16302. National Bank of North America (New York, NY)

View Charter #1373 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1373
Charter Number
1373
Start Date
January 1, 1908*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
61569481

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Receiver appointed; assets later turned over to stockholders/agents and bank liquidated/reorganized attempts

Description

During the panic of 1907 and its aftermath the National Bank of North America faced a prolonged drain of deposits and insistent rumors about its condition. Clearing house aid was extended but persistent withdrawals in January 1908 led the directors to ask the Comptroller to assume charge; the bank was closed for liquidation and a receiver appointed (Jan 27, 1908). Depositors were later paid dividends by the receiver, but the institution remained in receivership/liquidation and did not resume normal banking.

Events (8)
1. July 1, 1865 Chartered
Source
historical_nic
2. April 15, 1869 Voluntary Liquidation
Source
historical_nic
3. January 1, 1908* Run
Cause
Rumor Or Misinformation
Cause Details
Persistent rumors about the bank's condition produced a long, continuous drain of deposits during and after the 1907 panic, culminating in heavy withdrawals in January 1908.
Measures
Received clearing house assistance and loan certificates; directors sought comptroller intervention and ultimately requested liquidation under the comptroller.
Newspaper Excerpt
the failure and persistent withdrawals, the result, according to President Havemeyer, of insistent rumors set afloat respecting the bank's condition.
Source
newspapers
4. January 27, 1908 Receivership
Newspaper Excerpt
the comptroller of the currency ordered the bank to be closed for liquidation and appointed Charles Hanna, national bank examiner, as receiver. It was believed the bank was solvent, but its resources had been drained by a long run.
Source
newspapers
5. January 27, 1908 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors requested Comptroller to assume charge after continued heavy withdrawals and inability to stem rumors; clearing house would not continue certificate support.
Newspaper Excerpt
The National Bank of North America has decided to withdraw from membership in the Clearing House association and to liquidate under the authority of the comptroller of the currency...the directors of the National Bank of North America have decided to request the comptroller of the currency to assume charge of the affairs of the bank.
Source
newspapers
6. June 24, 1908 Other
Newspaper Excerpt
The depositors of the National Bank of North America have received checks from the Controller of the Currency for a second dividend of 25 per cent declared on June 2 last.
Source
newspapers
7. September 15, 1908 Other
Newspaper Excerpt
Following receipt of advices ... the comptroller of the currency has authorized payment of the fourth and final dividend of 25 per cent to the depositors of the suspended National Bank of North America; checks would be ready for depositors on Friday.
Source
newspapers
8. March 22, 1914 Other
Newspaper Excerpt
No Attempt to Reopen Bank. ... denied that there would be an attempt made to reopen the bank.
Source
newspapers

Newspaper Articles (23)
1. April 27, 1873 The New York Herald New York, NY
Article from The New York Herald, April 27, 1873

