Nebraska Newspapers

    ~ ““w«cai Society
The Frontier
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VOL. LIV. O’NEILL, NEBRASKA, THURSDAY, JULY 6, 1933. No. 7
“A ROLL OF HONOR BANK”
CONDENSED STATEMENT OF THE CONDITION OF
(Ll?c (DlleUl National iSanh
JUNE 30, 1933.
RESOURCES
LOANS AND DISCOUNTS_$ 96,002.63
This consists largely of local loans,
mostly farmers, a large percent of
which are secured by chattel mort
gage or other collateral.
OVERDRAFTS_ 16.44
This is money we have inadvertent
ly allowed customers to withdraw
over and above their balances. While
this item is small, it is a technical
violation of the law and reflects no
particular credit on us.
UNITED STATES BONDS _ 164,250.00
These are all interest bearing ob
ligations of the United States.
OTHER BONDS and SECURITIES 97,620.56
This consists of municipal and in
dustrial bonds; county, township
and school warrants, and stock in
Federal Reserve Bank.
BANKING HOUSE and FIXTURES 5,068.00
Consisting of bank building, vaults,
safes and fixtures of all kinds.
OTHER REAL ESTATE OWNED 5,000.00
This consists of a clear 640 acres of
improved farm land in Holt county
and two residence properties.
CASH AND SIGHT EXCHANGE— 195,417.63
This consists of cash in vault, due
from U. S. Treasurer, Federal Re
serve bank and other banks.
TOTAL_$563,274.26
LIABILITIES
CAPITAL STOCK__$ 50,000.00
This represents the cash paid in
on the original investment by the
stock holders.
SURPLUS AND UNDIVIDED
PROFITS...... 75,428.03
This is a part of the earnings of
the bank that have been set aside
from time to time to cover possible
losses and for the further protec
tion of our depositors. This fund is
78 per cent of all our loans and dis
counts and 150 per cent of our
capital. j
CIRCULATION _ 50,000.00
This represents the “currency” or
“national bank notes” we have in
circulation for which we have de
posited with the Treasurer of the
United States $50,000.00 U. S. bonds
to guarantee the redemption of
these notes.
DEPOSITS_ 387,846.23
Represents money deposited in this
bank by firms or individuals, a part
of which is subject to check on de
mand and a part on time certificates
of deposit on which we pay 3 per
cent interest.
REDISCOUNTS OR BILLS
PAYABLE_ NONE
TOTAL_$563,274.26
In keeping with our long established practice
of “Telling the public more than the law re
quires” in the matter of our official published
statement we submit herewith a further an
alysis of the within statement. Our cash on
hand of $197,417.63 is $173,819.61 more than
the legal requirements. U. S. Government
Bonds $164,250.00. Other Bonds and securities
amounting to $97,520.56 consists of the follow
ing: Holt county warrants, $27,918.36; Holt
county School, City and Township warrants and
bonds, $9,133.38; other Nebraska short term
school and municipal bonds and warrants,
$4 064.44; other tax free bonds and warrants,
$24,700.00; stock in the Federal Reserve Bank,
$3,000.00; all other bonds and securities, $28,
704.38. From this it will be seen that our cash
on hand, U. S. Government bonds (exclusive of
the $50,000.00 pledged for currency circulation)
and other tax free warrants and bonds amount
to $378,483.81, or 97 per cent of our total de
posits. The above represents the amount at
which these securities are carried on our books
after such charge off has been made for market
depreciation as recommended by National Bank
Examiner, C. W. Lyon. Last examination made
on June 21, 1933. Our loans and discounts
amount to $96,002.63 (the smallest they have
been in over 27 years). This is made up of
something over three hundred notes, most of
which are secured or accompanied by financial
statement.
The recently enacted Federal Banking law
known as the Glass-Steagall Act, has made
many important changes in our National bank
ing law. Chief among these important changes
are the following:
Banks are not permitted to pay interest
on demand deposits.
The Federal Reserve Board shall from
time to time limit by regulation the rate of
interest banks may pay on time deposits.
No Bank shall make any loan or extend
credit in any other manner to any of its
own executive officers.
