The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-30
WRECKED BY MORSE.
New Amsterdam National Could Not
Be Saved From Suspension.

BE saved FROM suspension.
New York, Jan. 29-The New Am
sterdam National bank, capitalized at
$1,000, 900, and situated at the corner of
Broadway and Thirty-ninth street, was
closed by order of the comptroller of
the currency tonight, and National
Bank Examiner Charles A. Hanna was
placed in charge. The Institutions liza
bilities are placed at $4.4S2, Ole, of which
81, O65 ,272 is due to depositors. The
banks officers assert that not only will
every depositor be paid in full, but the
stockholders will receive a substantial
dividend.
The New Amsterdam National was
formerly one of the chief links in the
chain of banks established by Charles
W. Morse The institution occupied
quarters in the Metropolitan opera
house, in the heart of the uptown the
atrical district, and numbered among
its clientele many of those prominent
on the stage.
Statement of President.
A statement given out by President
Kinsman tonight says:
"A year ago 1 was invited, in an eff
fort to rehabilitate the bank, to as
sumo the presidency Of the bank,
which, as was well known, had suf-
fered a considerable decline in business.
From that time the policy of the bank
has been a conservative one, not fOs-
tering or Influenced by special inter-
ests, and of a character not coming in
the slightest degree within recent crit
icisms of bank methods. The stress
eliminating in the October panic was
naturally severely felt. The bank had
recovered fully from the effects of the
panic, and had retired it's clearing
house certificates from $1.750.0 600 down
to $500, 900, and was on an upward and
successful movement. But the closing
of the National Bank of North Amer
lea, attracting renewed attention TO
the interests which had previously
dominated both institutions in their
past administrations, started fresh re-
ports of an exaggerated and sensation
al nature which necessitated the liqui-
dalton of the bank"
ComptroIIer's Statement.
The following statement on behalf of
the comptroller of the currency, was
made concerning the New Amsterdam
National bank tonight:
william b. Ridgely. comptroller of
currency. at the request of its presi-
dent, ordered the New Amsterdam Ma
tional bank closed late this afternoon
and instructed the national bank exam
liners of this city to take charge of its
affairs pending the appointment of a
receiver. President Frank w. Kins-
man, jr.. informed the comptroller that
about One-half of the banks reserve
had been depleted by Withdrawals and
payments during the course of the day,
and it was feared that further heavy
demands from depOsitors would be
made tomorrow which the bank would
be in no position TO meet"
The following statement of the as
sets and liabilities was made at the
bank tonight:
Assets.
Loans and discounts, 81, 425.4 AL: Unit
ed States bonds and premiums, $165, 120;
other bonds and stocks. $685., 726: bank
ing houses and other real estate, $685.,
991; cash and checks on other banks,
1852, 1884, due from collections, 1882, 724;
cash margin at New York clearing
house, S70,6s0; total, S4,4s2,016.
Liabilities.
Capital stock. 81 100000 surplus and
profit, $1S2. 707; circulation, $780,
bonds borrowed, 5000, 900; clearing house
certificates, 100000; Individual depos-
its, s2.065, 272; bank deposits, $172,037;
Continued on Page 8.