Article Text
ST. BANK IS TO RE-OPEN ITS DOORS AGAIN Stockholders Agree to Underwrite Issue to Increase Stock. ST. CLOUD, Aug. 5.-At a mass meeting last week, the depositors and the stockholders of the Bank of St. Cloud, came to a definite and unanimous agreement as to the re-opening of the bank. That agreement is rapidly taking form and the finances are being arranged so that there will be no delay in reopening. At the meeting of last week it was shown that had there been less haste on the part of depositors there would have been no occassion for closing the doors as the finances were in better shape than had been generally understood and the directors would have been able to realized on bank securities SO as to suffered little loss. Under the arrangement, old stockholders surrender their old stock and subscribe an equal amount in new stock in the new organization. In this way and by new stock issuance a fund of $30,000 will be derived. A committee is checking up on the bank assets and it is believed not much loss will be suffered on paper held by the old bank. Confidence was expressed in the old bank and it was freely stated that had not this institution been a member of the Georgia chain of banks no loss would have been suffered whatever and the bank would not have closed its doors even temporarily. So united are the people that a stronger financial institution will develop out of this partial failure. As the depositors get a clearer view of the situation, they see the folly of the run on the bank and the injury it works, rather than a benefit. The new bank will be an Osceola County affair.
