Salt Lake Telegram | 1931-04-22 | Page 9 | Bank of Moroni Locks Doors due to Frozen Assets

BANK OF MORONI LOCKS DOORS DUE DUEl TO FROZEN ASSETS The State bank of Moroni organIzed organized organized organ organ- October 28 1905 fall failed d to open its doors Wednesday day morning Walter H. H Hadlock state bank commissioner announced The banks bank's capital is surplus sur sur- plus time Ume deposits demand deposits bills payable payable pay pay- able Loans and discounts amount to Andrew Anderson of Moroni is of the bank Orlando Bradley Brad Brad- Icy ley is vice president and E. E D. D Anderson Ander Ander- son is cashier Mr Hadlock sent two examiners to Moroni to check over over- the accounts The bank bank- was closed by order of oC the board of directors when it be became became became be- be came apparent that not sufficient liquidation could be obtained to meet the continued shrinkage of deposits due to slow and frozen condition of ot the loans Mr Hadlock said The bank had no secondary re re- re serve It is apparent that all banks should invest a reasonable portion of their deposits in a safe secondary ac account account account ac- ac count in order to meet such de depressed depressed depressed de- de pressed conditions through which we weare weare weare are now nassing In hard times it is the secondary reserve which very often spells the tue difference between a successful bank bank- and a bank failure