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EXAMINERS SAY WALKERTONRUN LACKED BASIS Trace Lapaz and Tyner Closings to Small Depositors. IS HERE Rome Stephenson Holds Directors May Have Taken Action Hastily." The closing of three more state in farming communities Joseph and Marshall counties the 48 hours and the impending for another was attributed panicky excitement among depositors by state banking ficials and South Bend bankers Prominent bank officials clared to-day that they are in sition to that the financial the closed institutions sound, bearing out the of state that the of deposits were absolutely the basis of the banks' books. The South Bend bankers also unteered full cooperation bring about of the small banking The banks ness Wednesday and Thursday after runs had been started deposits are the Farmers' State bank of Tyner, the Farmers' bank Lapaz the Walkerton State bank. All three their deors voluntarily after special sessions of boards of directors and state banking inspectors were called Thursday's total of banks, four Joseph three that have closed their doors in recent these. the Trust bank is the South Bend institution affected. Others North Liberty, this county, Tyner, Lapaz Argos Marshall county. Early this week the State bank business following bank officials and state banking authorities. hearing for the Lakeville bank will held before Circuit Judge Cyrus Pattee next Wednesday morning. No Danger Here. Rome Stephenson. president of the St. Joseph Loan Trust company and vice president the American Bankers' association, he expects ask State Banking Commissioner Luther Symons come to South Bend in an effort reassure the public of the stability banks in the appears that there is nothing wrong with these banks,' Mr. "and lieve we find that the boards bit hastily in ordering the with E. Miller, president of the American other announced that banks South Bend, all of which have $500,000 and 000,000 in cash hand, on beyond any possible danger. addition large the local banks hold several millions dollars in listed bonds. Secondary reserves guarantee absolute protection to positors, explained. Protect Deposits. According the directors' statements of Tyner, Walkerton and Lapaz the were to protect of deposits. said, the institution's borrowing limit had been reached. The first to the Tyner bank, which suspended business Wednesday afternoon following run on deposits, which started by small depositors. The bank has not been recently, plained, but fered., The bank capitalized at Carl Wolff of the Tyner said that the closing Continued Column Three.
