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CLOSE THREE LEAD BELT BANKS
(Lead Belt The Lead Belt the hardest history Monday when the Miners Merchants Bank of Flat River failed open for business Monday morning the result that on the Bank of Desloge caused it to close about eleven o'clock. Both institutions turned over to the State Finance The Commercial Bank of partment. River then announced thirty day moratorium and has been closed since Monday. was being made run the Commercial Bank at the time closed. Business conditions have not been good in the Lead Belt for the past and the natural outcome of duced salaries and wages has that gradual withdrawal of deposits has beengoing Collections have been slow The Miners Merchants and the Bank of Desloge had both borrowed from the construction Finance Corporation had made effort to keep every together until improved. However, the load improved. However, the load heavy and when the closing of the National mines February 28, people became panicky and began making demands for mediate payment of their deposits. The demands made were, greater available cash to meet them. other contributing factor to failure was the fact that bonds held the banks had depresiated and many of them were in default terest payments. The Miners Merchants Bank had demand deposits amounting and time deposits $262,693.03. The capital, surplus and undivided profits amounted to about $100,000, bills payable, borrowed $117,645.64. Their total money resources were sonal loans and collateral security real estate loans bonds Dr. Edw. Griffin was president, Horton, and cashier, Merchants Bank. B. Massey, acting cashier the Miners Merchants Bank, stated the News that he had heard rumors the effect that he and others connected with the management of the bank had withdrawn their own deposits from the bank before closed. He stated that these rumors were not true and that his balance in the bank at the time closed was about $4000. Other officers and employes of the bank also the bank close with their money at the time, he said. The Bank Desloge had total resources of $374,480.77. Personal and collateral loans real estate loans $98,749.73; bonds 230.00. Capital and surplus $37,500; demand deposits time deposits borrowed money The Commercial Bank had total of personal loans, real loans, bonds, Capital and surplus was time deposits, $103,945.08; borrowed money, The Commercial Bank, since for the thirty day moratorium, has been turned over to the State Finance Department for reorganizaTo date no plan has been upon but several are sidered. H. Buckley, president, stated to the News Thursday that the re-opening under organization looked favorable he could make no definite stateat the time, as plans had sufficiently developed. H. Lemmel, superintendent Flat River schools told the News that the Board Education funds amply protected government bonds. Approximately both banks fully covered. The tax collections have not turned over by the county
