Hide Article Text (OCR)
the doors of this institution for bus- : iness again In talking the matter j over with several of the leading business men there seems to bo a feeling Hint a movement should be started to , ask depositors to give their consent , to allow their accounts to He dormant for a year. If this consent can be se-j cured it would allow the bank to reorganize with new deposits, and at the same time permit the collection of the old notes and accounts, with ' the agreement that at the; end of the ( year, such funds collected he paid to , depositors on a percentage basis, with ! | the further understanding that at any time within the year, whenever a substantial percentage is collected that it would be paid out to the depositors prorated. It would seem to us that since the bank has a capital of $75,000, a surplus of $31,000 and a , depreciation reserve of $7,500, and the attitude of the public is that the run was from a panicky feeling rather than that the hank was insolvent that all the depositors would be glad to agree to such an arrangement.So far, this seems to be the best plan proposed, and altho getting the consent of the depositors would be a real job, it certainly seems to us that this would be the best method of restoring confidence in local business affairs.We have been told that the ‘State Banking department is interested only in the protecting of the depositors and that any request or consent coming from the depositors would go a long way toward making it possible
Newspaper Details
Pella Press
Pella, Iowa, US
Tue, Oct 20, 1931
Page 2
Full Page
Clipped by
Anonymous
USA 30 May 2025
Other Publications Near Pella, Iowa
Pella Chronicle
Pella Herald
Pella Weekly Herald
Pella Advertiser
Baptist Beacon
