13649. Bank of North America (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 24, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
d15206767fe72773

Response Measures

None

Description

Articles describe heavy withdrawals during the Panic of 1907 (Oct 1907) affecting the Bank of North America, followed by suspension/decision to liquidate and appointment of a receiver in late January 1908. The sequence is: run during Oct 1907 panic → suspension/closure → receivership. OCR errors in some articles corrected (e.g., Bank of North America referred to as National Bank of North America in some pieces).

Events (3)
1. October 24, 1907 Run
Cause
Macro News
Cause Details
Heavy withdrawals associated with the Panic of 1907 and the broader New York financial crisis; coordinated efforts of financiers and treasury to stop the panic are described.
Measures
Bank paid checks presented that day and planned to open the next day; participated in trust-company organization and examinations to restore confidence.
Newspaper Excerpt
After one of the most remarkable runs in the history of American banking, we will open our doors tomorrow. We paid all checks today as fast as they were presented.
Source
newspapers
2. January 27, 1908 Receivership
Newspaper Excerpt
passed into the control of Charles W. Morse. ... now it has passed into the hands of a receiver and later John W. McKinnon was appointed receiver of Charles W. Morse's bankrupt Bank of North America (Dec 9, 1908 appointment of successor receiver after Hanna resigned).
Source
newspapers
3. January 27, 1908 Suspension
Cause
Government Action
Cause Details
After depositor desertion related to Charles W. Morse's control and associated scandals, bank officials and the Comptroller decided to close and liquidate; receiver appointed.
Newspaper Excerpt
the Bank of North America ... has passed into the hands of a receiver, having been deserted by most of its depositors ... the decision to go into liquidation was reached late yesterday afternoon
Source
newspapers

Newspaper Articles (23)
1. April 3, 1906 The Sun New York, NY
Article from The Sun, April 3, 1906

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FATHER, TOO, ROBBED BANK. ELDER TURNEY MADE AWAY WITH $106,000 IN 1877. on Who Has Now Stolen $34,000 Was a Clerk There at the Time-Loss Made Up and Hushed Up-Edna Leonard Held Blameless for the Son's Thefte After Joseph A. Turney, the embezzling note teller of the Bank of North America, bad waived examination yesterday morning in the Tombs police court and had been held in $10,000 bail it becam known that bis father had stolen $106,000, with the connivance of another clerk. from the same bank in 1877. The father restored $6,000 to the bank, and the directors made up the loss and hushed it up rather than have the safety of the bank imperilled by a run. The elder Turney died about three years ago a respected citizen. The name of the young woman who has figured in the son's case also became public She is Miss Edna M. Leonard, who keeps a boarding house at 358 West Fortysixth street. The bank officials say that their investigations show that Miss Leonard is entirely blameless for Turney's steal. ings and they are convinced that his rela. tions with her were solely those of a businoss friend. Miss Leonard admitted yesterday that she knew Turney, and said she had been "unfortunate enough to have her name mixed up in the affair." but she declared most positively that she knew nothing of the man' 's stealings and had not shared in them. The bank officials are satisfied that she is telling the truth. They Bay that her house is respectable and that they have dropped that side of the case The disclosure of the stealings of the elder Turney came as a surprise to the present officials of the Bank of North America. A former director of the bank dictated at his office a statement about the old embezzlement. He said that he got the full particulars from the late William Dowd. who was once president of the Bank of North America. and also was vice-president of the Clearing House. This is what the former director wrote out himself "One morning in 1877 the paying teller, Mr. Turney, went to Mr. Dowd and confessed that he had for a long time been abstracting funds of the bank with the connivance of another clerk and that the money had been lost in speculation. The amount stolen reached $106,000. *The examiners were about to inquire into the bank's condition. Turney realized that it was no longer possible to cover up the deficit. He had carried it along for several years, but the amount had become 60 large that discovery was inevitable. Turney and his accomplice were able to raise $6,000. so that the actual loss to the bank was $100,000. "In view of the general condition of affairs, of the former good character of Mr. Turney. his long and faithful services to the bank and another reason, which need not be mentioned, the officers decided to keep the matter to themselves. Mr. Turney secured employment else= where and, SD far as we know, led an upright life. He died about three years ago a respected citizen." The statement went on to say that Joseph Turney was employed in the bank at that time as a boy, but was not discharged because it was thought such a course would be unjust to him. and that he grew up to be one of the most valued clerks in the institution and had such a capacity for work that he could do almost twice as much work as any one in the bank. He was the oldest employee of the bank. The former director who revealed the father's crime added "All his old friends are grieved to learn that this young man. who has been in the bank for thirty-three years, has followed in the footsteps of his father and, like him. has been detected in a defalcation though of much less proportions." The former director said privately in explanation of his words 'another reason which need not be mentioned.' that it was in troublous financial times and a run was feared if the defalcation should become known. He understood from Mr. Dowd that the directors made good the loss and that the bank did not lose anything. President Curtis and the other present officials of the bank were astonished at the story Mr Curtis said the books of had been destroyed and that he could not verify the story from them We simply know nothing about it," he said. Coming from the source it does it is undoubtedly true. but we have no record of it here. Vice-President Lee said yesterday that Miss Leonard had told him all she knew about Turney without reserve, and convinced him absolutely of the truth of her story. She came to this city from a small town in Pennsylvania and about fourteen months ago bought out the furniture of the West Forty-sixth street house from a Miss Edith Singerland and got a leass at $1,000 a year from the Astor estate. Miss Leonard is only 22 years old and is comely The agent of the property, Edward Ashforth of 51 West Forty-second street. said yesterday that she was "a good tenant and prompt pay. Investigation showed that the lodgers in the house were above reproach. and Mr. Lee said he was convinced that the house was entirely respectable He said Turney had become acquainted with the young woman in a legitimate way and had been acting as a businessmenton for her, because of her inexperience. The charge against Turnev was changed yesterday in the Tombs police court from grand larceny to forgery in the third degree. Turney pleaded not guilty and was held for the Grand Jury Later in the day Cashier Wire had interview with Turney and it was said that Turney had given certain valuable information Mr Lee. the vice-resident of the bank. said that no further defalcation had been discovered and that no one else had been im: licated The police were called into the case again yesterday, but for what purpose was not revealed. It is known that every statement that Turney has made to the bank officials is being verified The officials said yesterday that they were con. vinced that he stole the $34,000 in comparatively small amounts

