The Birmingham age-herald., 1908-01-27
.B|G MORSE BANK
 THROWS UP HANDS National Bank of North Amer
 ica Gives Up Ghost DEPOSITS ARE WITHDRAWN President w. F. Havemeyer Gives Out Statement Showing Conditions
 Leading to the Action
 of the Directors. <
DEPOSITS ARE WITHDRAWN

of the Directors.
 New York, January 26.-Comptroller of the Currency William B. Ridgey today or dered the National Bank of North Amer lea closed for liquidation and appointed Charles Hanna, national bank examiner, as receiver
 The aftermath of the financial storm of last October, in it's effect on the bank, which will tomorrow close it's doors, has been in the shape of heavy and persistent withdrawals, the result, according to President Havemeyer, of the insistent ru- n1ors set afoat respecting the banks condition. Membership in the clearing house association enabled the bank to weather the gale for time, but the aid extended by this 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 intimated to the directors on Saturday last. The banks Indebtedness to the clearing house asso- eiation Is $2,200OO0
 Two meetings of the directors were held today 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.
 Ridgely's Statement.
 William B. Ridgely, comptroller of tho currency, made the following statement O. the banks affairs:
 At the request of the board of diroc- tors of the National Bank of North Amer ica, the comptroller of the currency has ordered the bank to be closed for liquida- ton and has appointed National Bank Examiner Charles w. Hanna as receiver The action of the directors was not taken because they considered the bank in solvent, but on account of the olIficul- ties of realizing on the assets of the ;n- stitution rapidly enough to meet the heavy demands of the depositors In the withdrawals feared.
 "The receiver will proceed at once with tho liquidation of the bank and the pay pent of its creditors. It is estimated that all depositors will be paid in full.
 Bank Statement.
 "Following is a statement of the condi- ton of the bank at the close of business on Saturday, January 25. 1908:
 ASSETS.
 Loans and discounts ........... S5, $40, SIS 76 United States bonds and prem
 iums....... .... ...............,.. 5S902 IS Panama and other bonds and
 stocks ....... ..... .......... sS634S 50 Bank house and other real es-
 tate ..... ..... ............ 1,215, 500 % Cash and checks in other banks 442 476. .35 Due from collection banks ... 394 2S1 31 Total ..... ...... ..........e.. .$S, ,7S7, ,S27 30
 LIABILITIES.
 Capital stock ... ... ... s2. 900 OO0 % Surplus and profits ............. 36345. IS Circulation ........ ..............- b0OO0. 00 Bonds, borrowed .... ............ 120000 co Clearing house certificates .... 2,200, GOO .00 Individual deposits . ........ 2,449, ,060. .3S Bank deposits . ........... 1,OS2, 422. CA United States deposits ... =. 300, 900. % Total .... .... .......... $S, ,737, ,S27. 30
 William A. Nash, acting chairman of the Clearing House association, issued the following statement tonight:
 ''The National Bank of North America has decided to withdraw from member ship in the Clearing House association and to liquidate under the authority of the comptroller of the currency. This retire ment of the bank is regarded as the sim plest method of liquidation. The ex- changes with the bank will not be made at the clearing house tomorrow mcrn- ing. While the clearing house committee regards the growing surplus and improved condition of the banks as highly favor able to complete retirement of the loan certificates, the statement that the banks are being forced to retire them has no foundation in fact'
 President Havemeyer said tonight that he believed the bank is entirely solvent and that with careful liquidation the stockholders will receive par for their stock.
 Capital Was $2,ooo,ooo.
 The National Bank of North America has a capital of s2,000,000 and on August 22 last, at which time a report was made to the comptroller of the currency, showed deposits of $19,7s7. 400 This sum had been largely and gradually decreased by withdrawals during and subsequent to the panic and on December ?, the date of the next report, showed de- posits of $6,926, 300 and cash on hand $5Sl,- 300. Since that time, according to Pres ident Havemeyer's statement, the depos- it's have shrunk still further and today amount to about 2,500O0 The bank, which had been known as the big gest of the Morse string of financial in- sttutions, underwent a reorganization in October. Alfred H. Curtis was succeeded by w. F. Havemeyer as president, the former becoming vice president in place of C. w. Morse, who retired from the in- stitution On January IA. there was a further reorganization, MT. Curtis being dropped from the vice presidency and from the board of directors.
 Comptroller of the Currency W. B. Ridgely came to New York from Wash ington and was in, conference with the banks officials during the afternoon.
 Presidents Statement.
 President w. F. Havemeyer tonight gave out the following statement con corning the action of the directors and conditions leading thereto:
 'The directors of the National Bank of North America have decided to request the comptroller of the currency to assume charge of the affairs of the bank.
 There had been persistent rumars for the last 10 days that. the bank would be obliged to liquidate or else go into the hands of a receiver. These rumors, com ing from apparently unknown sources have been so insidious that it was inl- possible to meet them. They have re- suited in a slow and continuous drain on our resources.
 ..On Saturday there was still heavier withdrawal of funds. indicating that on Monday the demand would be Increased so that we would not have enough cash in our vaults to meet 1t. As the com
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