The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1908-01-31
CLOSE DOORS OF Big
FINANCIAL INSTITUTION
IN new YORK CITY
Comptroller RidgeIy Appoints,
Receiver for National Bank
of North America.
IN DEBT OVER 2,ooo,o 600
President Havemeyer Firmly Believes
the Bank Is Entirely Solvent and
That Stockholders Will Get
Par Value Back.

New York, Jan. 29.-Comptroller OF
the Currency VIM. b. Ridgely has o.
dered the National Bank of North
America closed for liquidation and aFr
pointed W. Hanna, national bank ex-
aminer, rs 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-
lent w. II. Havemeyer. of rumors set
afioat respecting the banks condition.
Members in the clearing house assoc
citation enabled the bank to Weather the
gale for a time. but the aid extended
by this association in h form OF loan
certificates finally became the means
of bringing about the decision to go
into liquidation When the call for their
redemption was made to the directors
on Saturday last. The banks indebted
ness to the clearing house association
Is $4,000, 900.
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 obli-
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. Ridgcly. comptroller of the cur
rency made the following statement OF
the banks conditions:
"At the eaues 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 II appointed National
Bank Examiner w. Hanna as receiver.
The action of the directors was not
taken because they considered the bank
i~nsolvent. but because of the difficult
ties of realizing on the assets OF the
bank rapidly enough to meet the heavy
Of deposltors in the last few
days and probable further large with
drawals feared.
The receiver win proceed at once
With the liquidation Of the bank and
the payment of it's creditors. 1t is esti-
mated that all depositors will be paid
In full"
Statement of Condition.
Following is a statement of the con-
dition of the bank at the close of busi-
ness Saturday. January Is. 1905:
Assets, loans and discounts, $500
MUM, s5s,9o2.7s: Panama an other
bonds and stocks. 1855, 34S.5O; bank
house and other real estate, 81, PIG, 500.
Cash and checks in other banks, $442.-
Ile.30; due from collection banks 1884,
: 2s1.31; total, $s,737,s27.90.
Liabilities: Capital stock, $1,000
001; surplus and profits, S536,345.4S:
circulation. $4,000; bonds, borrowed.
$4,000; clearing house certificates,
$4,000, 900: individual deposits, S2,449,-
060.42; bank deposits, 81, OS2, 422; United
States deposits. $500, 0O0; total, $685.
$3.50.
President Havemeyer believes the,
bank is entirely solvent and that with
a careful liquidation the stockholders
will receive par for their stock. The
National Bank of North America has
q capital of $2.000,Uhs INC on August
% last. at which time a report was
made to the comptroller of the cur
rency. Shove deposits of $~19.7S7,400
This sum had been largely and grad
ua}ly decreased by Withdrawals during
and subsequent to the panic, and on
December 3, the date of the next re-
port, showed deposits of s6.s26, 500 and
cash on hand s3S1,9O0. Since that
time, according to President Havemey-
er's statement, the deposits have
shrunk still further and today amount
to about $4,000, 200.
The bank, which had been known az
the biggest of the Morse string of a
financial institutions, underwent a reor-
ganization in October. Alfred H. Cur
tbs vas succeeded by w. F. Havemeyer
as president, the former becoming vics
president in place of G.. w. Morse, who
retired from the institution. On jan
uary IA there was a further reorgani-
cation, Mr.. Curtis being dropped from
the vice presidency and from the board
of directors.