2. October 24, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 24, 1907

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CORTELYOU AIDING THE NEW YORK FINANCIERS act mi ust Company of America Withstood a Run h All Day and Situation Is Much Brighter. State Bank Examiner Has Taken Charge of Knickerbocker Affairs-Receiver for Mayer & Co. ed in the situation. At the meeting were J. P. Morgan, E. H. Harriman, T. F. Albany, N. Y., Oct. 23.-Governor Ryan, H. C. Frick, Paul Morton, George Hughes tonight appointed Clark WilF. Baker, Hamilton Fish, Assistant Unitliams, heretofore vice president of ed States Treasurer Judge E. H. Garey the Columbia Trust company of New and Norman B. Ream. York, to be superintendent of banks. Oakleigh Thorne, president of the Trust Mr. Williams will take office tomorCompany of America, was there for a row. time. When the meeting finally broke up toward 6 o'clock in the evening, it was felt that the most influential and most New York, Oct. 23.-The crisis in New powerful men in the financial world had York financial circles was safely passed assumed command, and the confidence of tonight. After prolonged conferences at the business community in its banks' seJ. Pierpont Morgan's offices, an organcurities and money condition generally was to be speedily restored. ization of the presidents of New York The announcement at Albany tonight trust companies was effected, not differof the appointment by Governor Hughes ent in principle from the Clearing House of Clark Williams of this city as state association. It is in the nature of a prosuperintendent of banks was received tective combination. All of the leading with favor and viewed as a timely act by and admittedly conservative trust comthe governor. panies participated. John A. Stewart, chairman of the board of the United Midnight Conference. States Trust company, presided and was Late in the evening there was confielected chairman of a committee whose dence at the house of J. P. Morgan. It duties are to be analogous to those of was reported that Mr. Cortelyou was the clearing house committee. A resopresent. President Babcock of the Bank lution was unanimously adopted providof North America, speaking of the run ing for an examination of the various on his bank, said: trust companies and a report of their "After one of the most remarkable runs findings to the association. in the history of American banking, we Following this organization, which was will open our doors tomorrow. We paid regarded as one of the most important all checks today as fast as they were adjustments ever successfully carried presented. The Trust Company of Amerthrough in New York financial circles, ica is perfectly solvent." a report was made to the committee toFrank W. Kinsman. jr., president of the night respecting the investigation into the New Amsterdam National bank, tonight affairs of the Trust Company of Amersaid: ica. "Louis Stern of Stern Bros., merchants, Ample Securities. has practically accepted the vice presiThis report was carefully considered in dency of the New Amsterdam National a prolonged conference of the committee bank and will bring into the directorate and it was apparent that the trust comstrong downtown business men." panv had ample securities to warrant

3. January 27, 1908 Evening Star Washington, DC
Article from Evening Star, January 27, 1908

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NORTH AMERICA BANK FAILS. New York Institution Has Done Business for Over Fifty Years. NEW YORK, January 27. - Fifty years after it was founded in 1851 the Bank of North America. at the height of its prosperity, passed into the control of Charles W. Morse. He had it six years. and now it has passed into the hands of a receiver, having been deserted by most of its depositors since Mr. Morse was forcibly eliminated three months ago. The decision to go into liquidation was reached late yesterday afternoon after an all-day conference between W. B. Ridgely, controller of the currency; W. F. Havemeyer, who became president of the bank to try to extricate it from its embarrassments, and Bronson Winthrop. counsel for the bank. Some comparison of the figures cf the present with those contained in. the statment of the bank made last August shows how hard the bank has been hit by the recent panic. In August last the total deposits of the bank were $19.500,000. According to the statement of the controller they have now shrunk to $3,831,482.42 The deposits from other banks in August were $8,200,000, and have since shrunk to $1,082,422.04. The Bank of North America was a founded in 1851 by John I. Fiske with capital stock of $1,000,000. Two months later Mr. Fiske lost his health and retired. He was succeeded by the late William F. Havemeyer, former mayor of New York and father of the present president of the bank. During his term the bank was successful, but he resigned at the end of ten years. He was succeeded by the cashier. Isaac Seymour. Mr. Seymour was president until 1863. when he died suddenly while attending service in Trinity Church. John Yelverton, then the cashier. was chosen president. In 1867. before there was a law against the overcertification of depositors' checks, and when it was the custom of banks to oblige their customers in that way, a brokerage firm got its account overcertified by $200.000. This was such a shock to Mr. Yelverton that he died within a few days. He was succeeded by John J. Donaldson, who had been a member of the firm of H. B. Claflin & Co. and had retired from the dry goods business with a fortune. He was president until 1873, when in the panic of that year there were several large overdrafts, which were so serious that the bank's capital was reduced to $700,000. Mr. Donaldson then decided to go back into the dry goods business. and he was succeeded by William Dowd, who had been a director. Mr. Dowd gave the bank one of the best administrations it ever had. He restored its position and accumulated considerable surplus. He was also president of the Clearing House Association. Mr. Dowd's health failed in 1891 and Mr. Van Norden was elected. He remained at the head of the bank until 1902. During Mr. Van Norden's presidency the bank made still further progress. The capital was restored to $1,000,000. The surplus grew to $1,000,000. and large dividends were paid. and the deposits increased from $3,000,000 to $25.000,000. The deposits had reached the latter figure on the day when the bank celebrated its fiftieth anniversary with a dinner at the Metropolitan Club. at which 100 of the leading bankers of the country were present. In January. 1902, Charles M. Morse and his friends bought not only Mr. Van Norden's interest, but the stock of many of the directors and individual stockholders. and Mr. Morse became vice president.

