Show BANK OF DUCHESNE CLOS CLOSES S SHeavy SHeavy Heavy withdrawals coming at the same time forces suspending of of op op- op- op After a long period of continued falling off of deposits the Bank o of Duchesne was closed by order of the state banking department when the required reserve was not pot sufficient to pay the unusually large cash let let- Three weeks ago in order order to prevent nt the closing of the bank the devoted all their and time in raising the necessary money to keep the bank open They were successful and conditions looked beter beter beter bet- bet er than they had for sometime However However However How How- ever since that time there has been beena a steady decrease in deposits and then several of the larger depositors decided that they wanted their moncy money end ind nd drawing at the same ame time made de dehe the he hep p paying ying of their checks impossible The bank was closed last Friday afternoon afternoon afternoon af af- af- af much to the surprise and consternation of f the county The state banking d department did not send anyone to look into conditions conditions condi condi- but appointed E E. E C. C Robbins as receiver with instructions to work workout workout workout out the situation as best he could could Itis It Itis Itis is not considered likely that the depositors de dg will suffer the loss of any of their thear money but the appointing o of a I I receiver has disappointed many as they had hoped that an an effort would be made to have the bank reorganized ed and reopened within a short time Directors and stockholders of the bank expect that they will have tofake to take fake a heavy loss but they are confident confident confident dent that depositors will be paid in full Hones Hones are maintained maintained that parties arties with wilh sufficient capital can be interested in the taking over of the bank so that the long tong and hard process associated with a receivership receivership receiver receiver- ship can be avoided A As the clo closing ing of the institution came so suddenly the directors were unprepared for forthe forthe forthe the blow and are left somewhat in 1 I the air so th that t up to o this time no particular effort has been made or concerted action taken toward getting getting getting get get- ting a new organization to take control con con- con con- Depositors in gener general l are inclined nc ned to view the situation philosophically philosophical philosophical- ly and are anxious to help all they can On the other hand alth although ugh the deposits were very very low they represented represent d about bout all the ready cash of this thin section of the county and in inmany inmany inmany many cas cases s living expenses until the harvesting of crops in the fall It Itis Itis Itis is not expected that borrowers will willbe willbe willbe be unduly forced as pr pressure under the present condition would force a great many into bankruptcy Fe Federal Federal Fed Fed- eral Reserve Bank officials expressed express express- ed a desire desir to to tobe be as lenient as is in should the collection collection collection any way possible tion of notes that they hey now hold as rediscounts and security be left to them then for for collection A gloo gloom has spread about the locality but there is hoped that sat satisfactory tory arrangements arrangements arrange arrange- ments will yet b be made and the bank reopened |