———————
Eliminates stockholders double liability
on all stock issued after date of act, June
16, 1933.
Banks are not permitted to pay time
certificates of deposit before maturity.
The law provides for a form of Government
guarantee of deposits by the setting up of the
Federal Deposit Insurance Corporation the
capital stock of which is provided as follows:
$150,000,000.00 by the U. S. Government; one
half of the surplus of the twelve Federal Re
serve Banks, estimated at $150,000,000.00 and
an assessment of one-half of one per cent of
the deposits of member banks throughout the
United States, estimated to yield from $150,- ,
000.000.00 to $200,000,000.00; making the cap
ital stock of the Insurance Corporation from
$450,000,000.00 to $500,000,000.00.
Effective January 1, 1934 all deposits up to
$2,500.00 will be insured one hundred per cent.
On and after July 1, 1934 all deposits will
be insured as follows:
Deposits up to $10,000.00 insured one hun
dred per cent.
Deposits over $10,000.00 and up to $50,000.00
insured seventy-five per cent, and all deposits
over $50,000.00 insured fifty per cent.
Similar guarantee of deposits plans have been
tried in eight states of the Union and in everjl
case have proven a failure. Our contention has
always been that the safest guarantee of de
posits is the well managed bank. However, now
that it is the law, it is the duty of all bankers
to give their best thought and efforts in the
support of any constructive legislation that
may prevent a recurrence of the tragic banking
experience the Nation has witnessed during the
past few years. In the use of the word “bank”
in reference to the above law, it applies only
to National Banks and such State Banks and
Trust Companies as are members of the Fed
eral Reserve System.
OFFICERS I
S. J. WEEKES_President
C. P. HAtfCOCK_Vice President
F. N. CRONIN_Cashier
ED. F. QUINN_Assistant Cashier
TilS BANK CARRIES NO INDEBTEDNESS OF OFFICERS OR STOCKHOLDERS.
TAX ON WHEAT WILL
SOON GO INTO EFFECT
A 30 cent per bushel tax on wheat
will be assessed against wheat proces
sors beginning soon after July 1, to
pay farmers $150,000,000 for agree
ments to reduce acreages.
Secretary Wallace said he planned
to distribute the money to farmers
under the domestic allotment plan this
year in return for their contracts to
reduce their plantings for the next
two years. Natural factors were taken
into consideration this year and an
attempt will be made to reduce the
growing crop.
An early application of similar tac
tics to the dairy industry is expected
following a meeting of representatives
of producers on June 2fl. Pressing for
adoption of its program of restricting
production, the American delegation
to the four-power wheat conference at
London called attention of the other
powers to the move in America and
also suggested what might happen if
the U. S. dumped its surplus grain on
the world market. Canada then an
nounced that three world powers are
now ready for a cooperative move to
limit production in support of the
American scheme. Argentine’s repre
sentative said he doubted if his country
would enter the production pact now,
but was disturbed by America’s threat
of glutting the world market.
Under the crop limitation plan,
American farmers will be offered con
tracts to reduce the acreage for har
vest next year and the following year
and two thirds of bonuses to be raised
by the processing taxes will be paid
them as a consideration when they
sign these agreements.
Wallace said these payments would
be made for the most part by Septem
ber 15 and that this distribution of
cash would aid in business recovery.
By paying part of the bonuses this
summer, he believes farmers whose
acreage has been sharply reduced cut
by winter-kill and bad weather in the
last nine months will realize a form
of crop insurance. He* said the max
imum acreage cut would be 20 per
cent. The exact reduction will not be
determined until the world wheat con
ference at London has exploded fully
the possibilities of an international re.
duction program for Canada, Argen
tina, Australia and this country.
Under allotment provisions produc
tion records for each state will be ex
amined and the average for the last
five years fixed as the state’s allot
ment. Then an allotment will be fixed
for each county, also on the basis of
average production for the last five
years. Proceeding further, an allot
ment will be fixed for each furmer on
the basis of his average production
for the last three years.
County organizations will be estab
lished. The farmer who agrees to re
duce his production up to 20 per cent
—at whatever specific figure Wallace
later proclaims—will be entitled to a
benefit payment.
