Chicago, Oct. 6.
Gen. Charles G. Dawes, financier jand former Vice-President of the [United State, to-day closed the Central Republic Bank & Trust company Jatter paying all depositors in full land opened'a new bank known as the City Nation! Bank & Trust Company. Gen. Dawes was chair-Iman of the board of the closed bank land will have the same position in {the new institution.
The unusual procedure of closing bank that was entirely solvent considered by bankers generally as fan excellent business move) in. the interest of efficiency. The old bank merely became unwieldly because of its size, It found its rent bill too thigh in proportion to its business, decided to go out of business, After the Central Repultic Bank! and Trust Ca. merged with the! National Bank of the Republic, many branch banks were necessarily' closed but. the. rents continued. Other banks were absorbed and rents continued to mount until they exceeded the $1,000,000 mark.
'Stockholders ratified Gen. Dawes' pla liquidation began and the new' bank was formed.
Clark will be president bank. Tt is understood that about $50,000,000 deposits of the Central Republic Bank & Trust. Ca., were brought to the new stitution.—United Pres
Text read from the printed page and cleaned; old type leaves the occasional error.