The times., 1897-08-11

The National Bank of the Republic, one
of the Oldest and best liked banking insti-
tutions in The city, will 90 into voluntary
liquidation today. At a meeting of the
stockholders yesterday, called by the board
OF directors 70 consider the proposition Of
going into liquidation, a resolution was
adopted by vote OF 1887 of Tie shares.
no dissenting vote being cast that the bank
shoul6 not 20 into liquidation, the date
icing fixed for August IL, today.
Several OF the owners of small lots or
STOCK are not in The city who would have
vo,ed for the liquidation. and it may be
said practically that TIE vote vas unani
mons and that none OF the shareholders
we're opposed 10 IL
This action was at the instance or NessTs.
s. ". Woodward and f. S Parker, who
Iiold much mere than the reguiTed two
thirds OF the bank stock.
No more deposits viii be received, and
TIE aocouuts VIII be settled as rapidly as
possible As required by law, tie fact
ar the liquidation VIII be advertised here
and IN e,cw YORK fer sixtydays. The bank
WI be run, ulitn it, business is closed
out, by the cashier, Mr. Charles s. Brad
ley, under the supervision OF the Treas
ury Authorities. The depositors VIII, u
course, be paid in full, ample funds being
immediately available 1T is the expeCta
ton or MeSsrs. Woodward and Parker that
Z Ia
complete settlement CT all business.
The good business Judgment of these
gentlemen IN acquiring this property sCnse
months agO now becomes apparent shortly
after NJ. George Z. Lemons death the
stock il the tank which he held 1,34S
shares, WAS put on the market. For some
time before il had been known that he
desired 10 sell out. Messrs. Woodward
and rarker, then interested in the Colun-
tia National Bank, bought M Lemon S
shsres For S221, not S227, as has been
stated.
since shat time they have been quietly
acquiring other blocks of the stock, until
at present. they own in the neighborhood
of LOO shares, OF something ike seven
eighihs Of the entire 1900 shares. Re
Gently the regular 4 per cent dividend
and an extra dividend of 30 per cent was
declared by them.
There = re many old accounts, the owners
Of which lave disap ppea red, that VIII make
part OF tne assets Of the bank Its invest
Tneuts have tanned oct well also, and when
Nessrs Woodward and Parker secured
the ma 5orIty of the stock OF the hank in
Jane they tegan to sell off the securities
owned ty the bank in New York. These
haC been purchased some time 90, for the
most part when their prices were low.
and they were sold by these gentlemen
when money was very plentiful and the
price Of securities Of allkinds had gone Eil
largely. Al these viii sweHthe liqGida tiun
value of the shares.
tits now asserted confidently by people
who know the property that S21o to 1920
VIII 5e tie value OF the shares in liquida-
ton. The six months investment has
thus far netted these gentlemen something
like $50 600 70 S9o,0
A Times reporter saw both Mr.. Wood
ward and Mr. Parker yesterday with re-
gard 10 the Liquidation.
1--WE bought TO liquida te, they said. 1T
was our intention o. do so at some future
time when we acquired the Lemon stock,
but we were not ready to do so then.
The proposition TO close out the bank
had been broached before we bought into
it. Mr.. Lemon himself had intended u
do It."
Since that tine several hundred more
shares Of the stock have been acquired
by these gentlemen with this intention.
1t is new a much better investment than
it would have hnen then. An idea Of what
BIessrs Woodward and Parker expect &c
realize on the stock may be inferred easily
from the fact that until the present tiIne
5000 has been bid for the stock on the
Washington exchange.
Mr. Woodward made the statement tina.
the present move does not in any way in
dicate a like action with regard to the
Columbia or the National Metropolitan
Banks.
'aWe bought one bank TO liquidate, and
the others to run" he said.
Il was the hope OF many OF the friends OF
the bank that it might be continued II
is a solid, old institution with many good
business connections. It's depositors are
loath TO give il up, and even now when
the intenUian 10 lIqHiGate has been known
for some time. over two-thirds of the de
poeits-a half million or more-are still
In the bank.
Several Of the old directors and patron:
or the bank recently attempted to form Q
syndicate TO purchase the property, bui
were unsuccessful in securing enough
subscriptions
The Central National Bank becomes The
depository of Government accounts. Tbs
Patert Office funds, which are the largest
Government deposits, were transferred tt
the Central Saturday, after a conference
with Messrs- woodward and Parker, wher
IL became known that they were going to
liquidabe-
Orders IF the Commissioners.
The Commissioners have ordered that