4. January 27, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, January 27, 1908

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New York, Jan. 26.-Fifty years after it was founded in 1851. the Bank of North America, at the height of its prosperity, passed into the control of Charles W. Morse. He had it six years. Now it has passed into the hands of a receiver, having been deserted by most of its depositors since Morse was forcibly eliminated three months ago. After an all-day conference between those interested in the affairs of the National Bank of North America, it was decided late this afternoon to close the bank and liquidate. The decision was reached by President W. F. Havemeyer, Bronson Winthrop, counsel for the bank, and Comptroller of the Currency W. B. Ridgely.

5. January 28, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, January 28, 1908

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STOCKS ARE ERRATIC Market Fluctuations Due to Professional Trading. NET GAIN AT END OF DAY Early Weakness Lasts Only Short Time and Is Followed by Four Hours of Steady Advance-Rapid Decline in Closing Hour of Business-Union Pacific Rumors. New York, Jan. 27.-Although the course of prices in the stock market to-day was different from that which prevailed throughout last week, yet the results of the day's business were such as to afford evidence no less convincing than that which was given in the six preceding business days that purely professional operations constitute almost the sole important influence of the moment upon daily fluctuations in security prices. There was some little scattered selling of stocks immediately after the opening of business, caused presumably by the announcement over Sunday of the suspension of the Bank of North America, and by the expressed intention of the government to proceed against the Union Pacific Railroad Company in a more elaborate way than had hitherto been outlined for alleged violations of the anti-trust law. The weakness of the market lasted only a short time and was hardly deserving of the name. For four hours thereafter prices advanced. the vigor of the movement being greatest in its early period. Rapid Decline in Last Hour. Then, in the last hour of the stock exchange sessions, the market again declined with even greater rapidity than it advanced, wiping out the larger portion of the day's gains. but still leaving most of the principal stocks at higher prices than they closed on Saturday. All this, of course, plainly expressed the work of professional market operators. These operators commonly and freely sold stocks last week, and rushed to "cover" to-day, as they not infrequently do, all at one time, taking advantage, in accordance with invariable cases, of the announcement of the unfavorable news. When the buying back of stocks sold for the decline was wholly or in great majority stopped, the market was left without support, and succumbed to profit-taking and a resumption of speculative selling. The best feature of the day's business was the bond market. in which steady strength was perceptible. Other Bank Failures Anticipated. There were many people in the financial district to-day who declared the closing of the doors of the Bank of North America was, from one point of view, not unfavorable, inasmuch as the ent was one that has long been considered in banking circles as inevitable, so that It was greeted, when it did come with a sense of relief. Occurrences of this sort must obviously be expected for some time to come. An era of cheap money does not mean that an individual or a corporation which does not possess adequate funds, even in "slow" collateral. that he can offer as security for his borrowings can hope to obtain an extension of credit. Now, when money has become so plentiful that any one having proper security can obtain all the funds he wishes at merely nominal rates, it is clearly time for the repayment and final settling of obligations or else for a transfer of these to the profit and loss account Union Pacific Rumors. The weakness of the market this aft. ernoon was assisted by a rumor that the Union Pacific Railroad Company is about to issue in the neighborhood of $35,000,000 new securities. The rumor might have been incorrect in that no such issue was immediately forthcoming, but it is believed in high banking quarters that an appeal to the money market of this character will be made at no very distant date. Foreign exchange was strong toworking steadily day, the if sterling slowly in market the direction still of gold exports, while time money was a little hardet-

6. January 30, 1908 Evening Star Washington, DC
Article from Evening Star, January 30, 1908

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BULLS AND BEARS Special Dispatch to The Star. NEW YORK, January 30.-It was very generally assumed in financial quarters this morning that the suspension of two have been known to an condition for some unsatisfactory banks that effect be in upon time have no more and upon would the stock probably market sentiment of the fn Wall street than did the closing Bank of North America. A very banker, in nent international discussing promiof the two Institutions that last not to open decided the position night for busi- beness today. said that Wall street lieved that the bank situation in this city is thoroughly sound, and that the closing a few minor of which has been well dition up of institutions, understood/ the simply confor many weeks, will be regarded as an echo of the panic of last autumn and not as indicative of any fresh weakness. He added that important financiers are perfectly satisfied with the posi- betion of the New York banks. and he lieves that even the most highly specu- with lative interests have no honest fears respect to the situation. * * There is the same diversity of opinion has with respect to trade conditions that existed for many weeks. A representative of one of the largest corporations that he does not look for in business until says provement the He much political thinks imis well cleared up. will not be it has been in situation that than business recent much weeks at better dur- any the next five or six months see ing Consequently he is unable to rate. any good reason for an active campaign for higher prices for stocks. It was feared yesterday among the bond ishouses that the reported forthcoming would of another block of city bonds at sue have a depressing effect temporarily but least upon the general bond market, it is believed that on the whole steady improvement will be recorded. * * * Those who are best informed expect that financing operations by the corpora- attentions will continue to engage the peof Wall street for an indefinite riod. tion It is known that a considerable worknumber of corporations are now maturing upon plans to take care of obligations of a temporary character ahead ing some of them are looking of and and that considering plans. for the raising fresh working capital. * A member of one of the prominent com- his mission houses who spends most of time on the floor of the stock exchange declares that if the speculation originat- to on the floor of the exchange were ing be deducted from the daily transactions about the balance would be represented by 25,000 shares daily. While it is somewhat generally believed that this statement is exaggerated it is very freely admitted is the general commission busin about SS that small. As one goes is the commission houses it easy among very little business extremely see but customers. originates to usual line of houses of the that for some doing a large from servative Commission their been character. odd most lot months invest- paying conin the in ment material falling off stocks. of buying during the the have class business report a dividend last to week that They attribute this chiefly active or two. advance that most of the levels marked have had from the low to the of stocks November and December, and also * renewed interest in the bond market. * While it is admitted, of course, that there will be every day a moderate amount of speculation on both sides of the mar- do important interests say that they ket, favor great activity along speculative lines not in the immediate future. They think well that the attention of speculators as bond as investors should be directed to the The leading bond houses report increase in their buy market. a material that orders so far for best bonds. but say given the attention has very buyers to by report that would-be little issues. They the been second- bonds even class date the 'highest new at scarce, and that this becoming early grade unless brought are of the best character are forward issues will be necessary to put as those out it that are classified to some extent speculative issues. interests in most of the bond that the market conThe active believe within will a comhouses to improve and that cleared up tinue short time it will be time paratively greater extent than at any to within a more than two years.

