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PEOPLES BANK OF AUXVASSE CLOSED BUSINESS OF NORTH CALLAWAY INSTITUTION IS SUSPENDED TUESDAY MORNING RESULT OF "FROZEN LOANS" Affairs Placed in Hands of Finance Commissioner-No Excitement Over Closing. The Peoples Bank of Auxvasse did not open for business Tuesday morning, November 27th. A notice was placed on the closed door stating that the bank had suspended business at the direction of the Board of Directors and that the affairs of the bank were in the hands of the State Finance Commissioner. An inspector from the Commissioner's office was in Auxvasse Monday, going over the accounts of the bank, and that evening met with the Directors. It was decided at the meeting to suspend business. No "run" had been made on the bank and the closing is the result of "frozen" assets, according to a statement made by J. A. Harrison, cashier of the bank. over the telephone to a reporter Tuesday morning. What future the bank had, if any, he said he could not say at that time. There was no excitement in Auxvasse Tuesday morning over the fact that their only banking institution had not opened for business. The effect was more in the nature of depression than excitement. The people of that town remembered the closing of the Auxvasse Bank six years ago and the effect it had on business conditions. There seemed to be no ill feeeling towards the officers of the bank. The Peoples Bank of Auxvasse was organized and took over the business of the Old Farmers and Traders Bank of Auxvasse in May, 1926. The new bank was organized with a capital stock of $25,000.00 and It was believed that it would prove a strong financial institution. R. R. Buckner of Mexico is president of the bank and John Abner Harrison is cashier and actively in charge of the affairs of the bank. Mrs. Everett Woodson and Harold Curry have been accountants. No report of the condition of the bank has been published since August 16, 1928. The official call was made by the Finance Commissioner to be published at this time as at the close of business on November 15th but the Peoples Bank did not make the publication, the newspaper of that town having gone to press Wednesday before the statement was prepared and will not have press day until Wednesday of this week. In August, this year, the Peoples Bank had demand deposits of $74,134.66; State, County and Municipal deposits $57,084.22; other demand obligations $1,927.72, total $133,146.60. The Peoples Bank has been the depository for half of the county funds and on the 13th of November the statement showed that it had on hands $41,968.07 of such funds, including interest on daily deposits. The various funds in which this amount is credited follow: Auxvasse Special Road District 61.00 District 910.00 Capital school fund 2,540.00 McCredie-Stephens district 2,186.00 Millersburg district 47.00 New Bloomfield Road District 960.00 Callaway Hospital 1,921.00 General 22,860.00 Wainwright road dist. 10,297.00 One-half of the county money is deposited in the two banks in Fulton, the Callaway and the Home Savings Bank handling equal portions. The bond given by the Peoples Bank to secure the county funds is signed by the directors and many of the business and stock men of that community. Special Deputy Commissioner A. W. Shaw is in charge of the bank. CALLAWAY HOSPITAL NEWS Hays M. Brooks, of near Fulton, was admitted to the hospital Monday afternoon with a broken leg suffered when he fell from a roof which he was shingling. The left leg was broken between the ankle and knee. Robert Garrett, of St. Louis, who was injured on Highway No. 40 Thursday of last week when his car went into a ditch, was reported somewhat improved Tuesday. He still remains in a semi-conscious condition, however.
