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Cherry County Bank Is Closed By State Board Persistent Run of Depositors Causes Directors to Ask State to Take Entire Charge. Lincoln, Neb., Jan. 12:-(Special.) -A run on the American State bank of Merriman, Neb., Cherry county, covering the last 12 months, has resulted in a request by the directors that the state banking department take it over. Examiner Eastman closed the bank Tuesday, according to J. E. Hart. secretary of the state department of trade and commerce. Depletion of its cash reserve, caused by persistent withdrawals, grew out of "some unfortunate trouble with its former cashier, who disappeared and remained in hiding for some time, but later returned and made good his shortage," Mr. Hart says. The stockholders had previously made good the shortage. A recent statement shows total resources of the bank, $99,074; capital and surplus, $17,500; deposits, $78,143, and cash and due from banks, $6,156. The examiner's report, according to Mr. Hart, shows bad and doubtful paper of $8,045 and slow and unliquid paper of $11,000. Mr. Hart says no fraud is involved and that no loss will be suffered from the guaranty fund, according to the apparent outlook. The president of the bank is Arthur Bowring, prominent ranchman and member of the Cherry county commissioners. G. C. Fairhead is vice president and R. C. Bartels present cashier.
