank receivers are appointed upon the receivers. with the approval of the comptroller currency In no case an attorney be appointed for receiver if he has had legal other business connections with the failed
nonresident receiver. the employ the Treasury partment, will in all probability appointed for the Norfolk National bank which failed to open its doors Monday word received in Omaha day. Efforts made Norfolk man appointed receiver Two names have been mentioned receiver. They are Frank Burchmore, now receiver for the Tilden National bank Tilden and Harold Nomland. ceiver for the City National bank Kearney. Word from Washingthat the appointment Burchmore would be considered, depending on whether he can sume the added duties. this cannot arranged probable Mr. Nomland will be given the post. His work Kearney practically concluded for the receiver by Gens Huse, Norfolk publisher. Mr. Huse was in Washington this week and presented Mr. Kelsey's to the Treasury department. Attorneys for bank receivers are appointed upon of the with the approval the comptroller be appointed for he has had legal business connections with the failed bank
Banks at Hoskins and Norfolk The depression made present again itself felt in this section of the state with the closing of two more banks, the Hoskins State Bank at Hoskins and the Norfolk National Bank Norfolk. The Norfolk bank was closSaturday and the Hoskins bank Monday. The reason given for the closing of the Norfolk bank was because of the insolvency of the Norfolk Savings Bank, an affiliated stitution of the Norfolk National Bank and operated with virtually the same officers. Reduced values in bonds and real estate is given as the reason for the failure of the savings bank. In order to avoid on the National bank the board of directors decided that the best course was to close the doors of the bank. However, the Norfolk institution may pay out 100 cents on the dollar according to the Norfolk Daily News. The bank one of the oldest in northeast braska and its last bank statement gave its deposits $852,000. Burnham, one of the most prominent figures in state banking circles, president of the bank. The bank in charge of Lyon of Norfolk, national bank examiner. A receiver to be appointed. The Hoskins State Bank was closed said "as precautionary measand by voluntary action on the part of its directors. The bank had connection with the Norfolk National bank, R. G. Rohrke, cashier of the Hoskins bank being director of the Norfolk institution and Burnham director of the Hoskins bank. August Ziemer was president of the Hoskins institution. The bank's deposits amounted to little more than Virgil Lee, representing the state banking department in charge.
National Dividend WILL Checks Expected Thursday ACT PROMPTLY Depositors in the Norfolk Nationbank will receive their first dend checks, probably Thursday. from comptroller's office in Washington Frank receiver of the bank, that the signed checks had been sent by registered mail day. believed that they will reach Norfolk afternoon they do Mr. Burchmore expectto able begin their distribution Thursday morning. Out-of-town depositors will ceive their checks mail, but those living Norfolk speed the distribution If they will call bank for theirs, Mr. more said. The dividend checks will be for percent of the deposits and the total amount to be paid depositors will be between and 000. The announcement that checks had been mailed was cheering news to depositors whose money had been tied up since the bank closed last fall. The release of this amount money expected reflected decided improvement in busipointed that $10 check passing through ten hands payment of debts or the purchase goods, amounts to $100. the dividend checks are kept moving community they may easily cancel debts pay for goods totalmillion dollars, in the week ten days.
FRED DIES Federal Bank Receiver Was Stationed at Norfolk. NORFOLK Neb. (AP). Fred Burchmore, fifty-nine, Omaha and federal bank here. He had lived for the past year. He the father Mrs. Sweeney, wife Maj. HarCreighton university R. At the time of his death, Burchfor the Norfolk National, the First National banks at Tilden, Hartington Neb. Mrs. Burchmore by his six sisters Funeral services will be held Tuesday at Omaha.
BANK OFFICIAL IS DEAD IN NORFOLK Sept. Fred federal receiver, died here for the Norfolk National and for the First National banks Hartingand Neb.
BURCHMORE RITES TO BE HELD TUESDAY Omaha, Sept. 5. (AP)—Funeral services will be held here tomorrow for Frank B. Burchmore, 59, former Omaha insurance man and federal bank receiver, who died suddenly Saturday night at his home in Norfolk. Burchmore had resided at Norfolk more than a year as receiver for the Norfolk National bank, and the First National banks of Tilden, Hartington and Crofton.
BANK RECEIVER DEAD NORFOLK, Neb., Sept. Fred Burchmore, federal bank died here yesterday for the Norfolk National Bank and for the First National banks Tilden, Harting ton and Crofton, Neb.
Fred Burchmore Dies Norfolk, Neb., Sept. B. Burchmore, 59, federal bank receiver, died here yesterday. He was receiver for the Norfolk National bank and for the First National banks Tilden, Hartington and Crofton, Neb.
