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MADE NEWBURG BANK HEAD. EVANSVILLE, Ind., Nov. 11.-Announcement was made Friday that Eugene Sargeant, of Newburg, hod been selected as president of the Newburg State bank, just organized. The bank, which will open for business Monday, will succeed the Farmers' bank. closed since the run on the institution several weeks ago.
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MAN MAY MAKE GOOD $60,000 BANK LOSS INDIANAPOLIS, Dec. 1.-(By A. P.)-Through consolidation of his properties of North Dakota and issuance of bonds against them Jourgeon Olsen may make good losses of between $52,000 and $60,000 of the defunct Beech Grove State bank. for which he is alleged to be responsible, Charles W. Camp, state bank examiner, was informed today. Charles W. Jewett, receiver, and Charles O. Roemler, attorney for the bank, informed Mr. Camp that they had visited Olsen at Minot, N. D., and had learned of his efforts to make good the losses. Olsen is also alleged to have been responsible for $100,000 of bad assets in the Newburg bank which was closed by the state bank department last year.
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OLSEN MAY NOT RETURN Banker Still in North Dakota Despite Requisition Request. Jourgen Olsen, banker, now in North Dakota, probably will not be returned to Indiana to face an indictment in the Warrick Circuit Court for alleged connection with failure of the Newburg State Bank, it was believed at the Statehouse today. Governor McCray recently asked immediate action on a requisition now in the hands of Governor R. A. Nestos of North Dakota. Olsen also is charged with responsibility for the crash of the Beech Grove State Bank. Receiver Asked for Brass Firm A receiver for the Modern Brass Foundry Company, 1026 Kentucky Ave., was asked in a suit filed by Benjamin Finkelstein in Superior Court today. The complaint charged that the company owed plaintiff $853 on four checks given within the past few months.
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HALVORSON, NEWBURG BANK FUGITIVE, ARRESTED EVANSVILLE, Ind., Oct. 5.—Robert Williams of Boonville, sheriff of Warrick county, left today for Norwood, O., to bring to Boonville A. H. Halvorson, indicted by a Warrick county grand jury, on May 5, 1922, on a charge of conspiracy in connection with the failure of the Newburg bank two years ago. Halvorson was arrested early today at Norwood. Halvorson, assistant cashier of the bank; J. C. Effinger, cashier, and Jourgen Olsen, principal stockholder of the bank were held responsible for the failure. Effinger gave himself up and his case was venued to Vanderburg county recently after the jury at the first trial had failed to agree. Indiana authorities have been unable to obtain the extradition of Olsen, who lives at Minot, N. D. Halvorson has been a fugitive from justice. EX-CHIEF'S BOOK TO REVIEW RESERVE ACT BOSTON, Mass., Oct. 5.—A book describing the administration of the Federal reserve act from 1914 to 1922 is being written by W. P. G. Harding, ex-governor of the Federal reserve board and now governor of the Federal reserve bank of Boston, it was learned today. The book, it is understood, will tell the "inside story" of the system from its inception, especially during the period of after-war inflation. WASHINGTON, Oct. 5.—(Associated Press)—Attorney General Daugherty in his recent opinion to Controller of Currency Dawes as to branch banking by national banks, did not undertake to interpret the revised statutes and the bank consolidation act of 1917, under which national banks took over state banks with branches and now operate them. Mr. Daugherty holds that "there is not statutory requirement that all the business of a national bank shall be transacted at the general office. "In my opinion," he added, "a national banking association may establish in the city or place designated in its certificate of organization an office for the transaction of business of a routine character. It may not, however, establish a branch bank to do a general banking business such as is usually done by national banks."