19676. Atlantic National Bank (Providence, RI)

View Charter #2913 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2913
Charter Number
2913
Start Date
April 14, 1913
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
eb9fd5e1

Response Measures

None

Receivership Details

Depositor recovery rate
80.0%
Date receivership started
1913-04-16
Date receivership terminated
1923-03-01
OCC cause of failure
Losses
Share of assets assessed as good
59.2%
Share of assets assessed as doubtful
25.2%
Share of assets assessed as worthless
15.6%

Description

The Atlantic National Bank of Providence suspended payments on 1913-04-14 and a receiver was appointed (April 16). Receivers reported the bank insolvent and stockholders were later assessed; criminal investigations followed. Articles describe unsound methods and uncertain/worthless paper as the cause rather than an isolated rumor-driven public run, so this is classified as a suspension followed by permanent closure/receivership.

Events (4)
1. April 3, 1883 Chartered
Source
historical_nic
2. April 14, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Troubles traced to association with arrested banker (Joseph G. Robin), heavy withdrawals by large depositors, extension of credit on doubtful loans and large amounts of uncertain/worthless paper; unsound business methods.
Newspaper Excerpt
The Atlantic National bank did not open for business today. A notice on the door said that the bank had suspended payment.
Source
newspapers
3. April 16, 1913 Receivership
Source
historical_nic
4. April 16, 1913 Receivership
Newspaper Excerpt
John W. Schofield, today, was appointed receiver of the Atlantic National Bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a report that a movement was being started to attach certain assets of the bank. In the hands of a receiver the assets are not attachable.
Source
newspapers

Newspaper Articles (19)
1. April 14, 1913 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, April 14, 1913

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BIG BANK CLOSES. Atlantic National of Providence Suspends Payment. Providence, April 14.-The Atlantic National bank did not open for business today. A notice on the door said that the bank had suspended payment. According to a statement on April 4, the bank had deposits of nearly $2,300,000, a capital of $300,000 and a surplus of $120,000, the loans and discounts on that date totalled $7,575,000. The president of the bank is Percy W. Gardner, who is a law.. yer associated with Charles A. Wilson, head of the Republican state organization. A notice posted by the national bank exam.ner says he has taken charge of the bank, "By request of the board of directors."

2. April 14, 1913 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, April 14, 1913

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Providence Bank Suspends. Providence, R. I., April 14.-The Atlantic National bank did not open to. day and suspended payments. The bank had deposits of $2,300,000, capital of $300,000 and & surplus of $120,000.

3. April 15, 1913 New-York Tribune New York, NY
Article from New-York Tribune, April 15, 1913

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PROVIDENCE BANK CLOSES Its Troubles Date from Arrest of Joseph G. Robin. Providence, April 14-The Atlantic National Bank did not open for business toMay. A notice on the door said that it had suspended^payment According to the last statement for the Controller of the Currency, on April 4, the bank had deposits subject to check amounting to $2,076,268, demand certificates of deposits $210,356, and time certificates of deposit $6,500. The capital stock paid in was $300,000, with a surplus fund of $120,000. The loans and discounts amounted to $2,574,043. United States bonds $193,000, other bonds and securities $401,237. The specie and legal tender reserve totalled $136,446. The troubles of the institution date from the arrest of Joseph G. Robin, the New York banker, who had been associated in a business way with the Atlantic National. At that time several of the heaviest depositors withdrew their accounts. Extension of credit on loans that were due from a manufacturing firm is said to have hastened the suspension. Edward P. Metcalf, who with associates obtained control of the bank's stock in 1906, resigned the presidency on April 2. President Percy W. Gardner, in a statement, said that when the bank's management changed on April 1 the institution owed about $400,000. This was reduced $125,000 within a week. but in the mean time the condition of the bank, as shown in the statement for the Controller for April 4. caused a committee of the Providence Clearing House to make an examination of the institution's affairs. As a result, the committee recommended that no more deposits be accepted, and the bank directors decided that if there was any question as to the value of its securities the depositors should be protected by an immediate suspension of business. The Industrial Trust Company and the Union Trust Company have offered to lend to the Atlantic's depositors 60 per rent of their net deposits in the suspended bank.

4. April 16, 1913 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, April 16, 1913

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PROVIDENCE BANK'S FAILURE. Result of Unsound Business Methods, Not Defalcation. Providence, R. I., April 16.-It was reported yesterday that although unsound methods in the conduct of the business of the Atlantic National bank, resulting in its suspension with liabilities approximating $2,750,000, may be disclosed, there was no defalcation. The amount of uncertain paper held by the bank, it was learned, was the cause of the wreck. National Bank Examiner Balch, aided by his assistants, began yesterday an examination of the books.