FRANK BURCHMORE TAKEN SUDDENLY AT NORFOLK HOME Frank B. Burchmore, 59, former Omahan and federal bank receiver, died suddenly Saturday night at Norfolk, Nebr., his home for the past year. At time of his death. Mr. Burchmore was United States government bank receiver for the Norfolk National, and the First National banks at Tilden, Hartington and Crofton, Nebr.
To Funeral For Mr. and Mrs. Ralph Allen, Mr. Charles Kelsey and Guy Thompson, of went to Omaha Tuesday attend funeral services held the Masonic temple for Frank Burchmore, federal bank ceiver of the Norfolk National bank, who passed away here suddenly Saturday night the home his sister, Mrs. death, which came shock his family, was due embolism. Mr. Burchmore had made home in Norfolk since the closof the Norfolk National bank last December, and also ceiver the national banks Hartington, Tilden and Crofton Before receivof the banks this vicinity, Mr. Burchmore had been in the insurance business in Omaha. Funeral rites were charge Right Angle lodge No. 303, and and Arthur Jones, Christian Science reader. Burchmore survived by widow, his daughter, Mrs. Hardin Sweeney Omaha, who married short time ago, and brother, George of Omaha, and six sisters, Mrs Allen of Norfolk, Mrs. Lundquist, Mrs. Hallquist and Mrs. all Omaha, Mrs. Rickman Angelus, Washington, and Mansfield of Port Sill, Okla.
FORREST LEAR CHOSEN TO RUN NORFOLK BANK Norfolk, Aug Lear, Norfolk has been appointed receiver for the Norfolk National bank, succeeding Harold Nomland, who has served in that capacity since last August, E. C. Manny, receiver for the West Point National bank has been notified that he will be replaced, but the name of his has not yet been announced.
JUDGMENT ASKED AGAINST NORFOLK NATIONAL BANK SAVINGS RECEIVER AVERS LOANS MADE TO AID NATIONAL BANK ACCOUNTING SOUGHT IN SUIT Luikart Claims Officers of Savings Bank Knew Mortgaged Property Was Not of Sufficient Value to Protect Institution Charging that officers of the Norfolk National bank and the Norfolk Savings bank, who were the same for both institutions, caused at various times before the two banks were closed, Nov. 27, 1931, the savings bank to make loans to different persons and firms for the purpose of increasing assets of the national bank, H. Luikart, as receiver of the savings bank, has filed action in federal court here against Forrest Lear, as receiver of the National bank, asking that an accounting be had as the amount of money due him from the defendant and that he be given judgment against the defendant. The amount involved is around Officers of the banks as listed in the petition are E. Burnham, president of both institutions: Pasewalk vice-president of both banks, and the cashier, who is not identified in the action. Among the listed causes for action charging that at the time the banks closed, the savings bank had on deposit in the bank; that officers knew the national bank was in solvent before was closed; that no part of the deposit has been paid to the savings bank, except the sum of and that $3, 628.30 has not been paid. "Traded With Themselves" At various times within two years before the banks closed, the petition states, Norfolk National bank officers purchased for and sold to the savings bank bonds of various countries, states, municipal corporations or private corporations, and in making the transactions dealt and traded with themselves as officers of the Norfolk Savings bank. The petition further alleges that the bank paid for the bonds; that many of the bonds were not listed on any exchange and had no market value, and that none of them were investments for the savings banks, and bonds were not general liens. The plaintiff avers that the bonds at the time of their purchase did not exceed $50,000 value, and the savings bank has been in the sum of $22, no part of which has been paid. In the case of loans to persons firms, the plaintiff claims that the banks' officers would loan sums through the savings bank for the purpose of reducing the persons' or firms' to the Norfolk National bank. Charge Intent To Injure In having the savings bank make the loans, the officers would have the borrowers mortgage and convey to the savings bank property they owned, knowing at the time that the mortgaged property not of sufficient value protect the savings bank against loss, and that the mortgage was accepted by the officers with the intent of injuring the savings bank, according to the petition. The plaintiff states in the petition that if the defendant so desires, he ready, willing and able to surrender to the defendant any security listed or described in the various causes of action and ceived by the savings bank, upon the repaying the plaintiff the cost of such security the savings bank. also asked by the plaintiff that whatever sum be found to bé due defendant the plaintiff be adjudged and decreed preferred claim against the defendant and to be paid in full out of the assets of the Nonfolk National bank. M. McDuffee, Norfolk, is the plaintiff's attorney.
Receivers of closed Nebraska banks to from the Finance corporation February 1934, reported. largest dividual authorized in Nebraska $175,000 Farmers State bank Columbus. The Farmers bank of Kearney borrowed $141,750 and the Norfolk National bank receiv $130,000. Besides loans closed the authorized loan $50,000 Fremont Mortgage company.