7. January 30, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, January 30, 1908

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a national bank examiner, is in charge. Depositors' Steady Withdrawal. The closing of the Bank of North America, another Morse institution, was the direct cause of the Amsterdam's closing. Depositors ever since last Thursday have been quickly withdrawing funds, and out of town banks, which were warned by correspondents, have reduced their balances. The bank was closed to prevent a run and to give all depositors an equal chance. F. W. Kinsman, Jr., president of the bank. issued this statement: The bank had recovered fully from the effects of the panic and had retired its clearing house certificates from $1,750,000 down to $300,000, and the bank was on an upward and successful movement. No loss will be sustained. by the depositors and the stockholders will receive a substantial dividend. F. W. KINSMAN. JR. The assets amount to $4,482,016.20. The individual deposits are $2,065,272.40. Severe Blow to Theatrical Mcn. The closing of the bank is a severe blow to many theatrical firms, managers of theaters, actors, actresses, hotel and restaurant owners, gamblers, bookmakers and the sporting element in the Tenderloin. Owing to its location at Thirty-ninth-st. and Broadway, the bank was heavily patronized by many of the most important concerns in the Tenderloin, including Opulent chorus girls. Caruso had $40,000 on deposit. The Mechanics and Traders' bank closed because of the demand of the clearing house that it settle $1,900,000 certificates still outstanding. The bank has ample collateral, but it is unable to get cash at this time. Against the $1,900,000 certificates, the clearing house holds, according to the directors, $6,000,000 of approved collateral. The directors also declare that the bank is solvent and that its closing is due only to the fact that they desired to avoid preferential payments. The Thomas interests controlled the bank previous to the October flurry and accommodated F. Augustus Heinze for a large amount.

8. February 17, 1908 The Washington Times Washington, DC
Article from The Washington Times, February 17, 1908

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MORSE PLEADS NOT GUILTY; NEW SUIT FILED Gives Bail, and Proceedings in Grand Larceny Case Are Soon Over. NEW YORK, Feb. 17.-Charles W. Morse, former ice king, steamship. magnate, and banker, was arraigned before Justice Dowling in the criminal branch of the supreme court today and held for trial on two indictments charging grand larceny. The proceedings were of short duration. Mr. Morse was accompanied by He Philip B. Britt, of his counsel. was asked to plead and in reply quickly answered: 'Not guilty.' Morse's attorney reserved the priviloge of withdrawing the plea to make any proper motion, and demanded an inspection of the minutes of the grand jury. It is the first step to stave off the pending criminal proceedings. Once he is freed of these charges, Morse, it is intimated, will undertake his campaign to rehabilitate the many institutions in the collapse of which he was caught and to square things with men who assisted in bringing about the crash and added many gratuitous knocks. Temporarily the demand to inspect the minutes was withdrawn, when Justice Dowling fixed next Monday as the time for filing any formal metions Justice Dowling then explained that he was compelled to hold the prisoner bound over in $20,000 bail, which was readily given, as the district attorney agreed to a continuance of the bond furnished when he was arrested Saturday. The banker's troubles were added to shortly before his arraignment when United States Marshal Henkel went to his mansion at 728 Fifth avenue and served him with papers in an action for nearly $500,000. brought by the Continental Finance Company against Charles A. Hanna, as receiver for the Bank of North America. Mr. Hanna is nominally the defendant, but Mr. Morse will be compelled to answer. The plaintiffs declare the sum is due for notes which the banker failed to make good and for borrowed money. Mr. Henkel was readily admitted when he called at the mansion. As soon as Mr. Morse saw him he extended his hand toward the paper the officer held, and said: "Give it to me. More trouble, I'suppose. Catherine A. Wilson, the banker's confidential secretary, was summoned to appear before the Federal grand jury today. That body will try to learn from her If Morse has any money or property that he has not accounted for. Morse returned from Europe yesterday .and was met in the lower bay by detectives and the warrants charging grand larceny served when the Etruria passed the health officer. When the ship docked, Morse joined Mrs Morse in an automobile in waiting and was whirled to the home of Justice Victor Dowling, where in a temporary court session in the judge's library he gave bond in the sum of $20,000. Released, Morse went immediately to his Fifth avenue home. where last night he gave out a statement asserting his innocence and asking the public to suspend judgment until he has had the opportunity of facing his accusers in court. He declared he had gone abroad to sell stock in a large interest and to secure a fortnight's rest. Both purposes were spoiled by the publication of reports that he was a fugitive from justice, he declared.

