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Official in Grafton To Take of Bank Charge Action Follows Attempts To Secure Backing for Operations June took head bank when they under the state auditor's family, Bennett named hope they don't back the Grafton State Bank today. Wired for Blast. Shaeffer, of Trenton, received under State deputy William the ceiver Trust Savings Bank here, First received instructions morning State proceed to and charge, learnafter his departure Schaeffer could not be reached telephone at Grafton bank closed its doors The last Jan. "adjustment stated president, the time. Smith. Its "good Describing the time, Smith said had closed avert for federal bank while application insurance perfected. institution its kind The oldest State Jersey established 1869 Bank part Jersey the western section Calhoun county across the immediately river. the national banking moraAfter Grafton reopened torium. unrestricted basis said the 1933. At that time Federal Rebank had obtained business farmers had subfruit required before scribed stock allowed, opening the efforts have been made Strenuous the bank condition for since was closed. opening stockholders taken The new had the time of the been stockholders closed, and for months when bank their experience become liable stockholders they other stockholders who them. In the effort had preceded much arrange travelling has been made California plane being Smith, who president, failed to the finanHopes had needed. additional held that could had from those backing whose bank there after delay all hopes vain and the appeared months has state, taken charge.