5. April 17, 1913 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 17, 1913

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ATLANTIC NATIONAL BANK Of Providence, R. 1., Turned Over to John W. Schofield, as Receiver. Washington, April 16.-John W. Schofield, today, was appointed receiver of the Atlantic National Bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a report that a movement was being started to attach certain assets of the bank. In the hands of a received the assets are not attachable.

6. April 17, 1913 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, April 17, 1913

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Providence. R. I., April 15.-Arrangements were made to-day to partially pay the depositors of the suspended Atlantic National bank through the Industrial Trust company and the Union Trust company, which have offered to advance 60 per cent. on Atlantic National deposits. The suspended bank has about 3,500 depositors whose accounts total $2,076,274. according to Cashier Peabody.

7. April 17, 1913 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, April 17, 1913

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WASHINGTON, April 16.-John W. Schofield was appointed receiver today of he Atlantic National bank of Providence, R. I., which closed its doors a few days ago by order of its board of directors. This action was taken by the comptroller of the currency because of a. report that a movement was being started to attach certain assets of the bank. In the hands of a receiver, the assets are not attachable.

8. May 14, 1913 New-York Tribune New York, NY
Article from New-York Tribune, May 14, 1913

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SUSPENSION NOT DUE TO CRIME. Providence, May 13.-Nothing of a criminal character has been found relative to the suspension of the Atlantic National Bank, according to R. L. Curtis, who soon takes charge as permanent receiver and who said to-day there was still a chance that the bank would be reopened, although it was more likely the receivership would be permanent

9. May 20, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, May 20, 1913

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R. L. Curtis, Receiver of the Atlantic National bank, Providence, R. I., reported yesterday to Thomas P. Kane, acting comptroller of the currency, that he had found the bank insolvent.

10. June 6, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, June 6, 1913

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BANK STOCKHOLDERS ARE ASSESSED 100 PER CENT. Total of $300,000 to be Raised to Pay Atlantic National's Depositors. Providence, R. I., June 5-An asessment of 100 per cent. of the capital stock has been levied by T. P. Kane acting controller of the currency, upon the stockholders of the Atlantic National bank, which recently suspended. Notices of the assessment were received today. The total amounts to $300,000, which will be used to pay the depositors.

11. September 6, 1913 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, September 6, 1913

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RECEIVER MURRAY BRINGS SUIT IN PROVIDENCE Proceeding to Collect $5,200 on Continental Finishing Co. Notes. Three suits were entered in the United States district court in Providence Friday, two by R. L. Curtis, receiver of the Atlantic National bank, Providence, and one by Harold S. Murray, receiver of the First National bank of Norwich, seeking to recover money on the stock assessment, and loans on promissory notes. Whiting Metcalf of Providence, Louis D. Pierce of Norwood and the Continental Finishing company, Riverpoint, are the defendants. Mr. Metcalf is made the defendant in an action of $2,500 by Receiver Cur_ tis, who sues to recover $1,650. the amount of the assessment against Mr. Metcalf on thirty-three shares of stock which he holds in the bank. The other suit by the bank receiver is against Louie D. Pierce seeking judgment of $10,000 on three promissory notes aggregating $10,300, issued to the defendant in January, February and April of this year. In each case the notes became due after the institution had closed its doors. The action of Receiver Murray of the Norwich bank is to recover $5,200 on two promissory notes made by the Continental Finishing company and signed by Mr. Pierce as treasurer. An attachment was placed on the plant last week by Deputy Marshal Rodman and it is now in charge of a keeper. All three cases will come up in the fall term of the district court, which opens Nov. 18, unless otherwise disposed of in the meantime.

