Cashier Cashiered

Last week Charles X. Williams, cashier of the Citizens Bank of Booneville, Ark., was fired. He was fired not by the bank but by State Banking Commissioner Marion Wasson acting under the authority of Arkansas' new law for strengthening its banking system. Cause of Cashier Williams' discharge was negligence: keeping too much cash on hand.

Last April Commissioner Wasson ordered Arkansas banks to keep only enough cash on hand to make change, to require customers needing larger sums to give advance notice so cash can be brought from reserve banks. Furthermore he ordered each bank to keep 85% of its cash in its vaults under time lock; when the vault was open to keep the bank's doors locked or have two armed guards stationed at the doors until the time lock was reset. Object: to bring down the high cost of holdup insurance.

Two unmasked bandits entered Booneville's Citizens Bank one evening at 6:30 and made their exit with $2,000 in cash. In firing Cashier Williams, Bank Commissioner Wasson explained: "Bank robberies in Arkansas are going to stop. . . . We are determined that the profit shall be taken out of robbing banks."

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