| OCR Text |
Show But on every hand, country banks were being forced to collapse when depositors--feeling insecure about depression conditions, started drawing their money from the banks. And because country bank investments were not immediately convertible on demand, the rush on a bank's cash on hand-and in reserve, rapidly depleted available money. The frantic efforts of a bank's officers were useless for most of the country banks were forced to close their doors. The Mt, Pleasant Commercial and Savings Bank, and the other local North Sanpete Bank both collapsed. The larger city banks remained solvent in most cases and were fortunate, for those in rural areas really suffered. When 3ill and Pearl were married in 1924, John K offered them a trip to St. Louis, or bank stock for a wedding present. They chose the bank stock, feeling that it could only increase in value. After the closing of the bank, when assessments were levied against all stock, Bill was unable to pay his assessment so John K had to pay that along with his own. And fortunately, the sale of some rams brought in enough cash to enable him to pay both of their assessments. A purebred sheepman was faced with multiple problems in a depressed market for his high overhead expenses continued to mount, regardless of his lowered income level. It required unlimited courage, and the cutting of all unnecessary expense (to the very penny) in hopes that by so doing he would remain in business. 210 |
