15959. Hamilton Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: October 23, 1907
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 28cddba7

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; legal disputes over receivers' fees and indictments of officers followed.

Description

Hamilton Bank (Harlem) experienced a multi-day run (~Oct 23–25, 1907), suspended payment, went into temporary receivership, and after reorganization and court action was permitted to reopen (court permit Dec 26, 1907; resumed operations Jan 1908). Cause of run tied to the wider 1907 financial panic (United Copper/market disturbances) rather than a discrete misinformation event. Bank_type set to 'state' because articles group it among state suspended banks and it is not labeled 'National' or 'Trust'.

Events (5)

1. October 23, 1907 Receivership

Newspaper Excerpt: Frank White was appointed temporary receiver of the Hamilton Bank ... (articles refer to the bank being 'in the hands of a receiver'). (temporary receiver appointed by the Attorney-General).
Source: newspapers

2. October 23, 1907 Run

Cause: Macro News
Cause Details: Run occurred during the 1907 financial panic (linked to United Copper and broader market disturbances); wealthy depositors were 'tipped off' and large withdrawals followed.
Measures: Committee plan to resume: pay depositors 10% cash and remainder in staged certificates (30/60/90/one-year certificates) pending resumption; solicitation of assents from depositors; syndicate support ($1,000,000).
Newspaper Excerpt: the Hamilton Bank ... suspended after a run lasting for three days, in which 40 per cent of the total deposits of the institution was withdrawn.
Source: newspapers

3. October 24, 1907 Suspension

Cause: Macro News
Cause Details: Suspension was declared in the wake of the heavy withdrawals/run driven by the 1907 financial panic and loss of public confidence; bank stated it was solvent but suspended pending restoration of confidence.
Newspaper Excerpt: it was announced that the Hamilton bank ... had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the bank's doors declared it was solvent, but suspended payment in justice to its depositors, until confidence in banks is restored.
Source: newspapers

4. November 19, 1907 Other

Newspaper Excerpt: Hamilton Bank, now in the hands of a receiver, ... 'closed by a run' ... Montgomery charged that wealthy depositors had been tipped off to start the run; grand-jury investigations and indictments of executives followed (indictments of Montgomery).
Source: newspapers

5. January 1, 1908 Reopening

Newspaper Excerpt: the Hamilton Bank ... which is to resume business to-morrow ... committee ... decided to seek the co-operation of the Carnegie Trust Company ... permission for the bank's reopening was granted (Justice Betts permitted reopening Dec. 26, 1907).
Source: newspapers

Newspaper Articles (22)

1. October 25, 1907 Watertown Weekly Leader Watertown, WI

Article from Watertown Weekly Leader, October 25, 1907

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Financial Situation in Nev York Is Declared To Be Satisfactory. CORTELYOU STILL IN THE CIT Trust Company of America Open Doors for Business at Usual Hour. Three Relatively Small Banking stitutions Suspend PaymentPittsburg Stock Exchange Doors Still Closed. New York, Oct. 25.-Development the financial situation are more fa than they have the past week. in vorable time within been Under at an th firm confidence established by the re I sult of a conference between J. James Stillman and Secretar: and the Morgan, Cortelyou encouraging marke state ment of the latter, the stock opened strong. John D. Rockefeller has deposited $10,000,000 with one of the city's old to ex est trust companies be companies used in a tending aid to such trust might require it. The Trust Company of America its doors for business at th A short time president usual opened Oakleigh hour. Thorne, before of the tha in announced to the that the positors stitution, institution waiting was to mee en de solvent and prepared Mr. Thorne that the confident ail tirely claims. institution said had he see wa the worst of Its difficulties, and he ap prehended no further trouble. Three Small Banks Suspend. of small banking relatively The suspension payment Institutions by thre dis in the outlying Harlem without any effect trict situated was whateve down on the general financial situation town. The banks which suspended are th Hamilton bank, a Heinze concern deposits; $3,000,000 with Ward $7,000,000 bank, deposits, the Twelft an the Empire City Savings bank, $3,300, 000 deposits. : At 10:45 J. P. Morgan in reply to "I question as to the situation said: is all right." Stillman, president of the Na bank, the largest tional James City with bank Mr in United States, who was concurred, saying was satisfactory. situation the Morgan, Secretary that "Thing th Cortelyou at 11 o'clock said: look pretty good now. I have ha word of the suspension of the tw Harlem banks, but prefer to make n comment on it. I will remain her some time longer. The rumor that W are short of small bills is unfounded We have $10,000,000 in small denom inations." Pittsburg Exchange Remains Closed Oct. 25.-As was the stock exchange Pittsburg, Pittsburg o'clock remained expected th closed. Shortly before 10 were called who retary members Holman, together announced decided by Sec tha of directors had to for the the suspend board trading believed day. In the wel informed circles It Is ex change will not resume business unt: Monday. The local financial situation is is and is under to if good trol, according shape statements perfect made con bankers. that the tion prominent all say flurry Without has present passe excep I and that the situation at brighter than it has been for a week. Money Sent by Cortelyou. sent by to meet any Cortelyou The $5,000,000 possible Secretar, thi de for currency in making up payrolls This money is now mand week's ceived. large has been in thre an re of the largest banks in Pittsburg, is ready for distribution to any ban in need of it. in the United State appointed circuit Judge court, Ward, E. M. Her and Charles C. Burling receivers inghouse ham P. N. ancillary Given companies and of their the asset West and in the distric The are I' of New properties York. receivers judicial of $20,000. quired to file a joint bond Run on Rhode Island Bank. Providence, R. I., Oct. 25.-Deposi the Union Trust i this thei tors at city began withdrawing company bankin Before the close of numbers paid J. is th money. hours Marsden large Perry president had been of Union Trust company. Mr. Perry i also connected with the Trust Com pany of America, the New York inst tution which for two days has with stood an unusually heavy drain. Egg Shower for a Revivalist

