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BANK HOLIDAY IS DECLARED BY MAYOR CORDING (Continued from first page) name committee of five men to meet with the bank officials and er call mass meeting of the depositors who may name larger munity committee, to take any tion deemed advisable. This committee consists of Mayor William Cording, George Walter, Supervisor Clair Kohler, John Baldwin and Pliney Dancey. This committee met at o'clock Wednesday afternoon in the village council room and talked the situation over and some more definite action will be taken in the near future. No Run on Bank There was no run on the bank but deposits have steadily decreased, not only in the local bank, but in every bank in the corn belt. Reports made to the state or government verify this statement in practically every case. Many have been closed, receivers appointed and the expensive and tedious task of liquidating begun. Few have finished the work. The Commercial National bank in Chatsworth was closed nearly three ago. Three dividends have years been paid in that cent. Financial conditions of per the farmers, especially, have made slow and uncertain and few people want this plan adopted if there is possible chance to the bank and place on basis where depositors will take no loss, The bank stock is owned by members of the Herr family. They careful and capable, and with their resources probably might have withstood the strain but the closing of neighbo banks made the task seem hopeles unless some plan could be worked out to conserve deposits and questioned confidence. Confidence Prevails The meeting Tuesday nig wonderful spirit of There was no excitement The men were calm and ia. erate and the writer of this graph has not heard word of the bank officials. sure for any of People realize that present financial were not created locally conditions and that fifteen cent corn and ten do not build bank balances oats but that these conditions forced their savings rather people to spend banks, which than deposit them reduced the cash reserve necessarily of the bank, necessitating one of two To force borrowers to pay things: to bring the cash reserve their notes limit and thus to the required up create grief in the community, or to other maintain devise some the reserve. Business Not Affected Other While holiday all business permits practically business for the houses to suspend the Citizens Bank apstated period, local institution to be the only pears The that has adopted the plan. business houses are operating other before. Jesse Herr stated to The Plainmeeting will be dealer today that of those holding obligations called Herr Banking against the Stephen Herr farm lands Fund operating the to discuss plans for early date an adjustment of these obligations. BANK RE-OPENS MELVIN visited both Two Chatsworth men Gibson City Wednesday and "holidays" have been for the banks. At eration the Commercial State found which was closed recently had holiday business Wednesday withdraw agreed the