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ALGONA STATE BANK IS DOING BUSINESS Closed Institution Re-Opens With Its Affairs In Good Condition. ALGONA, Dec. The Algona State bank, which suspended operations on Nov. 26 while a stabilization plan was being put into effect reopened its doors yesterday. This is the last of the three banks here to re-open and save one it is the last the Kossuth county financial instituTime waivers on deposits been procured from practically every pat ron of the bank and the institution has the complete approval of the banking department. With the exception of the replace of the stock held by Frank W. Dingley and his withdrawl as vice. president, the organization of the bank Intacts Tom C. Sherman is president, C. Howard Beardsley, cashier, Joel Herbet, assistant cashier, and the board of directors comprises the following: C. T. Chubb, chairman. George L. Galbraith, Myron Schenck and C. C. Chubb, addition to the officers. Mr. Dingley's vacancy will be filled at the regular January meeting, It was The opening took place at 9 o'clock and the depositors as they came in this afternoon to add to their cash in the bank were greeted with the cheeriest of smiles and given cigars. It happy day in Algona, with the three banks of the city all operating in normal way again. The State bank was organized in 1891 by Charles St. Clair, now president of the First Na tional. Senator Chubb, father of the board of directors' A. D. Clark, George Galbraith, John Goeders, and others backing it. The capital stock is $50,000, the surplus $15,000 and deposits aggregate more than half has ranked among the strong financial institutions of northern Iowa.
