Show GREEN REEN RIVER BANK CLOSED liV BY STATE Bad Management and Misfortune Misfortune Misfortune tune Cause Action Acton on Part Par of I PANIC IS NOT A FACTOR Examiner Glazier in fri Charge of Emery County In Institution Institution In- In ion Tile The Green River state bank hank of or Green River Emery county nas been closed I b by 11 or order er of oC Charles secretary of state and State Bank Examiner C. C C A A. Glazier is now In charge The bank W was closed yesterday on telegraphic instructions from Salt Lake I Mr r Glazier being already on the tho ground Ho He wi will remain In chargo charge pending the appointment of a n receiver I if such uch action Is 18 found toun to be noces- noces acton Sn sar sary ry Secre Secretary tary Ti yesterday issued tho the following statement The failure allure Calure of the bank cannot be attributed to tho the present financial flurry furry but to tho tile general depression and loss of ot business as ns a result resul of or the breaking of the dam an and from Crom the inefficiency In Inefficiency In- In efficiency and carelessness of oC its former former for for- mer officials It I is the opinion of or tho the bank examiner and the secretary of or state that If IC proper prope and ant energetic measures had been taken to call cal In loans months ago ngo it would not ha been necessary for tho the bank to close its It doors The loans of oC tho the bank are In goo good condition anti and It owns desirable real estate and Improvements worth several thousands s of or dollars It I Is ts a believed that tho the depositors aill wI be bo paid in full Cul and nd In all al probability the tho bank will wi beable bo be able to resume business within thirty or sixty days das da's Tile The following Is s a n Statement of oC tho the condition of tho the bank at the close of or business December 14 1907 coso I I I Loans an and discounts Overdrafts Building account Furniture and fixtures ant Real Heal estate 8 Duo from rota banks and bankers G 29 Cash on hand Current Curren expenses I Total 03 03 Capital stock paid In 00 Undivided profits Duo to national banks to Individual deposits Demand certificates of ot de deposit deposit do- do posit i h 18 Time Tim certificates e tf ftc o of L deposit J lt Tot V 73 auk I I I Kwa A n I 1 I 4 if i n T ta tOl toeK or of rt and i the tho rl following I of officers of- of rIcer Frank I Cook of Green River Ulver E. E C C. Million Minion or ol South Mc Mc- I. I T. T vice pj ami di dl- dl rector II It M M. Eldrod Eldred of ot Green Grcen River c cashier and director George E. E E Thur- Thur man mati of or Green River Ulver cre director tor and E. E 13 Day lay of or Aln Ainsworth worth Neb director About a month ago sigo a n new board of or I UfO directors was elected with wih J J. J M. M 11 French of ot Green Oreon Or n River RI er n aa as president arid and ard D. D D. D Potter cashier The lank bank commenced business under tho the most promising circumstances cir cir- cir cir- it having been ascertained that soil and climatic conditions In Inand Inand Inand and around Green River were particularly particularly well wel adapted to fruit raising Ir 11 Ir- Ir townsite and land companies were wore organized for Cor a year and a n half hair tho the town had a n wonderful growth Many costly and substantial improvements improve costy menta ments were made and a In largo hargo o acreage aKo of fruit trees was planted A new dam damand and canals were wore constructed to supply a additional water and the tho future of or the tho town and the bank was most moat I ing a g. g S Deposit Taken Out Last spring the new dam was taken out b by a freshet as was n also so the tho ho ol old dam constructed years ago aso by the tho first settlers leaving the town and V surrounding surrounding sur sur- setlers rounding country countr without Irrl Irrigating aUng water As U a n result resul mn many people who have ha moved in from Colorado and other other oth oth- er places discouraged and and left leC taking with wih them their deposits and ant to a certain extent crippling the bank When r State Bank Dank Examiner Glazier visited the tue bank to Lo make mako his annual examination some two or three tree months It ugo O. O said Secretary e ho found It in anything but a satisfactory condition con con- caused from loss of business and diton extreme carelessness and Inability of oC tho the officers direct directly in charge charse and from the further fact that some of the tho officers o of the tile bank ha had secured ox ex excessive loans loana from the tho Ul bank for Cor their own use when tho tito bank hank was WS not In a a position to make loans Those These conditions were Immediately reported to mo ma I b by the bank examiner and anil after conferences held by the board of directors with tho bank examiner and myself also wih a number of or the leadIng leadIng leading lead- lead a Ing citizens antI and property properly owners of ant tho the town it was decided to place the tho bank in charge of or a new board of directors director anti and officers It I was thought at t that time tUe that this action would restore confidence and bo the moans means of or tho the bank bant Increasing ing its business an and improving Its Is condition con con- Inc financially During that period diton and up until present time timo the bank banle examiner has mae made repeated trips to Green and nd rendered tho tile officials o of the tho bank over every assistance possible But Dut tho thu constant withdrawal of deposits and the tho inability to call cl In loans or to s secure cure money moner to meet de demands tie tie- oJ mands ma made o upon n I it wa was compelled to close the tho batik bank anti and r l place it I in charge of r tho th sYI bank examiner I |