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Hopkinton Bank Is Closed After Vice-President Disappears ACTION TAKEN TO FORESTALL A RUN L. J. Ortman Left Town Last Tuesday; Check Is Being Made Of Accounts; Bond Will Cover Loss. (BY LONG DISTANCE PHONE.) HOPKINTON, May 14. The Farmers State bank here was closed this morning by order of the board of directors following the disappearance of Vice-president L. J. Ortman, who is believed by the directors to have absconded with several thousand dollars. Ortman left town last Tuesday, but it was believed he would return until the appearance of a cashier's check for $500, negotiated on a Monticello bank, aroused the suspicions of officers of the bank. It was announced this morning that Ortman's bond will cover the alleged shortage here, but the directors closed the doors to forestall run on the bank which was expected when the customers began to line up before the bank's doors early this morning Since steady withdrawa would make closing order necessary, the board of directors anthat it had resolved to give all the depositors equal protection and posted notice on the doors to that effect. Their action was commended here. Following the appearance of the cashier's check. the state department of banking was requested to send an examiner to make an investigation. The bonding company was notified. it is expected that warrant for Ortman's arrest will be issued today. R. R. Blair of the state banking department is in charge here. Ortman has been traced to Cedar Rapids, where it was that he checked out of the Pullman hotel last Tuesday night. The check of the accounts has not yet revealed the exact loss, but directors believe that Ortman, who was formerly cashier of the bank. has been juggling the figures for several months. The theory is advanced that he left when he believed that discovery of the loss was imminent. The bank was incorporated in 1906 with a of $25,000. The last statement on Feb. 28 shows loans and discounts at $176,184.45 and cash at Undivided profits were listed at and total deposits at $182,586.37.
