The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1926-11-12
TWO BECKER
| COUNTY BANKS
ARE CLOSED
State Banks ut Galloway and
Detroit Lakes Fail TO Open
Their Doors Today

Detroit Lakes. Mimi, Nov. H.
tAP)-Two Becker county banks
with total deposits If 100000
were closed today by the state
banking department because OF
depleted reserves.
The institutions are the Security
State Bank Of Detroit Lakes. with
i deposits Of $7SO.OOO. and the Citi-
zens' State Bank IF Galloway, with
deposits of Sl50.0oO. The First
National bark here was closed
Monday.
h II. H. Erickson. president of the
Galloway bank. is also cashier Of
the Security bark
, Closing Of the Galloway bank
followed the shooting affray there
Tuesday in which Frank Murphy,
cashier. and w J. Ncrby. stock
holder. were found wounded in the
formers office. The cause of the
shooting and who is responsible for
it has not been determined.
Declines to Comment
County Attorney A. 0. Sletvold
declined to comment en- the devel-
6pments today before he had a
more intensive investigation Of the
closings and shootings.
Financial uneasiness started here
with the closing of the First Ma
tional bank with deposits of APP
prcximately 100000. A few
months before the Merchants Ma
tional bank with deposits Of $780,
600 closed it's doors.
Today the Security State bank
of this place failed to open its
doors. l.. J. Norby. president OF
the bank, is a brother Of w. j.
Ncrby, the man who is suffering
with wounds in hospital here.
Shortly after the Security State
bank closed today, word was re-
ceived here that the Citizens State
bank at Galloway had closed its
doors.
Whether the bank closings have
any connection with the unex.
planned shooting of the two Beck.
er county bankers is point which
has net been cleared.
Investigation Under Way
County Attorney Sletvold was
investigating the possibility o.
there being connection, but ht
declined to make any comment o.
the situation, other than he IVA:
Investigating"
Thursday night deputies from
the state bank examiners office
officials of the Security bank an,
the county attorney consulted will
officers of the Galloway bank.
It was decided to close the banl
today and place all assets in tn
hands of the state banking com
mission. Mr.. Sletvold announce
that there is no criminal actio
limited in the closing Of the bank.
Officials said the bank wa
closed to preserve what was lef
Of the assets to pay off depositor
safely after the state department
has had time to 20 over the book
and collect on outstanding paper
Of the bank.
Had the bank been permitted t
stay open in the face Of the ru
already begun, bank and county Of
fiCials assert the result might hav
been still more disastrous to dc
pcsitors.
Closing Of the Security bank,
is said has temporarily halte
plans for reorganization Of tn
First National. The remainn
bank in Detroit Lakes, the Detroi
State bank. was preparing thi
morning to face run, but none
is on hand, business men say,
mere than pay off all depositors.
County Attorney Sletvold sal
he would be unable to questio
Murphy and Norby about thei
wounds until after Saturday. Thl
: delay is occasioncd by the cond
tion Of the men.
Mr.. Norby is the more seriousl
wounded. and in the event h
should die, Mr.. Sletvold said,
special grand jury will be Gale
to investigate the shooting.