Comes the Depression...
Posted By: David W Sinclair (email)
Date: 3/2/2008 at 18:38:11
First National Closes Door
Following a slow run extending over several weeks and taking over $125,000.00 out, the First National Bank of this city, closed its doors last Thursday. For the time at least this leaves Lineville without a banking house. The First National has always ranked with the strongest little bank in the country, but a run if carried far enough, will break any bank, however strong it may be. Conditions in general and the failure of other banks contributed to the run that closed this bank. We are reliably informed that the condition of the bank in general did not merit this run and it is believed that ways and means will be brought about to reorganize and reopen the bank. In no way or is any one blaming officials of the bank, but rather are the public and those most interested ready and willing to assist in reorganization that we may not be without a banking house. Lineville and vicinity is made up of typical Americans who in past emergencies such as disastrous fires, failures, etc. have never been found wanting but stick out their jaw and fight for the general good of the community. For the time being at least, local business houses have placed their business on practically a cash basis and ask their patrons to pay cash on account or for goods wherever possible. The buying public are responding in a manner that is most encouraging. H. A. Laird, National Bank examiner will be in charge til further arrangements are made and at this time no definite statement can be given outLineville Tribune
Lineville, Wayne Co., Iowa
March 31, 1927
E. C. Varney, Pub
Wayne Documents maintained by Ann Selvig.
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