Citizens Bank (Anderson, IN)

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BANK SITUATION UNDER CONTROL

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Directors of the Citizens Bank are Arthur W. Brady, George E. Nichol, George H. Alexander, Charles E. Strout, Ernest N. Hill, F. E. Mustard, Neel McCullough, Frank C. Cline, Charles E. Bonser, Augustus T. Dye, Robert Dorste, Daniel Boland, Thomas McCullough, G. W. Whitledge, Edward H. Matthew Jacob Groble, C. Kuch, J. Wilson Barber and George W. Pierce. Closed as Protection Rumors circulated Friday and which spread rapidly was the immediate cause of the closing of the bank. Conferences held during the night contemplated reopening the bank on Saturday, but the reports had gained such wide circulation that it was finally decided to close the bank rather than expose depositors to the risk of heavy run. Public Funds Protected The civil city of Anderson had $120,000 deposited at the Citizens Bank, in funds as follows: Municipal electric light plant, $70,000; Barrett law department $30,000; general fund, $20,000. City Controller Ira Davis, who is acting as mayor during the illness of Mayor J. H. Mellett, withheld issuance of city pay checks untill Monday to prevent further congestion at the Anderson Bank. The city is protected against loss by $536,000 personal bond against stockholders of the Citizens Bank. Madison county funds deposited at the Citizens Bank totaled $150,000, said Marcia H. Barton, county treasurer. County money is also protected by bond. J. Wesley Stewart, township trustee, said his office would be handicapped somewhat during the temporary closing of the bank, where he had between $8,000 and $9,000 on deposit. School teachers and bus drivers were paid yesterday by checks issued against township accounts in the Anderson Bank.

ALEXANDRIA ACTION

Notice Posted on One Bank-Other Meets All Demands. ALEXANDRIA, Ind., Oct. 31.-In the face of heavy withdrawals today the Alexandria Bank today posted notice of voluntary closure shortly before 3 p. m. State examiners will check the affairs and an announcement will be made when their work is finished. It was believed that depositors will be fully protected. Sam Phillips is president. The local situation is not critical and the Commercial Bank Trust Company, the other local bank, is meeting all of its requirements.

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Citizens Bank at Anderson Closes Its Doors On Saturday last, the Citizens bank of Anderson. Ind., closed its doors. The assets of the bank total about $4,000,000 A heavy run on the bank by depositors caused the closing of its doors The officials of the bank assure depositors that it will pay their claims in full

SUITS AND OVERCOATS REDUCED reduced to $19.50 25.00 reduced to 22.50 reduced 25.00 35.00 reduced 29.50 Cleaning. Relining and Alterations JUSTUS THE TAILOR Phone 619

Mr. and Mrs. J. M. Pogue returned to their home in this Saturday. after visiting their son. Barton Reese Pogue and family, at Upland.

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AGAINST BANKS

Property Owners Caught In Closings Find Other Ways To Pay Their Taxes.

FALSE RUMORS SPIKED

Deposits of County Funds Made According to Finance Board Award. report last night at the office of Marcia H. Barton, county showed that has been entered on the county tax books, while approximately $200,000 in banks outof the of Anderson is yet to side city entered on the records. Checks which failed to clear through the Citizens Bank of Anderand the Citson, Bank Trust Company izens those closed Elwod before week totaled about their doors the treasurer said. Persons were notified wrote who their the taxes until yestertime for paying day of the treasurer's office Doors been closed last which Monday were opened yesterthe three closed day on could taken up. Almost banks ninety percent the checks deemed Taxpayers pressed appreciation because were penalized for going delinquent after Monday.

Rumors Spiked False rumors concerning county statement issued Miss Barton last night. Deposits were made the Citizens Bank Anderson until and including Monday, October 26. On the ensuing four days all deposits tax monies made the Anderson Banking Company, and the close business on Friday, October each local bank had exactly the same amount of county money according awards County Board Finance. The treasurer said there $34,000 tax money ready to be deposited the Citizens Saturday morning. October 31, when the bank voluntarily suspended business and turned its affairs to the State Banking The only check written the on the CitiBank the week before closed was for Barton said.

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Anderson's Spirit Real It's an indomitable spirit that carries city through depressions and other unfortunate events to conditions better than those which previously prevailed. Anderson had boom. It was fine while lasted, but failed. But Anderson, unlike many cities in perof adversity, rose the occasion. Thanks to its citizens refused to quit the city emerged from the resulting condition build stronger than ever. That same courage quick action by persons who, fortunately, claim Anderson their home has reasserted itself the last two weeks. The closing of the Citizens Bank, voluntary bemisleading rumors, would have been calamity city where community spirit failed to exist The movement which was immediately begun organize new bank real demonstration of community Not only persons who were stockholders in the closed bank but scores others who never owned bank stock but who believed in Anderson responded. They have furnished the capital necessary for new bank to begin operations. Anderson has experienced its Community Chest its campaigns the to aid inemployed, has purchased Liberty Bonds liberally, quotas in Red Cross and knew campaigns to get together to replace bank which became the victim of conditions which prevail everywhere. much for the city's public The bank spirit. new organized on sound basis. will be opened than three weeks after the former bank suspended operations. There no in room Anderson for "knockers" after this demonstration splendid community spirit.