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ANAHEIM BANK MAY REOPEN IN NEXT FEW DAYS Approximately 1200 depositors of the Southern Counties bank med the Odd Fellows hall in last night at called meethelm the to obtain the consent of deposopening the bank and its branches William Schumacher, director of the bank. presided at the session and explained the plan to the huge crowd present. In line with previous announcements of tentative plans, Director Schumacher last night made It clear to the depositors that the bank would re-open its doors probably late this week If the depositors agreed to the plan submitted to them. There is little chance of the bank examiners refusing to sanction the re-opening of the bank If all the depositors agree to the plan, Schumacher said. The plan. as explained last of the Anaheim depositors and those in Buena Park Saturday night, is to have the depositors leave 45 percent of the agree to commercial deposits in the savings account for the next 8 months: take of the amount out in per cent bank certificates for a similar perwhich would pay percent interest: and agree to cooperate with bank officials in preventing any danger of run on the bank, which, would be Impossible under present plans. have already agreed to purchase 25 percent more stock, which would give the bank around $45,000 in money The bank around in new have money when It re-opens and will be of the small deto pay any positors who need their money immediately officials said today that Bank practically all of the the meeting last night present at an agreement to cooperate in the The few depositors that were not present last night will be contacted within the next few J. W. Phelps, president of the bank, was also present at the meet. ing last night. It was said that the securities of the bank were in cellent shape and that It was not necessary for the bank were in cellent shape and that It was not necessary for the bank to close Its doors when but that a run on the bank started on January 15 and which lasted for 18 days made It Imperative that the bank officials protect the banks and depositors interest by closing could re-open with the restored confidence of the people.
