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FARMERS NAT'L OF RED OAK CLOSES BANK ORGANIZED IN 1904 HAS 225 STOCK HOLDERS, $410,971 DEPOSITS. SAY POOR COLLECTIONS RED OAK, Ia., Oct. 15.-The Farmers National bank, a financial institution directly associated with the business interests of this city since 1904 did not open its doors Monday following an order of the board of directors. D. H. Reimers National bank of Des Moines, took charge of the banks' affairs. Assets which could not be readily converted into cash and which had been carried on the books since the Iowa period of inflation contributed to the closing of the institution. Officers and directors made every effort last week to raise new capital with which to reorganize the bank and prevent its closing without success. When a feeling of uneasiness spread among depositors Saturday, the officers and directors voluntarily voted to close the institution to prevent run on the bank Those in close touch with the situntion are of the opinion that the depositors will suffer but little loss if the bank's assets can be liquidated at a reasonable figure and if the receivership can be handled economically. The bank has a capital stock of $60,000 and has 225 stockholders. It deposits on June 29, the occasion of the con troller's call, were $410,917. 76. The officers and directors of the institution are: L. A. Hatswell, president: O. F. Fryer, vice president: C. S. Fridolph, cashier: C. L. Anderson, assistant cashier: Har old Wetterholm, assistant cashier: Clifford Powell and Walter Sellergren.
