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About The frontier. (O'Neill City, Holt County, Neb.) 1880-1965 | View Entire Issue (Dec. 1, 1904)
The Frontier. - VOLUME XXV. jUl [clJiipi] [SJiepii] [ar^lSl [2JI|palTjygpflj [cllSi O’NEILL. NEBRASKA, THURSDAY, DECEMBER 1, 1904. I'iHllilSiiSiiSIllilHiSiiSiiSiiSiiHiiiSiiS NUMBER 23. — ---- ----- --- I _: ____I_ §§ Remember our sale has been running since October 22. Goods pur- gg H chased anytime during the sale before November 1 must be settled for m j before Saturday, Dec 10, or the discount will be forfeited, as thirty days §1 gg I and the few days to give notice is positively all the time that will be M II allowed at these prices. The cut on winter lines that must be closed B H out is deeper than ever. All staple lines 20 per cent discount. Do not j|| g overlook the terms: Cash or thirty days time, with ten days extra if jgj for notice. Yours truly, j. p. MANN. || I I gg GT1 rn3lT^^i.<l UTI r?D DTI fr3CHI GTiCHI rrxIlTagj^s'lCrn Irrin rzn - ■ ■—»■—■ ■ ■ ■—■ ■— -.... . 1*3*11 TOW: re II G?1;W:TK111 1 IGTl .w. HAGERTY BANK CLOSED President, and Cashier Leave Town Without Saying Goodbye. MANYr SORRYING DEPOSITORS Ten Cents in Cash and $21.10 in Checks Found in the Vault by the Examiner. President Bernard McGreevy and Cashier Patrick Hagerty, until recent ly the respected and beloved officials of the Elkhorn Valley bank, have skipped out, leaving behind reposing in the bolted vault the generous sum of ten cents. This bit of information would seem like a fairy tale to the depositors of the institution,and personal friends of the departed cashier and president, were they not now up against the cold, hard proposition of being broke. Patrick Hagerty, the first post master and first store keeper of O’Neil), who never before was out of the county since he first came here thirty ye. rs ago, whose hair is now whitened by the frosts of seventy winters, and for whom nearly every body showed the utmost respect, made his departure on a Northwest ern train in the darkness of early morning on Thanksgiving day, leaving his family, a wrecked bank and many sorrowing depositors behind. Bernard McGreevy, his partner and president of the bank, went on the Sunday or Monday previous Mrs. Hagerty’s Story. The first information of the insolv ency of the bank was Friday morning when the doors were not opened for business after the Thanksgiving holi day. Mrs. Hagerty, wife of the cashier, was seen and in explanation of the closing said that her husband had gone to Sioux City to consult an attorney and would be back that evening, when an explanation would be made. This proved to be a play for time, and then Mrs. Hagerty claimed she had a statement from her husband that would be made public as soon as she had submitted it to her attorney, M. F. Harrington. This also proved disappointing. The state ment was merely a letter addressed by Mr. Hagerty to Mr. Harrington saying he was going away and appealing to Mr. Harrington to care for his family. It also spoke of three notes that were isjisissaisis^iaiKiMiaJisKiaJis missing from the bank, expressing the belief that McGreevy took them. The notes referred to are held as collateral by an Omaha bank. Mortgages for School and City Funds Mrs. McGreevy was also seen. She claims to not know where her husband is, but avers he had not taken a dollar of the money belonging to the bank. Mr. McGreevy was treasurer of the school district and city of O’Neill. To protect these funds, she says, which were on deposit at the bank, he left a mortgage on a section of land a mile and a half from O’Neill. These mort gages were executed on the 19th and were filed on the 25th by Mrs. Mc Greevy. They are: To school district No. 7, $2,711; to city of O’Neill, $779. On the same date three previous mortgages were given on the same land as follows: $2,000 to First Na tional bank of Sioux City, $1,583 to piair State bank, and $1,300 to E. E. Halstead of Ponca. Mrs. McGreev/ says her husband valued the land at $13,000 and considers it ample for these various obligations. McGreevy Leaves Statement. Mr. McGreevy left this statement for the public: To whom iu may concern: The bank for