The exact amounts of these pay
ments remain to be determined. They
(Continued on page 8, column 1.)
BRYAN SIMMONS
; DIES OF INJURIES
Funeral Services Held Sunday
At Methodist Church.
Bryan Simmons, who was injured
! last Thursday morning when he jumped
1 or fell ftj>m a fast Northwestern
freight train, died in Dr. Brown’s
hospital at 2:30 last Friday morning.
Bryan Simmons was the son of Mr.
and Mrs. Sheridan Simmons and was
born in this city on September 26,
1898, and was 34 years, nine months
and four days old at the time of his
death. On July 9, 1918, he was united
in marriage at Fremont, Nebr., to
Miss Alice Englehaupt, who with an
adopted daughter, Millicent, his father
and mother, two brothers and seven
sisters are left to mourn the death of
a kind and loving husband, father, son
and brother. The brothers and sisters
are: Charles, O’Neill; Phillip, San
Francisco; Mrs. Pearl Devine, Toolie,
Utah; Mrs. Harry Dempsey and Mrs.
Robert Cook, O’Neill; Mrs. Hans And
erson, North Bend; Mrs. William Wag
man, Gayville, South Dakota; Mrs.
Grover George, Escandida, Calif., and
Mrs. Lester Ralph, Escandida, Calif.
His mother also lives at Escandida,
Calif., and his father, Sheridan Sim
mons, lives in this city.
Bryan was a good industrious young
man. For several years he was one of
the trusted employees of the Western
Bridge Company and had risen to a
position as foreman of one of their
bridge crews. The depression hit the
bridge business, the same as all other
lines, and he was among those that
were laid off over a year ago. During
the past year he has been employed in
this city and vicinity. The day of the
accident he had heard that he might
possibly secure a job with his old
firm and he went to Atkinson with
one of the employees of the company
to make application to the foreman
for a position. He was successful in
his mission and was on his way home
■fto secure his tools when the accident
that resulted in his death occurred.
Bryan had many friends in this city
and vicinity, as he was a very quiet
and unasuming young man, who al
ways attended strictly to his own busi
ness and always willing to work at
anything to earn an honest dollar to
take care of his little family. The
relatives have the sympathy of the
people of this community in their hour
of sorrow.
The funeral was held last Sunday
afternoon from the M. E. church, Rev.
F. J. Aucock officiating, burial in
prospect Hill cemetery. The follow
ing relatives from out of the city at
tended the funeral: Frank Riser and
family, Butte; Theo. Clauson and son,
Randolph; Mrs. Glen Evans, Harting
ton; Mrs. Kimball Smith and children,
Belden; Mr. and Mrs. Hans Anderson,
North Bend; Mr. and Mrs. William
Wagman, Gayville, South Dakota; Mr.
and Mrs. E. Crosser, Inman; Mrs. Min
nie Crosser, Inman; Mr. and Mrs. Mike
Englehaupt and daughter, Chambers;
Mr. and Mrs. Arthur Englehaupt, Op
fcorturity; Mr. and Mrs. Thomas En
glehaupt, Chambers.
I__
CARD OF THANKS
We wish to sincerely thank our
friends and neighbors who so kindly
assisted us during the death of our
i>eloved husband, father, son and
brother, for their beautiful testimon
ials of regards. We also extend thanks
for the beautiful floral offerings, also
to the choir for the music.—Mrs. Alice
Simmons and daughter, S. Simmons,
Mr. and Mrs. R. E. Cook, Mr. and Mrs.
H. W. Dempsey, Mr. and Mrs. C. J.
Simmons, Mr. and Mrs. Hans Ander
son, and Mr. and Mrs. Wm. Wagman.
DIES AS RESULT OF INJURIES
RECEIVED IN AUTO ACCIDENT
Failing to make a turn in the road
near Allen, while on the way to Sioux
| Cty last Tuesday, the car driven by
i Lyle Rhoberg, went into the ditch and
resulted in fatal injuries to Rolla Holt
who accompanied him, and bruising
and cutting Rhoberg. After the ac
! cident the men were taken to Sioux
I City where Holt died in a hospial
j shortly after arriving there. Rhoberg
returned to Page after his injuries
had been attended to. Holt was the
son of H. O. Parks, an old time resid
ent of Verdigris township. His wife
died u little over a year ago. He leaves
three little children.
