New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-15
BOSTON BANK CLOsFn
CENTRAL NATIONAL BANK HAD No,,
RECOVERED FROM BLOW RECEIVER
TWENTY YEARS AGO

Boston Nov 1.-THE Central National Bs,x
this city small institution compared with ~ u
other city banks. did not open its doorz - -
because of an order from the Controller OF tba
rency. who had placed National Bank Ex,r.tO
w f. Neal it temporary receiver y.
paired assets are given the reason for =.
failure
The closing Of the bank did not prosu..
furry in financial circles here. as the cIost y
the bank through liquidation by the lot NatSs- ~
Bank was looked for. and such action. I, "a
supposed. had begun The incident that prs.'-,
tated the failure was the rejection Of a copsta,-s
part of the Central banks assets BY Pra.,5
Burrage of the Eliot bank. who was scr,,tirsrs-'
them preparatory to taking the bank for BoTTs-s
ton. Another portion of the assets was know, :
be acceptable. and the action OF President Rur.'
and the Eliot bank directorate in refusing To Ho,
date the bank unexpected.
ON Wednesday sales of the Centrarz -.
dropped SIS from par. ard yesterday deuos,t~-
withdrew something like 100000 Later a, -
day the Clearing House declined to aid the 80 o
and certified checks on the bank were refused -
other banks.
Many banks cam. to the relief Of ths Cs,,-.r
depositOrs. the shawmut National Offering 10 -
vance so per cent Of their DEPOSITS
Moses ". Richardson, director OF tia h,
said tonight that depositors probaoly vvorIs a.
paid in full. and while the stockholders rnsv - =
called upon for an assessment, IN the ens -
will lose nothing
The State of Massachusetts, was a deun.,,o. 4.
the Central National State Treasurer p-.s..
says:
THE commonwealth will not be hampares a. =,
by the closing of the bank. The State car-,.s ,rr
a small line there, and II will sufel no loss
The city Of Boston. which has deposits IN thru.
national banks and trust companies had m w.
Central National Bank SzOS.32O.
The bank was organized in 1873 with capitaI "a
100000. Its deposits aggregate S2,700O00 Otis
Luke is president and J. Adams Brown eashisr
The Central National had not fully recovered tr,
blow 1t received twenty years ago when with ~.
Pacific Bank. which failed at that time IL vas A.
volved in the collapse Of the Lebanon Springs R.r
road in Vermont The Central Bank, then Aha.
nine years old. lost SS5OOOO. and an assessmerts
about 100 per cent was made on the stockholdsr
No dividends Were paid for thirteen years.
Washington. Nov. 1.-THE following is psrt 40
statement issued to-day at the ONCE OF the Cor
troier Of the Currency:
The Central National Bank Of Boston was exam
med on September II. 1902 and while the examin-
divided profits then on hand. there was no evil
dence OF Insolvency, as the banks assets seemed IA
tain conditions were then imposed upon the bank
with a view TO providing for losses and Securing
was determined TO place the association in voIun-
tary liquidation by having another bank In Boston
bilities. and il thought that ARRANGEMENTS 4,
this end were being successfully carried out until
Examiner Neal Yesterday that efforts Ia Tdui5Sra
had failed After conference by telephone with
the examiners, who stated that reeeivership was
unavoidable. the bank was ordered closed.
The failure IS due to losses sustained. There Is
or the bank, SO far as the records Of the Con-
trOIler's Office show.
The following is statement OF the resources ami
liabilities Of the bank, shown by the last report
Of condition September Is. 1899;