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New Ohio Law Success. The wisdom of the enactment of the amendment to the state banking laws providing for the liquidation of a suspended banking institution by the state banking department, has been shown by the very first case under the new law. F. E. Baxter, state superintendent of banks and banking, announced that the Citizens' Savings Bank Co. of Loudonville, which closed its doors last June, had resumed business with a fully paid-up capital stock, a new set of officers and directors and every depositor to receive his money in full, with interest, and all this at a cost of less than $1,000. The bank suspended June 23, and B. B. Seymour, then state superinten. dent, at once placed one of the deputy examiners of the department in charge, as provided in the new law. He at once took hold of affairs and all the energies of the department were bent to getting the bank again on its feet. The total amount involved in the failure was about $116,000, and under the old law, to wind up the affairs of the institution at a cost of 10 per cent of this sum would have been considered doing well. It was seen that the bank could be worked out of its difficulties if capital could only be interested, and the work of Messrs. Seymour and Baxter has borne fruit in the reorganization of the bank with a capital of $30,000, of which $25,000 has already been paid in in cash, and the election of a new board of directors and also new officers. All depositors will be paid in full within 60 days if they desire their money.