9. March 13, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, March 13, 1908

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MOVE TO DECLARE MORSE BANKRUPT NEW YORK, March 13.-A petition to have Charles W. Morse, former head of the coastwise steamship trust, ice king and deposed financier, declared an involuntary bankrupt, was filed in the United States court today by Charles A. Hanna, receiver of the Bank of North America. Mr. Morse had fought the contemplated action for a long time and the fact that he has finally lost leads to the belief in Wall-st. that the former twenty times millionaire is practically penniless. Mr. Hanna, who with Thomas E. Wing, his counsel, presented the petition in person, alleges that Morse is indebted to the bank in the sum of $203,321.25 with interest from Sept. 25, while the only collateral that can be found amounts to less than $151,000. In the petition Mr. Hanan is joined by Frederick C. Pringle and E. C. Shotwell.

10. March 13, 1908 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, March 13, 1908

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BANKRUPTCY Is Asked by Creditor of C. W. Morse in Federal Court in New York. [By Associated Press.] NEW YORK, Mar. 13-A petition asking Charles W. Morse, banker and promoter, to be declared a bankrupt, was filed in federal court here today by Receiver Hanna, of the Bank of North America, and others. The bank's claim against Morse exceeds $200,000.. The petition charges that Morse made certain preferred payments while insolvent.

11. March 14, 1908 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, March 14, 1908

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No Receiver For Charles W. Morse Hearst News Special to the Graphic. New York, March 13.-Federal Judge Hough today refused to appoint a receiver for Charles W. Morse, the indicted ice king, until the issue as to whether petitioners against Morse are his creditors be settled. A bankruptcy petition was also filed against Morse by Receiver Hanna of the Bank of North America and two stockholders of the defunct institution.

12. March 14, 1908 Daily Press Newport News, VA
Article from Daily Press, March 14, 1908

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PETITIONERS DECLARE MORSE IS BANKRUPT Twenty Times Millionaire is Said Now to be Penniless-Owes Bank $203,321.25. NEW YORK, March 13-A petition to have Charles W. Morse, former head of the Coastwise Steamship trust, ice king and deposed financier, declared an involuntary bankrupt was filed in the United States Court today by Charles A. Hanna, receiver of the Bank of North America. Mr. Morse had fought the contemplated action for a long time, and the fact that he has finally lost leads to the belief in Wall street that the former 20-times millionaire is practically penniless. Mr .Hanna, who, with Thomas Ewing, his counsel, presented the petition in person, alleges that Morse is indebte to the bank in the sum of $203,321.25, with interest from September 25th, while the only collateral that can be found amounts to less than $151,000. Till the petition Mr. Hanna is joined by Frederick C. Pringle, a broker, of 43 Exchange Place, and Edward C. Shotwell, also a broker In the same building.

13. May 19, 1908 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, May 19, 1908

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MORSE TO PAY DEBTS IN FULL "ICE KING" WILL RESUME POSI. TION IN FINANCIAL WORLDHAS PLANS UNDER WAY THAT WILL RECOUP LOSSES. New York, May 18.-Displaying even more masterly tactics than he used in gaining a vast fortune before the panie of last fall. Charles W. Morse, once the "ice king" and controller of a tsring of banks and organizer of d coastwise steamship trust, has plans under way which promise to recoup for him the wealth that dwindled away in the panic following the fight of the clearing house committee to eliminate him from the banking situation here. He is also planning to pay every debtor in full, with interest, and to * bring about such complete rehabilitation in the financial world that, with his fortune restored, may exert such influence as to "beat" the criminal : and civil prosentions that have been I started against him. Morse's friends i were emphatic today in saying that he ( would be successful in his present e fight. Not only in the retsoration of i the financier to his "ice throne" promf ied. but his reascendancy in the finanI cial world is assured. t In combatting with the odds that b were pited against him and compelled S him once to take flight to Europe: a Morse has displayed the remarkable h ingenuity that was characteristic of h him in the days when he organized e the ice trust and shipping trust, and fi was grouping a string of banks to a aid him in further enterprises. la Though Morse's ambition was not it realized when the attack of the clearit ing house and the panic depressed the values of his securities to such an exS tent that his fortune, computed at $20,l'a 000,000, dwindled away to virtually C nothing, his friends say he hopes now ti to put into effect the schemes he was 0 compelled to abandon. a With the incorporation of the Morse fe Securities Company in Maine on SatG urday, the first formal steps were o taken by Morse and the friends whom in by masterly persuasion, he called to is his aid to look over the assets of the ti ca Bank of North America. Though the k bank closed its doors with liabilities be of more than $8,000,000. Morse has re figured out a plan by which he can G settle the troubles of the institution re depositing with the treasury departm ment between $1,250,000 and $1,500, to 000 to pay off the remaining creditors en of the bank.

14. July 14, 1908 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, July 14, 1908

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at $300,000,000. This is to absorb not only the lumber owners, but the principal manufacturers as well. Morse Again In the Game. Charles W. Morse has given formal notice that depositors in the suspended Bank of North America may have full payment of their deposits, and this is taken to mean that the speculative banker has managed to make good his losses and has again entered "the street." Morse had to make good deposits to the amount of $1,350,000. Morse refuses to explain how he raised the funds. Service Before Dividends. In commenting on the recent court decisions in New York city canceling street railway leases which proved unprofitable and allowing new plan of operation without regard to the payment of former rate of dividends the Wall Street Summary says: "It must be understood that a franchise to a public service corporation is under conditions which make an adequate service to the public obligatory. The costs of providing this adequate service come before dividends or any return on the capital invested, and a corporation which from poverty, owing to mismanagement or any other reason, is unable to fulfill its obligations to the public is unworthy to have a franchise."

