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Savona Bank Closed, Funds Believed Safe by Officers President Invites Federal Examiners on Failure to Hear from Cashier, Who Is Reported to Have Gone to New York April Savona tional Bank Savona was closed this morning by Henry M. its vault and hooks of the institution are sealed. awaitfederal bank inspectors have been summoned to assume charge of the According to Mr. no facts indicate insolvency and every creditor expected to be paid full The closing the bank by Mr. Robie, his with Floyd W Bath attorney upon alleged failure receive further advice from W B. Ross, cashier the institution. who went to New York Sunday, claimed. effort adjust shrinkage the assets of the claimed that Mr Ross who had been cashier of the Savona bank for the past four years, prior to which claimed engaged in banking in the state of Wyoming, departed from Bath Sunday over the D. Railroad for New Accordto Mr. Robie, Mr. Ross left ing in charge of Mrs. Ross sealed letter delivery Mr. The letter Mr. Robie claims, reached his hands Monday after noon Shrinkage of $9.600 In the letter the Ross, referred to an alleged short age in the assets of the bank of $9,600. due entirely the depreciation certain bonds. The letter referred to evidently of knowledge to the bank that directors meeting in February was recommended that the alleged shortage be immediately adjusted by application bank's surplus $5,000. and that the remainder of the $4,000 should be rated among the stockholders. The letter stated that Mr. Ross going to New York to confer federal bank officials in justment situation Mr Robie read letter and waited further advice from Mr. Ross. Monday night claimed that Mrs. Ross received telegram from Mr. Ross dated New York which in substance stated that had K. Roberts chief federal bank inspector this The message flected the pleasure of Mr Ross concerning the saying "everything looking fine. The message alleged have concluded, "it may be necessary for me to proceed on to The message alleged to have advised Mrs. Ross, Robie. but advise him to keep quiet might precipitate run upon the bank." Organized 15 Years Mr. Ross having not returned this morning. and no further adallegedly having been from the uncertainty prompted Mr. Robie in closing Information present held by the bank's officers warrants fears. They think that the bank is absolutely The Savona bank organized about fifteen years ago, its stock holders in the main composed of farmers business men in Savona and vicinity, rural community about miles from M. Robie president of the bank and with B. H. W. E. Joint and William Wagner The report of the institution published in showed: loans and discounts, $197.55 government $10,000 other bonds and stocks. bank building, $5,859.21 fixtures, other real property, $2,370.34 cash on hand and due from $15,267.53 demption fund, $500; federal serve fund, $21,060.25 Liabilities included capital stock, $25,000; circulating notes, $10,000; due 700.63 bills payable, the total and liabilities were cording to the report, $187,751.65