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committee.. ill report adversely to the bank open- ing its doors on Monday." "And what will be the action of the Clearing House in regard to the Bank certified checks on Monday?" "Why, we shall simply ignore the certification and throw the checks out. It is the only cours left open for us." "Can you explain to me the process by which a cashier, situated as this one was, can embezzle such an amount of money without being discov- ered?" "It is very easily explained if we have officers in a bank who do not strictly water everything the cashier does. In many banks this is the case, and it then renders embezzlement impossible, but where officers are lax and don't constantly look over a cashier's doings he can do as he likes and STEAL AS MUCH AS HE PLEASES without anybody being the wiser for it until the crash comes. On the other hand, if Taintor had made money in his speculations the fraud never would have been discovered." "He speculated, then?" "He told me to-day that he had speculated in Wall street from the day he had entered the bank, which is a period of five years." "And has this money been going ever since then?" "I judge not. He must have lost it recently." "What has been the standing of the bank in the financial community?" "Well, the bank has not been looked upon as prosperous lately. I have known during the past two years that something was wrong, and in fact without ever having given my views any ventila- tion I have been somewhat distrustful of the bank. I, of course, knew nothing of the speculations of the cashier, but my impression was that the affair was managed rather loosely. I think this was the general impression in Wall street, for the business of the bank was not very large." "What do you think of Taintor?" "Well, I think his coolness is marvellous. Alto- gether, I think he is a very remarkable young man." "What shall we do with Taintor?" asked one of the directors, who was standing by during this interview. "I should certainly hold him," answered Mr. Tap- pan; "you had better consult with Mr. Tracy, your counsel." Mr. Tracy came in a few minutes after and ad- vised the officers to arrest Mr. Taintor and keep him close. In the meantime Mr. Tappan had telegraphed to the Comptroller of the Currency, John Jay Knox, asking him for instructions as to what should be done with the bank and explaining the situation. INTERVIEW WITH A DIRECTOR. Two old gentlemen stood around all this time, looking very gium. They were both directors. The HERALD reporter interviewed one of them. He said:- "We, of course, had no idea that such a state of affairs existed. We made our last examination in December." "Did you then find anything to excite your sus- picions?" "No, nothing. Everything was correct. We went through the bank and examined everything and found all right. We examined the securities also and found them correct. There was nothing, indeed, that could cause the slightest suspicion or complaint, and I thought and have thought since that things were going well with the bank. I had heard that at the time some of the officers of the bank were speculating in the street. I remember saying at the time, and Taintor was present, that if I had heard these rumors, and that if I had thought for one moment any of THE BANK OFFICERS WERE SPECULATING with the bank's money, I should resign on the spot. Taintor then said that the reports were ridiculous, and that there was no truth in them. You see the result." "How much had you in the bank from deposit- ors?" "The deposits amounted to about five hundred thousand dollars. The business of the bank was good. We moved round from Broadway because our expenses there were too heavy. Our credit was good, as was shown by the fact that a short time ago our stock was above par. There was none of our stock in the market lately. The largest depositor we had was the State of New York, which deposited its receipts for canal tolls in our bank. The State had with us about thirty thousand dollars. We had several depositors who had a balance here of from five thousand to fifteen thou- sand dollars all the time." "What will you do with Taintor?" "We shall arrest him, of course, and hold him. The scoundrel has ruined us all. I hardly know what to do, the blow has come so suddenly upon me." About this time the bank offices were cleared of all who were there except the clerks, the officers and the Clearing House Committee. LATER DEVELOPMENTS. Later in the evening a HERALD reporter again called at the bank. A telegram had been received from the Comptroller of the Currency. It ran as follows:- WASHINGTON, April 26, 1873. TO F. D. TAPPAN, President, &c.:- Have notes protested under section 47, and I will ap- point Meigs receiver as soon as notified. JOHN JAY KNOX, Comptroller of the Currency. In accordance with these instructions Mr. Tap- pan had a note for $5 protested pro forma, for the purpose of throwing the bank into bankruptcy. Mr. Meigs, the United States Bank Examiner, then took charge as receiver. In the meantime District Attorney Bliss had sent orders with two United States Marshals to arrest Taintor and conduct him to Ludlow Street Jail. Mr. Taintor left the scene of his brilliant exploits in the same cool manner that had characterized all his actions during the day. The reporter had another interview with Mr. Tappan. He said:- THE AMOUNT OF MR. TAINTOR'S DEFALCATION is something between $400,000 and $425,000. It is divided as follows:-$75,000 in gold, which he took from the vaults of the bank; $160,000 of property which had been placed in the bank for safe keep- ing; the balance was in securities which had been in the bank as collateral on loans. "Did Mr. Taintor tell you when and how this money went ?" "Yes," said Mr. Tappan. "He said that he had lost a great deal of this money in February last. and that the decline in Pacific Mail had hurt him very badly. I believe he also lost in the late panic." The committee of the Clearing House has been able to make only a cursory examination of the affairs of the bank. The committee finds that not only the capital of the bank but also its assets have completely vanished, owing to Mr. Taintor's skilful manipulations. Mr. Tappan says, however, that the depositors will in all probability not suffer any loss, as the stockholders are responsible to the last dollar. Mr. Meigs will begin on Monday to make a more thorough exami- nation of the bank's affairs, while the United States will deal with the defaulting cashier. The appoint- ment of Meigs as receiver is only temporary. The following is the FINANCIAL CONDITION OF THE BANK. Realizable assets, $549,000; liabilities to deposit- ors, $615,000; stolen securities from the bank, $162,000 (the actual value of which in market is $228,000); capital of bank, $300,000; surplus, $76,000, making an actual deficit of $604,000, This leads some to suppose that the real losses of Taintor are much larger than he stated.

2. October 21, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, October 21, 1907

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BANKS PLEDGE $10,000,000 TO PREVENT PANIC Wall Street Much Easier Over Clearing House Assistance for Mors ¹, Heinze and Thomas Banks. They Owe the Institution Today $3,380,000. The action of the clearing house, howNew York, Oct. 21.-A feeling of conever, following the retirement of Morse, tentment and satisfaction prevailed in Thomas and Heinze from their banks, banking circles after the history-makcleared the financial atmosphere considerably, and sentiment in and around the ing Sunday meeting of bank presidents, stock exchange was more cheerful towhich succeeded in finally eliminating day than for some weeks. the Heinz, Morse and Thomas interests The clearing house committee was in certain of the clearing house banks. again in session this morning to deal with It was generally believed that by this the developments which might arise in action the cloud that hung over the the banking situation. financial situation, following the deManager Shearer of the Clearing House velopments of the past week, has been said that institution had the situation undispelled and that beginning today a more hopeful feeling would prevade der control, that all the undesirable elethe situation in the stock exchange and ments had been eliminated and from this on the street. time on, would begin a new era in bankBesides choosing new officers for the ing in New York city. It was officially banks in question, and announcing that denied that it would be necessary to issue each and every one was in a solvent condition, a most important step was Clearing House certificates in order to taken. This was the pledge of a fund secure support for the banks which have of $10,000,000 by a score of individual been under criticism. banks to extend aid to banks and rendTHE INDEBTEDNESS HEAVY. er such to meet their deposits as the The Mercantile National bank today clearing house comittee may think necessary. owed the Clearing House on balance $1,The meeting Sunday was the most 900,000. notable gathering of bankers that any The National Bank of North America occasion in recent years has brought owed the Clearing House $850,000 on baltogether. The deposits of the banks ance. represented at the conference amounted to $1.20 000.000 These syms were unexpectedly large The methods that have been elimiand indicated that heavy withdrawals nated from the local banking situation, were being made from these two banks. it is stated, are developments of the The sum owed by the Merchants and least decade. They consist of the buyTraders National bank was $430,000 and ing of a bank. then putting up the stock representing that control as colthat owed by the New Amsterdam Nalateral for funds to buy control of tional bank $200,000. another bank and continuing the proThe clearing house committee decided to cess with banks and trust companies assume the responsibility for the Mercanso that the result is a pyramid contile National Bank's large debit balance. trolling "chains" of financial instituThis is the third consecutive day tions and their deposits. The crisis, it is declared, has been a serious one, which the associated banks have gone to but the cure extended is expected to be the assistance of the Mercantile. a complete one. MORSE SECURITIES WEAK. Everyone interested in Wall street and the city's financial affairs felt much The only weak features in the stock easier over the banking situation by reamarket situation were the stocks and son of the clearing house announcement bonds of the Consolidated Steamship comthat aid would be extended to the Morse, pany. The bonds sold at 13%, a decline of Heinze and Thomas banks, if assistance 3 3/8 from Saturday. This is the company was required. in which Charles W. Morse is the conDISQUIETING RUMORS. When the United Copper corner coltrolling factor. United Copper, a Heinze lapsed last week and was followed by security, advanced 2 points today from 7½ the retirement of F. Augustus Heinze to 9½. from the presidency of the Mercantile Seth M. Milliken, the new president of National bank disquieting rumors were the Mercantile National bank. was in circulated as to the standing, not only of charge of that institution's affairs today. that bank, but as to the stability of the institutions controlled by Charles W. He said that affairs at the bank were proMorse and E. R. Thomas. who were asgressing satisfactorily. Questioned as to sociated with Heinze in the Mercantile. loans to F. Augustus Heinze and Charles These rumors rapidly spread throughout W. Morse, Mr. Milliken said it was exthe down town district, and they had pected that they would repay the loans considerable to do with the crumbling made to them as soon as they were able. away of stock exchange prices last week.

