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RUNS ON PIGGOTT BANK CAUSE FAILURE Organization of Another Bank in That City Expected to Be Perfected in the Near Future. MAY TAKE OVER THE CLOSED INSTITUTION Reorganization of Bank Was Perfected Month Had Deposits Totaling $279,064. Special to American Republic. Piggott, Ark., Jan. Bank Piggott was closed today following slow run that has been progress several days. The run has been quiet and would not be observed outsiders. However, number depositors quietly went to the bank, withdrew their money, and left withoffering comment. About month ago the bank was strengthened by payment of large in to support the capital stock. A meeting held at that time and about 50 men placed additional funds the disposal of the financial stitution in an effort to tide It over crisis. was then believed the bank sufficiently sound to withstand almost any kind of condition Decided to Close Bank officials, however, decided that to the feeling of insecurity, and continued withdrawals of funds, would be best to close the bank that could be liquidated withdelay. The bank's capital stock was $50,000. Deposits totaled the loans amounted to $212,295. The bank was hit severely by loans on property which was reduced value during the past several years. is the general opinion here, however, that depositors will be paid full soon as liquidation is completed. local financier has been considering plans for organizing bank in Piggott for several years. is believed now that he will proceed with his plans and that another bank will replace the closed one within short time. As the city now has banking institution. The Officials Officers of the closed bank are Houseman, president; E. Winton and H. Parrish, vice presidents, and Langley, cashier. Some local people have suggested that probable the closed bank will likely be taken over by the new organization.
