The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1908-01-30
CLOSE DOORS OF BIG
FINANCIAL INSTITUTION
IN new YORK CITY
Comptroller Ridgely Appoints
Receiver for National Bank
of North America.
IN DEBT OVER So oo,o 900
President Havemeyer Firmly Believes
the Bank 10 Entirely Solvent and
That Stockholders Will Get
Par Value Back.

New York, Jan. 29.-Comptroller or
the Currency VIM. B. Ridgely has or
dered the National Bank of North
America closed for liquidation and ap-
pointed w. Hanna. national bank ex-
aminer, 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
drawals, the result, according TO Prest-
dent w. r. Havemeyer, Of rumor set
afloat respecting the banks condition.
Members in the clearing house asso-
citation enabled the bank to weather the
gale for a time. but h aid
by this association In the form or loan
certificates finally became the means
of bringing about the decision to go
Into liquidation when the call for thei
redemption was made to the directors
on Saturday last. The banks indebted
ness to the clearing house association
is So. 200, 600.
President Havemeyer lays the blame
for the trouble upon the persistent ru-
mors he declared were the cause of the
Withdrawals, which on Saturday be-
came so heavy 1t was believed the bank
would not be able to meet the obi
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.
w. b. Ridgely, comptroller of the cur
rency, made the following statement OF
the banks condition:
AT the request of the board Of direct
ors 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 w. Hanna as receiver
The action of the directors was not
taken because they considered the bank
insolvent, but because Of the difficult
ties Of realizing on the assets OF the
bank rapidly enough to meet the heavy
demands of depositors in the last few
days and probable further large with
drawals feared.
. with the liquidation of the bank ant
the payment of its creditors. 1t Is est.
mated that all depositors wiz be paiC
In full" z
Statement of Condition.
Following is a statement of the con
dition of the bank at the close Of busi
ness Saturday, January 20, 1908:
Assets, loans and discounts, $500,
Bits; United States bonds and pre-
MUM, $5S, 902.7 rs; Panama and othe
bonds and stocks, $3.50, 34S.50; banl
house and other real estate, $1.215,5
Cash and checks in other banks, SAP,
I76.55; due from collection banks, 1894,
2S1.31; total, $S~,737,S27.90.
Liabilities: Capital stock, $4,000,
00G; surplus and profits, $536,345.4S
circulation, $50, 900; bonds, borrowed
$4,000; clearing house certificates
So o 10000; individual deposits, $2,449,
nG0 40 hanE 1annCifo e1 10000. TInifn
States deposits, $780, 900; total, $S,737,
$3.50.
President HaVemeyer believes tn
bank Is entirely solvent and that wit
/. q careful liquidation the stakeholder
will receive par for their stock. Th
!, National Bank of North America ha
: a capital Of 81 00, 0Af and on Angus
% last, at which time a report wa
/ made to the comptroller of the cur
|, rency, showed deposits of $19,7S7, 40I
} This sum had been largely and grad
T ually decreased by Withdrawals durin
and subsequent to the panic, and o
December 8, the date of the next re
port, showed deposits Of $6,926, 500 an
cash on hand $751; 900. Since tha
:, er's statement, the deposits haV
shrunk still further and today amour
to about $2,500,000.
The bank, which had been known q
i the biggest of the Morse string Of f
J nancial institutions, underwent a reol
a ganiZation in October. Alfred III. Cul
, It's was succeeded by w. +. HavemeyC
) as president, the former becoming vic
{ president in place OF c.. ". Morse, WI
2 retired from the institution. On Jar
! uary ii there was a further reorgan
a cation, Mr.. Curtis being dropped fro
q the vice presidency and from the boar
8 Of directors.