3. October 23, 1907 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, October 23, 1907

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Trust Company of America Besieged Today CLAIMS IT IS COMPETENT The Knickerbocker Trust Company, Which Suspended Payment Yesterday Is Now in the Hands of the State Banking Department, New York, Oct. 23.-The state bank ing department has taken charge of the Knickerboeker Trust company, and it was officially stated that the bank would not open for business this morning. In spite of it, hundreds of people congregated about the doors, and the police reserves have been called out to control them. The Trust company of America opened with its counters stacked with enormous piles of money, prepared for a run. Before nine o'clock a double line of depositors was waiting for the open ing. The company claims it has money enough on hand to meet all demands There was the same condition at the Colonial branch of the company. The Knickerbocker Trust company, the storm center yesterday, paid out cash to depositors at the rate of $44,444 a minute for three hours and then closed its doors. At a meeting of the directors of the Hudson Trust company held yesterday, the resignation of Orlando F. Thomas as president was formally accepted, and E. R. Chapman was selected as head of the institution in his place. Other Banks Wouldn't Help. President Higgins, the new president of the Knickerbocker. when asked if the other trust company presidents were reluctant to help out his bank, replied: Reluctant is no name for it. They seemed to feel that they ought to hold on to all the money they had. One of them said to me: We might have help ed you out. but here you have closed your doors. You mean that you don't want to ride a dead horse, I said, 'but I wish you to distinctly understand that the Knickerbocker is not a dead horse, and what are you going to do about it Mr. Higgins would not say what was answered Bauks That Were Helped. The clearing house committee went into session shortly after ten o'clock yesterday and announced the following debit balances of bank: Mercantile National bank, $454,000; National Bank of North America, $543. 000: National Bank of New Amsterdam. $340,000; the Mechanics' and Traders' National bank, $335,000; the National Bank of Commerce, $7,000,000. It was sofficially announced that the clearing house committee had rendered assistance yesterday to the Mercantile National bank, the National Bank of North America and the National Bank of New Am sterdam. It was stated that the large debit balance of the National Bank of o Commerce represented the clearances of the Knickerbocker Trust company. Cortelyou's Coming Gave Strength. V Secretary of the Treasury Cortelyou o teached New York from Washington at e 9:30 last night. He was met at Jerby Hamilton Fish, assistant il United States treaurer, and the two the u were in earnest conversation during ferry trip to New York. Upon reaching A this city they went at once to the Hotel Manhattan, where several bankers later k presented to the secretary the various phases of local financial conditions. h Secretary Cortelyou is here to thor oughly look into the financial situation, for si which he has had under observation R ,several weeks. He has come with no of ideas of how much money to relieve the h P and will preconceived be required relief situation the matter of treasury meas he will be determined by what to ures learns. He will do all that he can relieve the present stress. Secretary of the Treasury George B. made the before one o'clock this shortly Cortelyou following morning: statement leaving "I repeat what I stated before for no P this afternoon if at other Washington reason than to emphasize the It titude of the treasury department in every will use its facilities to assist interests way legitimate business and thor and proper its action will be prompt at tr ough national banks of New York condition City in 'The in an exceptionally strong to be te are general situation here looked seems after U The in hand, and is being men, fil well many strong and influential in the ed by those whose recent action public it such as house received emphatic similar ha clearing The movement for trust com ne approval. of action among the and far of concert should have a helpful the day panies effect. I shall spend at the B con reaching tomorrow sub-treasury. made from a th statement was situation el This on the local banking between ée ference the Hotel Manhattan Geo al held at Cortelyou, J. P. Morgan, Frank A th Secretary Perkins, George F. Baker, and J. G. fr W Vanderlip, James Stillman Cannon. ha pa and TND GREAT DEPIL