which I have been working com menced business in December, 1888. During that year Mr. Hagerty came to me with a proposition, stating that he was going to start a banK and wanted to know what wages I would want to work in the bank for him. As I was engaged in selling machinery at that time, I agreed to work for him for $40 per month and one half the profit from the sale of machinery. I did not have any money at that time to put into a bank and was not asked to put up any money. In January, 1892, the bank was incorporated, and at that time, without consulting me about it, Mr. Hagerty issued $5,000 of the stock in my name and asked me to sign notes for the amount, assuring me that it was simply a matter of form. 1 have never been asked to pay those notes. They are long since outlawed and yet in the bank. Dur ing the whole of this time Mr. Hagerty conducted t he bank entirely to suit himself and I have simply been an employe, working for wages and that less than $000 a yeai. For several years i was about the bank but very little of the time, being engaged in selling machinery, feeding cattle ana buying and selling live stock. In the year 1890 I was called on to devote more time to the bank. I then noticed that Mr. Hagerty’s account was overdrawn several hun dred dollars. He paid off his over draft by giving his note to the bank. At a later period Iris account was again overdrawn, he then paid it in the same manner. At the end of the year these notes were destroyed and replaced by ficticious notes. This was a great suprise to me but Mr. Hag erty assured me that he would be able to take up the paper in a short time. This was the first transaction of the kind that came to my notice. Instead of these notes being taken up, they have been increased from time to time until I have dispaired of him ever being able to meet them. This thing has caused me a consider able amount of worry for years and I will not rest under it longer. Mr. Ilagerty hrs drawn $2,000 to $3000 a year from the bank for his support and approximately 40 per cent of this money belong to the depositors. As evidence of the truth of the above assertions I refer anyone to the books of the bank, also to a few of the notes hereto attached. Signed: Bernard McGreevy. Five notes signed“Patrick Ilagerty” are attached to the statement. The amounts and dates are as follows: $500, September 24, 1902. $500, September 9, 1901. $500, July 2, 1901. $500, May 7,1902. $210, April 15, 1901. Kxaminer Takes Charge. Bank Examiner Fred Whittemore of Lincoln arrived in the city Saturday afternoon and is now in charge of the bank. lie found 10cents in the vault, checks on other banks for $21.10 and notes aggregating $25,000, the books showing there should be $05,000 in notes. The books of the bank liad not been posted since November 18, and on that date there was on deposit $57,000. Mrs Hagerty Gives Out Statement Monday Mrs. Hagerty gave out this statement: The newspapers have said that Mr. Hagerty took away a large sum of money. This is untrue. He took only about $400. Neither did he take any notes. Any one can see the notes would be no good to him. He could neither sell nor collect them under present conditions. The only papers he took were private papers, of no commercial value. Mr. Hagerty only left because he could not pay, and he had not the heart to meet the deposi tors, most of whom were old time friends w ho had placed implicit con fidence in him. It is a great misfortune that he went into the banking business. He was well off before he engaged in banking and he is the greatest sufferer by the failure. The bank had many heavy losses. Mr. Hagerty had con tidence in customers who borrowed from him and who could not or would not pay. If the debts due the bank were all paid, nobody would lose any thing. Those who criticise Mr. Hag erty, might also give some attention to those who borrowed and never paid the money back. Many Depositors. Just what condition the bank is in, how much of the securities and notes found are good, etc., can not be stated until the examiner completes his labors. Many unfortunate people, however, lost their savings by the collapse. Nora Sullivan, an aged woman