STATE NEWS Dick Busacker of Talmage, fishing in the new channel of the Nemaha river near Talmage, unearthed what appeared to be a part of the jawbone of some prehistoric animal. The jawbone IS nearly three feet in length with eight teeth on one side and five on the other. The teeth are nearly three inches wide and the roots are deeply imbedded in the jawbone. The jawbone appears to be the upper part of the animal's jaw and the snout is spoon shaped Busacker saw the object in the river bed and waded through the shallow water to unearth it. The new channel is 20 feet deep and the water had apparently washed away the last covering of the soil. State Engineer Roy Cochran recently reported maintenance costs for Nebraska's state highway system last year were threequarters of a million dollars less than in 1930. despite a 1,500 mile addition to the state system being maintained. Cochran said part of the reduction was effected by improved practices and part by reducing the standard of maintenance in cases where temporary retrenchments could be made without greater additional maintenance cost in later years. The total maintenance bill last year was $2,282,135. compared with $2,833,527 in 1929. $3,043,508 in 1930. $2,854,968 in 1931 and $3.027,522 in 1932. The mileage increased each year. A. C. Tilley, maintenance engineer, said the average maintenance cost for a mile of gravel was cut from $439.64 in 1932 to $315.35 last year. of Approximately one-fourth the Nebraska taxes which became delinquent on May 1. 1933, had not been paid by February 1934. it was revealed at Washington recently. The figures were ohtained through a CWA survey. conducted by the department of commerce. The tabulation is based on returns from 81 of the 93 counties, and shows a delinquency in state and local taxes of 24.97 per cent. The survey covers only property taxes, which, in the counties covered. should have totaled $47,174.54 The total delinquency was $11,777,200. In Douglas county the total delinquency is $1,830,939, of a total property levy of $10,891,967-or 16.81 per cent Delinquency in other counties runs from 8.86 per cent up to the unprecedented high mark of 80.06 per cent. In 12 counties most of them in the drouth area of the north and west, less than half of the taxes had been paid. A meeting of the state relief committee has been called by Chairman W H. Smith for the first of June. to make allotments to counties for the month of June and to pass on matters which have come up since the last meeting including the 14 thousand dollar deficit for work relief incurred in ancaster county during May Federal Relief Agent Havnes est imates that it will take eight hundred dollars a day to meet emergency relief requirements of Lancaster county for the month The federal government has been asked to provide 550 thousand dollars for relief in Nebraska during June National Administrator Hopkins has already promised 276 thousand dollars for pecial relief to distressed farmers as an additional fund. and another 50 thousand dollars is expected to carry on rural rehabilitation work A compilation prepared in the federal state relief office shows that Lancaster county is spending the highest percentage of its own local revenues to meet relief needs of any county in the state Its proportion is 36 per cent compared with 34.4 in Dougles county. No other county is using as much as 30 per cent of its total income for relief purposes Funds for Nebraska's Sutherland project are expected to be available to the district within 30 days, it, was indicated recently after directors at North Platte finished executing two mortages and a temporary bond Daniel J Monen, trust officer of the Omaha National bank. said a requisition for 495 thousand dollars, the first federal cash for the project. was made out when he met with directors of the project recently. The first cash is to meet expenses of completing surveys, obtaining right of way and of initial construction. 18. 1934, Jesse H. Jones, chair man, reported. The largest in dividual loan authorized in Nebraska was $175,000 to the Farmers State bank of Columbus. The Farmers State bank of Kearney borrowed $141,750 and the Norfolk National bank received $130. 000 Besides the loans to closed bank receivers, the RFC also authorized a loan of 50,000 to the Fremont Mortgage company. State Treasurer George F. Hall recently announced purchase of $1,000,000 of U. S. treasury bills with current state funds on hand Hall has been worried about find ing a place to deposit state bal ances, large at this time of year He said the bills will mature the latter part of next November and were purchased at a discount of 07 of one percent SO that the state will obtain a vield of $350 interest which will go into the state gem ral fund The bonds were purchased through the l' S National Bank of Omaha
Receivers of closed banks were borrow from the Finance between February May Jesse Jones, chairman, reported. The largest dividual authorized in Nebraska was the Farmers State Columbus. The Farmers bank of Kearney borrowed and the Norfolk National Besides the loans closed RFC also authorized the
Receivers of closed Nebraska banks to borrow $2,022,653.from the Finance February May 1934, Jesse Jones, chairman; reported. largest dividual authorized Nebraska $175,000 to the Farmers State Columbus. Farmers Kearney $141,750. the Norfolk National bank receiv$130,000. Besides the loans closed bank receivers, the RFC authorized loan the Fremont Mortgage