4. January 27, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 27, 1908

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ASSETS. ans and discounts $5,640,318.76 nited States bonds and 58,902.78 premiums anama and other bonds 986.348.50 and stocks ank house and other real estate 215,500.00 ash and checks in other banks 442.476.55 304,281.31 ue from collection banks Total $8,737,827.90 LIABILITIES. $2,000,000.00 apital stock 536,345.48 rrplus and profits relation 50,000.00 120,000.00 onds borrowed earing house certificates. 2.200.000,00 dividual deposits 2,449,060.30 1,082,422.04 ank deposits 300,000.00 nited States deposits Total $8,737,827.90 William A. Nash, acting chairman the clearing house committee, is ed the following statement to-night: The National Bank of North merica has decided to withdraw om membership in the Clearing ouse association and to liquidate der authority of the comptroller of e currency. This redempt of the nk is regarded as the simplest ethod of liquidating The exchanges ith the bank will not be made at e clearing house to-morrow morng. While the clearing house comttee regard the growing surplus and proved condition of the banks as ghly favorable to a complete rempt of the loan certificates the atement that the banks are being reed to retire them has no fountion in fact." President Havemeyer said to-night at he believed the bank was entiresolvent and that with careful liquition the stockholders will receive for their stock. The National Bank of North Amer has a capital of $2,000,000 and on ugust 22 last. when a report was ade by it to the comptroller of the Irrency, it showed deposits of $19.7.000. This sum had been largely gradually decreased by withawals during and subsequent to the nic and on December 3. the date of next report. the bank showed desits of $6,926.000 and cash on hand $381.000. Since that time. accordg to President Havemeyer's stateen. the deposits have shrunk still ther and to-day they amount of ly a little over $3,000,000. The nk which had been know as the ggest of the seriou of Morse finaninstitutions, Gerwent a reorgantion in October.

5. January 27, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 27, 1908

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the clearing house committee, issued the following statement tonight: "The National Bank of North AmerIca has decided to withdraw from membership in the Clearing House association and to liquidate under the authority of the comptroller of the currency This retirement of the bank is regarded as the simplest method of liquidating. "The exchanges with the bank will not be made at the clearing house tomorrow morning. While the clearing house committee regard the growing surplus and improved condition of the bank as highly favorable to a complete retirement of the certificates the statement that the bank is being forced to retire them has no foundation in fact." President Havemeyer said tonight that he believed the bank is entirely solvent and that with a careful liquidation the stockholders will receive par for their stock. Has Heavy Deposits The National Bank of North America has a capital of $2,000,000, and August 22 last, at which time report was made to the comptroller of the currency, showed deposits of $19,787,400. This sum had been largely and gradually decreased by withdrawals during and subseqpent to the panic and on December 3, the late of the next report, showed deposits of $6,926,500, and cash on hand $381,900. Since that time, according to President Havemeyer's statement, the deposits have shrunk still further, and today amount to $2,500,000. The bank, which had been known as the biggest of the Morse string of financial institutions, underwent a reorganization in October. Alfred H. Curtis was succeeded by W. F. Havemeyer as president, the former becoming vice president in place of C. W. Morse, who retired from the institution. On January 14 there was a further reorganization, Mr. Curtis being dropped from the vice presidency and from the board of directors. Comptroller of the Currency William B. Ridgely came to New York from Washington today and was in conference with the bank's officials during the afternoon. President Havemeyer tonight gave out the following statement concerning the action of the directorate and the conditions that led thereto: Give Up Fight "The directors of the National Bank of North America have decided to request the comptroller of the currency to assume charge of the affairs of the bank. "There had been persistent rumors afloat that for the last ten days that the bank would be obliged to liquidate or else go into the hands of a receiver. These rumors, coming from apparently unknown sources, have been insidious that it was impossible to meet them. They have resulted in a slow and continuous drain on our resources. "On Saturday there was a still heavier withdrawal of funds, indicating that on Monday the demand would be increased. so that we would not have enough cash in our vaults to meet it. As the committee of the clearing house announced its intention to issue no more clearing house certificates the directors thought it advisable to request the comptroller to put some one in charge at least temporarily, so that all depositors would be treated alike. "I accepted the presidency of the bank temporarily with reluctance, at the urgent request of prominent financiers last October, at the time when Charles W. Morse retired as vice president. During the panic the bank lost over $10,000.000 in deposits. Its deposits now amount to about $2,500,000. "I had hoped to get back a large number of our depositors and so rehabilitate the bank. but the state of our cash reserves and the difficulty on our part of lending money to those who might of our

6. January 30, 1908 New-York Tribune New York, NY
Article from New-York Tribune, January 30, 1908

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these certificates, and thereby get possession of the securities against the deposit of which they were issued. The first moneys received by the receiver must, therefore, be used for this purpose, and not until all the certificates are retired can the depositors be paid a dividend. As Clearing House certificates were issued to the extent of only 75 per cent of the conservatively estimated value of the securities deposited, it was necessary for the bank to place nearly $3,000,000 in securities with the Clearing House loan committee to obtain the $2,200,000 of certificates. As the total assets of the bank when the receiver took charge were only $8,737,827, of which $5,640,318 represented loans and discounts, on which Clearing House certificates were principally issued, a large part et the bank's negotiable assets was deposited with the Clearing House. About $750,000 of Clearing House certificates was retired yesterday, and the total amount outstanding was reduced to $5,590,000. The bulk of the day's retirement was understood to have been for the account of the National Bank of North America.

