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PEOPLES BANK SUSPENDS AND BUSINESS
Withdrawals Cause Directors to Protect Interest of Depositors
LEAVES THAT TOWN WITHOUT ANY BANK
Was Long Regarded As Strongest Institution in County
Murfreesboro, Jan. The Peoples Bank of freesboro, the lone bank of this town, failed to open its doors for business Monday morning, and with its going Hertford County is left with one out of its former total of six banks operating. From Harrellsville comes word: are still doing business and expect to continue" Slow withdrawals that edo about the time the Bank of Colerain suspended busiand which became more menacing when The Bank Ahoskie and The Winton Banking & Trust Company closed last caused the directors of the freesboro bank to post their notice on the front door and suspend business Monday morning. The 30-day time posits was invoked by the bank when the bank panic struck Hertford County on the day of the closing of the Ahoskie and Winton banks. Officers and business men of Murfreesboro headed off possible run on the bank at that time by appeals to depositors, having weathered that impending storm, hopes were entertained that withdrawals would cease and the bank be able to continue on its way unaffected by the distrust and broken confidence that has been manifest in this area for sev. eral weeks. Barnes, president, anticipated some withdrawals and had prepared to meet with more than the usual cash reserve held the bank for the purpose. Learning that amounting to approximately $7,000 were in the mails, funds were made available to take care of the situation; but when it turned out to be some $17,000 that had been checked out by depositors Mr Barnes called his directors togethand the decision was reached suspend business rather than grad ually pay out the cash reserve. Unlike the situation at Ahoskie and Winton, the closing of The Peoples Bank was due to checks issued by depositors at outside points. Little cash had been manded and paid out across the counter. Auditors are now at work making the usual audit required the State Banking Department and, in the meantime, any efforts reopen or to provide banking for Murfreesboro are held in abeyance. The Peoples Bank was organized in 1904 and had been since that time considered one of the strongest. banks and joining counties. At its head was Barnes, known for his perception of banking principles and enjoying the and trust the people of this entire section. He had been president bank since its organization, and for years his bank paid an annual dividend of 20 percent to stockholders and was known and sidered as the leading bank in point of conservative management. That reputation was enjoyed until the hour of its closing and now those familiar with bank's condition have utmost faith and confidence in its ability to turn to depositors all of their money in an. orderly liquidation. Like other strong managed turn could have probably weathered the storm of pante and hysteria the continued loyal support of leading local depositors; but pended business order that all (Continued on Page
