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LAURENT IS NAMED AS RECEIVER FOR BANCOKENTUCKY Officials of Security Bank Report Large Deposits On Reopening tide of sentiment among inland LOUISVILLE, KY., Nov. 25 (P)waterways advocates against oppoAppointment of a receiver for Bansition of railroads to government cokentucky Company, holding coraid for waterway development was poration for the closed National seen today in the attitude of leadBank of Kentucky and other finaners of the Mississippi Valley Associal institutions, and reopening of ciation in convention here. the Security Bank at Louisville were The sentiment was defined by W developments in the Kentucky finR. Dawes, Chicago, president of the ancial situation yesterday. association, who said waterway adJ. S. Laurent, Louisville attorney, vocates could scarcely be counted was made receiver for Bancokenas allies of the railroads if the tucky after the bank directors and latter persisted in their attacks representatives of the Chemical Bank upon barge line development Imand Trust Company, New York, petus was given his statement by consented to the action, saying it Secretary of War Patrick J. Hurwas taken to conserve the comley who criticized the railroads last pany's assets. Laurent qualified unnight for opposing government subder $650,000 bond, with the Fidelsidies to waterways The secretary ity and Deposit Company of Marypointed out that the early developland as ment of railroads was helped treOfficials of the Security Bank re- mendously by land grants, subsiported large deposits during the dies and aid from federal soldiers first day of business after the re- and engineers. opening. The bank closed last Mon- Taking the same stand, Senator day after the Bank of Kentucky Smith W. Brookhart of Iowa, assuspended operations. aSturday it sailed the railroads for their "camwas taken over by a group of men paign of propaganda' against watassociated with the Chemical Bank erway development. The raising and Trust Co. of New York. of the railroad issue was unexReports Condition Sound pected in the convention in the light of a statement by former ConO. S. Denny, state banking comgressman Cleveland A. Newton, St. missioner, wired the United States Louis, general counsel for the assoDaily at Washington yesterday that ciation, previous to the convention Kentucky banking conditions were that hostilities between railroads and sound, and said the situation in river enthusiasts were dying away Louisville was greatly improved. "There is plenty of precedent for Closing the Bank of Fern Creek yesterday brought to seventeen the number of Kentucky banks that suspended operations since last Monday. One of these, the Security Bank, reopened. State banking officials yesterday began examination of the affairs of the Hopkins County Bank, which suspended Friday. It was said it would be several days before a statement of its ocndition could be available. Says At Hopkinsville officials of the First City Bank and Trust Company announced that stock of the institution owned by Nashville interests will be delivered to Hopkinsville investors so that complete control of the bank would rest with ("Bob" Davis) people living in the community which it serves.
