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DEPOSITS ARE HEAVY AS NEW BANK STARTS Many Accounts Begun as American National Opens Doors. EXCEED WITHDRAWALS Correspondent Institutions Send Funds: Half of Deposits Freed. With heavy deposits being made and new accounts opened, the American National bank, successor to the Fletcher-American National bank, began its first day of business today. Expressing confidence in the new institution, business firms and individuals listed deposits far exceeding withdrawals. Several hundred persons transacted business in the institution today, with Indiana banks, which use the American National as a depository, sending deposits by mail throughout the day. At noon, officers estimated deposits were "several times larger than withdrawals." Official figures of the day's business were to be compiled late this afternoon, after banking hours. The bank was opened this morning at 8:30, half an hour earlier than usual, to accommodate depositors. The new institution made $8,000000 available to depositors for the first time since the institution, then the Fletcher American, was placed on a restricted basis after the national holiday. Directors and officers of the institution said they were gratified with the reception accorded opening of the bank. First deposit in the institution was® made when the Postal Telegraph and Cable Company placed funds in the new bank. At 3 Wednesday, assets of the old bank were released by Frank C. Bopp, conservator. No formalities attended the opening, in line with the order of James C. Rogan, new president, who said he believed the fact that the institution was ready for business would be sufficient. With opening of the downtown bank, the branch institution at Forty-second street and College avenue again offered a complete service to depositors.
