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SECURITY BANK DOORS CLOSED MONDAY
Monday morning witnessed the closing of our Security Bank which came very unexpectedly to the community. The State law requires a reserve of fifteen per cent and for the first time in the ten months that the bank has been organized it fell below this mark. There was no run on the bank. This falling off of deposits came thru the natural course of business, the buying heavily on the part of depositors and the lack of deposits that is prevalent at this time of the year. The short crop last year, caused pa per that was considered good to become slow, notes had to be renewed and general conditions made things bad. When this shortage occurred, a directors' meeting was called which resulted in Mr. Larson and J. W. Warrick going to Lincoln to confer with the State Banking Commission to get their opinio. of the situation. Monday morning they called from Lincoln and ordered the bank closed. Tuesday evening a meeting of depositors was called and Geo. Woods, a State Banking Com. missioner, addressed the meeting. He explained the situation, the law and the possible actions that could be taken to better conditions. He outlined two possible solutions. One is to let it go into the hands of the receiver and thereby take what is good with the aid of & Receiver. This process is slow and would eventually result in no bank. Most of the people are not in favor of this solution. The second way would he a reorganization with ew officers and added capital That is what happen ten months ago and the result was a lack of con: fidence in the results. Now it seems to the writer that a diver sification from this plan just a little would be a better way. If we clean matters up somewhat, get what money that is collectable and then sell what there is to some reliable party with capital enough to handle the situation and also someone who has the confidence of the people, we are more assured of a successful bank.
At the meeting a nominating committee was selected at large to select five men of the community to act as a Depositors' Committee. Those chosen were: Wm Diettrich, A thur Berg, Henry Dahl, John Warrick, John Braaseh, George Muffly, Albert Reeves, Henry Stolle. Emmett Warrick, Albert Kohl, Joe Duhachek, and Chas Adams. This committee with the bank examiner retired from the room to select the five. During the time they were gone the meeting was turned into a round table discussion in which all were invited to partake Speeches were made and several points at question were explained Upon its return the nominating committee handed in the names of Emmett Warrick, Art
Berg, Jo. n Braasch, G. C. Rouse and John Schinck, who were then duly elected and who will act as the Depositors' Committee In the event the bank is placed in the hands of the receiver, they will automatically be the Advisory Committee. This officially ended the meeting, leaving the matter to be considered for further action and also leaving us without a bank.
SCHOOL NOTES
The Meadow Grove High School enrollment on Monday morning of this week reached 103 when former students returned to the ranks aft ter spending a week at the state fairTweny four high school students have enrolled for boys glee club work under Mr. Elmer Dalton. A girls glee club will de organized soon under teh direction of Miss Coatney. Free tickets to te County faihr ave been given to all grade and high school students. School was dismissed today to enable as many as possible to attend. Merlin Bender, who with his parents has moved to Meadow Grove from Iowa, is registered in the third gade. EmilRudnick was absent the first part of the week because of illness. Several high school students drove to Norfolk Tuesday evening to 08sist in the welcome for the Nebraska Air Tour. The public school faculty was entertained at the home of Supt. and Mds. McEachen last Friday. Don Mason has secured a position in the C. J. Barnum mortuary at Neligh leaving yesterday.