who came here many years ago and lost her money when the Holt County bank failed several years ago was caught in this failure. During the last fourteen years she had saved up and deposited $1,300 in the Elkhorn Valley bank. The money was eained by the hardest kind of work and saved 8--1 IM. DOWLING, President JAS. F. O'DONNELL, Cashier 6 surplus • $40,000.00 I O’Neill National Bank 5 Per Cent Padd on Time Certificates of Deposit | This Bank carries no indebtedness of Officers or Stockholders with a view of providing her in her last days, and is practically all she has in tlie world. J. A. Copperwaite had on deposit something like $4,090, Mrs. Corrigan between $4,000 and $5,000, H. A. Polk $2,000, Timothy Sullivan $260, Thomas Tierney $300, Peter Kelly $1,400, John Dwyer $1,500, Mrs. Golden $160, Mrs. Patrick Coyne $800, Fred Clift received the intelligence while away on a wedding tour that $900 of his money had gone up with the bank, P. F. Thompson and wife lost over $200, James Early $500, several lodge treasurers had money on deposit there, and many others. In all there were 183 depositors. Public and Association Funds. The public, lodge, church and other funds were: County, $4,619.55; school, $2,711.41; city, $779.39; Golden Irriga tion district, $312.44; lodges and churches, $800. The bond securing the county funds Is signed by Patrick Hagerty and B. McGreevy as princi pals, and John McGreevy, Thomas Naughton, Pat Madden, Peter Dono hoe, William Cronin, M. Slattery and J. H. Early as sureties. Questionable Note Notes of the Elkhorn Valley bank held as collateral by other banks are coming in and making some revela tions as to the methods of the bank. One note held by an Omaha bank was sent here which looks suspicious. The note is for $i,300, written on the margin “secured by 110 head of cattle” and the name of T. J. Cook signed to it. No such a person is known here. The note was made out this year, those who have seen it saying the handwriting resembles that of B. McGreevy’s. The bank examiner compiles the following statement, showing the con dition of the bank on November 18: ASSETS. Bills receivable. #65,961 o2 Overdrafts. 2,258 8S Expense. 1,473 95 Hankins house. . 3,500 00 Furniture and fixtures. 1,500 00 Other real estate. 2,500 00 Oue 6rom banks. 1,303 53 Cash. 2,184 08 Total. #80,881 41 EIAB1S1TES. Capital.#15,000 00 Surplus. 1.500 00 Profits . 3,238 28 Individual deposits. 26,366 92 Certlflcrtes of Uopoiilts. 32,076 23 Bills payable. 2,500 00 Total.#80,881 41 Warrants are out for the arreet of McGreevy and Hagerty but they have not yet been located. Hagerty is charged wite receiving deposits after the bank was known to be insolvent and McGreevy with embezzling city funds. EXAMINER’S REPORT Assets and Liabilities of Defunct Bank. Bank Examiner Whittemore today forwarded his report to the state banking board of the assets found and the liabilities to be paid therefrom in his examination of the defunct Elk horn Valley bank. The examiner’s report is: « ASSETS. Bills receivable.132 UT 12 Overdrafts. 1 998 88 Due from banks. l!2]0 27 Cash.....•■»... .. 10 Checks.”” ai 10 Banking bouse furniture and fixtures 5.000 00 Totttl.. 43 LIABILITE8. Deposits..... 953.781 28 Ft ??yJtbLe. 2.500 00 Unpaid drafts. 200 87 Total.956,487 95 Mr. Whittmore said this morning that he was unable to say wliat per centage of the assets were collectable. A number of notes on hand were found tolbe of no value. He has been devot ing his time to bringing the books up to date and so had not yet investigat ed the value of the assets thoroughly. If the total amount could be turned into cash at 100 cents on the dollar creditors of the bank would realize a fair per cent. It is probable, however, the bills receivable will not material ize any great amount of cash. Discount^ Sals! From 20 to 60 Per Cent off Dress goods, shoes, hats and caps, men's suits and overcoats, boys’suits and overcoats, children’s suits and overcoats, ladies’ cloaks and tailor suits, ladies' skirts and shirt waists, shower proof raglans and rubber clothing, trunks and valises, fur coats, my entire stock of shoes—everthing goes in this sale except groceries. P. J. McMANUS — - — — *L