The Chariton Leader, Chariton, Iowa Thursday, November 7, 1907 A meeting of the business men and citizens of Chariton and surrounding country was held in the court room in Chariton, at 8 o'clock, on Monday morning, to devise some plan to ease up the local money stringency. Mayor Connell called the meeting to order and Hon. J.A. Penick was called to the chair, S.M. Greene acting as secretary. Mr. Penick reviewed the financial condition of the country and said that Lucas County was struggling under a double burden, owing to the failure of the First Naitonal Bank, but that the Chariton National Bank, the Bank at Derby, the Chariton Savings Bank and the Farmers and Miners Bank at Lucas were perfectly sound and solvent, but of course no bank could withstand a run in case confidence was shaken. As an emergency he advocated the plan as followed by banks in other localities, set out in the circular below. Agreements accepting the plan was passed through the audience of several hundred men and women and generally signed. Mr. Hopkins, a bank! er of Lamoni, Iowa, was present and talked of the situation, saying that Decatur and Ringgold Counties had adopted this plan early last week and were doing business with scarcely any demands on the banks for currency. Of course where absolute necessity calls for it, money would be paid out, but otherwise not. NOTICE TO THE PUBLIC November 4, 1907 Resolved: By the several Banks who have subscribed hereto that in view of the present financial situation, and acting in accordance with the Banks of New York, Chicago, Kansas City, St. Joseph, Omaha, Des Moines, Council Bluffs, and other Banks throughout the State of Iowa and the country, we do hereby, in order to protect our depositors, and to conserve the cash reserve of our Banks, and to care for the legitimate business affairs of our section of the country, adopt the following course, viz: That we will make no payment of cash on checks, cashier checks or drafts, except in a case of actual necessity, in which case we will not pay to exceed $5.00 in any one day and not to exceed $15.00 in any one week, on any one account. We will, however, lend every assistance to the public that is consistent with safe banking. Time certificates will not be paid in any form before maturity, and matured time certificates will be paid, only under the same rule as above provided for other checks and drafts. We regret this action, but it has been forced upon us, by reason of the course of the city banks, in refusing to ship currency to country banks, and by paying all demands upon them by checks, drafts and certificates, which means that the whole country is placed upon a checking basis. We trust this situation will end at an early date, and that our customers will cooperate with us and do all in their power to assist us in the measures we have taken, which we believe to be for their protection, and for the best interests of all concerned. Chariton National Bank, Chariton, by J.C. Copeland, Cashier. State Savings Bank, Chariton, by John Culbertson, Cashier. Derby State Bank, Derby, by Grant Penick, Cashier. Farmers & Miners Bank, Lucas, by Norm Baker, Cashier. Farmers & Traders State Bank, Leon, Iowa, by Fred Teale, Cashier. Exchange National Bank, Leon, Iowa, by E.D. Dorn, Cashier. Farmers State Bank of Lamoni, by Orra Teale, Cashier. State Savings Bank of Lamoni, by W.A. Hopkins, Cashier. Citizens State Savings Bank of Decatur, by E.W. Townsend, Cashier. The Farmers Bank, Davis City, Iowa, by O.L. Frazier, Cashier. Valley Bank, Davis City, by J.N. Gates, Cashier. Farmers Bank, Grand River, Ia., by A.R. Switzer, Cashier. State Savings Bank, Grand River, by A.L. Ackerley, President. Exchange Bank, LeRoy, Ia., by B.D. Barger, Cashier. First National Bank, Garden Grove, by C.S. Stearns, Cashier. Weldon Savings Bank, Weldon, by Geo. N. Ayers, Cashier. Bank of Van Wert, Van Wert, by E.O. Stearns, Cashier. Farmers Bank of Pleasanton, Iowa, by J. Wesley Chew, Cashier. Iowa State Bank, Mt. Ayr, Iowa, by Bert Teale, Cashier. Mt. Ayr Bank, Mt. Ayr, Iowa, by Geo. S. Allyn, Cashier. Ringgold County Savings Bank, Kellerton, by G.W. Blair, Cashier. Kellerton State Bank, Kellerton, by W.G. McCleary, Cashier. -------------------------------------------------------------------------------- Copied by Nancee(McMurtrey)Seifert October 18, 2004 [email protected]