New-York tribune., 1908-09-15
HANNA READY TO PAY
THE FINAL % PER CENT,
,-ot;onaI Bank of North America
Denoators to Get s775, 900.

x-.,,a receiver of the National
Cha --a-.b America announced yesterday
BanA .,f4sc;ent money in hand TO pay at
thai Hs .-.t - and anal dividend OF % per cent
once =, ,,-tss depositors who have fled proofs
70 az with this last dividend will be in
O. = ,r+a-est at 6 per cent on balances from
oi'0e. The bank suspended. on January ~
ths ..-as- amounts 10 more than slOooOo'
aH - 95 ne- cent dividend calls Tor ABOUT
sno u (-,ecks win be ready for depositors on
$4,000, Che0As "---
Friday. aa,o.,.or- =, f,u
WIZ - +ba receiver is usually ended It
- ..s.or,arv for the remaining assets 70 pe
Is "a t,,e stockholders for final liauida-
= .be rresent case, however, there are
N-..--s-4 liabilities amounting 10 upward OF
CoIe--,e oo1aeo - until these are disposed OF Mr.
60. --oba blv viIl remain IN charge OF the
7a-l-." -. lawrence Q. Murray. the Con-
oa-lh -, Currency, will be here Tomorrow
- - confer with Mr.. Hanna and Charles
81 -. so-raerly vice-president of. and still
= ,o--ss. stockholder IN, the bank IN regard
= .bs turning over o. the assets
,Fo-se who has been active ever since
=, .,,k suspended, considers the payment OF
,.x, dividend In less than eight months after
v. se l.-r closed it's doors q remarkable feat 1t
: ,s-Selv through his efforts. II Is salo' tnal
- Earna now has the money to pay on the
--.s,to-s in full Several months ago MI.
- snTgted the aid Of the Assets Realization
,---,snv Of philadelphia, which bought up
Ools . .ss- ssooooo Of receivers certificates and
80, srered 10 put ar the disposal OF the re-
- enough money to pay of the depositors.
-, oisn however, was vetoed by the Con-
- os The Currency who found that it did
xf-9r Law
e. Morse then began 10 Jack up" all the
-.--,-a+ions ard individuals who owed the BANK
- MANY were unable 70 raise the amount.
= AZ Morse advanced money to take up their
=. 7 * said that he lent TO one large estate
- If s220oOO to settle its indebtedness to
the bank
t-,o,r the assets OF the bank were numerous
..,-;t;es fer which there was no ready market
Tn, blocks OF underlying Consolidated Steam
chin Company bonds, totalling nearly S5ooOto
- ,-s,ne were N this list which Mr. Morse
Lo,sb- from the receiver. There seemed TO De
- en5 T. Mr.. Norse's bank account, and last
reel. h. paid into the bank the last S5oVo
% hv the receiver. Then he told mr.. Hanna
:. -, ,ha deDositors and turn the assets over
10 the stockholders
7z-bsn the receiver reminded Mr.. Morse that
.be contingent liabilities, consisting OF suits ana
.s---,an+s AGAINST the receiver, amounted 10
,o-s than $4,000 Mr. Morse replied that
h,,6 covering that amount would be fled with
the Controller OF the Currency, as provided by
l.w It is concerning the fling Of this bond
s,d -be calling Of a meeting Of stockholders tnat
Controller Murray will confer with MI Hanna
and Nr Morse tomorrow.
Inst what the stockholders viii receive Is al
present problematical, but Mr.. Morse is telling
his friends that the stock will be worth from
ana m 125 at the least The bank owns 81 per
cent OF the capital stock OF the Wall Street
Exchange Building Association, which owns and
overatss the twenty-seven story building at NO.
a. Exchange Place. In which are the BANKS
Offices. There Is mortgage Of Sl5Oe'DUo on the
urcue-tv and the banks equity is figured 10 be
from $4,000 70 s., ,5O0oO0 In case the sale
Of the building were 10 net the bank an equity
of 81 OO0OOO Il would make the S2,0o0oOo OF
cautal stock worth $50 share. There are also
ether valuable assets, including several thou
sand shares OF Chase National Bank stock and
1000 shares Of American Ice stock. which are
e. present IN litigation.
Now that the receiver has the money TO pay
the depositors in full thus removing ali posi-
bility Of the need Of an assessment on the banks
stockholders, the deposits Of stockholders ana
directors also will be released. The receiver
mas been holding these back, as prescribed by
law until ne was certain that no assessment
would have to be levied.