The Frontier.
- VOLUME XXV.
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O’NEILL. NEBRASKA, THURSDAY, DECEMBER 1, 1904.
I'iHllilSiiSiiSIllilHiSiiSiiSiiSiiHiiiSiiS
NUMBER 23.
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§§ 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. ||
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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
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