2. October 25, 1907 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, October 25, 1907

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FOLLOW THE HAMILTON. Two Other New York Banks Close Their Doors. New York, Oct. 25.-Following the announcement of the suspension of the Hamilton bank came the news that the Twelfth Ward bank, located at One Hundred and Twenty-fifth street and Lexington avenue, had suspended payment. The Twelfth Ward bank is a state institution and a state bank examiner will be placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. The Empire City Savings bank, lo cated at 231 West One Hundred and Twenty-fifth street, has posted a no tice announcing their suspension foi thirty days under the banking laws The officials of the bank declare that the institution is entirely solvent, but that they decided to avail themselves of the thirty days' notice of withdrawal under the state law because they feared a run owing to the suspension of payment by the Hamilton and Twelfth Ward banks in the same neighborhood. The Empire City Savings bank, according to a recent statement, owed its depositors about $3,300,000.

3. October 25, 1907 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, October 25, 1907

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CLOSED STATE BANKS. Suspension Has No Bearing Upon the General Financial Situation. New York, Oct. 24.-At 9 o'clock this morning it was announced that the Hamilton bank, which has its place of business in One Hundred and Twenty-fifth street, had decided to suspend payment pending the complete restoration of public confidence. A notice posted on the bank's doors declared it was solvent, but suspended payment in justice to its depositors, until confidence in banks is restored. E. R. Thomas, who was associated with F. A. Heinze and Charles W. Morse in several banks and financial ventures, was president of the Hamilton bank, but resigned after the break in United Copper stock, which marked the beginning of the recent financial troubles in this city. Deposits of $7,000,000. Orlando F. Thomas, brother of E. R. Thomas, also recently resigned as a director, and William R. Montgomery, was elected president. The bank has a capital stock of $200,000 and deposits of about $7,000,000. It has four branches in this city. The Hamilton bank is not one of the large institutions in the city. Its location in Harlem gave it quite a good neighborhood business, but it never was in any way a representative New York bank. The Twelfth ward bank also suspended payment to depositors today. It is a state institution and a state bank examiner will be placed in charge of its affairs. According to a recent statement the institution owed depositors about $3,000,000. Suspended for Thirty Days. The Empire City Savings bank, located at 231 West One Hundred and Twentyfifth street, posted a notice this morning announcing suspension for thirty days under the banking laws. The officials of the bank declare that the institution is financially solid, but that they desire to avail themselves of the thirty days' notice of withdrawal under the state law, because they feared a run owing to the suspension of payment by the Hamilton and Twelfth Ward banks in the same neighborhood. The Empire City Savings bank, according to a recent statement, owed its depositors about $3,300,000. It is a comparatively minor organization, Its suspension is without bearing on the general financial situation in New York.

4. October 26, 1907 Seward Weekly Gateway Seward, AK

Article from Seward Weekly Gateway, October 26, 1907

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Two Small Banks Suspend New York, Oct. 25 --- The Twelfth Ward bank and the Hamilton bank, both small, suspended today. It is announced that Secretary Cortelyou and J. P. Morgan will take steps to prevent further panic in the money world.

5. October 30, 1907 New-York Tribune New York, NY

Article from New-York Tribune, October 30, 1907

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HARLEM BANKS MAY SOON REOPEN. The announcement was made yesterday that the Harlem banks that suspended last week would open in a few days. Attorney General Jackson said that he would give them every opportunity to resume business and would take no steps against them If their condition justifled their resumption. William Montgomery, president of the Hamilton Bank, in 125th street, speaking for that institution, said that it would reopen not later than next Monday, The same was said of the Twelfth Ward Bank. The run on the Harlem Savings Bank was ended yesterday. Many patrons returned to deposit the money they drew out last week. The conditions at the Empire City Savings Bank also were normal. There was none of the unusual activity of the last few days at the Dollar Savings Bank, in The Bronx. The run on the Broadway Trust Company had also abated.

