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Doors Closed So That Adjustment Of Funds In Bank Can Be Made Closing of the State Security bank Monday morning on orders Gray, state superintendent banks, caused only mild furore among and finanand while regretby effect on the conduct the regular of local indusand No sooner had word of the closing the bank been issued to the puband depositors the call heads instituto meet and canvass of the Accordingly statement issued assuring residents and vicinity that the financial the sound prepared meet any might sult false and exaggerated reports temporary change or interruption of this char- C. Gray, state superintendent of shortly taking of the bank this that in real estate values and depreciation of bond accounts, primarily the cause of the bank's suspension, again this and was in giving phase the could not state definitely how long will require to about adjustment. slow process,' said. In some such instances, however, the work has been done in was learned here today. Superintendent Gray found reasons for hope that the difficulty will is the that the bank has equity the building it ocupied, he explained. The at the important intersection of Main and Fifth streets, valhe pointed Insured the property bring more than that while fixabout $16,000. timated. No formal as to the assets the bank and the amount that depositors will realize final could be today be time to could realized the bank's notes. He said that checkthe affairs of the institution had not an extent would be advisable to make any amounts could be returned final adjustments are With the State Security bank having large clientele among farmers engaged in agothers familiar with local conditions attribute much of the bank's present difficulty to these unrecorded elements in the country's history. the bank Jan. of this year, $2,633,Gray said all probability there be every effort made to dispose of the assets the bank the best possible figure, although he could not foretell this time the sale could be total that for been to the bank merge with other local banks and intervals the deal appeared certain. These efforts will Gray When the closing of the generally circulated, small group gathered front the and calmly discussed the trend of which attributed conditions over which bank officials had no bank at Surplus and were placed $70,000 by the The of the Standard Co. years ago, originally operated in with the bank, factor the closing the today and borrowed money by the Securities indirectly affected the bank's as- The State Security bank was orthe bank and the curity Trust and steady growth until the recent general pression in estate values and preciation which the institution to part in Watt M. president of bank; W. Deacon, cashier: Lane George Orr, whose death curred recently, was vice president of the Barnett, president of the fering from his today and was under physician's care. He consented, however, to make the following statement: now in the hands of that can be done to hope that affairs the institution are can be worked out