7. January 31, 1908 The Yale Expositor Yale, MI
Article from The Yale Expositor, January 31, 1908

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M:SCELLANEOUS. At the request of the board of directors of the National Bank of North America of New York, the comptroller of the currency ordered the bank to be closed for liquidation and appointed National Bank Examiner Charles W. Hanna as receiver. It was believed the bank was solvent, but its resources had been drained by a long run. Attended by a division of Argentine torpedo boats, the American torpedo boat flotilla, which left Rio Janeiro January 21, entered the port of Buenos Ayres. Mrs. Mary G. Baker Eddy, founder and head of the First Church of Christ, Scientist, left her home, Pleasant View, in Concord, N. H., and by a circuitous route in a special train went to Chestnut Hill, Brookline, Mass., to a house recently purchased by the Christian Science denomination, where she will reside permanently. The Mine Owners' association of Goldfield, Nev., abolished the card system and declared "open shop" in the mines. Miss Louise de la Ramee, better known by her pen name of Ouida, died in the home of her faithful maid. Iolina Cervelli, near Florence. Her death was due to old age. Burglars entered the jewelry store of F. R. Darcy in Kalamazoo, Mich., and took goods valued at $10,000. Three men were killed instantly and five others seriously injured by a premature explosion of dynamite in the Bergen Hill section of the Pennsylvania tunnel at Homestead, N. J. The Illinois Central Railroad company entered suit against the town of Herrin, III., for $700,000 on the grounds of interfering with traffic. A Herrin police magistrate recently assessed a fine against the railroad for shipping into the place beer and whisky after the territory had become anti-saloon. Lady Showing Ichijo, mother of the empress of Japan, died, aged 80 years. Fire in Clinton, Ia., caused $150,000 damage to Fish Brothers' wagon works. Nearly a million dollars' damage was done by a fire in the wholesale district of Portland, Me. T. Tchigorin, the noted chess master, died in St. Petersburg. He was born in 1850. R. H. Rogers was taken from his home near Hopkinsville, Ky., and severely whipped by night riders. Secretary Taft submitted a report on conditions in the Philippines in which he took a very optimistic view of the future of the islands. Rev. Father Maria Bernado of the Capuchin order, who was sent by the pope in July last to Addis Adeba with a decoration for King Menelik, is returning with an autograph letter from Menelik and two lions as a present for the pontiff. Mrs. Mary Frances Reiley, who said she refused to marry Abraham Lincoln in 1839, died at Sioux City, Ia., aged 83. Mrs. Mary Roberts Clark, a manicure, shot and killed Frank Brady, a newspaper advertising man, in the restaurant in Macy's store in New York, and then committed suicide. She was enraged because Brady had left her to make a home for his aged mother. Robert Boyd Burch of Cincinnati, member of the Junior Academic class, was elected captain of the Yale football team. The girls' dormitory of Bethany college at Bethany, W. Va., was partial1y destroyed by fire, a hundred girls being rescued by male students. Socialist suffrage demonstrations in Brunswick, Germany, led to a collision with the police, in which several persons were wounded and many arrests were made. Morris J. Jessup, retired banker and long prominent in civic affairs in New York, died from heart disease.

8. February 4, 1908 Cherokee Scout Murphy, NC
Article from Cherokee Scout, February 4, 1908

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WITHDRAWALS break BANK. National North America in the Hands of Bank Examiner. Comptroller of the Currency William B. Ridgely Sunday ordered the National Bank of North America at New York closed for liquidation, and appointed Charles Hanna, national bank examiner, as receiver. The failure and persistent withdrawals, the result, according to President Havemeyer, of insistent rumors set afloat respecting the bank's condition.

9. March 26, 1908 Fort Mill Times Fort Mill, SC
Article from Fort Mill Times, March 26, 1908

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WANTS THE FACTS. Tillman Asks Pointed Questions About Some Bank Transactions. Senator Tillman introduced a resolution calling upon the Senate committee on finance to conduct an investigation and answer some pointed questions bearing upon financial legislation. Among the questions asked are as to whether the national banks of New York York are in the habit, under the guise of commercial loans, of furnishing permanent capital for speculative or other enterprises; whether the Treasury Department had knoweldge of the loans by the National Bank of North America of New York, which are the subject of a suit by the receiver against C. W. Morse, and of other similar transactions in other national banks; whether the national banks are engaged by themselves or through other organizations in attempting to control or dictate the legislation of Congress upon the currency questions.

10. June 24, 1908 New-York Tribune New York, NY
Article from New-York Tribune, June 24, 1908

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Bankers' posted rates were as follows: Demand. Sixty days. 4.86 4.88 Sterling 95 1/2 95% Germany, reichsmarks. 5.17 1/2 5.14 % Paris, francs 5.20% 5.161/4 Belgium, francs 5.18% 5.15% Switzerland, francs 401/2 40% Holland, guilders HAMILTON & EXCHANGE CINCINNATI DAYTON BONDS FOR NOTES.-The committee of holders of the 4 per cent refunding mortgage gold bonds of the Cincinnati, Hamilton & Dayton Railway Company, of which James N. Wallace is chairman, announces that over 80 per cent of the outstanding bonds have been exchanged for the five and a half year purchase money 4 per cent gold notes, maturing July 1. 1913. AMERICAN CAR AND FOUNDRY.-The - annual meeting of the American Car and Foundry Company will be held to-morrow, when the company's report for its fiscal year ended April 30 will be made public. Though the business of the company was poor in the last quarter of the year earnings will approximate, it is understood, 18 per cent on the common stock and 10 per cent available for dividends after all deductions for new properties, renewals and other purposes. There were few new orders on the books at the beginning of the company's new year. SECOND DIVIDEND BY MORSE BANK-The depositors of the National Bank of North America have received checks from the Controller of the Currency for a second dividend of 25 per cent declared on June 2 last. MONEY RATES DOWN.-Call money declined to 1 per cent yesterday, the lowest rate since March 30. The demand was light. Timo money also was soft in tone. The premium on New York exchange in Chicago was reduced to 30c. STOCK EXCHANGE HOLIDAY.-The members of the Stock Exchange have voted to suspend business on Friday, July 3. The governing committee will act on the vote to-day.

