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Stockmens National Ceases Operations
Columbus and vicinity got struck a body blow that took their financial breath away for a moment Tuesday morning when patrons of the postoffice read a sign on the door of the Stockmens National Bank to the of fect that the institution had closed its doors. The news came out of a clear sky and dazed the directors and stock owners of the bank even more than it did the depositors. During the mad flurry of two years ago the news of a Columbus bank suspension would not have been SO surprising, but in view of the fact that the local banks liquidated much of their pressing paper this fall, to such an extent that former examiners had passed them as favorably OK, the act of the examiner was full of mystery if not wholly unfair and unreasonable. That the move was apparently an ticipated and planned was further indicated in the fact that in less than 36 hours after the announcement had been made public, George W. Swords of Billings, receiver of many defunct banks, had the Stockmens to add to his list as receiver. Given from three o'clock in the morning until nine the same morning to replace certain unfavorable paper with cash or equally good security the directors had but one choice-close the bank or be criminally liable. if they opened their doors after being declared insolvent.
People in town took the news calmly, and no demonstration or "run" on the other institutions was started. although a few calamity howlers did some agitation along those lines. The undertone of the business men, the depositors and the people in general was that the directors had not been given a chance to save the in stitution
Rumor says lots of things As yet no formal statement has come from either the stockholders or examiners. It is generally thought, however, that if the institution is given a business administration in its receivership, it will fully pay the depositors. The Stockmens was organized in 1918 Conditions at that time pointed to a profit for a third bank in town. Depressed business, deflated values, and general hard times, however, demonstrated that a third bank was one, if not two, too many The directors have worked hard to maintain it, and have played the game honestly and squarely. There is not a man on the list of stockholders but that wants to see the depositors paid out dollar for dollar, and inasmuch as the directorate, the capital stock and the deposits are all a part of Columbus and Stillwater County, there is every reason to believe that their desires will be fulfilled.