6. October 31, 1907 New-York Tribune New York, NY

Article from New-York Tribune, October 31, 1907

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HAMILTON BANK'S PLAN. Proposition for Resumption of Business Sent to Depositors. After a meeting of a committee representing the stockholders and depositors of the Hamilton Bank, which suspended on October 23, held last night at the offices of the institution at No. 215 West 125th street, a plan was announced which, in the opinion of the committee, will enable the bank to resume business if approved by the depositors and stockholders. The Hamilton Bank suspended after a run lasting for three days, in which 40 per cent of the total deposits of the institution was withdrawn. A committee was chosen from among the stockholders and depositors to work out a plan for resuming business. The committee consisted of W. A. Martin, a real estate dealer; Add Reisenberg, of H. C. F. Koch & Co., and George F. Brown, of the firm of Duff & Brown. At the meeting of this committee a circular letter was prepared, to be sent to the 17,000 depositors, in which the plan for rehabilitating the bank was set forth. The plan is to be submitted to the depositors for their approval. In the opinion of the committee the refusal of the acceptance of this plan would probably mean that the bank would have to be liquidated. The plan, in brief, follows: Depositors in the bank shall on presentation of their passbooks receive on account of their deposits 10 per cent in cash and 15 per cent in certificates of deposit, payable ninety days from the date on which the bank shall resume, and 15 per cent in a certificate of deposit. payable in six months from the date of resumption. The balance, 60 per cent, shall be a certificate of deposit, payable one year from the date of such resumption. The certificates of deposit are to become payable, as above stated. whenever in the judgment of the officers of the bank the business will permit. The bank will accept said certificates for loans made or anticipate their payment. As soon as such number of depositors and such amount of deposits shall have assented to the plan as will, in the judgment of the committee, warrant the resumption of business on the part of said bank. the committee is to have the right to declare the plan operative and therefore becoming binding upon all depositors assenting to said plan, but the same shall not be binding in case the bank should go into liquidation. The committee is confident that the bank is solvent and its captal is unimpaired. William R. Montgomery, president of the bank, is a member of the committee on resumption of business,

7. November 5, 1907 New-York Tribune New York, NY

Article from New-York Tribune, November 5, 1907

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HAMILTON GETS MANY ASSENTS. President Montgomery Thinks Bank Will Soon Open Its Doors. William R. Montgomery, president of the Hamiton Bank, received yesterday a large number of assents to the plan by which the bank hopes soon to resume business. This plan provides that depositors shall receive 10 per cent when the bank reopens, 25 per cent in thirty days, 25 per cent in sixty days, 25 per cent in ninety days, and the remaining 15 per cent in one year. Speaking of the situation last night, Mr. Montgomery said: "I believe that we shall open our doors by the and of the week. There are, however, some skeptical persons who have consulted lawyers as to the plans, and who have been advised not to sign the. agreement, on the ground that the bank will open its doors within g short time. + nis, however, is not the case. The Hamilton Bank will not open its doors until assents have been received from its seventeen thousand depositors. If we do not receive the assents the bank must go into the hands of a receiver. "I do not believe, however, that a receiver will be necessary, for to-day we have received many assents, and from indications word from all of the depositors will be at the bank in two or three days. "When we have received the assents the matter will be placed immediately in the hands of State Superintendent Williams, and he will, I know, grant permission to open the doors. He has, together with the Clearing House, approved of the plans."

8. November 19, 1907 New-York Tribune New York, NY

Article from New-York Tribune, November 19, 1907

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LIFE IN HAMILTON BANK Montgomery Wins Over Hostile Depositors-Plan to Reopen. President Montgomery of the Hamilton Bank, now in the hands of a receiver, appeared unexpectedly at a meeting of two thousand depositors last night at Calvary Methodist Episcopal Church, 127th street and Seventh avenue. His entrance was marked by hisses, groans and other evidences of hostility, but before he had finished speaking he had turned the tide of anger, and his utterances were greeted with shouts of approval. After he had reviewed the recent troublous history of the bank, which he said was closed by a run, "not by the small depositors, but by the wealthy depositors down in Wall Street, who had been tipped off to start the run." he asked those present if they wanted the bank given a chance to resume with $1,500,000, which had been promised from outside sources. A storm of approving cheers was the reply. There was a general denunciation of "political receivers," and then a vote of confidence and support was given to Mr. Montgomery with a roar that lasted for several seconds. A motion to denounce the Attorney General for his action was seconded by a score of voices. Only the emphatic statement of the chairman. Charles Blandy, of Blandy, Mooney & Shipman, that such action would be decidedly injudicious, prevented a vote being taken on this proposition. After it was all over forms of assent to a certificate of deposit plan were passed out by the thousands, and it was voted to call a meeting of depositors in the neighborhood of every branch to obtain the assents necessary to a resumption of business and to assure united action in opposing a permanent receivership and in bringing about a resumption of business. Mr. Montgomery said that he did not wish to become president of the Hamilton, but consented to accept the place, and as a condition to giving up the presidency E. R. Thomas had demanded that some one assume, for him, an obligation of $55,000. He added that he had assumed this obligation, although he could not afford to do so. He then said that after the Hamilton Bank had closed its doors he had gone to William A. Nash, president of the Corn Exchange Bank and a member of the Clearing House committee, in his latter capacity and had offered to give him, without any consideration, 660 shares of Hamilton Bank stock, all that he, Montgomery, had any control of, if he would but see to it that the doors of the bank were opened. The speaker denied the statement made yesterday by Frank T. White, temporary receiver, that no feasible plan had been presented to the State Banking Superintendent or the Attorney General with regard to the proposition to reopen the doors. Mr. Montgomery said last night regarding Mr. White's statement: "As to the remark which was made as to usurious loans, if it were true, Mr. White couldn't have said anything that would have done more to suggest to people that they decline to pay their obligations to the Hamilton Bank As to what are called usurious loans, many were to corporations to which the laws relating to usury do not apply. All that we ask Frank T. White is to keep his mouth closed until November 30, when we will go before the court with the names of those who are willing to help us out and put up $1,500,000. Frank White, ex-Deputy Attorney General, appointed temporary receiver of the Hamilton Bank last Saturday. said yesterday he had learned that usurious loans had been made by the Hamilton Bank He said the subject would receive prompt attention. He added that officially he had not been informed of anything that would warrant criminal proceedings. Speaking of the protest by the president of the bank against the appointment of a receiver, Mr. White said: 'From the date on which the bank closed its doors President Montgomery and James A. Gifford, counsel for the institution, have been, with others. urging that the appointment of a recelver be deferred, and promising that they would present some plan for rehabilitation. Superintendent Williams of the State Banking Department granted them time." Deputy Attorney General De Ford, when asked yesterday if the affairs of the Hamilton Bank would be brought to the attention of the grand jury, replied that the investigation being conducted by the Attorney General's office into the bank's affairs had not been concluded, and that until it was finished no definite steps would be taken. He added that all the closed banks were being Investigated to ascertain to what extent the officials were responsible for their suspension.