11. August 11, 1908 New-York Tribune New York, NY
Article from New-York Tribune, August 11, 1908

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MORSE WON'T GIVE UP. To Continue Fight for Assets of North America Bank. Charles W. Morse was plainly chagrined yesterday at the action of the Controller of the Currency in vetoing the plan of the Assets Realization Company to pay off the depositors of the suspended National Bank of North America and take over the assets for liquidation. Mr. Morse was in conference most of the day with his friends and advisers, but said last night that he was not ready to announce what his next step would be. Those who know Morse, however, do not believe for one instant that he has given up his plan to get possession of the assets of the institution over which he formerly presided. It is generally believed that he will shift the offer of the Assets Realization Company so as to conform strictly with the federal banking law, in which case the Controller of the Currency will have no apparent reason for refusing the proposition. The position of the Assets Realization Company, however, even if Mr. Morse shall be unable to obtain the consent of the Controller of the Currency to a remodelled plan for liquidation. is not an unenviable one. It has purchased, according to its representations, receiver's certificates of the National Bank of North America to the amount of $1,012,550. on which two dividends of 25 per cent each have been paid by Charles A. Hanna, the federal receiver. For these certificates it paid out approximately $500,000. The company assumes, therefore, the position of a depositor. The receiver's certificates were purchased, however, at face value. or in some cases a slight concession, and no interest was allowed to the sellers. Mr. Hanna expects to have sufficient funds not only to pay all depositors in full, but also to allow interest at 6 per cent, as required by law, from the time the bank closed its doors, on January 27 last. As over six months of interest has already accrued, it can be seen that the Assets Realization Company is sure not only of getting back all its money invested, but also of a 12 per cent profit on the capital tied up, assuming that the affairs of the bank are wound up in the next six months. Mr. Hanna had no comment to make yesterday on Mr. Morse's statement that he (Mr. Hanna) wanted to keep the receivership berth as long as possible. Friends of Mr. Hanna, however, know that he would be very glad to be relieved of his work as receiver, as he has plenty to do in connection with his duties as national bank examiner for this district.

12. September 16, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, September 16, 1908

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CHAS. W. MORSE IS ON HIS FEET ONCE MORE AFTER FIGHT UNPARALLELED IN HISTORY, FORMER ICE AND STEAMSHIP KING WILL PAY HIS BANK DEPOSITORS. NEW YORK, Sept. 16.-Chas. W. Morse, former ice and steamship king, is on his feet again. Depositors in his two banks will be paid in full and there will be money left for the stockholders. The receivers, who have apparently bitterly antagonized Morse, give to him all the credit, and he modestly passes it on to a few loyal friends. They advanced money that enabled him to pay off depositors and protect his securities till the panic was over. So, to the amazement of Morgan and Rockefeller and the other owners of the resources of the American republic, the little wizard from Maine is up again. He is just a bit groggy, but is on his feet. Fight Without Parallel. His fight is without parallel in financial history. His winning the first battle is arranging for the paying off of every depositor in the National Bank of North America and the New Amsterdam National bank is only the opening of his great campaign to regain his former position as an industrial monarch. When Mr. Morse was caught in the crushers below Fulton-st. and was driven from his high position in the seats of the mighty, betting was 100 to 1 that he was exterminated. This big financier would meet that big financier and in mock sympathy remark, "Too bad about Morse, but he is done for." Then came the lull in the storm, and when the sun rose next morning these same big financiers were found to be counting-one a railroad that had washed into his port, another a great ore bed that had dropped from

13. September 16, 1908 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, September 16, 1908

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MORSE BANK EMERGES FROM BANKRUPTCY Final Dividend Paid Depositors of North American National. New York, Sept. 15.-Following receipt of advices from Washington that the comptroller of the currency has authorized payment of the fourth and final dividend of 25 per cent to the depositors of the suspended National Bank of North America, Receiver Charles A. Hanna today announced that checks would be ready for depositors on Friday. This means the early turning over of the bank to the stockholders and final arrangements for that process, it is expected will be perfected at a conference on Wednesday between Receiver Hanna. Comptroller of the Currency Murray and Charles W. Morse, formerly vice president of and still the largest stockholder in the bank. Mr. Morse has been active ever since the bank suspended eight months ago, in raising the funds to rehabilitate the institution. That Mr. Morse will again take contro of the bank is assumed here.

14. October 8, 1908 New-York Tribune New York, NY
Article from New-York Tribune, October 8, 1908

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Financial Meetings. TOTICE IS HEREBY GIVEN TO THE SHAREHOLDers of The National Bank of North America, in the City of New York, that a meeting of the stockholders will be held at the office of Charles A. Hanna, Receiver, 43 Exchange Place. New York City, on the 21st day of October at 10 o'clock A. M., for the purpose of electing an Agent to whom the assets of the Bank will be transferred and delivered, in accordance with the provisions of Section 3 of the Act of Congress, entitled, An Act Authorizing the Appointment of Receivers of National Banks and for Other Purposes, approved June 30, 1876, and an Act amendatory thereto, approved August 3. 1892, and March 2. 1897: or for the purpose of continuing the Receivership in accordance with the provisions of the last named Act. LAWRENCE O. MURRAY, Comptroller of the Currency. Sept. 18, 1908

