The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1921-04-14
Latest Information On Waterman
Bank Situation.

Il
| ton last Friday by a government
bank examiner, the other banks
known as the G. I'll. Waterman
chain. at Peck, Orofino, Kamiah
and Kooskia failed to open for
business on the following day.
Since then officials have been at
work to clear the situation up as
much as possible.
Last night an open meeting of
the depositors of the State Bank
of Kamiah was held at Kamiah
and in verbal statement to this
meeting Bank Commissioner j.
G. Fralick pointed out that the
failure Of this bank had been
brought about by excessive loans
to the Rawson- Works Lumber
Co. and subsidiary companies, and
that the affairs of the institution
were in such bad shape that it
could not be reopened under the
present management.
AS to the status of the other
closed banks, the Lewiston Tri-
bune of Tuesday gave the follow
ing information:
Peck, April Ill. G.. Fralick,
commissioner of the department
of commerce and industry, was
here today, looking over the af-.
fairs of the State Bank of Peck,
which was recently closed, being
controlled by the Waterman in
.terests and related to the First
National Bank of Charleston,
which closed Friday.
1t is understood that the al
fairs of the bank, as it is, are in
such shape that it will be not re-
opened, but meeting of the bus.
mess men of Peck was held today
and committee was appointed
with view to reorganization and
reestablishing the institution.
Reorganize at Kooskia.
Kooskia, April 11.--As the re-
suit of the meeting held Satur-
day night, attended by State
Bank. Commissioner j. G. Fralick,
a definite movement has beer
launched for the reorganization
of the State Bank of Kooskia,
which closed Friday as the result |
of the closing of the First Nation
al Bank of Charleston. The cap;-
tai will be $4,000 with surplus of
$4,000 and Cashier Quist stated
tonight that indications were
that the capital desired would be
oversubscribed. The community |
is giving loyal support to thet
movement.
Orofino Depositors Act.
Orofino, April 11-Between
40 and so depositors of the Fid-
city State Bank Of Orofino held
a public meeting this morning,
agreeing to cooperate in every
possible way with the bank Of
ficials if the institution is found
to be solvent and authorized /
resume business after +. v. Beck,
deputy bank examiner, completes
his audit now under way.
A committee composed of John
Oud, O. p. Holmbery, N. o. Hell
geston, j. w. Blake, j. w. Mich
aels, +. A. Hamilton and G. Dor.
othy was appointed to represent
and act for the depositors to takel
Immediate steps to organize d
new bank under different man
in event it is found nee
essary to close up the affairs Of
the Fidelity through a receiver
ship, the sense of the meeting be-
ing to avoid the time and expense
of liquidation as required by the
state banking law.
Encouraging at Charleston.
Charleston, April 11.-Chicf
Bank Examiner Gather arrived (
here today from San Francisco
and has been busily engaged all s
day. He has not made knownI
any of his views in regard to the
First National bank, recently | i
closed, but according to good in
formation the present outlook is S
very encouraging for an early re- /
opening of that institution. The
people Of the community are |
pack Of the managers of the First i
National bank and have absolute '
confidence in their ability and in b
egrity. @5T# a
The Prairie League base ball c
Meeting held at GranoevilIa last