9. November 24, 1907 New-York Tribune New York, NY

Article from New-York Tribune, November 24, 1907

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THREE TONS OF MONEY ON TRUCK. In taking possession of the assets of the Hamilton Bank Frank White, the receiver, was confronted by a great pile of silver coin lying on the floors of the bank's vaults. Clerks from the Title Guarantee and Trust Company. one of the depositories named in the court order, who accompanied Mr. White procured an automobile in which to remove the bills, while a two-horse truck of the United States Express Company, under guard, conveyed the bags and boxes containing the silver down to the depositories building, No. 176 Broadway. There were nearly three tons of the silver alone.

10. December 10, 1907 New-York Tribune New York, NY

Article from New-York Tribune, December 10, 1907

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Frank W. Kinsman, jr., a director or the Dank, had no personal account with it, but the F. W. Kinsman, jr., Company, of which he is an officer, the report says, withdrew on October 23, the last day of business, $1,578 51, leaving $378 22 on deposit. In marked contrast to the action of other directors was that of Adolph Riesenberg, who, according to the receiver, had still $1,069 65 on deposit, and has it there still, not having withdrawn a cent. Besides the Thomases and Mr. Heinze, the following directors are declared liable to the Hamilton Bank as makers, indorsers or guarantors of notes in the following sums: Martin D. Fink, $11,000; David A. Sullivan, $125,000; George F. Brown. $2,000. The Fink liability is now due and unpaid. The F. W. Kinsman, jr., "Company was liable to the bank on its note for $5,136 85, and Frank W. Kinsman. jr., was an indorser of this note. Mr. White draws attention to the statement that some of the directors practically withdrew their entire accounts when it must have been apparent that the bank was in a precarious condition, and also points out that these heavy withdrawals were made despite the fact that the Fame directors. or at least some of them, were liable to the bank for large amounts on discounted notes. Mr. Montgomery testified before the State Superintendent of Banks that the Hamilton Bank received a commission on real estate transactions. He explained that the borrower was forced to borrow the whole amount and then place it in a collateral account, paying "6 per cent on the whole business." If the borrower was a corporation the charge was, made straight for the commission on the loan. The amount charged is according to the loan, although the bank always tried to get 5 per cent. "If the borrower was an individual," the testi"fied, "that money is paid to Parker & Aaron, and they take out their charge and pass the balance to the bank, which is deducted from the amount of the loan." Mr. White then incorporates in his report Mr. Montgomery's testimony in regard to "the

11. December 27, 1907 The Evening Star and Newark Advertiser Newark, NJ

Article from The Evening Star and Newark Advertiser, December 27, 1907

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BANK MAY REOPEN. Court Discharges Hamilton's Temporary Receiver. NEW YORK, Dec. 27.-The Hamilton Bank, which suspended during the recent panic, may now reopen for business, according to the decision of Justice Betts. Frank White was appointed temporoary receiver by Judge Betts at Kingston, upon the application of Attorney-General Jackson. Officers and some of the shareholders of the bank contended that the institution should be allowed to continue. In deciding upon the motion to make the receivership permanent Judge Betts ruled in their favor by discharging the receiver. A thousand depositors in the Tremont branch of the bank gathered at the bank last night and later, led by a band and carrying flags, marched a half mile to the home of President William R. Montgomery, in Anthony avenue. Surrounding the home they shouted and cheered until the head of the Hamilton appeared on the stoop and addressed them. In addressing the depositors, Mr. Montgomery said: "I do not owe the Hamilton Bank a dollar. and I have never owed the bank a dollar. I never kept my business account in the Hamilton Bank."