15. October 21, 1908 The Evening World New York, NY
Article from The Evening World, October 21, 1908

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WANT TO START ONE MORSE BANK THAT FAILED Minority of Stockholders Think National Bank of North America Would Pay. The stockholders of the National Bank of North America, which succumbed during the panic to the high financial treatment administered by Charles W. Morse, met this afternoon in the offices of the bank in Exchange place to consider the problem of Mquidating or resuming business. The creditors and depositors have been paid off by Receiver Hanna and the remaining assets are in the hands of the Assets Realization Company, of Philadelphia, which purchased them for profit. The Assets Realization Company and a majority of the stockholders are in favor of a speedy liquidation and a distribution of the income from the assets. A minority, representing New England holdings. is in favor of resuming business with added capital and a new deal

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

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PLANS FOR BANK OF NORTH AMERICA. Stockholders Hope to Avoid LiquidationAssets Turned Over To-day. A general meeting of the stockholders of the National Bank of North America has been called for to-day by the Controller of the Currency, L. O. Murray. At this meeting Receiver Charles A. Hanna will turn over to the stockholders the assets of the bank. Informal conferences have been going on recently among the stockholders to determine whether the bank shall be placed in liquidation or resume business. A decision in the matter is expected to be reached at to-day's meeting. Colonel Robert M. Thompson said the other day that several of the stockholders, including himself, Charles M. Schwab, William F. Havemeyer, John W. Gates, John H. Flagler, Henry P. Booth, John F. Carroll and Morgan J. O'Brien, were trying to form some practical plan under which the bank might resume business, instead of going into liquidation. It was said yesterday that in the event of the institution being liquidated the stockholders might get as much as $150 a share for their holdings.

17. October 22, 1908 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 22, 1908

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AGENT APPOINTED To Handle Affairs of National Bank Of North America. New York, Oct. 21.-In an effort to settle the affairs of the National Bank of North America, one of the Morse financial institutions which suspended at the time of the recent panic, John W. McKinnon of Chicago today was elected as agent by the shareholders of the institution. All depositors having been repaid, the remaining assets of the bank will now be turned over to Mr. McKinnon. A meeting will be held soon to decide whether the institution shall liquidated or re-organized and resume business. Minority stockholders of the bank today chose Joseph H. King of Hartford. A. W. Damon of Springfield, Mass., and Frederick R. Eaton of New York a committee to consult with the directors as to the advisability of the bank's resumption. Eugene P. Carver, attorney for Mr. Morse and also representing the Assets Realization Co., of which Mr. McKinnon is president. said after the meeting of the stockholders that the Assets Realization Co. hoped that a re-organization of the bank could be effected and the company would in no way interfere with any such a plan. This also is the desire of Mr. Morse.

18. November 1, 1908 New-York Tribune New York, NY
Article from New-York Tribune, November 1, 1908

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# MORSE TRIAL TO END ON ELECTION NIGHT DEFENCE WILL SUM UP ALL DAY, TO-MORROW. Jurors Will Have Chance to Vote and Then Case Will Proceed-Mrs. Curtis Called to Stand. The defence in the Morse-Curtis trial before Judge Hough in the United States District Court rested its case yesterday, and the prosecution, after calling two witnesses in rebuttal, did likewise. The lawyers for the defence will sum up to-morrow, using the whole day. United States Attorney Henry L. Stimson will review the prosecution's case on Tuesday, Judge Hough will charge the jury and the case will go to the jury late Tuesday afternoon. Judge Hough will break all precedents by convening court on Election Day. The jurors will be allowed to go to the polls early on Tuesday morning in charge of deputy marshals. They will then be brought back to the Federal Building and court will be convened at 11 o'clock, and will sit until the case is ready for the jury. There is a small chance that the lawyers for the defence will not take as much time as they have asked for, and if such is the case they will get the case late Monday night. In case of a conviction the lightest penalty which Judge Hough can inflict is hard labor for five years in a federal prison, probably at Atlanta. The crimes of overcertification and misappropriation carry a minimum penalty of five years and a maximum of ten years. The penalty for conspiracy is two years and a $5,000 fine. The maximum penalty, in case of conviction on all three counts, would thus be twenty-two years and the minimum penalty twelve years. # MR. MORSE AGAIN ON THE STAND. Charles W. Morse took the witness stand again at the opening of court, with the expectation that Mr. Stimson would continue his cross-examination, the prosecutor having so stated when court adjourned on Friday. Mr. Stimson, however, had evidently changed his mind, for he announced that he had nothing more to ask Mr. Morse. The latter was plainly disappointed. Ex-Judge William M. K. Olcott, counsel for Alfred H. Curtis, asked Mr. Morse a few questions, and then Wallace Macfarlane, of Morse's counsel, took the witness in hand to clear up some odds and ends of his case. Mr. Macfarlane took up the letter sent to the Controller of the Currency by the directors of the New Amsterdam National Bank and signed by Mr. Morse as a director, denying that Mr. Morse had any interest in the K. A. Wilson loans, which were made in the purchases of stock of the National Bank of North America. Mr. Morse had testified that he was the purchaser of this stock and that the loans were his. Mr. Morse testified that, although he signed the letter as a matter of routine business, he did not know that the paragraph in regard to the K. A. Wilson loans was in it. All the bank's directors, the witness said, knew that he was back of the K. A. Wilson loans and surely would not have signed the letter knowing that it contained such a statement. Certainly he would not have done so, testified Mr. Morse. He said the letter was probably signed by the directors without taking the time to read its contents. # JUDGE HOUGH ASKS QUESTIONS. The witness testified that he knew the verbal guarantees given by him to Mr. Curtis for the Davison, Brown and Whiting loans were not legal, but he said he considered himself morally responsibibe for the loans just the same and had so acted. Judge Hough asked the witness one or two questions about the exchange of loans with the Mercantile National Bank, and then Mr. Morse was excused. Ex-Congressman Charles E. Littlefield, of Morse's counsel, evidently sprung a surprise on Mr. Olcott and Mr. Curtis when he called Mrs. Curtis to the witness stand. Mrs. Curtis, who has been present throughout the trial and has frequently advised with her husband and his counsel, contradicted the testimony of Adolph Rado, an assistant cashier of the National Bank of North America, who had been on the stand several times for the prosecution. Mrs. Curtis told of meeting Mr. Rado in Wall street shortly after the National Bank of North America suspended. She said she chided Mr. Rado in a friendly way for not having called on Mr. Curtis since the trouble at the bank. Mr.