John Joseph Brennan, of Salt Lake
City, Utah, arrived Wednesday for a
visit with his grandmother and other
relatives. He is the eldest son of Mr.
and Mrs. John Brennan who formerly
lived in O'Neill.
MAYOR’S E’ROCLAMATION
An outright gift of $7,000,000 has
been assigned to Nebraska by the
U. S. Government as provided in the
Public Works Act. This gift is to be
used entirely for the construction of
paved roads and it is specifically pro
vided that $2,000,000 be used for the
paving of Federal Highways through
towns and cities. Highway 20 is one
of the nation’s most important arteries
and no better use of government funds
could be made than the paving of this
road through O’Neill. This work
would provide labor for our citizens
and in turn would prove of untold
value to their families at this time.
Eastern and Southern Nebraska have
received gfts from the government
through irrigation projects, federal
buildings and river work. We are
entitled to some share of this gft, and
as mayor of O'Neill I hereby appoint
the following citizens to present our
case to the Governor and other auth
orities who will designate where the
improvements will be made:
Dr. W. F. Finley, J. J. Harrington,
J. B. Mellor, R. R. Dickson, J. P. Mann,
Dr. J. P. Brown, W. J. Hammond, John
Sullivan and L. C. Walling.
C. E. STOUT,
Mayor.
WGOD-GILLESPIE
A very pretty wedding was that at
the home of Mr. and Mrs. L. G. Gil
espie of this city last Saturday noon,
when their daughter, Marjorie Ruth,
was united in marriage to Eldon Rob
ert Wood, of Ponoma, Calif., Rev. E.
T. Antrim, Methodist minister of
Plainview, and life-long friend of the
groom officiating, in the presence of
several friends and relatives of the
contracting parties.
Eddie Brumm, of Ponoma, Calif.,
was best man, while Mrs. W. B. Gil
lespie, sister-in-law of the bride, was
bridesmaid.
After the wedding ceremony ice
cream, cake, lemonade and iced tea
were served to the bridal couple and
the assembled guests, shortly after
which Mr. and Mrs. W'ood, accompan
ied by Mr. Brumm, left for their fu
ture home at Ponoma, Calif., accom
panied by the well wishes of a host
of friends in this city and vicinjty.
The bride is the only living daught
er of Mr. and Mrs. L. G. Gillespie and
was born and grew to womanhood in
this city. She is a graduate of the
O’Neill public schools and has been for
several years one of the leaders in
the young society set of this city. She
is a charming young lady, of win
some and pleasing disposition and has
a host of friends in this city and
vicinity.
The groom is an anergttic and
hustling young man who is highly
thought of by all his acquaintances.
A few years ago he was employed in
this city and by his manliness and
even tempered disposition won the
esteem and admiration of many people
in this city and vicinity. He went to
California several months ago and is
now the assistant manager of a “Pay
and Take It Grocery” at Ponoma and
is well established on the road to
success.
The following relatives ana trienas
were present at the wedding: Rev.
and Mrs. E. T. Antrim, Plainview;
Mrs. Blanche Wood, of Plainview,
mother of the groom, and Lemoyne
Wood, of Plainview, a brother; Mrs.
Belle Chambers, Mrs. Pete Heriford,
Mrs. George Miles, Miss Emma Berg
land, Mr. and Mrs. W. B. Gillespie,
Miss Marjorie Britell, Melvin Pilger
and Mrs. Bryan, O'Neill; Miss Mary
Haffner, Norfolk.
The Frontier joins the many friends
of this young couple in wishing them
many years of happiness and pros
perity.
GRANDSTAND AT FAIR
GROUNDS BURNS
The grandsand at the fair grounds
burned last Saturday afternoon. The
fire department was soon on the scene
but not in time to save the entire
structure. There is some mystery as
to the starting of the fire and it is said
that one of the state fire inspectors
will be in the city soon to investigate
the fire. A barn on the fair grounds
burned last spring. Officers of the
fair expect to have the grand stand
repaired before the opening of the
fair, next September.