12. October 11, 1913 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 11, 1913

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METCALF ARRESTED FOR MISAPPLICATION$200,000 OFBANK. Edward P. Metcalf, Former Pres. of Atlantic Nat., Providence, Pleads Not Guilty And Is Held Under $50,000 Bail Grand Jury Finds 24 Counts. Three of the four New York men Providence, R. I., Oct. 9.-As an alleged to have been aiders and abetoutcome of the failure of the Atlantic ters were with associated companies National Bank, last April, Edward P. which have failed. The Dekays, who are brothers, were officials of the MerMetcalf, its former president, was chant National Packing Co., which arrested, this afternoon, on an indictwent into the hands of a receiver in ment charging him with the misap1901; Farror was formerly president plication of more than $200,000 of the of the Columbus Securities Co., a New bank's funds. In the indictment, Jersey corporation, which is now in which was returned secretly, last bankruptcy and Allen is a promoter night, by a special session of the fedand associate of Metcalf's in other eneral grand jury, Orieon R. Farror, Jas. terprises. F. Allen, Henry E. Dekay and John W. Dekay, all of New York, are named Metcalf gave himself up voluntarily, as having aided and abetted Metcalf coming to the federal court with his in the transactions which are alleged daughter and surrendering to United to have been illegal. Metcalf pleadStates Marshal Daniel R. Ballou. Efed not guilty and bail was fixed at forts will be made at once to appre$50,000 by Judge Arthur L. Brown. His hend the other four men and have attorney was given 10 days to change them brought to this city, the plea. A certified copy of the inThe affairs of the bank were dedictment with capiases for the arrest clared by government experts, who of the four New York men, were sent, have been doing the investigating tonight, to the United States marshal here, to have been in an amazing fiin New York. nancial tangle and most of its securiThe indictment covers 65 typewritties consisted of worthless paper and ten pages and containing 24 counts. stocks of the "wild cat" variety. Of The penalty is not less than five nor the 24 counts enumerated in the inmore than 10 years imprisonment on dictment 23 are for either purchasing each count. There is no option of a (Continued on Page Twelve.) fine.

13. October 21, 1913 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, October 21, 1913

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NATIONAL BANK IS CLOSED Lowell (Mass.) Institution With $3,000,000 Deposits Shuts Down. Lowell, Mass., Oct. 21.-The Traders' National bank of this city was closed by order of the comptroller of :he currency. The Traders' National bank was organized in 1892. According to the ast report the capital stock was $200, DOO, surplus $70,000 and deposits $3,031,000. President Nelson issued a statement that the closing of the bank is due to a combination of circumstances. The suspension of the Atlantic National bank of Providence, R. 1., and later the closing of the First-Secand National bank of Pittsburg had a serious effect on the financial condition of a number of firms and corporations previously well rated, whose notes were beld by the bank. Lives Year With Broken Neck. New York, Oct. 21.-Joseph Weeks, who had lived a year with a broken neck, died in a hospital at Babylon, L. I. His mind was clear until the end, but since the accident he had never been able to use Ms limbs. Weeks' neck was broken when be dived into shallow water while bathing.

14. April 8, 1914 The Sun New York, NY
Article from The Sun, April 8, 1914

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SECURITIES AT AUCTION. Securities to be sold at auction to-day: By order of R. 1. Curtis, receiver of the Atlantic National Bank. Providence, R. 1 $47,000 Mexican National Packing Company. Ltd., temporary 6 per cent. first and special mortgage gold bonds, due 1931 By order of executor: 20 shares National Park Bank 22 shares Mechanics and Metals National Bank. 17 shares National Bank of Commerce. 14 shares Bank of New York 2 shares Irving National Bank 10 shares Citizens Central National Bank 20 shares American Express Company. 20 shares Adams Express Company. 125 shares Wells Fargo & Co. $5,000 United States Government 3 per cent bonds. due 1908-1918. $5,000 United States Government 4 per cent bonds. due 1925 For account of whom it may concern: $6,000 New Orleans City Railroad 4 and 5 per cent. general mortgage gold bonds 1943. January, 1914, coupon on $1,000 American Cities Company. eight year 5 and 6 per cent. collateral trust gold bonds. 1919. January, 1944, coupon $8,000 United States Steel Corporation ten and sixty year 5 per cent. sinking fund gold bonds, 1963. $1,000 Baltimore and Ohio Railroad first mortgage fifty year 4 per cent. gold bonds. 1948. October 1913. coupon on $16,000 New Orleans Railway and Light Company general mortgage 4½ per cent gold bonds, 1935, January, 1914. coun pons on $1,000 Southern Railway first construction mortgage 5 per cent. gold bond. 1994 January. 1914. coupon on. $1,000 Birmingham Railway Light and Power Company refunding and extra mortgage 6 per cent. gold bond. 1967 $1,000 City of Oklahoma. Oklahoma 6 per cent improvement bonds, que Septem ber. 1921 $3,000 New Orleans City and Lake Rallroad Company fifty year 5 per cent gold bonds, 1943. January, 1914 coupons on $2,000 Chesapeake and Ohio Rallway Company general funding and improvement mortgage 5 per cent. gold bonds, 1929. January, 1914. coupons on $50.000 Pueblo-Rocky Ford Irrigation Com pany first mortgage collateral trust 6 per cent gold bonds, July, 1912 and subsequent coupons attached. repre sented by certificate of deposit 147 issued by the Chicago Title and Trust Company. 600 shares Rochester. Syracuse and Eastern Railroad Company, preferred $10.000 Clearfield and Mahoning Railway first mortgage guaranteed 5 per cent bonds. 1943. $9,000 Indiana. Decatur and Western Railroad first mortgage 5 per cent. gold bonds. 1935 100 shares Grieve Grate Company. common 1,000 shares Alaska Copper Corporation temporary certificates pooled. 12 shares Fidelity and Casualty Company of New York $5,000 Pere Marquette Railroad Company consolidated mortgage 4 per cent. gold bonds, 1951. $20,000 Chicago and Indiana Coal Railway Company first mortgage 5 per cent. bonds, 1936 All right. title and interest of Armand Wolff in policy No 3289548 New York Life Insurance Company for $20.000 on life of Armand Wolff All right. title and Interest of Edmund Wolff in policy No 3419062 New York Life Insurance Company for $5,000 on life of Edmand Wolff 12 shares City of New York Fire Insurance Company 100 shares Agricultural Credit Company's common.

