The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-01-27
National Bank of North Amer
lea Lost 100000 in De-
posts During the Recent
Financial Furry.
NATIONAL BANK EXAMINER
APPOINTED RECEIVER.
Comptroller of the Currency
Took Charge of Institution
Today - President Have
meyer Issues a Statement.

New York, Jan. 21.-Comptroller Of
the Currency William r. Ridgely yes
terday ordered the National Bank OF
North America closed for liquidation,
and appointed Charles Hanna, nation
al bank examiner. as receiver.
The aftermath Of the financial storm
of last October in it's effect on the
bank which today closed its doors, has
been in the shape Of heavy and per
sistent Withdrawals, the result, accord
ing to President w. f. Havermeyer, OF
insistent rumors set afloat respecting
the banks condition. Membership in
the Clearing House association enabI-
ed the bank TO weather the gale for n
time. but the aid extended by this as
sociaton in the form of loan Certitl-
Gates finally became the means or
bringing about the decision to go into
liquidation. when the call for their re
demption was minated to the direct
Ors Oh SATURDAY. last. The banks in
debtedness to the Clearing House as
sociation is S220O.O00.
President Havermeyer. in a state
ment given out, laid the blame for the
trouble upon the persistent rumOrs he
declared were the cause of withdraw
ais, which. on Saturday, became SO
heavy that it was believed the bank
would not be able to meet the obliga-
lions of today.
Two meetings or the directors were
held yesterday and at the conclusion
of the last the directors decided to
withdraw from the Clearing House as
sociation and ask the comptroller of
the currency to take charge Of the
liquidation of the bank
President Havemeyer last night
gave out the following statement con
corning the closing of the institution:
Rumors Would Not Down.
There had been persistent rumors
for the last ten days that the bank
would be obliged to liuuidate or else
go into the hands of a receiver These
rumors coming from apparently I'M
known sources have been so insidiOus
that il was imnossibe To meet them.
tinuous drain on our reserves. On Sat
urday there was a still heavier with
drawal, indicating that on Monday the
demand would be increased so that we
would not have enough cash in our
vaults TO meet it As he committee
of the Clearing House announced its
intention TO issue no moro Clearing
House certificates he directors
thought it advisable to request the
comptroller to put some one in charge
at least temporarily, so all our depos.
itor5 should be treated alike
81 accepted the presidency OF the
bank temporarily with reluctance at
the urgent request ,nf~.Tominent fin
anciers last October. at the time When
Mr. Charles W. Morse retired as vice
president. During the panic the bank
lost over Sl0,00O,000 in deposits. Its
de posits now amount to above $4,000,
900.
i had hoped to get back a number
of our depositors and so rehabilitate
the bank but the state of our cash
reserves and the difficulty on our par
of lending money to those who might
have returned it TO us put ii out of oul
power to offer them sufficient rea
son for resuming banking relations
with us
I'm my opinion the bank is perfect
ly solvent and there is every indica
ton that the stockholders will receive
par for their stick, with a careful anC
conservative liquidation.