19. November 5, 1908 The Morning Journal-Courier New Haven, CT
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MORSE JURY LOCKED UP Fate of Promoter and His Banker Undecided-Morse Not Nervous. New York, Nov. 4.-The cases of Charles W. Morse and Alfred H. Curtis, jointly indicted and on trial In the United States court here for violation of the banking laws in connection with the suspension of the National Bank of North America, were given to the jury this afternoon, and to-night the fate of the two defendants was still undecided At 8:30 o'clock, the jury into Whose hands the case had been placed five and one-half hours earlier, retired for the night going to their hotel and suspending their deliberations. Charles W. Morse was in court accompanied by his counsel, and a number of friends when the announcement that 110 verdict would be announced to-night was made. He seemed to be unmoved at the news. Alfred H Curtis remained at home and received word of the jury's action by telephone.

20. November 6, 1908 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, November 6, 1908

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he gave to the government attorneys. When on the stand Curtis frankly told of all the financial operations in which he and Morse had been associated. This fact, coupled with the plea for clemency made by the jury, might, he thought. secure for him a suspended sentence. The financial career of Charles W. Morse was among the sensational developments of modern finance. Rising from successful operations in the ice business, Morse soon acquired a reputation for company promoting and trust organizing. At the time of his gaining control of a number of local and out of town banks, which became known in the financial world as the Morse chain of banks and at the height of his fame, he was director in twenty-six corporations and banks. Two of his most famous exploits were the formation of the American Ice Company and the consolidation of several coastwise lines of steamships. Up to the time of the suspension of the National Bank of North America possibly no man in the banking world was held in higher regard by his associates in the financial field than Alfred H. Curtis. His career in the field of banking became at sixteen. when he entered the office of a Wall street broker, leaving soon afterward to accept a clerkship in the bank of the state of New York. It was in this Institution that he formed the acquaintance of Morse. Curtis had risen through every grade until he occupied the position. of cashier. President Edwards, of the Bank of the State of New York, took issue with Morse on certain matters connected with the conduct of the bank and taking advantage of Morse's absence in Europe, deposed him as a director. Upon his return from abroad. Morse acquired control of the stock of the bank and ousted Edwards. It was in looking around for some one to fill his place that he chanced on Curtis. Curtis was made president and later when the Bank of North America was merged with the Bank of the State of New York, his title and office was continued over the consolidated institutions.

21. January 13, 1909 Barbour County Index Medicine Lodge, KS
Article from Barbour County Index, January 13, 1909

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Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg, Pa., closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000, and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors, following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new tr:al; sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosciusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed doors. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard on $29,240,000 fine decision unanimously reversed by United States court of appeals at Chicago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent: President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Oct. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. 23-Eldred bank of Eldred, Pa., suspended; capital stock, $100,000. Dec. 7-National exchange bank at Springfield, Mo., closed: excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed. following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor, New York broker, assigned for creditors.

22. March 23, 1914 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 23, 1914

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No Attempt to Reopen Bank. New York, March 22.-S. H. P. Pell, one of the stockholders' protective committee of the defunct National Bank of North America, the Charles W. Morse institution which was wrecked during the panic of 1907, denied to-day that there would be an attempt made to reopen the bank.

23. May 27, 1914 The Sun New York, NY
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# SECURITIES AT AUCTION TO-DAY. By order of the receivers. 25 shares Union Exchange National Bank of New York. By order of executors. 25 shares City of New York Fire Insurance Company. For account of whom it may concern. 10,000 shares Stewart Mining Company. 4,000 shares Stewart Mining Company. 4,000 shares Stewart Mining Company. 4,000 shares Stewart Mining Company. 4,000 shares Stewart Mining Company. 4,000 shares Stewart Mining Company. 2,000 shares Stewart Mining Company. 700 shares United States Title Guarantee Company (old stock). 2 shares Clinton Hall Association. $1,000 Interstate Electric Corporation first lien 6 per cent. collateral sinking fund bond, 1933. 210 shares Gildersleeve Press. 25 shares Title Guarantee and Trust Company. 100 shares J. Spencer Turner preferred. $17,000 Consumers (Albany) Brewing Company 5 per cent. mortgage gold bonds, due January 1, 1925, all unpaid coupons attached. Warehouse receipts George N. Tower, New York bonded, warehouse 281 and 283 West street, for 53 cases of linen. 100 shares National Bank of North America (in liquidation). 29 shares New York Knickerbocker Real Estate Company. $2,110.04 Western Farm Products 6 per cent. debenture income bond, due 1950. $2,000 J. R. Shanley Estate Company collateral trust 5 per cent. registered bonds. $7,500 Standard Motor Construction Company first mortgage 6 per cent. sinking fund bonds, 1927. 152 shares American Road Machinery Company 7 per cent. preferred. 6 shares State Bank. 200 shares Brooklyn City Railroad Company. 10 shares National Exhibition Company. $15,000 Dayton and Michigan Railroad construction mortgage 4½ per cent. bonds, 1.