Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1908-01-27
ANOTHER BIG
BANK SUsPENDS
New York Institu-
ton Closes Its
Doors
SAID TO Be SOLVENT
Heavy Withdrawals Assigned
as the Cause for the
Failure.

/ New York, jan 27.--Comptroller
of the Currency William b. Ridgley
yesterday ordered the National Bank
of North America closed for liQuda.
ton and appointed Charles w. Han
ma. national bank examiner as re-
ceiyer.
The aftermath OF the financial
storm of last October in its effect on
the bank which today closed it's doors,
has been in the shape of heavy and
persistent Withdrawals, the result, ac-
cording to President w. f. Havemey.
er, of insistent rumors set afloat re-
specting the banks condition. Mem
bership in the clearing house enabled
| the bank to weather the gale for a
time, but the aid extended by this as.
sociation in the form of loan certiti.
Gates finally became the means OF
bringing about the decision to go
into liquidation when the call for their
redemption was intmated to the di.
rectors on Saturday last. The banks
Indebtedness to the clearing house
association is $2,2O0,000.
Alarming Rumors Scared Depositors.
President Havemeyer in a state
ment given out last night laid the
blame Of the trouble upon the persist.
ent rumors he declared were the
cause of the Withdrawals, which on
Saturday became so heavy that 1t was
believed that the bank would not be
able to meet the obligations today
Two meetings OF the directors were
held yesterday and at the conclusion
of the last the directors decided to
withdraw from the clearing house as
sociation and ask the comptroller OF
the currency to take charge of the
liquidation Of the bank.
w. B. Ridgley, comptroller OF the
currency, made the following state.
ment of the banks affairs:
| Comptroller Makes Statement.
| AT the request OF the board of di
Il rectors of the National Bank of North
America, the comptroller of the cur
rency has ordered the bank to be
closed for liquidation and appointed
National Bank Examiner Charles W
Hanna as receiver. The action Of the
directors was not taken because they
considered the bank insolvent, but on
account of the difficulties of realizing
on the assets of the bank rapidly
enough to meet the heavy demands
of deposltors in the last few days
and probable further large withdraw
|als were feared. The receiver will
proceed at once with the liquidation
of the bank, and the payment Of Its
creditors 1t Is estimated that al
) depositors will be paid In full"
| Ban!; Said to Be Solvent.
President Hayemeyer said today
that he believed the bank is entirely
!solvent and that with careful liqui
dation the stockholders will receive
par for their stock.
l The National Bank of North Amer
lea has a capital stock of $2,0OO,OO(
and on August %, last. at which time
a report was made to the comptroller
of the currency, showed deposits Of
$19,7S7,400. This sum had beer
largely and gradually decreased by
Withdrawals during and subsequent
to the panic, and on December 3, the
date of the next report, showed de
posits of $6,926,5OO and cash on hant
1881 900. Since that time, according
!. to President Havemey's statement the
deposits have shrunk Still further ant
today amount to little over $4,000,
900.
1t Is stated that the failure
Of the National Bank Of North Ameri
ca will not affect any OF the othe
banks of this city.