8a1b20caAccommodated withdrawals, Full suspension
Other: Bank went into voluntary liquidation; other local banks agreed to honor certificates to satisfy depositors.
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BANK QUITS BUSINESS. Newport News National Goes Into Liquidation. NEWPORT NEWS, Va., Jan. 14.-The Newport News National Bank went into liquidation yesterday as the result of the action of the Clearing House Association taken Thursday afternoon. The other-banks of the city rallied to the aid of the National Bank, on which there was a slight run, which subsided when it was seen that depositors were being paid in full. Certificates which are good at other banks were given.
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BANK IN LIQUIDATION. Newport News National Proceeds to Pay Its Depositors. [Special to The Times-Dispatch.] NEWPORT NEWS, VA., January 13. -Forced by a complication of untoward circumstances to resort to ex. treme measures in order to prevent the doors of the institution from being closed. the Newport News National Bank to-day began a voluntary liquidation. No deposits were received today, and all throughout banking hours depositors were lined up before the paying teller's window, receiving certificates of deposits, which were recognized as cash by three other banks of the city, The directors propose to close out the affairs of the bank and go out of business, but they guarantee that every depositor will receive dollar for dollar of deposits. There will be : moeting of the stockholders to pass upon. the action of the directors to-morrow neternoon. E. Quincy Smith, of Washington, is president or the bank, and he has been here for several days in consultation with the directors. Recently it. scarcity of ready cash, coupled with rumors which were set afloat temporarily embarrassed the bank. and caused the cashier to demand notice for the withdrawal or savings deposits. This action caused talk to become rife, and Saturday night it was apparent that there would be a run on the bank to-day. Knowing that the institution was In no shape to stand a run, the directors determined upon the liquidation policy. and, putting up security. arranged with the First National Bank, Citizens and Marine and Schmelz Bros. Banks, of this city, the National Bank of Commerce, Norfolk, and the Union Savings Bank, of Washington, D. C., to honor deposits. The liquidation has caused no flurry in local financial circles, and the heads of the various banking houses declare that they do not look for any depressding result,