Peoples Bank (Stephens, AR)

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Stephens Bank Is Suspended For Five Days, Announced

Closed for Reorganization Or Possible Consolidation With Other Bank

Stephens, Ark. Dec. Peoples Bank suspended five days today with the announcement that closing for re-organization or possible consolidation with the Bank of Stephens. able to take care of themselves. An economic survey for program of industrial mobilization to be ready any emergency is being prosecuted. plan for industrial mobiproper lization constantly adjust itself to meet the varying industrial conditions of the country and the everchanging demands of possible milltary operations, Hurley continued. "This applies equally to proposals for selective service law for the mobilization of man power in an emergen-

"The policy of the Department revise all drafts of bills deemed necessary in an emerand to submit them Congency gressional Committees for informal discussion, review and approval whenever The expects to lay its Department plans before the congressional commission studying methods for mizing the profits of war and for distributing economic burdens equitably

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BANK SUSPENDED

STEPHENS, Ark., Dec. Peoples Bank here today for period. Officials said the closing was for reorganization or possible consolidation with the Bank of Stephens.

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Bulletins men with cash Mon escaped In holdup three day, Cincinnati Street ployees Railway money truck. Police were first that American Railway Express truck robbed. hundred calling persons, hundred persons, some calling' staged parade on the down town streets here Monday, ending in front the White House. Police interfered when placards were displayed by the parade members and the ards

STEPHENS, Peoples Bank Monday for five day period. Officials said the closing for consolldation with the Bank of Stephens. is said that negotiations for the Monday by the officers of the two banks.

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BANK CLOSES 5 DAYS

STEPHENS, Ark., Dec. Peoples Bank here suspended today for a five day period. Officials said the closing was for re-organization or possible consolidation with the Bank of Stephens. Negotiations for the proposed merger in progress, it was announced.

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8 BANKS CLOSE GRAIN MEN FIGHT AND ONE OPENS Merger Negotiations Have Part in

Two Suspensions.

(By The Associated Press.) Eight banks in the United States closed their doors Monday, merger negotiations given as the cause in two instances. One bank reopened after a period of susThe First National bank of Blytheville, Ark., did not open. An announcement said it had closed "pending a merger with the Farmers Bank and Trust company At Stephens, Ark., the Peoples bank suspended for five day period. Officials said the closing was for reorganization or possible consolidation with the Bank of Stephens

Three State Banks Close.

Closing of three state banks in Illinois was reported to State Auditor Oscar Nelson at Springfield The banks were the Johnson City State bank, the Rock Grove State bank and the Marine Trust Bank of Carthage A Marion III., dispatch said the Marion First National bank had closed. The action was taken it was reported to protect depositors against heavy withdrawals At Chatham Va., the Chatham Savings bank. one of the oldest financial institutions in Pittsylvania county failed to open for business The bank. capitalized at $100,000 was closed by order of the state banking department.

One Connecticut Closing. Distribution of Christmas club checks totaling $30,000 was halted when the Central Fairfield Trust company of Norwalk, Conn., was suspended by means of restraining order issued by state bank commissioner The bank's difficulties, the commissioner indicated. were largely the result of heavy shrinkage in commercial deposits which forced liquidation of quick The New Albany American Bank and Trust company at New Albany Ind. reopened after having been closed since Nov. 20.

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PEOPLES BANK SUSPENDS

Stephens, Ark., Dec. 1.-(AP)The Peoples Bank here suspended today for a five-day period. Officials said the closing was for reorganization or possible consolidation with the Bank of Stephens.

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FORMER OFFICIALS STANDING TRIAL ON ARKANSAS CHARGES Embezzlement Count Against One-Time Lieutenant Governor Comes to Naught. BY THOMAS J. BRANSFORD. Special Dispatch to The Star. LITTLE ROCK, Ark., November 4.Former State and county officials were in the limelight in circuit courts this week. Former Lieut. Gov. Lawrence E. Wilson was acquitted in Ouachita Circuit Court of a charge of embezzling $500 from the People's Bank of Stephens while liquidator from March 21, 1931, to November 20, 1932. This was the first of seven indictments against the former official, who was defeated for a second term. In Washington County former County Judge J. Lona Slaughter and former Circuit Clerk Pat Johnson were among nine men against whom 56 indictments were returned by the grand jury Monday. Slaughter was named in 27 of the indictments. He is charged with subornation of perjury, as was Johnson. Prosecuting Attorney J. W. Trimble said that general charges against the defendants are conspiracy to defraud and making false affidavits. $30,000 Overcharge. An audit by State Controller Griffin Smith shows that the county had been overcharged about $30,000 for bridges built during part of 1930. all of 1931 and part of 1932. Controller Smith said in his report of the audit that overcharges for work done ran from 100 to 700 per cent. Although no action ordinarily is taken under decisions of the Arkansas Supreme Court until time allowed by law for filing motions for rehearing has expired, officers of the Democratic State Central Committee certified the name of David D. Terry to the secretary of State as the party nominee for Representative from the fifth district soon after the Supreme Court handed down an opinion that a circuit judge has no authority to restrain party officials from certifying candidates on the basis of official returns from primary elections. 3,000 Votes Challenged. Action of the Supreme Court will not affect the suit filed by Brooks Hays contesting the returns from all counties in his district. Mr. Hays challenged the votes of approximately 3,000 persons in the district. most of them for the non-payment of the poll tax. According to the official returns from the run-off primary, Mr. Terry had a lead of 625 votes over Mr. Hays. Arkansas farmers will receive a much greater return for their products in 1933 than they did in 1932, according to figures compiled by T. Roy Reid. assistant director in charge of the State agricultural extension service. Cash returns for lint cotton sold this year will be approximately double those of 1932. The price of rice and other crops has been raised materially through the efforts of the Agricultural Adjustment Administration. Recovery Plans Aired. A plan for the reduction of the cotton acreage next year to about 60 per cent of the five-year average acreage has been announced, calling for rental benefits to farmers ranging from $3 to $11. The long-time corn and hog control plan will soon be started and calls for participating farmers to reduce corn acreage 20 per cent and litters of pigs to be farrowed 25 per cent. Along with efforts to aid farmers. railroads in the State were given a chance to regain a part of their business lost to truck lines when the Arkansas Corporation Commission issued an order reducing intrastate less-thancarload rail rates 30 per cent up to 150 miles and making motor truck rates and rail rates the same on a mileage basis. The new rates became effective November 1. On the same date new rates on interstate rail shipments between points in Arkansas, Memphis and Southeast Missouri became effective.