Article Text
SAVINGS BANK IS CLOSED BECAUSE RESERVE TOO LOW Barre Savings Bank Closed by Commissioner OF DEPOSITS $1,536,000 Details Unknown but Probable That Overdue Notes to Granite Men Crippled Bank. Barre, Nov. 22. George B. Carpenter, bank commissioner at 2 o'clock this afternoon closed the Barre Savings Bank and Trust company, following a partial examination of the bank's financial standing Mr. Carpenter took over the bank's management as provided by the general laws. Early last week unauthenticated rumors were spread in Barre and vicinity concerning the condition of the bank and on Friday a small run occurred. Saturday the run continued until 10 o'clock when the demand was SO great that the bank officials invoked the 60-day clause of the state bank ing law requiring that a notice be given before a deposit could be withdrawn. Bank Commissioner Carpenter was notified and this morning commenced the investigation of the bank's finances. As soon as that is completed, a public statement will be made. While no figures were given out, it is rumored that the run amounted to $150, 003 The total resources of the bank are $2,223,582.82 as shown by the bank's report to Mr. Carpenter on September 8. The liabilities are: Capital paid in, $50,000; surplus from reserve, $67,000; savings deposits, $1,536,910.43 certificate of deposit, $96,781.37; commercial deposits, $295,324.37: treasurer's checks, $65,066 65; bills payable $112,500. Bismark, N. D. Nov. 22.-Three more banks were added today to the string of North Dakota financial institutions that have closed their doors in the past six day due to depletion of their reserves which officials say is due to failure of farmers to meet notes held by the banks. The Farmers' State bank of Belfield, the State Bank of Killdeer and the Security State bank at Columbus closed today, making nine since the tain first of the week.
