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STATE BANK AT SAVONBURG IS CLOSED TODAY Depleted Reserves Cause Directors To Suspend Business IOLA BANKS SOLVENT Firm Foundation Unaffected by Other Action In Allen County The Savonburg State bank failed to open its doors for business this morning following the decision of its board of directors to close the institution due to depleted reserves. The bank was not closed by order of the state banking commission, but came as a voluntary move on the part of the directors. The commission was immediately notified, however, and an examiner was to arrive in Savonburg today. Deposits Equal $80,000. The last statement of condition, issued by the bank on December 31, 1931, showed deposits to equal about $80,000, with loans and discounts totaling about $102,000. In a telephone conversation this noon, O. D. Courtney, president and cashier of the bank, told The Register that with "reasonable luck" on collections, the bank would be able to pay all depositors. No Run Seen. Mr. Courtney said that there had been no noticeable run on the bank. Plans for the possible reorganization are pending the arrival of the representatives of the state banking commission. It was pointed out today that neither of the banks in Iola is connected in any way with the Savonburg institution, and that its closing would have no effect upon the present entirely solvent condition of the Iola houses. STUDENTS HEAR OF CHINA Y. M. C. A. Boys Learn of Activities Of Organization School At a meeting of the Y. M. C. A., junior college men's organization, Douglas Brown read a letter the organization had received from Mr. and Mrs. Lyman Hoover, Y. M. C. A. representatives at the North China Union Language School at Peiping. The letter was sent to all student Y. M. C. A.'s in this district, and told of the events of the year in China, of the progress of the school, and of other incidents of interest to students and backers at home. Walter Stumbo, president of the local Y. M., had charge of the meeting. POPPIES ARE BEING MADE Disabled Veterans Busy Supplying Flowers for Auxiliary The manufacture of artificial poppies for the annual Memorial Day poppy sale of the American Legion Auxiliary has started in government hospitals and convalescent work rooms in all parts of the country, according to the announcement today of Mrs. W. C. Wright, of the Iola unit of the American Legion Auxiliary. The work will give employment through the coming months to many hundreds of disabled World War veterans. They are expected to make more than 10 million of the paper flowers, for which they will be paid a penny apiece. The local unit of the auxiliary will sell the poppies as usual during the campaign next May.