Article Text
TWO BANKS CLOSED Heavy Withdrawals Blamed for Gary Crashes. By United Press GARY, Ind., Aug. 18.-Two Gary state banks failed to open their doors for business today, bringing the total here to three in eight days. The banks are the Mid-City State bank and the Fifth Avenue Bank of Gary. Both institutions was closely related, in that stockholders and directors of the two practically are the same. Directors ordered the Mid-City bank closed because of weakened financial conditions. It was reported caused by business depression, recent heavy withdrawals and frozen assets. The bank was capitalized at $100,000 and had a surplus of $25,000. Although the condition of the Fifth Avenue bank was said to be good, it was closed because of the relationship with the other. Directops said they feared a run if it be opened after the Mid-City bank was closed. Capitalization was $50,000 and surplus $15,000.
