, 1877-12-06

1IEHIAH GCHAFSNAAf LA1AaG4s
Bank Examiner Watson Is In charge Of the
bank, a,ld tho vuuit this morning Will be opened
by him. Tic bank will not c'car through tlle
Clcartng-f f1ousc to-day. Its setutttances will BE-
sent 10 the Commercial Nationn!. Its drafts on
New York will he taken cure Of by the Metro.
poltean National Of that Gity, iii anticipation Of
tl.is trouble the bank l,as for some ti.nr past
discontinued a. far ~ possible collecting for
outside parties.
4 MEETING or STOCKHOLDERS
will be held this afternoon to take steps place
the bark In voluntary liquidation. What COURSE
ths COMPTROLLER u tho Currency vii! PURSUE IL
mt known. III has been notified By telegraph
of tbs actlou Of the Diseetore The t0Hptrol-
Ter Is known to b.. opTuscd to voluntary llIui-
tlatio,ls 10 rule, but It Is thought that the ex-
reptluual circumstances unlcr which, the 6auk
has been brought to this posttlnn, aud the ur-
usual payments It has alrcaiiy tnadc to Its .!c-
fos[turst inHY warrant an exception to tho rule.
otherwise Receiver will he appointed ln,nlcdi-
tic drain upon tho German National s!nco
last summer la. oeen unusually seye5s i'm it,
july, and they ilavc now tmct reduced tn
cent Ut tts liabilities t., Its .'eu,s1:ors in yo
1nnntlIs Is All astonishing achievement. Thu
RESULT or CAUSES LONG IN orK1sAT1oS,
and largely extcrluF 10 the bsnk proper. Tho
financial cxcttetncata Of ths Inst few weeks.
ntucd by sensational and sntslGtirlcs malicious
rllinurs, llavc gradually cuuse1 thu withdrawal
Of thls large proportion of dvp,s!ts: Tilt
troubles an1 entanglluK alliances Of tlle hunk
atc back many ycnTs. The Vice President, Atr.
Albert ~ Day, Joined its a'aCs';st to- la,s
and rruacicss efforts, the reorganization that
would hase enabled the bank to continue III
business llas not been elected.
TllR AssErs or THE nANK
hats fopo 1ta n$n
shows ea;i0O9 worth Of real estatu IN tho ,anso
of thu bank. 1t holds uapcr secured by rcal
estate to thu amount uf about e2O,oo Thu
bills receivable VI the bauk. It need hnrliy he
aut,i. now co,Istst mainly oi slow paper. In the
etEuft to pull through, s35O, eco to o.0o us
tho bllls receivable have been te4lacountctl III
New York aud witt, other Chicago banks Mr.
DAY went on for that purpose two week. ago.
security Ut tl!esu asscts. which arc believed to
be inllci, more than ample. the double liability
Of the stockholders. The capital stock IS now
s5o0,oOo und the surplus $ia5 oW. Ilc DiFcr.
been paid In full, stockholders will ret 10 to y,
| pcr cent. 'rhc circulation Ia nuw E10,U00, Nil
1t whc', Il protected by tho deposit VI bonds
III washington u,.r,n,c.,
The German National was organized II Jan.i-
/ ;S; e;iSc;vpehau,n, Michael tirecncIa,isn, lsaac
ursenouau,; Lesuoa, Kn1. H. y e., ,sa aoln @ tisf-
thug. I.eopoh! j. austrian, "ohh a. ilueE, heek
4 WIrtl, sslpp j. Lehts'an. and ut!rr leading
| (icr,uan HOUSES Ut Chicago. The original rapl-
tal was s250.O0. III September, 1911.
it was increased to s5oono0, where It now
stan!s. 4tn the patle Ut 1873 thu German Nation.
nj waa one Of tue banka that tlll not suspelil.
Atr. ileury ureene1al,nl. wtlo has been honor
pb'y gncaEc,t In hanklng In this rtty since 1s3a
Wien he established tho l'Em VI Henry tirccne.
baum Il Co., hns never refused the Payment nf
d dollar Of Ills deposits. lfo lIas teen through
more than QUO trial. but l4as always stood tls
tpst. This stuck Of the hank wa, valued III 1875
ri lis by experts. Thu heavy sisau thu bank
hus bccn ,lndrr can be Judged iFon thc fnet tnat
Tia dep 5sis yl'stcrtlaY were tlr4w,. down &l07,-
Ou, lii jaIl1ury, 1871. tho deposits of tic tet-
.nni, Natlottal wcra s!,V0l,o0; to-day they
| stand Ut 9i7t,40i.
Tho condition Ut the bank ut the .r1oso Of
business yesterday WAS u follows;