The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-22
k0UIsVILLE BANK Is CLOSED.
ruuPTROLLER FINDS WESTERN
NATIONAL IMPAIRED.
.adent says Depositors VIII BE Paid
IN Full, Although the Institution Has
| sufYered Heavtly--stock Fell From elOS
| ,o s3S . Share Before Break Came.

-
| su1ered Heavtly-stockF Fell From SlOS
10 s3S = Share Before Break Came
WARRINGTON, Aug. 21.-The Western
|x.t,onal Bank OF Louisville, KY. was closed
m, the orders OF the acting Comptroller OF
~. currency, and Thomas NJ Thornton has
s.sn appointed receiver. An examination
| y, The bank by Bank Examiner Garrett
Ishoved that its capital has been badly I'M
paired by losses. ,.
..yeral days. and as There were not SUFFICIENT
S,nds on hand or Immediately available to
ns.t further demands likely to be made by
ANCESTORS and other creditors the acting
cor ntroller directed the bank to be closed
H. order to protect the interests Of all ored-
tors alike and to prevent those having
snouledpe Of conditions securing prefer
.nce over those without knowledge.
The Western National Bank is COM
,,rstiyely a new institution, having been
phartered on Oct. 10. 1904, to succeed the
Western vs Bank of Louisville. w. B. Smith
/, coshier and T. l.. Jefferson president OF
,he bank. The following is statement
y, ia resources and liabilities as shown by
Va last report Of condition May %, 1905:
pesources-Loans and discounts 81 200 .s24;
.rsrdrafts. s5.21l U. s. bonds, secure cdrcu-
,,,on $50 oOO stocks, securities. de-, $780,
a., banking house and other real estate
.,a o4h. due from banks and bankers ,s2S4. ISL
..sh and cash items, S74,o3s; redemption
mnd, $500; total, 81, 724 $3.50.
Liabilities Capital stock. $500, ZOO; I'M
divided profits, $7.l4a; circulation, So, 00o;
due to banks and bankers $3.50. ~: deposits,
n,o7o,slO; notes and bill redisoounted, do.,
SO 522; total, $l,724,sss.
Iou1sv1LLE, KY, Aug. 2l.-The Western
National Bank, 300 West Market street.
VAS closed this morning by order Of the
comptroer of the Currency on the report
n the affairs OF the bank as made by Bank
Examiner R. d. Garrett. who has been
A. work on the books Of the bank for several
days. The closing OF the bank has been
anticipated in financial circles for several
months and the report does not come as
Surprise Mr.. Garrett declined to give out
statement relative to the condition OF
the banks affairs beyond the statement
made to President T. L. Jefferson that its
condition was such that suspension was the
best thing possible.
The first intimation Of serious trouble
came IN the sOQO6u oluIlP Oh LILO pAEA
stock on the local market from l07 to 90,
about three weeks ago. Tho stock then
slowly declined until last week, when 1t sold
down to s35 a share. Later, however, on the
arrival Of the bank examiner, the stock rose
10 Al a share in the expectation that the
bank would be able to pull out Of tho hole.
The last statement OF the bank, made on
Nav 20 on the call Of the Comptroller, also
gave an indication that things were not In the
best condition, the bank showing reserve Of
about IA per cent. Of its deposits. This was
below the Government requirement Of rs
per cent When this fact oane to the notice
F. Of the Comptroller Of the Currenov word was
sent to the bank to build up its reserves.
President jefferson said this morning:
Beyond the fact that the Comptroller
has ordered the bank closed I can
say nothing. We have received no de-
tailed report from the bank examiner and
are unable to give out any figures 1t present.
Our last statement, made on May ~,
showed our reserves pretty low. Tho
cause Of our trouble was simply overloans
and shrinkage in deposits. Ever since We
made our last statement there has been
considerable adverse criticism about the
hank and our deposits slowly dwindled
away. However, l am glad to see 1t over.
The work has been heavy. ! expect to
20 to work again, however. with q view
10 STRENGTHENING matters out. I think
we shall be able to open in short time.
You can say this, that there is no doubt
Gepositors will be paid in full