15. July 17, 1908 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, July 17, 1908

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COMMERCIAL A $300,000,000 Lumber Merger. At St. Louis the owners of 6,000 acres of yellow pine lands in Arkansas, Tex. as, Louisiana, Mississippi and Alabama met and appointed a permanent committee headed by F. E. Weyerhauser, son of the St. Paul lumber trust magnate, to work out the details of a holding company to be capitalized at $300,000,000. This is to absorb not only the lumber owners, but the principal manufacturers as well. Morse Again In the Game. Charles W. Morse has given formal notice that depositors in the suspended Bank of North America may have full payment of their deposits, and this is taken to mean that the speculative banker has managed to make good his losses and has again entered "the street." Morse had to make good deposits to the amount of $1,350,000. Morse refuses to explain how he raised the funds. Service Before Dividends. In commenting on the recent court decisions in New York city canceling street railway leases which proved unprofitable and allowing new plan of operation without regard to the payment of former rate of dividends the Wall Street Summary says: "It must be understood that a franchise to a public service corporation is under conditions which make an adequate service to the public obligatory. The costs of provid. ing this adequate service come before dividends or any return on the capital invested, and a corporation which from poverty, owing to mismanagement or any other reason, is unable to fulfill its obligations to the public is unworthy to have a franchise."

16. August 10, 1908 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 10, 1908

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sets Realization Co., and who hoped to regain control of the bank of North America's assets by means of the plan which the acting controller of the currency has voted, regards the rejection of his offer as unwarranted. As a consequence of the decision taken by the acting controller it is now regarded as probable that the Wall-street Exchange building, in which the bank of North America has its offices, will be sold by the receiver to satisfy the claims of the creditors.

17. October 21, 1908 New-York Tribune New York, NY
Article from New-York Tribune, October 21, 1908

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THE NEWS THIS MORNING. FOREIGN-Unprecedented honors were shown to the officers of the American fleet by the Emperor and Empress of Japan, and messages of friendship and good will were exchanged between the Emperor and President Roosevelt through Admiral Sperry. Dispatches from Budapest and Sofia gave further indications of a settlement of the Balkan questions through direct negotiations. A dispatch from Turin said that the Duke of the Abruzzi could not be found there and that a report was in circulation that he had sailed for America. France has proposed to Mexico that the King of Italy be chosen to arbitrate their claims to The Charcot expedition Clipperton Island. sailed southward from Rio de Janeiro. Three thousand Chinese were killed in the recent typhoon in the region of Chang-Chow. A number of earthshocks were reported from Manila, but no damage was done in the city. DOMESTIC-William H. Taft made speeches at various points in Western Maryland and West Virginia, in both of which states he appears to have captured the wavering or independent vote The monthly statein practical entirety. ment of government receipts, issued at Washington, showed a marked increase for September James S. Sherever the August figures. man, Senator Philander C. Knox and General O. O. Howard addressed a large gathering at Governor Philadelphia on campaign issues. Hughes at several meetings in St. Lawrence and Franklin counties, answered questions of Lewis Stuyvesant Chanler, propounded to him on Monday night at Newburg. Lieutenant Goverror Chanler, speaking in Chemung and Steuben counties, made no referance to Governor Hughes's answer to his questions. The two branches of the Vermont Legislature at Montpelier elected William P. Dillingham and Carroll Henry S. Page United States Senators. Clows, in discussing the tariff at Detroit, attacked the Bryan platform as unfair; "Equality A is the touchstone of taxation." he said. fire threatened to wipe out the business section of Newark, N. J. Details of CITY.-Stocks were higher the way in which Charles W. Morse advanced the price of Ice stock were brought out at his trial. Senator McCarren said that if ChanJer were elected he would fight for the repeal of Ex-Mayor the anti-racetrack gambling law. Grant resigned as a Democratic elector and said At the Busihe had retired from politics ness Men's Bryan and Kern committee meeting in Carnegie Hall. three members of President Cleveland's Cabinet spoke and Mayor McClellan United read a letter from John Bigelow. States Circuit Court judges refused to issue an injunction suspending the Interstate Commerce Commission's order fixing freight rates for grain products from Buffalo to New York and Boston Eugene W. Leake the Democratic Congressman from the 9th New Jersey District, spoke for Taft and Sherman before the ComOfficers mercial Men's Sound Money Club. of the United States ship Alabama told incidents of their cruise. Stockholders of the Bank of North America will get assets from Receiver Hanna to-day. Clergy of all denominations attended the funeral of Bishop Potter, which was marked by extreme simplicity. The Hains brothers made no plea to the indictments against them, as their counsel wished to A. inspect the minutes of the grand jury. Holland Forbes and Augustus Post returned from Berlin undaunted by their drop of 2,900 feet in the balloon Conqueror. First cabin passengers on the Kroonland witnessed a desperate fight in the steerage, followed by the stabbing of one and the suicide of the other combatant W. G. McAdoo filed plans for no extension of the tunnel from the Jersey CityPennsylvania station to the New Jersey Central station on the bay shore. THE WEATHER-Indications for to-day: Fair and warmer. The temperature yesterday: Highest. 54 degrees; lowest, 48.

18. October 28, 1908 The Salt Lake Herald Salt Lake City, UT
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New York, Oct. 27.-The expected split between Charles W. Morse, bank promoter, financier and "ice trust" organizer, and Alfred H. Curtis. president of the National Bank of North America, both of whom are under indictment, charging them jointly with violation of the national banking laws. came today with the swearing in of Curtis as the first witness of the defense in the trial before Judge Hough in the United States court here. Before the beginning of Mr. Curtis' examination the court had heard argument on behalf of both defendants on motions to dismiss the indictments, and had yielded on a few minor points, dismissing the counts charging conspiracy and misappropriation in one specific instance, but maintaining fifty-five counts charging overcertification. making of false reports, misapplication and the use of Tunds of depositors for speculative purpose. Before calling the former president of the suspended Bank of North America to

