The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-03-21
A BANKS DOORS CLOSED.
THE KEYSTONE NATIONAL OF /
HILADELPHIA IN TROUBLE.

The Controller of the Currency
Ordered 1t Closed on the report of
an Examiner-The Latter SURPRISED
at the Order-Ihe Directors Expect
to Resume.
PHILADELPHIA, Pa, March 20.-The
doors Of the Keystone National Bank were
closed o-day by order of the controller of
the currency. Admission was then denied
to all persons. The closing Of the bank
this morning was a surprise to most of its
depositors- During the financial stringency
in the latter part of last year there were
rumors affecting the banks solvency, ard
heavy run was made on it, but the ins5i
tuition tided over the run and was thought
to be in good financial condition. The
largest depoHUor Of the bank is the city of
Philadelphia, which las deposit of about
$4,000. The authorized capital of the
bank is 100000, and surplus of 100000
was claimed.
A SURPRISE TO THE EXAMINER.
When Bank Examiner Drew left the Key
stone Bank this afternoon he said that, in
his opinion, the bank was not closed on any
statement be sent 20 Washington. The
closing was as much a surprise to him as TO
any one else. All he had TO do was to obey
the orders of the controller He be-
lieves, from what he knew of
the affairs of the bank, that
1t was in good condition for recovery. As
to the details, he had no right to say any
thing about them. Mr.. Drew thought he
would remain in possession of the bank for
some days yet, and that at present there
seems to be no reason for alarm, as the
bank had ample funds to meet its obliga-
tions.
POSSIBILITY OF AN ASSESSMENT.
Mr.. Drew was asked il an assessment on
the stockholders would be necessary to pre-
vent liquidation. He said he did not think
so. but was in no position to talk on that
subject. Ono of the members OF the board
OF directors said this afternoon that he had
no statement to make relative to the banks
affairs outside Of that issued by President
Marsh this morning. You can say this,
however," he continued, shat depositors
will not lose single penny Of their de-
posts"
WAS the subject Of resuminz business
discussed by the board to~dayP was asked.
"Oh, yes Some thought that the bank
would be able to resume in a few days,
while others said two or three weeks.n
us that your opinions"
NOT IN BAD CONDITION
at certainly is. The bank Is not in a bad
resume in very short time 1 am q very
large stakeholder In the concern and am
not in the least worried about the NATTER
The following Is the letter issued by
President Marsh: "The bank has been
closed by the controller Of the currency at
Washington. The bank has been suffering
from effects of run on it last December,
and the repayment to the clearing house of
very large amount of loan certificates has
kept the legal reserve OF cash below the
average Of cash required by law since that
time" An earnest effort to fully restore
the bank will be made Immediately.
THE ORDERS TO CLOSE IT.
WASHINGTON, March 2O.-Controller of
the Currency Lacy said to-day said that it
was by his direction that the national
bank examiner had taken charge of the
Keystone National Bank of Philadelphia.
His action was based on reports received
from the examiner and on ''other develop
ments." The controller refused to say any
thing in regard to the condition of the bank
until after he hears the result of the exami-
nation now in progress.