The Durham daily globe. (Durham, N.C.) 1889-1894, 1891-12-11
THE WILMINGTON BANK.
Something About the bursting of the
First National Bank at Wilmington.

Something About the bursting Of the
First National Bank at Wilmington.
To-day two weeks ago the First Ma
tiOnal bank Of Wilmington closed its
doors and the people of the city were
startled by the announcement by the di-
reCtOrs that the bank was suspended.
For some days there has been nothing
said concerning the suspension.
Two days after the suspension, United
States Bank Examiner Isaac S. Alden ar
rived from Washington and took charge
of the bank to make an examination into
its affairs. Since then the examination
has proceeded from day to day, but if any
thing has developed, it remains a secret
with the examiner and those engaged
with him.
RumorS have been thick, but many of
them upon being traced have proven as
evanescent as a Will o-the- Wisp.
When the bank suspended, hopes were
held out by the directors that the deposit
tors would not lose anything, but after
two weeks there is an ugly aspect to
things. In the first place Capt. II. M.
BOWden, the cashier, a5sented himself
from the city, but this created very little
attention at the time, as it was stated
that he had gone off to rest for a few
days only. The few days have heightened
into weeks and yet it is stated that moth
ing is known of the whereabouts of the
cashier. Meanwhile the newspapers have
alluded to his absence as having "skipped
for parts unknOwn,' ~"absconded,"
'tight," etc. 1t is hard to believe this
conclusion, but the fact remains that Cap
tain BOwden has been gone nearly two
weeks, although the bank examiner and
the officers of the bank admit that his
presence is absolutely necessary to arrive
at a proper examination into the affairs
of the bank. Why, therefore, this CON
tinued absence?
The second ugly feature of the suspen-
sion is that the examiner thought he
could make a statement in a week he has
NV ASAN ~ IL WV "NNNCJ DuG AoS III
ten to the comptroller of currency at
Washington a letter, the contents of
which the comptroller declined to give
the associated press. If the letter had
contained favorable news, it could be in
ferred hat there would have been no
objection i'll giving out the information,
but as it was withheld the inference is
natural that there is 'something rotten
in Denmark
AS the depOsitOrs in the suspended
bank have frequently asked for infor
nation on this point we publish the
following bearing on the matter. taken
from the "American English Encvclo-
pedia of Law"
Under the national bank act, in case
of the insolvency Of a national bank and
a deficit, each s~tockhclier NAV be as.
sessed such sum not exceeding an
amount equal to the par value Of his stock
as will lear the same proportion to the
whole amount Of the deficit as his stock
of the bank, at its paryalue, and TIE ina
bility Of some of the stockholders = con-
tribute TO the assessment will o tiucreaoe
the amount of his liability.
1T is also lmmaterial, in regard to the
individual liability of the stakeholder of
a national bank for his prOpOrtionate
shares as collaterate security for a loan.
In proceedings againstth the stock holder
of a national bank that has gone into
liquidation to ascertain and recover as
sessments for Indebtedness, the stock
holders are liable for costs as if they
were codefendants in any ordinary ac-
ton"