19. October 29, 1908 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, October 29, 1908

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CURTIS TURNS ON MORSE FORMER PRESIDENT OF FAILED BANK TO TELL ALL. Over-Certified Checks to Amount of $40,000,000 While Cashier of Morse's Bank. New York, Oct. 28.-The expected split between Charles W. Morse, bank promoter, financier and "ice trust" or ganizer, and Alfred H. Curtis, pres ident of the National Bank of North America, both of whom are under indictments charged them jointly with violation of the national banking laws came Tuesday with the swearing in of Ourtis as the first withous for the de fense in trial before Judge Hough in the United States court here. Before the beginning of Mr. Curtis' examination the court had heard arguments on behalf of both defendants on motions to dismiss the indictments, and had yielded on a few minor points, dismissing the counts charging conspiracy and misappropriation in one specific instance, but maintaining 55 counts charging over-certification, making of false reports, misapplication and the use of funds of depositors for speculative purposes. Before calling the former president of the suspended Bank of North America to the stand in his own behalf, former Judge W. M. K. Olcott, Curtis' attorney, announced that he had persuaded his client "to tell all the facts." "My client hopes," said he, "that his testimony will not injure any of the other directors or officers who had to do with the management of the affairs of the Bank of North America. It is not his purpose to point his finger at any one individual and say 'you did it, not I" He will, however, tell the the facts and state things as they really happened. Mr. Curtis began his testimony by relating his early career in the banking business. He had started at 14 in the office of a Wall street broker, he said, graduating in ten years to a clerkship in the Bank of the State of New York, the institution subsequently purchased by Morse and merged with the Bank of North America. There he had advanced through the various grades to the position of cashier, in which capacity he had over-certifed checks to the amount of $40,000,000, he declared.

20. November 6, 1908 The Evening Statesman Walla Walla, WA
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C. W. Morse, Ice King and Financier, Gets 15 Years NEW YORK Nov. 6.-C. W. Morse Judge Howe, in passing sentence, Curtis was cheered by hundreds as until a few months ago, ice king and a declared that Curtis was under the he left the postoffice building where prominent man in the financial world, the court was located, with his wife. influence of a stronger mind and said They hurried home. was this morning sentenced to 15 Curtis' efforts to reform conditions years. The sentence in the case of Morse ranked among the richest and were blocked by the bank's supine most powerful men in New York. Alfred Curtis, former president of the board of directors. The room was During the summer of last year he Bank of North America, was suspendcrowded when the judge took his seat. reached the height of his career when ed. The men misappropriated funds When he announced he would sushe controlled practically all the coastbelonging to the bank and falsified pend sentence in the case of Curtís, the records. wise steamship lines on the Atlantic. the latter's wife collapsed and was r He was director and president Morse and Curtis arose in the carried unconscious from the room. many big companies and belonged to Tombs prison at 6 o'clock this mornMorse did not flinch when the senthe Metropolitan, Union League and ing, and ate a hearty breakfast. They tence was passed. His face showed University clubs. His home on fifth appeared in court at 10 o'clock. Mrs. little expression. With his wife, his avenue is a palace. Morse greeted her husband calmly, counsel and his sons he conversed Morse's attorney this afternoon obneither showing any emotion. The in the marshal's office until noon, tained a writ of error from Judge La. greeting of Curtis by his wife was difwhen he returned to the Tombs. combe in the United States circuit ferent, as she is a complete nervous Morse will serve in the federal court, which acts as a temporary stay wreck. application prison in Atlanta. Ga.

21. December 9, 1908 The Evening World New York, NY
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NEW RECEIVER FOR BANK. John W. McKinnon Takes Charge of Morse Concern. John W. McKinnon was appointed receiver of Charles W. Morse's bankrupt Bank of North America to-day by Judge Lacombe in the United States Circuit Court. Mr. McKinnon succeeds Charles A. Hanna, of the Treasury Department, who resigned after the affairs of the institution had been practically wound up under his direction. Mr. McKinnon gave a bond of $250,000. No further steps have been taken to. ward reorganizing the bank since Morse was convicted and sent to the Tombs.

22. October 8, 1911 The Washington Herald Washington, DC
Article from The Washington Herald, October 8, 1911

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ber marks two important American an- niversaries. On October 12, 1492, Colum- bus discovered America, and on October 1, 1907, began the most serious money panic in the experience of the country, marked by the most stupendous issue of unauthorized or wildcat currency in the history of modern nations. Of the two events the latter is unquestionably of greater concern to the average business man, for, while Columbus is not likely to discover America again, nothing has been done as yet to prevent a recurrence of the conditions that made 1907 a black- letter year in the memory of most Amer- ican citizens. Events moved so rapidly and in such confusion during the closing months of 1907 that many of the developments of the panic and the devices used in the at- tempt to stay its course are unknown history to the average citizen. Probably not one person in 10,00 is aware that the people of the United States were carry- ing on much of their business during the latter part of 1907 with substitutes for money such as had not been seen in any other country in a century or that the premium on coin reached a higher point than it ever did in Europe in modern times except on one occasion in France during the Commune. Few except resi- dents of the Pacific Coast are aware that as an incident of the panic the people of California had a continuous holiday of more than seven weeks. These holidays were declared from October 21 to December 21, in order to enable the banks to decline payment and to pre- vent the forcing of collections that would have driven many business houses into bankruptcy. In Nevada and Oregon sim- ilar holidays were declared for shorter periods. # Pay Checks in Pittsburg. In Pittsburg $4700.000 of pay checks were issued by various concerns, and throughout the country $500,000,000 of panic money was issued-much of it real wild- cat currency made useful only by com- mon consent of the people. In nearly every large city of the country bank pay- ments were partly suspended, as they were in a vast number of smaller pieces, one village in Georgia of only 400 popu- lation resorting to the issue of certifi- cates in lieu of cash. Up to the middle of October, 1907, the business situation of the country was re- garded as highly satisfactory. While there had been predictions from financial ex- perts of a serious recession in the expan- sion which had been proceeding at a tre- mendous rate for three years, there was nothing in view to suggest to the ordi- nary man any greater likelihood of an immediate and serious interruption of prosperity than there had been for a year or more before. In fact, the bank state- ment at the beginning of September, 1907, was slightly more favorable than it had been a year previously. In the old-fashioned school readers there used to be a story of a loose stone that set an avalanche in motion. It was so with the panic. The stone that set it going was a seemingly unimportant hap- pening in New York, an event that or- dinarily would have caused scarcely a perceptible local flurry. A well-known copper speculator had been trying to engineer a corner in the stock of a copper company. With his as- sociates he controlled the Mercantile Na- tional Bank, a relatively small institution. Four other banks, of which the largest was the Bank of North America, were held in speculative control by men asso- ciated in one way or another with the interests dominating the Mercantile Na- tional. As a result of the collapse of the copper corner, the withdrawal of deposits and the fact that their funds were tied up in unmarketable securities, these banks were unable to meet their balances at the clearing house. The total deposits of the five institutions were only $56,000,00. In response to their re- quests for assistance a committee of the clearing house examined their affairs, en- forced changes in their management, and raised a fund of $10,000,000 to tide them over their difficulties. At various times many banks have undergone similar reor- ganizations without any unfavorable after effects. These events took place in the

