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Show : GLOSBOflOiiS Boston Financial Institution Suspended by Order of Bank Commissioner, I50STOX, Dec. IS Tlic doors of the Old South Trust company, ;i bnnkine; inn! savings institution with about i 1,(100,1)1)1) iu deposits, wire cloivcd, to- i l;iy by Sr.-flc i-ianlihie; (Joinmissiom r i Augustus h. 'Jljort'lyku, ' at tlia ruiuo.-it of it s ' president, John !(. ItcVey. The . bunk 's troubled, uccurdine; to a ; statement by the bank commissioner, , were ft n; to its inability to continue i!H nrrauj,'oiivnts -tor clearances. These had been made, hot through tho Jios-tou Jios-tou clearing house association, but through tin; Webster and Atlas National Nation-al 1 1 ; 1 1 1 k , officers of which said today that the bank had declined to clear the !l checks niter the Old South 's balance j i'fll below a, figure previously stipulated. stip-ulated. Commissioner Thornd.yko said' that the company would be able eventually to pay depositors ill full, with a substantial sub-stantial amount left lor stockholders. in u statement President .MeVey said: i ('The bank is absolutely solvent and last ni'ht ( .'oinuiissioner Thorndyko, after af-ter a conference with other bankers, refused to declare the bank unsafe. The j fact that the Old South Trust was j forced lo discontinue its clearing al-', al-', thouuli it kept within tho lentil stand-I stand-I in(j reserve, caused its chocks to bo paid j over tho counter. When this fact was i bruited abroad a run bcunu, starting j yesterday und increasing rapidly today. 1 "liuiii'ff unable to turn loans into ; cash quickly enough to meet tho withdrawals, with-drawals, wo deemed it prudent to ask tho bank commissioner to step in and conservo the assets; I am absolutely i sure that all depositors will receivo 10U i cents on tho dollar." l'residcut McVcy said that ncfrotia-I ncfrotia-I tions were under vvay with local bank- ers to havo them take over tho trust company and mako possible a resumption resump-tion of business in a few days. Commissioner Thorndykc said everything every-thing possiblo would be done to make Christmas savings available to its owners. own-ers. It was estimated tli.it there wero j about 8000 members of tho Christmas 1 Savings club, with aggregate savings j of approximately $-100,000. |