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NINTH STREET BANK CLOSES DOORS TODAY Steady Withdrawals Force Officers To Turn Institution Over to State for Liquidation To Protect the Depositors ILENT AND STEADY WITHDRAWALS by depositors since the closing of the American Bank & Trust company, caused the directors of the Ninth Street Bank & Trust company to decide last night to close their doors this morning and turn the institution to the state banking department for liquidation. The bank officials made this decision with cash on hand and quick assets in bonds which would have been depleted by the continual withdrawals to the detriment of loyal depositors. against state banks and their stability the apparent R-100 DELAYS TRIP cause of the steady withdrawals made action of the Ninth TO CANADA TO JUNE Street Bank Trust company officials By closing time officials deposGreat itors would hope London injured through the silent withdirigible flight. not make the which not journey until during the flurry following the for American but The first that trial flight steady every day today the tail Through the closing this officials and the bank believe they protected loyal deagainst the silent aggresthose lack confidence in banks and have listened to rumors institutions are In page advertisement this of The Times, the Ninth Street Bank and Trust company its Ever mindful of the interests its depositors, the bank has been victim of circumstances taking the only course will protect the loyal depositor, the final decision of as expressed in their statement. Efforts for the past three weeks have been made the officials directors stabilize conditions. Further funds been borrowed from correspondent banks in the north and but these would have been unavailing to stem the tide of sentiment against state controlled institutions. While they insist such banks are likely be well managed and controlled, the Ninth Street officials agree that cal since American decidedly against state from the national (Continued Page Column
