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An exchange contains the two following items: "The Lawrence County Bank at Peirce City closed its doors this morning and was placed in the hands of the state finance department by the directors. The closing followed several weeks of abnormal withdrawals of funds, which ended in a heavy run on the bank yesterday, it was stated by officials today. M. R. Gibson, cashier of the bank, in a telephone conversation with the Press today, said that he did not know just what the withdrawals totaled, explaining that he had been ill and away from the bank several days. Mr. Gibson expressed the belief that the bank would be reorganized and reopened without loss to depositors. Deposits at the present time total between $140,000 and $150,000 it was stated. The bank is capitalized at $50,000. It had no deposits in the Holland bank at Springfield, whose failure recently embarrassed many smaller banks." "The Mt. Vernon Bank, which had a total of $190,000 on deposit in the defunct Holland bank at Springfield when that institution closed its doors has been reorganized by a resale of all of the stock of the bank at double its par value and increasing the capital $10,000. The holders of the old stock surrendered it to a committee who had charge of the resale. The sum of $70,000 was raised by the sale of the stock and J. B. Ruckt, county collector, donated another $10,000 as additional reserve. The bank has received $76,221.98 from its Springfield account, on the basis of 40 per cent payment arranged through the McDaniel bank. Of the total of $190,000 deposited in the Springfield bank by the Mt. Vernon institution, $105,000 was December county tax collections. The avoiding of an actual bank failure at Mt. Vernon was due to confidence and co-operation of its citizens in protecting the institution there. The bank has 57 stockholders under the reorganization."
