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Show I1EI1IM! HMD DOORS The Keystone National Ban of Phila- delphia in the Hands of National 2 Bauk Examiners. ' n ' THE CITY THE HEAVIEST L0BEB. .o It Had About $400,000 on Deposit CO forced to the Wall After Tiding Over a Heavy Eun. y Pmt.Ai.n.rniA. March 20. Shortly after the Keystone National bauk O opened this morning the iron doora 5 weru lowered and tho following notice C"' placed on them: Tills bank is cI.sihI by order of the comp- LJ trollerot tin' cum nry, A (Slgno.l) ' N. P. Dikw, W National Uauk Kxamtnor. The closing of the bank was a sur- 4 prise to most of the depositors. During the financial strain the latter part of last year there were rumors allecting the bank's solvency, and a heavy nm J resulted, but tho institution tided over and was thought to be in good fiuancial condition. Tho largest depositor is tho City of Philadelphia, which has there about $100,000. The authorized capital of the bank is $3! 10, 000. A surplus of $100,000 ia claimed. So statement of the bank's liabilities and assets are obtainable. It is said that the bank was closed by tho comptroller comp-troller by reason of its reserve fund having fallen below the amount required re-quired by tho national banking law. 'The bank has deposits amounting to $l,4n0.t:0't and claims it has assets sufli-cient sufli-cient to meet this amount. It is said the bank owes the clearing house association about MK 000, which is in part money advanced by the association asso-ciation to assist the bank when the run was made on it in December last. All information regarding the closing of the bank is withheld by the bank ofli-cials, ofli-cials, beyond that contained in the letter signed by the president, which said repayment re-payment to tho clearing house of a very large amount of loan certificates, kept tho legal reserve of cash below that required re-quired by law and that the institution was still suffering from the effects of the recent run. An earnest effort will be made, the letter adds, to fully restore re-store the bank. The president of a prominent national na-tional bank here said in regard to the failure: "Depositors will get their money in full. There is no doubt of that. No one will lose a dollar, except the stockholders, who will lose only in the depreciation of the value of stock. The bank has been rather loosely managed man-aged and a number of bad debts have been made, but the situation is not so serious as people imagined." Washington-, March 20. Lacy, comptroller of the currency, said today that it was by his direction that the national na-tional bank examiner had taken charge) of tho Keystone National bank at Philadelphia. Phil-adelphia. His action is based on the reports re-ports received from the examiner and on other developments. The comptroller comp-troller refused to say anything in regard to tile condition of the bunk until after " . he hears the result of the examination, now in progress. |