Salt Lake Telegram | 1930-10-23 | Page 15 | Largest Bank in North Portugal Goes Bankrupt

BANK IN NORTH P PORTUGAL GOES BANKRUPT Public Storms Doors Demands Met Up to 40 Per Cent LISBON Portugal Oct Oct 22 2 Dc Dc- lared by Censor ens r AP The AP-The The Banco do Minim MInho the largest financial l Institution in institution In- In Ip- Ip in In northern Portugal crashed toda today within a tow few hours hours' of opening after atter government ov nt appointment appoint ment of ot a 8 receivership i Tho The public stormed the doors askIng askIng ask- ask Ing ng for COl deposits del demands delands ands being met up to 40 per cent Soon afterward a 3 ministry of or finance decree was bulletined l stating that since the capital and reserves of oC th tile the e bank had jad b been en absorbed b by its losses the government to avoid worse had decided to take extraordinary measures measures meas mens' ures ln in the interest of at public credit These meas measures res were to declare worthless ISh shares ares in the bank the original capital of or which wa was wag contos or This recently had bad been i J reduced educed b by half halt however Deposits Deposits' totaled lad contos or Small investors and anel farmers of Minim province pro ate are o the hardest hit by failure of oC tho the tion lon Appointment of or a n. receiver recel announced an an- after closing hours yesterday yesterday yester ester esterday day day- dropped like a bomb into the business life of ot the community Nobody Nobody No No- bod body body- not even even directors of or the tha bank vere aware of oC the governments government's dramatic intervention in the affairs The bourse o opened Qu quietly eth and stocks stock of oC the Banco do o Minho inho were n not t quoted