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LOUISIANA'S OLDEST FINANCIAL INSTITUTION CEASES TO FUNC- TION AFTER BEING IN TION FOR OVER HALF TURY. Affairs of Bank Were Placed in Hands State Finance Department for Liquidation Following Adoption of Meeting Held Tuesday. The Mercantile Louisiana's oldest financial after havbeen in operation for more than half century and having been closely identified growth and velopment of the and Pike county has ceased to The bank failed to for business open morning. At o'clock the following resolution which was adopted meeting the board directors at meeting held Tuesday evening was posted on the door by cashier and secretary the board directors RESOLUTION WHEREAS the board directors the Mercantile Bank of realizing that the existing financial depression resulting in bank failures resulting confidence and the existing prices farm products curtailed business of this bank that our have gradually decreased and our earning diminished with no visible prospects early recovery, we deem advisable the interest of our depositors and all concerned to discontinue to function Be that bank now closed and in placed the hands the finance commissioner the state of Missouri for the purliquidation Adopted by board its meeting August 1932 Attest Chairman Board. RULE President REINEKING Cashier and Secretary of the Board There had been no run on the bank and the closing came surprise depositors understood that withdrawals have been excess of deposits amount about per week for that the board decided that would good policy close now voluntarily while the affairs of the bank good rather than the funds got below the legal While the closing will have pressing effect similar to that which has been experienced by thousands of other communities during the past several business firms the had funds deposit the bank inclined take an timistic view the and press the opinion that when its affairs liquidated will receive per cent of their deposits included of Pike county funds according to County Treasurer White of Bowling Green Mr White said that Monday this week he issued check on his account bank here for favor of the Farmers Bank of Green As the check had cleared through the clearing house he stated that was hardly probable that had reached the bank here time honored before closing Wednesday morning The board of directors composed Hurlie McCune M Wm Davis Beuning and M. Following the bank's last financial statement showing its condition June and published July BANK INVENTORY WILL TAKE TEN DAYS bank examiner the state finance Paul the arrived here afternoon begin the and liabilities of the Mercantile Bank which closed Wednesday told the Press-Journal this morning that probably will take week ten days complete the ventory When inventory comunless some plan for opening the bank its fairs placed in the hands special deputy finance commissioner liquidation. CITY COUNCIL PROCEEDINGS At the meeting the city council last Friday night City Attorney Wilkins called attention the recent heavy rains which did great damage streets private property the city was threatened with several law He reported that the St. Louis court appeals ruled that the property Washington street properties of Enoch Walkley Marths Lucas street parties should be notified not to cut bush put in garden Mr. Stark said that hearing could had on the expense from to He moved that the struct the mayor to Mr. Clark. president the Water Co., and have conference with the city and reduce water rates and the carried Mr. Stark then stated that he had gone into matter of the reduction telephone rates Manager Bryson and he would have report to make in about 30 The matter street grades came up and suggested that an engineer here and establish grades. The mayor said that he would get in touch Moss Edwards Mexico and have come here to establish grades. Mr Sizemore thought that the city should make application for federal aid and the mayor and city attorney should in touch with the proper authorities Mr Stark moved that May and Rodgers, owners of the Third street be requested to appear before the council with their books and make reduction sewer rates The motion carried and the mayor said he would notify Mr. Stark moved that the finance committee instructed and reduce the city license rates per cent. Mr. Dillender reported that the cemetery expense was far less than last year. Mr. wanted to know why the poor relief didn't show the The clerk said the relief paid by time checks street department and charged street Resources: LOANS AND DISCOUNTS Loans discounts on personal and collateral security Loans on real estate security Total loans Overdrafts BONDS United States Government securities owned any) 10,450.00 State County, municipal and other obligations political subdivisions and public service 18,000.00 All other bonds 438.00 Total bonds Banking furniture and Real estate owned. other than banking house Cash and due from banks and bankers Items transit Miscellaneous cash items 1,420.03 Total Liabilities: Capital stock paid in fund Undivided profits DEMAND DEPOSITS Individual deposits subject to check $143,057.27 State County or municipal deposits (secured by pledge assets of this bank or trust company) 23,322.29 Total demand deposits TIME DEPOSITS Certificates deposits (other than for money 35,743.22 Savings deposits requiring withdrawal notice of days more Total time deposits 120,824.72 Bills payable. including certificates of deposit and all obligations representing money borrowed. other than re-discounts 55,950.00 Total