12. December 27, 1907 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 27, 1907

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NEW YORK BANK RESERVES Hamilton Bank Permitted to Reopen for Business: Kingston, N. Y., Dec. 26.-Supreme Court Justice Betts this afternoon rendered a decision permitting the Hamilton bank of New York City, now in the hands of a receiver, to reopen. The Hamilton bank, after paying out during the panic $1,500,000, closed its

13. January 1, 1908 New-York Tribune New York, NY

Article from New-York Tribune, January 1, 1908

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MAY HEAD HAMILTON. Brother of Ex-Judge Parker Has Offer of Bank Presidency. As the result of a meeting of the depositors' committee of the Hamilton Bank held yesterday at the Astor House It is probable that Frederick H. Parker, brother of ex-Judge Alton B. Parker, will be elected president of the institution, to succeed William R. Montgomery. This committee, representing about eighteen thousand depositors of the Hamilton Bank. which is to resume business to-morrow, decided to seek the co-operation of the Carnegie Trust Company directors in obtaining the election of Mr. Parker, who is secretary of the trust company. A sub-committee visited the offices of the Carnegie Trust Company yesterday, and it is understood that they received a promise of assistance in effecting the reorganization. Earlier in the day the committee of sixty held a meeting in The Bronx, whence they adjourned to the Astor House. The sub-committee appointed to confer with the directors of the Carnegie Trust Company consisted of Joseph I. Berry, president of the Department of Parks in The Bronx; William G. Mulligan. James Reilly, Julius Haas and William H. Birkmire: Charles C. Dickinson, of the Carnegie Trust Company, received the committee and returned with it to the meeting at the Astor House. Mr. Dickinson said that although the trust company would suffer a great loss if Mr. Parker was elected president of the Hamilton Bank, he and his associates would do everything in their power to assist the depositors. When the desire of the committee was made known to Mr. Parker he said that he would give no answer until a meeting of the Hamilton Bank directors had been held. If they favored him for the presidency, he said, he would probably accept and do everything in his power to make the bank a successful institution. In the case of Mr. Parker's election it is considered probable that William R. Montgomery, the present incumbent, will be elected vice-president. The Carnegie Trust Company is one of the institutions that has agreed to make up a fund of $1,000,000 with which to assist the Hamilton Bank in the resumption of its business. This money was obtained through the efforts of exJudge Parker, who appeared for the depositors of the Hamilton Bank before Justice Betts, of the Supreme Court, at Kingston, N. Y., and argued successfully for the dissolution of the receivership. There will be another hearing before Justice Betts to-morrow, at which the fees for the temporary receiver and the counsel fees will be settled.

14. January 7, 1908 New-York Tribune New York, NY

Article from New-York Tribune, January 7, 1908

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BANK OPENING DELAY. HAMILTON Conditions Postpone Resumption of Business Beyond This Week. The indications last night were that the reopening of the Hamilton Bank in West 125th street and the institution's several branches would not take place this week. There have already been two postponements, and the prospects that business would be resumed Friday, the latest day decided upon, were not bright. A large number of men and women depositors went to the bank yesterday expecting it to open as announced, and expressed some disappointment and indignation when they learned that there had been a further delay. The explanation made to them was the same as that given out on Thursday, when the bank failed to open after announcement had been made that it would, namely, that there was still a great deal of clerical work to be done. The meeting of the board of directors scheduled for to-day has also been postponed, it was announced last night. The meeting will probably be held on Friday. The reason for this change of plan was not made public. Frank L. Grant, the new president of the bank. spent part of the day there yesterday. He said that he could not tell the exact day on which the bank would open, but that possibly it would be some time this week. Mr. Grant will not assume his new duties until Frank White, the receiver, has finished the work of closing up his affairs.

15. January 9, 1908 New-York Tribune New York, NY

Article from New-York Tribune, January 9, 1908

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BANK STILL CLOSED. Clark Williams Again Examining Affairs of the Hamilton. The 18,000 depositors of the Hamilton Bank in Harlem and The Bronx. who have been expecting for a week the reopening of the institution, suffered another disappointment yesterday by the action of the State Banking Department in assigning several examiners to a further investigation of the bank's books and assets, to ascertain its exact status. Justice Betts, of the Supreme Court, sitting at Albany, yesterday extended the order for the reopening of the Hamilton Bank to January 20. Notwithstanding the discharge of the receiver of the Hamilton Bank by Justice Betts and the plans of reorganization and for the resumption of business. Clark Williams, State Superintendent of Banks, has not yet indicated his attitude with regard to these. He has said that he would not take any action until he had all the facts. These he will now receive from his own examiners and then will decide whether his department will concur in the plan to reopen the bank. The withholding of Mr. Williams's consent, it is understood, has had much to do with the many delays. It is not unlikely that there will be some radical changes made in the plan of réorganization of the bank. One feature of this plan is that a syndicate of financial institutions, headed by the Carnegie Trust Company, is to give the Hamilton Bank $1,000,000, in return for which it is to get liens upon the bank to the amount of $2,000,000. This plan may be objected to by the State-Banking Department, as it is said to be contrary to the banking laws. Mr. Judson, the examiner in charge of the work going on at the bank, would say only that the State Banking Department was examining the assets before they were turned over to the bank by Frank White, the receiver. The examiners are doing practically the same work that they performed about two months ago in an effort to find out whether in that time there has been sufficient improvement in the bank's condition to warrant its resumption at this time. About 80 per cent of the Hamilton Bank depositors have agreed to accept 10 per cent of their deposits in cash on the reopening of the bank and certificates for the balance, payable in threemonth periods, the last to be paid in twelve months. At a meeting of directors on January 1 they elected Frank L. Grant as president of the Hamilton Bank to succeed William R. Montgomery. Mr. Grant is vice-president of the Carnegie Trust Company. J. G. Robin, a trustee of the Carnegie Trust Company and connected with several other banking institutions, and several associates, it is said on good authority, have obtained control of the stock held by E. R. Thomas and O. F. Thomas. The officials of the bank were sanguine enough yesterday of the outcome of the re-examination into its affairs to say that Superintendent Williams will issue in a few days a permit for the bank's reopening.

