Show I I I BANK AT AILEY i I I i fAilS TO OPEN I Tho The little city of Bailey Idaho Is thoroughly thorough aroused over tim the sudden collapse of or tho the Idaho State bank of or Tho The bank closed Its Ha doors Wednesday and is now in the hands of State Dank Bank Examiner G W Cruse Cruso of Boise Doise The Tho affairs of or f the hank bank are arc in ill n a tl condition and it will wiil probably bo 16 a n long time lime before they the thearo are aro straightened out Practically all of o the collateral held beld by b the bank banI as ns security for loans Is said ald to h b worthless so that the tho assets of the bank amount to little or 01 nothing The Tile total liabilities consist consisting consisting ing largely of money mono owing to depos pos I Illora amount to almost From present pre ent Indications the tho loss 1056 to tho the depositors will he practically total The failure of or the bank will vili undoubtedly undoubted I cause a n depression inthe In ln tho the prosperous community from which It Il will take Gome nomo tIme to re recover recover recover cover The effects of the tho ho failure however will 1 not be as os there are arc no other othor banks or business dR houses housed Involved The Thc Camas Canas Prairie bank bonk of Soldier was owned by b tho the Idaho State bank but bul just before tho the failure It was taken over by hy the thc Halley National bank and is in good condition Loans Lo nG Responsible Tho The failure of o the be bank Is said Hald to have hoye been largely largel duo to loans and investments Practically all of tho the securities were vere hypothecated ed Cd and Its ILs collateral Is said Bald to be I Leo Cramer vice Ica president dent and general manager of the bank was the tho principal stockholder The Tho Investments of the bank con consisted consIsted largely of oC loans to Mr Cramer I and antI his hh brother who Invested tho the money In projects that at best beat gave slow returns Though the bank banle has hils been shaky for some time its condition was not generally known knon Word Vord reached Salt Lako on Sunday Sunda night that the tho bank was in perilous condition and J B vice vico president of lie tho Con Continental mental National bank hank of Salt Lake Lako I and a stockholder in the Halley Halle Na National I loft lel Salt Lako Lake for Halloy Tho The Halley National bank went to the as assistance of or the tho distressed bank banle and helped It Il to keep open on Monday Monda Advantage was taken of o the fact that Tuesday was primary election slay day In Idaho and the banks wore were closed closel on that day ulay After tho the exact condi condition Lion tion of tho the bank was learned on Tues Tuesday Tuesday day do the state sLAte bank hank examiner was sas wa sent for The rhe bank was opened on Wednesday and anti business carried on onas onas onas as usual The depositors were kept in tim the dark dane as to the banks bank condi contil condition lIon tion and there was no run upon upon It H itS Ito S o Camas Camus Prairie Bank Saved The result of the Investigation however showed that thero was no possible way wa to save the tho bank and Its affairs were turned over oer to tho the Mate bank examiner The bank banle was not reopened l on Thursday In the meantime the tho state bank examiner planned to savo save tho the Camas Prairie bank at Soldier At the request ot or ortho tho the state bank banle examiner J T B Cos COd Cosgriff griff purchased tho the stock of that bank hank tho the control of or which had boon been hold by tho the Idaho State Stale bank and the reserve of or was Wins trans transferred from the Idaho State to the Halley National At the tho time the state bank exam examiner am iner bier took look charge chargo of or the Idaho Slate bank the tho deposits were in open accounts in savings accounts ac aCt accounts counts and in Sn time accounts An additional liability of or about wad was occasioned by hr tho the hypothecation ton tion of the securities The total assets as sets Bets consisted of 76 in tho tim vaults and a largo large amount of or collateral the tho I value of oC which Is problematical but hut i believed to be very verr slight alight ht The 0 last hUlt annual statement of the bank gives Its capital stock as 75 surplus deposits and loans leans Since that state slate statement mont ment the deposits have shrunk ap apt approximately approximately proximately J J Plummer was vas the tho president of the tho bank Leo reo Cramer vice president and manager malla rj F JM l Coleman ca hl r and W D Cutts assistant cashier |