Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-01-30
ORDERED CLOSED.
New Amsterdam Bank, New York,
Placed in Hands of Receiver.

New Amsterdam Bank, New York.
Placed in Hands Of Receiver.
New York, JAN 29-The New Am
sterdam National Bank, capitalized at
S1,000,o00. was closed tonight by tht
order Of the comptroller Of the cur
rency and the National Bank Examin-
er Charles A. Hanna placed in charge
The institutions liabilities are 81
4S2,0l6, of which $2065,27 449 are due
depositors. and the banks officers as
sert 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 and President Frank w.
| hinsman, Jr, in a statement issued
tonight, declared that THE closing Of
! the National Bank of North America
attracting renewed attention to the
| interests that had previously dominat-
eu over the institutions in their past
! administrations started fresh reports
OF an exaggerated and sensational ma
| ture Which necessitated the liquidation
OF the bank The institution occupied
quarters in the Metropolitan Opera
| house in the heart Of the uptown the
| 3trlcal district and numbered among
| us chentele many persons prominent
| on the stage.
About year ago the New Amster-
dam National underwent re-organ-
l|alioh because of falling off in its
business and Frank w. Kinsrnan. Jr.
was elected president. Every effort
was made to rehabilitate the institu-
tioh. Inc recent panic was not with
out It's effect, though the bank wealth
tred the storm and succeeded in re-
ducing its Clearing House certificates
from $l'U",ouO to 100000 The recent
Pacing of the National Bank of North
America, considered the chief bank Of
| the Morse institutions in the hands 81
the comptroller of the currency.
brought out rum0rS as to the New
Amsterdam National, according to
president klnsman. and he acquainted
Comptroller of the Currency Ridgclev
with the situation and requested him
10 take charge Of the institution for
the best interests of the depositors
and stockholders alike.
President Frank W. Kinsman. Jr.
tonight gave out the following state
ment:
a year ago I was invited, in an ef-
fort to rehabilitate the bank to as
sumo the presidency Of the bank,
which, as was well known. had suf-
fered considerable decline in business
From that time the policy of the bank
has been conservative one, not fog
terng Of influence by special interests
and CT a character not coming in ths.
slightest degree within recent crici-
cism of bank methods. The stress cul-
minating in the October panic. was
naturally severely felt. The bank ha5
recovered fully from the effects of
the panic ana had retired its Clear
ing House certificates from 81. 7e5 Oor
10 100000, and the bark was on an
upward and successful movement. R,1r
the closing of the National Papk q.
North America attracting renewed at
tentionS to the interests which ha
previously dominated both institution.
III their past administrations, started
fresh reports Of an exaggerated and
sensational nature which necessitated
the liquidation Of the bank. No los
Will De sustained by dcpositors- ana
there will be a substantial dividnu
for stockholders
The following statement OF tie ASSET
and fthiiities was s.ysn out at tie ban
tonight:
ASSETS.