16. January 13, 1908 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, January 13, 1908

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Bank Declared Solvent. New York, Jan. 13.-President Frank L. Grant, of the suspended Hamilton Bank, was informed today by the State Banking Department that it has been found solvent. It was stated today the baok will probably be permitted to resome on January 20.

17. January 16, 1908 New-York Tribune New York, NY

Article from New-York Tribune, January 16, 1908

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HAMILTON BANK ARREST INDICTS MONTGOMERY. Special Grand Jury Finds Cause for Charge of Overwithdrawal. R. Montgomery, ex-president on of two the Hamilton William Bank, was indicted jury. yesterday The charges counts by the special grand that, while vice-president. the bank made he against made him two are overdrafts on the funds of caused indictment of Mr. Montgomery followed the The surprise to those who have it closed, on some the Hamilton Bank since of a reeffairs of and went into the hands speOctober 24, iti was known that the celver. for jury while was engaged in investigating affairs, it cial grand phases of the institution's than certain generally believed that other persons would be was ex-president of the Institution Montgomery himthe the bar. In fact, Mr. that him. called self testified to on Tuesday before the body District indicted bank official was at the Howard S The former office with his counsel. presented Attorney's when the indictments appeared were before Gans, him. and soon after of the against Dowling, in the Criminal Branch not guilty. Supreme Justice Court, where he pleaded $2,500 bail on each Justice Dowling held him in H. Birkmire, an counts. William director of of the two at No. 396 Broadway a bondsman. architect, Bank, qualified as Montgomery the Hamilton against Mr. The indictment consisting of him with a misdemeanor $21,000. made on charges overdrafts, one of made September alleged 6. 1907, and another, of $12,950, on October 29. Ham D. Ives. vice-president of the the inFrederick Bank, said yesterday in discussing "The overfiton dictment against Mr. Montgomery: were satisfied made by Mr. Montgomery Bank nothdrafts and he owes the Hamilton merely techby him. overdrafts are considered laws." ing. The violations of the banking nical before the court Mr. Montgomery he de In pleading to withdraw the plea, clerks if ap sired, jury grand obtained within leave a week. Several bank yesterday peared investigation before the special into the affairs of the at Ham- least, The was brought about, partly receiver of fiton Bank of Frank White, the Jackson. in by the institution, report to Attorney General alleged the called attention to certain William which he The report involved O. F. overwithdrawals. Montgomery and also E. R. Thomas, three lat R. and F Augustus Heinze, the official Thomas been forced to sever their Heinze ter having the bank F. Augustus grand relations with indicted by the federal has since connection been with alleged overcertification Na. jury in while president of the Mercantile the time of checks Bank. Mr. Montgomery said public: at tional report was made I and the receiver's never overdrawn my account cent I have owed the Hamilton Bank Attorney a have never directly or indirectly. I defy else the to prove either Frank White or any one my account General have I did not overdraw falseand that any I statements to that effect are absolutely false!" the WHAT RECEIVER REPORTED. Hamilton figures of the receiver of directors during The amounts drawn cut by balances Bank of prior to its closing and their Montgomthe week institution showed that Mr. balance ery-had with the drawn $1,518.67 which left a to his credit of $7 11. further reached the conclusion of The receiver examination of the individual Bank ledger that from an branch of the Hamilten account as the Mr. Tremont Montgomery had overdrawn his much as $34,261 23 indictments The specific charges in the two that on August Mr Montgomery were had it ceragainst a check for $12,950 and Strassburger 29 he drew made payable to B. L amount tified and No. 51 Maiden Lane the of a jeweller at $12,950. constituting an overdraft drew a of Dr. $12,869.77 In question and that on September L. C 6 Warner he for check to the order balance in the bank at the $21,000. when the his check was only $5,918.22. and time he drew days later, when the check had was only prethat sented three to and paid by the bank he $134.72 to his checks. credit it was said yesterday. It were was These two of the Hamilton Bank stock that for shares in the District Attorney's office Willalso said was acting for President Brooklyn Mr. Montgomery Damron, of the Home Bank of Code lam C. punishment provided by the Penal MontgomThe offence charged against Mr. $300. or ary for the is one year in prison or fine of both As Mr. Montgomery is no indictment longer an will official have of the Hamilton on the plans Bank for his the reopening of few the no institution effect and its several branches in a days less than three weeks ago that several the hun- man indicted It is yesterday was honored by which he depositors of the institution of Montgomery dred then the executive head. Mr. depositors was rendered yeoman service to the bank rehad in its effort to have the Justice committee When the news came that granted opened. had discharged the receiver and business Betts for the bank to resume brass band permission hundred depositors hired a Montgomery. several marched to the home of Mr. sereand at No. 1857 Anthony avenue, where they naded him. STATEMENT BY COUNSEL w. Osborne and Howard S. Gans. who James as counsel for Mr. Montgomery they issued are associated a statement last night, in which paid in part: was The fact that attention such of overdrafts the authorities the existed informa by Mr called himself, and but for in all probMontgomery he had offered. would From the tion which never have been discovered Montgomery's ability, the investigation Mr. Attorney's outset of offered to the District possession, and counsel have the information in their means whereby office all then access to every matter. The have given could be thrown on the to avail any light Attorney's office was unwilling indictments District the information, and the must of neitself of all founded, as indictments presentation have cessity been be founded, upon a partial of The the indictments facts. against Mr. violations Montgomery of are the based upon purely There technical are two charges. the made first being S Strassburger banking the law. overdraft in the case of a check The over- of payable to one B. of the negligence draft occurred by reason of the bank who was instructed of the to get the check of one purchase A. The check van. of the employes stock WBR of given the instead Hamilton for the David of Bank. getting Sulli- The Mr of some ager in the bank presented the check of Avot