15. April 11, 1914 Newark Evening Star and Newark Advertiser Newark, NJ
Article from Newark Evening Star and Newark Advertiser, April 11, 1914

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# Sued on Notes n Jersey Deal NEW YORK, April 11.-James F. Allen, a note broker, living on Riverside drive, who is under indictment charged with misappropriating funds of the Atlantic National Bank, of Providence, was sued in the Federal District Court today by Rensselaer L. Curtis, receiver of the bank, to recover $23,233, alleged to be due on the defendant's notes. Allen surrendered himself to United States Commissioner Shields last October, soon after the arrest of Edward P. Metcalf, former president of the bank. The indictment charged the sale of six promisory notes to Metcalf to cover the amount Metcalf is alleged to have taken from the bank to aid the Columbia Securities Company, a bankrupt New Jersey corporation, in its purchases of the controlling stock in the Traders' National Bank, of Lowell, Mass.

16. April 21, 1914 New-York Tribune New York, NY
Article from New-York Tribune, April 21, 1914

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ANDREW J. McCORMACK, Auctioneer. REGULAR AUCTION SALE OF STOCKS AND BONDS. BY ADRIAN H. MULLER & SON, OFFICE, NO. 55 WILLIAM ST., WEDNESDAY, APRIL 22D, 1914, at 12:30 o'clock, at the EXCHANGE SALESROOM, NOS. 14 AND 16 VESEY STREET. By order of Charles P. Robinson, Referee: 100 shs. Stamford Manufacturing Co., of Stamford, Conn. By order of R. L. Curtis, Receiver of the At-lantic National Bank, Providence, R. I. $47,000 Mexican National Packing Co., Ltd. Temporary 6 p. c. 1st and Special Mtge. Regst. Gold Bds., 1931. By order of Wm. M. Hoes, Public Administrator: 30 shs. Rock Island Co. common. 40 shs. Nevada Consolidated Copper Co. com'n 5 shs. The Mackay Company prefd. 25 shs. Nevada Utah Mines & Smelters Corpn. By order of Executors: 6 shs. Glastonbury Knitting Co. 10 shs. People's Trust Co., Brooklyn. 6 shs. Nassau Trust Co., Brooklyn. 10 shs. Westchester Trust Co. For account of whom it may concern: 177,500 shs. Aztec Petroleum Co. 50 shs. The Sydenham Corporation. 5 shs. New York County National Bank. 80 shs. Colwell Lead Co. prefd. 115 shs. Steel Package Co. prefd. $11,000 Mexican Northern Railway Co. 1st Extend, 6 p. c. Gold Bds., 1930. 1,141 shs. Gardner Crusher Co. prefd. 3.808 shs. Gardner Crusher Co. common. $500 The Jersey Pines Poultry Farm 6 p. c. Gold Bd., 1919. $4,000 Mount Royal Cemetery 6 p. c. Ctf. of Indebtedness, due Jan., 1920. $1,000 The Kensico Cemetery Ctf. of Indebtedness, due 1956. 200 shs. State Investing Co. 1 share New York Law Institute. $12,000 Loraine Ashland & Southern R. R. 2d Mtg. 5 p. c. Bds., 1963. 880 shs. American Water Works & Guarantee Co. Prefd. Ctf. of Dep. 25 shs. American Express Co. 37,500 shs. West Indian Development Co. prefd. 74.979 shs. West Indian Development Co. com. 2,500 shs. Caribbean Construction Co. 35,200 shs. National P. R. Co. of Haiti. $132,700 National R. R. Co. of Haiti Six-Year 6 p. c. Sinking Fund Gold Bonds. $4,000 Jay C. Wemple Company 6 p. c. Debenture Bonds, due July 10th, 1918. 6 shs. F. W. Wurster & Co. 20 shs. Union Pacific R. R. common. 10 shs. Corn Products Refining Co. common.

