The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1908-01-30
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FINANCIAL INSTITUTION
IN new YORK CITY
Comptroller Ridgely Appoints
Receiver for National Bank
of North America.
I'm DEBT ovER So, 600, 600
President Havenneyer Firmly Believes
he Bank Is Entirely Solvent and
That Stockholders Will Get
Par Value Back.

New York, Jan. 29.-Conptroller of
the Currency VIM. B.. Ridgely has or
dered the National Bank of North
America closed for liquidation and APP
pointed w. Hanna. national bank eX-
aniner, as receiver. The aftermath
Of the financial storm of last October in
Its effect on the bank has been in the
shape of heavy and persistent with
drawala, the result. according to Presi-
dent w. r. Havemeyer, of rumors set
afloat respecting the ank's condition.
Members in the clearing louise aSSo-
citation enabled the bank to weather the
gale for a time. but the aid extended
by his association in the form of loan
certificates finally became the means
of bringing about the decision to go
into liquidation when the call for their
redemption was made to the directors
on Saturday last. The banks Indebted
ness to the clearing house association
is 50. 2Q0,0 900.
President Havemeyer lays the blame
for the trouble upon the persistent ru-
mors he declared werg the cause of the
Withdrawals. which on Saturday be-
came so heavy it was believed the bank
would not be able to meet the obii-
cations today.
Two meetings OF the directors were
held, and at the conclusion of the last
the directors decided to withdraw from
the clearing house association and ask
the comptroller OF the currency to take
charge of the liquidation of the bank.
". b. Ridgely. comptroller of the cur
rency, made the following Statement OF
the hank'sc condition:
AT the request of the board of direct
ors OF the National Bank of North
America h comptroller of the cur
rency has ordered the bank to be closed
Tor liquidation and appointed National
SAM Examiner w. Hanna as receiver.
The action of the directors was not
taken they considered the bank
l~nsolVent. but because of the difficult
!les OF realizing on the assets of the
bank rapidly enough to meet the heavy
demands OF depos1tors in the last few
days and probable further large with
drawalS feared.
The receiver will proceed at once
With The liquidation of the bank and
the payment of it's creditors. 1t is esti-
mated that all depositors will be paid
in full"
Statement of Condition.
Following is a Statement of the con-
dition of the bank at the close of bust
ness Saturday, January 25, 1908:
Assets. loans and discounts. s5.64O.-
3l7.76; United States bonds and pre-
ImiuIn, S$5S,S02 rs; Panama and other
ponds and stocks. sss6,s4s.5o: bank
Cash and checks in other banks, s442.-
4l6.55; due from collection banks. s394,-
2s1s1; total. ss,737.s27.eo.
ooa L'a o,l1tle. capital stock, $4,000
eo' SUi gus dIio pEClltS, S5S6,S46,4S.
circulation, $4,000: bonds, borrowed.
$4,000; clearing house certificates,
S2,2oo.000; individual deposits, $2,449.-
o6o-42; bank deposits. 81. 0S2 ,422; United
states deposits, $500, 900; total, sS.7s7.-
S27.90.
President Havemeyer believes the
bank is entirely solvent and that with
a careful liquidation the tockholders
VIII receive par for their stock. The
National Bank of North America has
q capital of $4,000. 900 and on August
p last, at which time a report was
made to the comptroller of the cur
rency, showed deposits of $40,
This sum had been largely and grad
uaily decreased by Withdrawals during
and subsequent to the panic, and on
December 3. the date of the next re-
port. showed deposits of 1926, 500 and
cash on HAND $3S1,9OO. Since that
time, according to President Haveney-
ers statement, the deposits have
shrunk still further and today amount
TO about $500, 00c.
me bank. which had been known as
the biggest of the Morse string of f.
nancial institutions, underwent a reor-
ganlzation in October. Alfred II. Cur
tbs was succeeded by w. T.. Haverneyer
rs president, the former becoming vice
president in place of @. w. Morse. who
retired from the institution. On Jan
uafy Ia there vas q further r%eorgani-
eaton, Mr.. Curtis being dropped from
the vice presidency and from the board
of directors.