18. January 25, 1908 The L'anse Sentinel L'anse, MI

Article from The L'anse Sentinel, January 25, 1908

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BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Over 165 persons were killed and many injured at Boyertown, The Pa., the opera house burned. of a moving explosion when picture were tank started a wild panic; oil lamps upblew up and the floor collapsed. victims were mostly and belonged to the set children The and women leading and families of the town. The special grand jury which was of sworn in to investigate the conduct rebanks in New York county two indictments certain turned president against of Wil- the liam R. Montgomery. Hamilton bank. A serious earthquake occurred at Gonalves, Hayti. A few houses were and others were damaged. of life has been destroyed No loss reported At their annual meeting in Detroit the Lumber Carriers' Association of the Great Lakes decided that it would be impossible to operate their boats during the coming season at the same expense and under the same condi- is tions as prevailed during 1907. It predicted that there will be a great labor struggle. The Maple-Leaf mills at Kenora, Ont., were destroyed by fire. The elevator, in which was stored over 300.000 bushels of wheat, was also de- instroyed. The loss was $1,000,000; sured. Oil-producing firms at St. Petersburg of received news from the Caucasus the opening of a mammoth oil gusher in the Bibi-Eybat field at Baku, flowing at the rate of 120,000 barrels a day. Farmers in Stanley county. South Dakota, were plowing during the first week in January. The coroner's jury practically exonerated the coal mining company for W. the great disaster at Monongah, Va. Edward Henry Strobel, general adviser of the government of Slam, died after a long illness. The body of Lieut. John W. Crawford, private secretary to Admiral Dewey, was found in the Potomac. The prince regent of Bavaria, who pardoned two to declared his tenced recently death, death murderers-sen warrants. intention not to sign any more of the American were breakfasted ship The fleet officers and by battle- Presi later dent Penna at Petropolis attended a garden party at the American embassy It was positively asserted that Sec would he was virtually retary though Cortelyou Knickerbocker not offered resign Trust the presidency of the company. John S. Peters, one of the jurymen who found R. Meade Shumway guilty of at Beatrice, the penalty, murder death committed drowned Neb., suicide. affixing while Five persons were skating in the Jimtown reservoir, near Connellsville, Pa hall. the girls' dormitory at Oxford, O., was Miami Hepburn university, destroyed by fire. E. D. Scott, cashier, and Roy W. bookkeeper of the Peo- N. bank of ple's Van National Hoesen, Franklinville, with Y., were arrested, charged viola- to the revised statutes relating a of false to the the tion making of statements controller. of greatest bank's Denmark's condition modern poet, Drachmann, died Holger sixty-first suddenly year at of Copenhagen, in the his age. Prof. Charles Baetens, for many years solo cellist in the Thomas or chestra, committed suicide in Omaha, Neb. The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson the of St. Louis, was merged with First National. The Bank of Commerce will go into liquidation, its business having been sold to the Oklahoma State bank. Frank Nunno, a wealthy young banker, was found murdered near Ardsley, N. Y. William B. Thompson of De in his troit, Mayor Mich., annual that message, the city calls attention to the fact to deal with the street railquestion that "no new of year way will have and franchise urges in leases another of a !ife be given except on the basis three-cent fare.' General Freight Agent W. E. Estes the Central of Georgia railway was shot by his Ga. The was ac. of perhaps Savannah, fatally shooting wife at cidental. Peter Rasmussen of St. Charles, in., committed suicide because of do mestic and financial troubles. the Rebbi Bernhard Felsenthal, oldeut Jewish theologian in the Unirecognized as the world's Hebrew scholar, ten days cago ted greatest States, after of died illness. in Chi- the He was most widely known as founder of the 'reform' movement ama ag Chicago Jews.

19. March 19, 1908 Daily Capital Journal Salem, OR

Article from Daily Capital Journal, March 19, 1908

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# NEW YORK OFFICIAL ACCUSED New York, March 19. -Attorney-General William Schuyler Jackson has been accused under oath of having demanded that Frank White, as receiver of the Hamilton bank, should share equally with him the aggregate of the fees and commissions earned by Mr. White, while acting in that capacity. The assertion was sworn to by Mr. White, when he was forced to appear as an unwilling witness before the grand jury. This is regarded as one of the most serious accusations yet lodged against the attorney-general's administration. It is understood that White's fees and emoluments amounted to about $1000, and, according to his testimony, after the matter had been adjusted, Jackson called on him in his office, and insisted that White should divide the sum with him.

