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NORTHPORT BANK CLOSES ITS DOORS Additional Shortages Reported Following Recent Arrest of Cashier Tuscaloosa, May 10.--(Special.)-iy order of the board of directors, the doors of the Northport bank failed to open for business this morning. The failure of the bank to open caused great surprise here, as it was thought it would continue operations, notwithstanding the arrest of the cash1er, A. Y. Hays, several weeks ago on a charge of embezzlement. It was rumored in Tuscaloosa today that additional shortages had been discovered in the accounts of the former cashier. However, it is generally understood that the run on the bank for the past three weeks, caused by the arrest of Hays, was the direct cause of the failure of the institution. State Superintendent of Banks Walker has been notified and is expected to arrive in Tuscaloosa tonight or early In the morning. The officials of the bank refused to give out a statement today, awaiting the arrival of Mr. Walker. Since the arrest of Hays the bank has undergone a thorough audit, and announcement as to the condition of the institution is expected to be made public upon the arrival of Mr. Walker. Hays today waived a preliminary hearing and made new bonds to await the action of the September grand jury. At the time of his arrest public sentiment was strongly in favor of Hays, but with the closing of the bank as a direct result of his arrest a change of heart is expected on the part of the people. It is generally understood that the state banking department will vigorously prosecute the case against Hays. Superintendent Walker will take charge of the affairs of the bank, and it is said that with the reserve fund on hand together with securities, convertible into cash, the depositors will all be paid in full.
