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English Action Closes Banks at Eau Claire
But Herreid Sees Nothing in Situation for General Effect on Institutions
Although two banks at Eau Claire closed today, there nothing in the situation by England's of the gold standard that should have any general effect upon state banks in Wisconsin, Thomas Herreid, acting banking, declared this afternoon. Directors of the Eau Claire State bank. institution, and the Union Savings bank, smaller concern, England's action the indirect cause of their suspension. They brought the total Eau Claire bank closings this year three, the Eau Claire Savings bank having shut its doors on July 13.
'Isolated Instance'
Commissioner Herreid, who was notified of the intended action Sunday night, was studying the situation today and declared he can no reason why the Eau Claire tion should not regarded The Eau Claire State bank he pointed out, of the failure of gotiations for transfer of its resources to new owners. The bank was formed recently Bank Eau Claire with the Eau Claire National bank.
In announcing the decision to close, directors of the State bank said: receipt of word that England had abandoned the gold dard, the Northwest Bancorporation, Minneapolis. terminated gotiations which had been tually closed for acquisition of of the Eau Claire State bank in consideration for the purchaser assuming and paying all sums due from the bank depositors." Avert Chance of Run The announcement further stated that since the closing of the Eau Claire Savings bank, the State bank had forced keep cash by money to meet the of its Officials of the Union Savings declared that directors voted on the closing Sunday night after hearing of the State bank's intention to decided to turn the bank's affairs over to the state banking commissioner rather than take chance on facing run today.
