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BELLMORE BANK DEPOSITORS MEET Are Informed Institution Cannot Reopen Until All Shortage Is Met. Bellmore, May 12.—The situation resulting from the closing of the First National Bank here was discussed at a meeting of depositors whose funds are tied up in the institution. One of the things pointed out was that the Government would not permit the bank to reopen for business until its obligations have been met. Many of the sixty-two stores and other business establishments have been compelled to open new accounts in banks in neighboring villages, so as not to impair their credit or curtail service necessary for the public's convenience and safety. It is estimated that the local storekeepers alone have checked out at least $100,000 weekly, and the sudden closing of the First National Bank by the orders of the Federal Bank Examiner has created considerable confusion. Two attorneys, one an expert on State and National Banking laws, were at the depositors' meeting. A reorganization of the bank with a new Board of Directors was suggested among other things. "The fallacy of a community being at the mercy of one bank is much in evidence in Bellmore at the present time and the end is not yet," said one attorney. "The pulse of the business resources of your town is the bank. When the bank ceases to function temporarily or permanently a stringency in the local money market follows. You must be prepared to meet this condition in order to preserve your credit, stabilize and stimulate commercial activities." "The Federal banking authorities will not permit the reopening of the bank, until the exact shortage is computed and paid in full. Then a complete new set of books must be opened." "I am informed that the former cashier, now under arrest, is bonded for the sum of $20,000. This must be collected and in the hands of the Federal Bank Examiner in charge together with the other shortage if any exists, before the bank can open its doors for the transaction of business." On Saturday afternoon many of the Polish truck farmers and Italian laborers discovered for the first time that the bank had suspended, and the situation looked threatening for a time. However, trouble was averted. On Friday the Surrogate signed the final order for the distribution of a large estate and it was discovered that the resources totaling $37,000 were on deposit in the suspended bank.