20. March 20, 1908 The Billings Gazette Billings, MT

Article from The Billings Gazette, March 20, 1908

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attorney general under Attorney General Jackson and appointed by the latter as temporary receiver for the Hamilton bank, October 23 last, and Joseph Ford, formerly private secretary to Mr. Jackson and later receiver for the Mechanics & Traders' bank, were before the grand jury today. Both were questioned by District Attorney Jerome. As to what questions were put to the two men Mr. Jerome, Mr. White and Mr. Ford were equally reticent.

21. March 24, 1908 The Washington Herald Washington, DC

Article from The Washington Herald, March 24, 1908

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# JACKSON FACES GRAND JURY New York's Attorney General Refuses to Talk About It. Expects to Be Vindicated, He Tells Reporters, but Considers the Time Has Not Come. New York, March 23.-Attorney General Jackson spent nearly two hours with the grand jury this afternoon at the Criminal Courts Building. Jackson's appearance was a result of the invitation sent to him last week by Foreman Muschenheimer after Frank White, Jackson's former deputy and receiver of the Hamilton Bank, had sworn before the grand jury that Mr. Jackson had asked for half his receiver's fees. Assistant District Attorneys Smyth and Perkins went into the grand jury room as soon as the jurors had assembled. There was only one absentee. Jackson was then informed the grand jury was ready to hear him, and he went in. The impression had been that the grand jury would not take long with Jackson, as there were a number of other cases waiting to go on. But he remained with the grand jury the entire afternoon. Both Perkins and Smyth left the grand jury room after the grand jury had been in session about an hour. Jackson was alone with the grand jury the rest of the time. It was nearly 4 o'clock when Jackson came out and made for the elevator. He told the reporters he thought it would be quite out of place for him to discuss what had happened, even to telling whether or not he had been under oath. Some one asked the attorney general if he did not desire to be vindicated before the public, in view of White's charges. "I expect to be in time, but this is hardly the place for it," he said, "unless the reporters are a jury." The grand jury was discharged for the day by Judge Foster without making any statement regarding the matter. It is still the impression that some statement regarding the matter will be made some time this week to Judge Foster, who is in charge of the March grand jury.

22. April 8, 1908 Daily Press Newport News, VA

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# What New York Attorney General and Receiver White Said. # LAWYER WAS EXCITED BY A HINT State Law Officer Denies Emphatically That His Remark Was Construable Into a Demand for Half Mr. White's $12,500 Allowance. Case. ALBANY, N. Y., April 7.-The presentment of the grand jury of New York County relative to matters affecting the attorney-general of the state, which was filed with Justice Foster in New York last week, with the request that it be submitted to the executive and legislative branches of the state government, with a copy of the testimony given before the grand jury, was read in the assembly and senate tonight. The presentment, already made public, said that the attorney-general appeared before the grand jury, and that there appeared to be a conflict in testimony with regard to the subject of the inquiry. The "conflict of testimony" according to the minutes of the grand jury, appears to relate entirely to an allegation by ex-Deputy Attorney-General Frank White, who was receiver of the Hamilton Bank of New York, that in conversation with Attorney-General Jackson an allusion was made to a possible division of fees which White received as receiver. White's Story of the Talk. In his testimony Mr. White said that his fee as receiver was $12,500, and that after the receipt of the fee, or after its allowance, he had a conversation with Attorney-General Jackson, and he declared: "I think Mr. Jackson said that those were pretty decent allowances, or some equivalent expression." "I said." Mr. White continued, "I don't think it is extraordinary for a man who has been in the habit of getting pretty decent fees from other people, and particularly from lawyers, who come in consultation. 'Well,' he said. 'I think it would be all right for $6,250 of this to go to the other man,' or to the other party,' or something of that kind. And I said, "That is preposterous. I won't entertain any proposition of that kind. This allowance is mine; it was made by the court, and I intend to keep it.' And I got very much excited. There was a great deal said after that, but that was the substance." Mr. White testified, according to the minutes read tonight, that the attorney-general told him that he would regret his attitude. White told the grand jury that he was so excited in his conversation that he did not "want to hear who the other man was." Jackson Contradicts White. Attorney-General Jackson made a sworn contradiction of White's testimony before the grand jury, declaring: "I have never, in reference to these receiverships, agreed to receive, asked, demanded, or expected to receive one penny from anybody concerned, for myself or for anybody else, and any language included in any purported or alleged conversation with Mr. White that has for its construction anything else is false." Attorney-General Jackson said in his statement before the grand jury that he felt he could straighten things out immediately if he was permitted to cross-examine Mr. White upon the witness stand. The attorney-general testified that he had a conversation in which Mr. White complained about the size of his receivership fee, and that he told White that he ought to be satisfied, as his fee was much too large. White, the attorney-general said, seemed to be apprehensive that he would be asked for some of his fees. Attorney-General Jackson, in this connection, testified: "I asked him: "Why, you don't think that I want any of your fees?" and he said something to the effect, 'Well, I don't know.' "I got angry at that, and we had some sharp words, and he left the office and I haven't seen him since."