| Show FINANCIAL CRASH IN BOSTON CAUSED BY BANKS BANK'S LOSSES TWENTY YEARS AGO BOSTON No Nov 14 The H.-The The Central National National Na Na- bank of ot this city did Md not open for i business today the Comptroller of ot the Currency having ordered Bank ExamIner Examiner Ex Dx- Ex- Ex A. A W. W Neal to close Its doors and take charge of Its business as temporary temporary tem tem- receiver The do closing o of ot the bank Is Rl sald ld to b be due to excess excels of oC loans and a 11 lack hack of or quick assets i An appeal for tor aid was made to the Boston House Clearing-House as association as- as n. n hut but the committee did not deem It advisable to assist the hank bank The bank Is amon among the smaller Institutions Institutions maLl maLl- o of the elt city It was organized In 1873 with a n capital of Its deposits deposits' aggregate te n and nIl It Is belle believed d that this amount can can be be paid In full without t rin an ass assessment on the ther I stockholders Otis oils H. H Luke Is s president president dent and j J. J Adams Adams' Brown cashier 1 The Central National bank never nC fully reco recovered d ti from m n a blo blow blon It received d' d twenty h years twenty year yeara ao ago when with the Pa- Pa bank which t felled failed llod nl at that time It was Involved In the collapse of ot the L Lobanon Lob Lob- banon b- b anon Springs railroad In Vermont The Central bank then lost and an of about 10 per cent was made upon the stockholders and no dividends dl were paid for tor thirteen years ears A meeting of the stockholders holders had been called for December to approve approve ap ap- ap prove a n plan for tor the Eliot National bank to take over thc Upon Investigation however President Burrage Burrage Bur Bur- rage of ot the Eliot bank hank and ind his board of ot directors refused to accept the assets of or the Central bank as security for an any guarantee o of the deposits By the last report to the Comptroller of ot the Currency the b banks bank's standing was as follows Resources Resources Loans Loans and discounts discount 3 3 overdrafts o U. U S 5 bonds U OOOO premium on n U. U S. S bonds bends 16 stocks securities and real estate due from banks bank's exchanges ex ex- n changes es for tor clearings SU 1476 specie sp cie legal tend tender r not notes s redemption re redemption re- re fund Liabilities Capital stock toc surplus fund undivided profits bank notes outstanding bank notes noles' to tD banks etc deposits U. U S S. S deposits deposit deposits 60 O 0 bills bills' pa payable f O NO O. O DISHONEST AMO AMONG G I OFFICIALS TREASURY DEPARTMENT NT STATES S- S WASHINGTON Nov 14 A H-A A statement statement statement state state- ment concerning the closing of at the Central National bank hank of Boston Issued Is Issued Is- Is sued at the Comptroller of or the he Currency's Curren Curren- c cys cy's office tOda today r recites that that hat the bank I examined September last and I hrie while the examiners examiner's report showed showed I losses equal to surplus and undivided profits then on hand there was no elI evidence evi l dence ot of Insolvency ency Certain conditions conditions conditions condi condi- I wore were then Imposed with a a. view vic to providing pro for or losses a and securing the the bank a against further loss on Its loan loans Later It was determined to place the Institution in voluntary liquidation by having another bank In Boston take takeover takeover over oer Its assets and assume Its deposit liabilities and It wa was thought that arrangements arrangements ar- ar to this end were being carried carried car car- ried ned out until the acting comptroller received a dispatch from Examiner 1 Neal yesterday that efforts to liquidate had failed The failure the statement state SLate ment says S 'S Is lUC due to lo losses ps sustained There Is no apparent dishonesty dishonest on oh the pai hart alt t of officers of r the thes bank bank- so r far tar tarlis farus faras as us the he records of th the Comptrollers Comptroller's of of- flee 5 show O I |
