Salisbury Residents Ask for Investigation of Closed Bank, June 25, 1923

Ask Investigation of People’s National

Salisbury, June 21—Several hundred depositors of the People’s National ban, which closed last week, met at the county courthouse tonight and formed a permanent organization for self protection. W.H. Hobson was elected chairman, R.E. Tuttle, secretary, and an advisory committee composed of C.H. Kluttz, R.E. Tuttle, T.A. Ludwick, J.R. Maynard and B.M. Cauble was formed. This committee is to investigate and ascertain conditions of the bank as it affects depositors and report at a called meeting of depositors.

It was the sense of the meeting and a resolution was offered that the department of justice be asked to make an investigation into the affairs of the bank and take necessary action for the punishment of violations of the national banking laws, if any violations are discovered. The mass meeting was advised of two plans, one by C.H. Klutt and one by a group of citizens looking to the taking over of the affairs of the bank and the establishment of a new state bank in the city.

From page 2 of the Concord Times, Monday, June 25, 1923. Kluttz or Klutt—last name spelled different ways in article. Remember that there was no insurance that protected people who placed money in a bank in 1923.