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AT CLINTON IS State Takes Over Institution Heavy Run. Clinton, Oct. Trust and Savings bank failed to open its doors this morning, and its assets have been taken over the the state banking department notice this effect signed Charles Bosier was displayed the bank window o'clock Mr. Bosier said no further inforcould be given out at this time. An optimistic feeling vails about the city, however, in connection with the closed bank, and depositors and the Clinton public have strong hopes that It eventually pay out. The closing was voluntary action decided upon Wednesday night at meeting of the board directors. Their action followed the bank, which had been in progress in mild form for several days, and which reached crisis shortly after o'clock afternoon when scores of depositors the bank to draw their At that hour the bank officials issued withdrawal notice to halt the The following statement given out late yesterday: The Statement. The following statement was sued late account of heavy withdraw. als by depositors of the Peoples Trust Savings bank, caused by rumors the bank was closed and that one of the large Daven port banks has required notice of withdrawals of deposits, the directors of the Peoples Trust Savings bank have decided quire days notice of withdrawals permitted by law in order protect depositors to the fullest possible extent in the circumcumstances. "For some time, negotiations looking to merger of the Peoples bank with the City National bank have been in progress but interrupted by the necessity of immediate action, which did not time for the of slow and non-liquid assets, consisting of real estate and real estate loans. these will continue and hoped that reasonable time there will be worked out some plan by which the City National can assume at least part of the Peoples bank deposit liability and make available to Peoples bank depositors considerable portion of their deposits in cash. Of course at the present time there is no positive assurance of such program. City National exceptionally liquid condition and desires every safe means its disposto of service the community and individual depositors." City Bank City National bank, Clinton's largest banking institution, today reacted to public disquiet caused closing of the Peoples bank, waiving the 60 days withdrawal notice privilege, and paying out ings and checking deposits as fast depositors came. A sign displayed in the bank reads: your bank will be open each business day from to your accommodation, and not require any no tice of withdrawal on savings counts." When the bank opened this morn ing at o'clock crowd was sembled on the sidewalk. The was crowded soon afterward, and withdrawals were unusually heavy. Crowds Depositors! The crowd continued to assemble the bank and withdrawals heavy. The crowd soon discovered, however, that line equally as long the line demanding money composed of depositors. As they saw citizens give this visible evidence of their faith in the in stitution they wavered and many of them dropped out of the line fore they reached the teller's cage. Officers of the bank yes terday that deposits for the day had totaled $120,000. Streets of the city are crowded. The attracting larger crowds than the actual bank business contributing to the distorted picture of bank crisis, At the Iowa State Savings and ClinNational bank there was natural increase crowds but institutions business as usual and officers said the situation was not alarming and evidence in the bank by continuing payments.