Mr. and Mrrs. Pete Todsen and
children left la*t Saturday evening for
Oshkosh, Nebr.. where they will spend
a week visiting relative" and friends.
While away Pete will also try and
coax some of the flnney tribe to grab
the tempting morsels which he will
try and feed them, and he should have
some luck as there are a couple of
mighty fine fishing lakes near Oshkosh.
o
McCauley asks his
RELEASE FROM JAIL
Files A Habaes Corpus Writ In
The County Court.
Arthur McCauley,who has been serv
ing a term in the county jail on his
conviction on the charge of jury brib;
ing, has filed a writ of Habaes Corpus
in the county court of Holt county,
alleging that he is being detained in
the county jail unlawfully, the writ
being served upon the sheriff last
Wednesday. McCauley alleges that
he was arrested by the sheriff on De
cember 8, 1932, and that on account
of the condition of his health that the
sheriff did not take him to jail but
took him into custody and left him at
his home in custody of a guard whom
the sheriff selected and that he re
mained in confinement at his home
until January 4, 1933, when he was
removed to the county jail. He alleges
that he has served the time for which
he was sentenced and paid the fine
and costs imposed upon him and now
asks that he be liberated.
In his return to the writ sheriff
Duffy admits that he took him into
custody on December 8, 1932, and that
he left him at his home under the
custody of a guard until his removal
to the Holt county jail on January 4,
1933. He further states in his return
to the writ that from January 4, 1933,
up to the present time that he has
been confined in the Holt county jail,
except such time as he was in Omaha
and at the Starlin rooming house in
O’Neill.
The matter will come up for hear
ing tomorrow morning in county court.
PAST MONTH OF JUNE SETS
A NEW RECORD FOR DROUTH
June, 1933, closed the month last
Friday with another day in that month
in which the temperature exceeded 100
degrees. The official figures for that
day, as compiled by Weather Observ
er Bowen, is 101. In addition to being
the hottest June, it also takes the
cake and the whole bakery, as being
the dryest month in this county for
several years. We have before us
the figures for eleven years, com
mencing with the year 1923, and the
past month has been the dryest in
all these years. During the month of
June we had but .71 of an inch of
rainfall. June of 1925 came closest to
the record set the past month, when
1.03 of an inch of moisture fell during
the month.
In the eleven years, for which we
have the record before us, June of last
year was the wettest month in these
years, the rainfall amounting to 6.81
inches.
Following is the rainfall for the
month of June for every year, com
mencing with the year 1923:
June 1923 _3.06 in.
“ 1924 6.68 in.
“ 1925 __.1.03 in.
“ 1926 3.42 in.
“ 1927 1.25 in.
“ 1928 2.51 in.
« 1929 3.27 in.
“ 1930 2.41 in.
“ 1931_ 1.22 in.
“ 1932 .6.81 in.
“ 1933 -0.71 in.
TUBERCULOSIS DEATH
RATE IS FALLING
According to the report of the Sta
tistican of the New York Tuberculosis
and Health Association the death rate
per 100,000 population from tuber
culosis in forty-six large cities war.
11 per cent lower in 1932 than in 1931.
He said: “There were 23,256 deaths
in 1932, or 2,366 less than in 1931 in
the forty-six cities, the death rate
averaging 74.1 per 100,000. Omaha
was one of the cities mentioned that
had a remarkably low death rate from
this disease.
AMERICAN LEAGUE
TEAM WINS GAME
The much advertised ball game,
played at Chicago today, between the
stars of the American League and the
stars of the National League, wn
won by the American Leaguers with a
score of 4 to 2. Babe Ruth, of the
Yankees, held his place in the spot
light of this great American game by
smashing a homer to drive in one
run. Frank Frisch, of the St. Louis
Cardinals, also got one over the fence,
thus placing his name a little higher
In baseball's hall of fame.
George Davis was up from Inman
yesterday. George says that they
have quite a little good rye down
in that section of the county, but that
th»* oats crop is not very premising.
Corn, he says i# in splendid condition.