23. June 14, 1912 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, June 14, 1912

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GOVERNMENT SENT MONEY MORGAN IS SAID OTOHAVELOANED Cortelyou, Former Treasurer, on Stand in Money Trust Hearing MORGAN'S PARTNER ALSO TESTIFIES Banks Which Received Money Agreed to Loan to Stock Exchange on That Day-Morse Offered to Reimburse Depositors New York, June 13. Evidences intended P to show that the $25,000,000 which J. Morgan has been generally credited with placing upon the New York stock ex change during the panic of 1907 was really supplied by the treasury of the United States was introduced today at the hear ing of the Pujo committee of the House of Representatives in the so-called money trust. Sainuel Untermyer, counsel for the cont mittee, obtained from George B Cortel you, Secretary of the Treasury under the Roosevelt administration, the assertion that he "understood" that the money loaned by the overnment to the banks at that time was to be used upon the stock exchange From the New York sub -treasury the attorney secured statement showing that on the day (October 24) on which Mr. Morgan told R. H. Thomas, resident of the exchange, to announce the $25,000.00 loan to the exchange loan brokers, the government had deposited with the banks nearly $29,000,000. From Charles Steele a partner of J. P. Morgan, he obtained statement showing what 14 banks had "agreed loan' to the stock exchange on tha The unt 'agreed to was $23. 550,000 amount actually loaned `statement was $18,945,000 accord All th banus. the -treasury state ment had previously rece ved de posits government money The statement from the sub-treasurs was obtained after M Untermyer had failed to procure from Mr. Cortelyou the names of the banks in which he deposited funds which the witness tes tifled amounted to about $42,000,000 during the panic. Mr Cortelyou could not call specifically what banks received the money The list furnished by Mr Steele includCity National ed the National First the Hanover National, the National Bank Commerce and several others which Mr. Untermyer noted as having Morgar affiliations. The attorney into record from the two lists showing that on October 24 the First tional had received $9,250,000 deposits, had agreed loan' on the stock hange $4,000,000 and had actually loaned $2,680,000 He made similar compurisons for other banks. Morse Offered to Refund Evidence that Charles W Morse made an offer comptrolle of the currency pay off all the depo of the failed Bank of North America was with connection the in given by Charles Hann Letters the of the had refused the offer. although Mr. Morse told that if would deposit his the with the would see that the depositors were then protected. After hearing the testimony of witness in regard to practices of the New York Stock exchange which Mr characterized as 'contrary to the law the land, the hearing WAS adjourned sine die Chairman Pujo announced that future hearings will be held in Washington. The main line of inquiry relating to the concentration of the control of the money and the use of the Industrial Corporations that end has not yet been touched upon any extent, he said. That must await the removal of questions of power of the the passing of pending bill, and he followed by months investigation. The Inquiry upon branches relating to the learing also exchange stock and That as to the stock has bare. ly begun The committee hopes and pects in the end with the aid of further power to secure the data on which base permanent legislation Cortelyou on Stand George B Cortelyou, Secretary of President Roose under Treasury was called the stand today at the hearing of the Pujo committee tigating the money trust to tell the manner in which the ment deposited $25 000.000 the New York national banks to Help stem the panic of 1907. Samuel Untermyer counsel for the committee, attempted to learn the names of the banks in which the money was deposited. but Mr Cortelyou said his memory on this poor subject was Witness said he came here on the night of October 22 1907, and had a conference with J P Morgan James Stillman, A. Barton Hepburn, George F Baker George W Perkins, Frank A Vanderlip and other financiers. After inquiring into the general situation promised the gov nment would aid in a general way The next evening he said, another conference took place. He was not sure that Mr. Morgan was pres. ent then At this conference witness said, he promised $25,000,000 for dis. tribu tion among the banks. 'At the he ference, con explained. first stated would not deposit dollar cept for the relief of the country gen. era 'Was there anything said where the funds should be deposited. with what companies? do not remember Witnesses and Attorney Clash Mr Untermyer asked if anything was said about the high rate of call money and the effect on the stock exchange of the failure to get money here M Cortelyou started to give an explana tion and was asked sharply to reply to the question "You know, Mr Untermyer, he said, there are questions cannot anwser yes and no to without doing myself injustice have right to plain and propose to exercise that right This brought forth cheers from the brokers and looking on and declaratic from Chairman Pujo that would have ejected repeating it Mr Cortelyou said finally: He probably did have such discussion. He could not recall, however, the deCortelvou upon being