The Montgomery advertiser., 1908-01-27

Taken Charge cn heauest eh
 the Directsrs--Heceivers
 Appeinted. \,
 New York, Jany. 2s.-Comptfoiier of the currency. Wm. B. Ridgely, today ordered the National Bank of North America closed for liquidation and SD. pointed Charles Hanna. National Ex- arniner, as receiver.
 The aftermath of the financial storm of last October. in it's effect on the bank which will tomorrow close its doors, has been in the shape of heavy and persistent withdrawals, the result, according to President ". F. Havemeyer, of constant rumors s1t aftoat respect- J ing the banks condition. Membershfp in the clearing association, enabled the bank to weather the gale for time. but the aid extended by this associa. tion in the form of loan certificates, finally became the means of bringing about the decision to so into liquida- tion when the call for their redemption was intimated to the directors on Sat-. urday last. The bank's indebtedness &2.20o, 900.
 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 curs rency to take charge of the liquidation of the bank.
 W. B. RidgeIy. comptrolier of the Currency. mada the following state- Hent of the banks affairs:
 At the request of the Board of Di- 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 depositors in the last few days and probable further large withdrawals feared. -s.s8, s7 '--
 'sThe receiver will proceed at once with the liuuidation cf the bank and the pasrnant of it's creditors. It tE ssz timated that all depcsitors will De paid in full. .s
 '.Tollowink Is .. statement of the con. ditionl of the bank at the ciose of business on Saturday. January 25. 1908:
 Assets.
 Loans and discounts. ..35,s4o.3fs.7s U. s. bonds and premiums. 5s.90s.7s Panama and other bonds
 and stocks. :, ....., sss.s4s.5o
 estate. :. :. .. l,s1S,SOO,OO. Cash and checks in other
 banks. ........ 442,4TS.S5 Due from collection banks. ss4,2sl.31
 Total. ...... :. :. .... ..ss.7s7ss7.so
 Liabilities. Capital stock $2s 900 .000 .0o Surplus and profits ....... b36 6.34s.49 Circulation .........ss bO,OOV.VV Bonds borrowed .....,.. 12o,0oo .0Q Clearing house certificates. 2.20O 900 .00 Individual deposits 2. .....2,44D. .0s0.38 Bank deposits .........s.. 1,0s2,423.04 United States deposits. .... S0O.0o0.o
 Total .............. s,7s7. .ss7. 90
 William A. Nash. acting chairmanio of the Clearing House Committee. made the following statement tonight:
 '"rhe National Bank of North Amer ica has decided to withdraw from rnen- bership in the Clearing House Associa- tion and to liquidate under the author ity of the Comptroller of Currency. This retirement of the bank is regarded as the simplest method of liquidation. The exchanges with the bank will not be made at the Clearing House tomorrow morning. While the Clearing House Committee regard the growing surplus anu improved CO1ulLlOu OI IH9 O&nk as highly favorable to a complete retire ment of the loan certificates. the state ment that the banks are being forced to retire them has no foundation fin fact"
 President Havemeyer said tonight that he believed the bank is entirely solvent and that with a careful Iiqui- dation the stockholders will receive par for their stock.
 ''The National Bank of North Amer ica has a capital af s2.ooo.O 900 and on August 22 st which time Q report was made to the Comptroller of the Currency, showed deposits of 3ls.7S7,- 400.
 Deposits Have Decreased.
 This sum had been largely and gradually decreased by withdrawals during and subsequent to the panic and on December g. the date of the next report. showed deposits of $s.s2S.500, and cash on hand, @381,9 300. Since that time President Havemeyer's statement the deposits have shrunk still further and today amount to little over a3,- 100000. k>A The bank. which had been known as the biggest of the Morse string of financial institutions underwent a re- organization in October On January 14 there was a further reorganization, Mir. Curtis being dropped from the D vice-presidency and from the Board of Directors"
 Comptroller of the Currency William B. Ridgely came to New York from Washington and was In conference with the banks officials during the after noon.
 President William F. Havemeyer to- night gave out the following statement concerning the action of the directors and the conditions leading thereto:
 'NThe Directors of the National Bank of America has decided to request the ConptroIler of the Currency to as- sume charge of the affairs of the bank There had been persistent rumors for the past ten days that the bank would be obliged to liquidate or else go into the hands of a receiver. These rumors, coming from apparently unknown sources, have been so insidious that 1t was impossible tomeet them. They have resulted in a slow and continu- ous drain on our resources. On Sat- urday there was a still heavier with drawaI of funds, indicating that on Monday the demand would be inereas- ed so that we would not have enough cash in our vaults to meet 1t. As the committee of the clearing house announced their intention to issue no more clearing house certificates. the