Delaware gazette and state journal., 1902-11-20
FINANCIAL CRASH IN BOSTON
Central National Bank Did Not
Open for Business Friday.
ONE OF SMALLER INSTITUTIONS
Organized in 1879, With Cap
ital of $5oo,ooo.
Its Deposits Aggregate se,1oo,o0o, and II
is Believed That This Amount Can be
Paid in Fun Without an Assessment Bo-
ing Made on the Stockholders.

Boston, Mass. Nov. IA. The Central
National Bank of this city did not open
for business today, the comptroller of
the currency having ordered the bank
examiner to close its doors and take
charge of its business. The closing of
the bank is said to be due to excess
loans and lack of quick assets. An
appeal for aid vas made to the Boston
Clearing House Association, but the
committee did not deem it advisable to
assist the bank.
Thebank is among the smaller ins
stitutions of the city. 1t was organized
in 1873, with a capital Of S500,0O Its
deposits aggregate s2,700, 600, and it
is believed that this amount can be
paid in full without an assessment on
the stockholders. Otis II. Luke is
president and J. Adams Brown cashier.
just before 8 O'Clock this morning
the following notice was posted on the
banks doors: "Closed by order of the
comptroller of the currency" Inquiry
at the bank ELECTED the information
that the comptroller had ordered Bank
Examiner Neal to take charge as tenn
porary receiver. No one could be found
who had authority to discuss the condi-
tion of the bank.
| AN OFFICIAL STATEMENT.
Washington, Nov. IA. The following
| statement was issued this morning AT
the office of the comptroller of the cur
| renoy.
1.-THE Central National Bank of
Boston, Mass, has been closed by
| direction of the acting comptroller OF
the currency as n result of conference
by telephone last night with Examiners
Neal and Ever of Boston. The acting
comptroller has appointed William E.
Neal as temporary receiver.
The bank was last examined Septem-
ber 1lth, 1902, and, willis the ex-
aminer's report showed losses equal to
the surplus and undivided profits then
on hand, there was no evidency oi
insolvency, as the banks assets seemed
ample to meet its liabilities to credi.
tors. Certain conditions we're then i'm.
posed upon the bank with view tc
providing for losses and securing the
bank against further loss on its loans.
Later, it was determined to place the
association in voluntary liquidation by
having another bank in Boston take
over its assets and assume its deposit
liabilities, and it was thought thai
arrangements to this end were being
successfully carried OUT until the acting
comptroller received dispatch from
Examiner Neal yesterday that effort.
to liquidate had failed. After a con,
ference by. telephone with the ex
aminers, who stated that a receiver
ship was unavoidable, the bank wat
ordered closed.
THE failure is due to losses sus
tanned There is no apparent dis
honesty on the part of the officers d
the bank so far as the records of the
comptroller's Office show.
The following is a statement of tht
resources and liabilities of the bank a,
shown by the last report of condition
September 18th, 1902:
Resources-Loans and discounts
So, ia, 4l2.20 United States bonds
S46G, $50; stocks, &C., S123, s44. 06; rea
estate, s29, S7s.20; due from banks
1856, S62. 81 specie, $502, 93l. 70; redemp
tion fund, sl7, $50; total, s5, 212, 42s. 50
liabilities. Capital, $500, 600 ;protits
1929, 633. II circulation notes, s349, 800
due to banks, $917, 7l4.S indiyidua
deposits, 81, 750 09O. IA; bills payable
1865, 600: total, $5,2l2, 425. S2."