17. April 22, 1914 The Sun New York, NY
Article from The Sun, April 22, 1914

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# SECURITIES AT AUCTION TO-DAY. By order of Charles P. Robinson, referee: 100 shares Stamford Manufacturing Company of Stamford, Conn. By order of R. L. Curtis, receiver of the Atlantic National Bank, Providence, R. I.: $47,000 Mexican National Packing Company, Ltd., temporary 6 per cent. first and special mortgage registered gold bonds, 1931. By order of William M. Hoes, public administrator: 30 shares Rock Island Company, common. 40 shares Nevada Consolidated Copper Company, common. 5 shares The Mackay Company, preferred. 25 shares Nevada Utah Mines and Smelters Corporation. By order of the executors: 6 shares Glastonbury Knitting Company. 10 shares People's Trust Company, Brooklyn. 6 shares Nassau Trust Company, Brooklyn. 10 shares Westchester Trust Company. For account of whom it may concern: 177,500 shares Aztec Petroleum Company: 50 shares the Sydenham Corporation. 5 shares New York County National Bank 80 shares Colwell Lead Company, preferred. 115 shares Steel Package Company, preferred. $11,000 Mexican Northern Railway Company first extend. 6 per cent. gold bonds, 1930. 1,141 shares Gardner Crusher Company, preferred. 3,808 shares Gardner Crusher Company, common. $500 The Jersey Pines Poultry Farm 6 per cent. Gold bond, 1919. $4,000 Mount Royal Cemetery 6 per cent. certificate of indebtedness, due January, 1920. $1,000 The Kensico Cemetery certificate of Indebtedness, due 1956. 200 shares State Investing Company. 1 share New York Law Institute. $12,000 Loraine, Ashland and Southern Railroad second mortgage 5 per cent. bonds, 1963. 880 shares American Water Works and Guarantee Company preferred certificates of deposit. 25 shares American Express Company. 37,500 shares West Indian Development Company preferred. 74,979 shares West Indian Development Company common. 2,500 shares Caribbean Construction Company. 35,200 shares National Railroad Company of Hayti. $182,700 National Railroad Company of Hayti six year 6 per cent sinking fund gold bonds. $4,000 Jay C. Wemple Company 6 per cent debenture bonds due July 10, 1918 6 shares F. W. Wurster & Co. 20 shares Union Pacific Railroad common 10 shares Corn Products Refining Company common. 10 shares National Bank of North Hudson, West Hoboken, N. J.

18. May 28, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 28, 1914

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# Metcalf Trial Is # Set for Nov. 4 Providence, May 27.-November 4 was assigned in the United States district court today as the date for the trial of Edward P. Metcalf, former president of the Atlantic National Bank, and Henry E. DeKay, a New York broker, in connection with the failure of the bank. Several other cases growing out of the failure will go to trial after the disposition of the first indictment.

19. January 31, 1915 The Washington Herald Washington, DC
Article from The Washington Herald, January 31, 1915

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number of British financiers in the corporation and after several years the name of the organization was changed to the Mexican National Packing Company to conceal its iden- tification with American interests. The failure of the United States Banking Company of Mexico City, with which the organiation was con- nected, resulted in placing the pack- ing company in the hands of Henry DeKay as receiver. It was then that the attempt was made to finance a reorganization of the concern by the use of funds of the Providence in- stitution. ### Skillful Financial Juggling. John DeKay went to England and busied himself with attempting the flotation of a bond issue through the medium of the London Stock Ex- change. As a means of aiding the project, the British and Mexican Trust Company was formed in Eng- land to invest in securities of the beef trust. The attempt to create a market for the securities on the Lon- don Exchange was skillfully managed, and many Englishmen were induced to take an interest in the concern. For the purpose of raising funds to finance the new company the three de- fendants engaged in large-scale kiting between Mexico City, New York, and London. As it took several weeks for the exchange of drafts between the various financial centers involved, and as these drafts were made out for pe- riods of twenty or thirty days, the kiting system netted the defendants the use of considerable sums. ### Amount of "Deal” Unknown. In April, 1913, without a note of warning the Atlantic National Bank failed. Financial New England was shocked. The bank's stockholders lost everything. Receivers have been able to pay about 60 per cent to depositors. Immediately after the failure of the bank an investigation was started by the Department of Justice. Later Wrisley Brown was put in charge. The facts were presented to the grand jury and Metcalf and the two De Kays were in- dicted. Metcalf and Henry De Kay were arrested. It is said John De Kay was then acting as the official European rep-