The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-27
TURNED OVER TO
COMPTROLLER
National Bank of North Amer
lea Closed for Liquidation
by the Directors.
BIGGEST OF MORSE STRING
PRESIDENT BELIEVES INSTITU-
TON SOLVENT.


the Currency William B. Ridgely today
ordered the National Bank of North
America closed for liquidation, and ap-
pointed Charles w. Hanna, national
bank examiner, 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 per-
sistent Withdrawals, the result, accord
ing to President w. F. HavemeyeT of
insistent rumors set afloat respecting
the banks condition.
Membership in the clearing house as
ISOLATION enabled the bank to weather
the gale for time, but the aid extend
ed by this association in the form of
loan certificates finally became the
means of bringing about the decision to
go into liquidation when the call for
their redemption was intimated to the
directors on Saturday last.
The banks Indebtedness to the clear
ing house association is 81, 0O0
Killed Off by Rumors.
President Havemeyer in a statement
given out tonight laid the blame for
the trouble upon the persistent runOrs
he declared were the cause of the with
1rawals, which on Saturday became So
heavy that it was believed the bank
would not be able to meet the obliga-
tions on Monday.
Two meetings of the directors were
held today, and at the conclusion of
the last the directors decided to with
draw from the clearing house aSsOcia-
ton and ask the comptroller of the
currency to take charge of the liquida
ton of the bank.
w. b. Ridgely, comptroller of the
currency made the following state
ment of the banks affairs:
Hanna Appointed Receiver.
"At the request of the board of di-
rectors of the National Bank of North
America the comptroller of the cur
rency has ordered he 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.
THE receiver will proceed at once
with the liquidation of the bank and
1.-THE payment of its creditors. 1t is es-
timated that all depostors will be paid
in full.
Condition on Jan. IS.
Following is a statement of the con-
dition of the bank at the close of BUSH
ness on Saturday. Jan. %, 1908:
"Assets-Loans and discounts, $780,
31S.76; United States bonds and premi-
ums, s5S, 9027S; Panama and other
bonds and stocks. 1886, 34S.5o; bank
house and other real estate 81 ,215, 500;
cash and checks in other banks, $442,-
1855; due from collection banks, 1894,
2S1.31. Total, SS737,S27.9
"Liabilities-Capital stock, 100000
surplus and profits, $596,3i5.4s; circula-
ton, $50 900; bonds borrowed, Sl20,O00
clearing house certificates, 81, 100000;
individual deposits, S2,449, 060; bank de-
posits, s1.OS2, 422: United States depOs-
its, 100000 Total, sS,757, S27.9O.'
Simplest Method.
William A. Nash, acting chairman of
the clearing house committee. issued
the following statement tonight:
1.-THE National Bank of North Ameri-
ca has decided to withdraw from MEM
bership in the clearing house assOcia-
ton and to liquidate under the author
ity of the comptroller of the curTen-
cy. This retirement of the bank is re-
garded as the simplest method of liqui-
dating. The exchanges with the bank
will not be made at the clearing house
tomorrow morning. While The clear
ing house committee regard the grow
ing surplus and improved condition of
the banks as highly favorable TO a
complete retirement of the certificates,
the statement that the banks are be-
ing forced to retire them has no foun-
dation in fact
Believes Bank Solvent.
President Havemeyer said tonight he
believed that the bank is entirely sol
vent and that with a careful liquida-
ton the stockholders will receive par
for their stock.
The National Bank of North Ameri-
ca has a capital stock of $2,000,OGO,
and on Aug. g last, at which time a
report was made to the comptroller Of
the currency, showed deposits of $19,-
1877, 400. This sum had been largely and
gradually decreased by Withdrawals
during and subsequent to the panic.
and on Dec. 3, the date of the next re-
port, showed deposits of S6,926,500 and
Continued on page 2.