16341. New Amsterdam (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 30, 1908
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: ec9facd9

Response Measures

None

Description

The New Amsterdam Bank in New York was one of several banks ordered to withdraw Clearing House loan certificates in late January 1908; that call precipitated its closing/suspension and eventual placing in receivership. Contemporary accounts emphasize the Clearing House action rather than an independent depositor run. No explicit discrete 'misinformation' run is described in the articles. I therefore classify this as a suspension that resulted in permanent closure/receivership.

Events (2)

1. January 30, 1908 Suspension

Cause Details: Clearing House committee ordered withdrawal/calling of panic loan certificates (late January 1908), which precipitated the bank's inability to meet obligations and its suspension.
Newspaper Excerpt: the closing of the New Amsterdam ... This development is simply a part of that trouble and has been anticipated for some time.
Source: newspapers

2. January 31, 1908 Receivership

Newspaper Excerpt: receiver for the New Amsterdam ... the receiver for the New Amsterdam has judgments against them for the amounts of their several notes. receiver for the New Amsterdam is mentioned in coverage of the aftermath of the January 1908 closings and investigation testimony later refers to a receiver being appointed for the bank.
Source: newspapers

Newspaper Articles (17)

1. October 22, 1907 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, October 22, 1907

Click image to open full size in new tab

Article Text

Clearing House Assists All the Shaky Banks to Get on Their Feet COMMITTEE FEELS EQUAL TO MEET ANY EMERGENCY Improved Conditions Are Reflected in Buoyancy of the Stock Market. Plans Are Made to Help Other Banks, New York, October 21.-The recent tension of the banking community was today considerably relieved and today passed with no adverse developments of a serious character but with much that was reassuring. At the same time there was evidence that some of the banks most affected by recent events were still in need of assistance, but the promptness with which the clearing house accorded it did much to ally further alarm. The general improvement was reflected in the buoyancy of the stock market and the steady advance in prices from previous low levels. The clearing house was called upon to get debit balances of the Mercantile and the New Amsterdam banks to the extent of upwards of $2,000,000 of which the Mercantile owed about $1,900,000 and the New Amsterdam $200,000. The debit balance of the National Bank of North America amounted to $850,000. While there was said to have been some discussion between the clearing house committee and the officers of the latter bank as to the necessity of giving it any support it was found necessary to do so. The fact that the clearing house committee regards the situation as still serious was shown by the remark of a member of the committee that the Mercantile bank's debit balance was "unexpectedly large and disconcerting." The committee remained in session the greater part of the day discussing a general plan of policy with regard to assisting such banks as might need help. After the committee had adjourned for the day James T. Woodward, president of the Hanover National bank, and chairman of the clearing house committee. said that conditions were improving and that the committee felt equal to meeting any emergency that might arise tomorrow. On the stock exchange the improved banking conditions resulted in a rally of pronounced proportions, the more active issues advancing two and three points with greater gains in some of the specialties. Part of this advantage was lost later by a flurry on call loans. the rate for which advanced to 91/4 per cent. On the curb the feature was the heavy selling at severe declines of Consolidated Steamship bonds, which at one time sold at 7% a decline of 3% points from the high. The net loss for the day was 2 points. The Consolidated Steamship company is controlled by Charles W. Morse, One development today which did not tend to ease the prevailing conditions was the application for a receiver for the firm of Otto Heinze & Co. Argument on the motion was deferred until Wednesday.

2. January 30, 1908 New-York Tribune New York, NY

Article from New-York Tribune, January 30, 1908

Click image to open full size in new tab

Article Text

ually reduced until yesterday it was down to $1,900,000. The Clearing House announcement that no further aid would be extended, he said, was the final obstacle in the bank's fight for life that it could not surmount. Edward R. Thomas was formerly a vice-president of the bank and among the directors were F. Augustus Heinze, Orlando F. Thomas, Edward R. Thomas and Elverton R. Chapman. Last fall, however, the Thomas-Heinze interests retired from the directorate and the election of ex-Controller Grout and his brother to the board, with numerous other Brooklyn business men, was thought to have strengthened the position of the bank greatly. The president of the third bank which it had been rumored within the last few days would be obliged to go into voluntary liquidation and which has been unable to retire its Clearing House loan certificates, said last night: "The bank cleared within the regular time today, meeting all its outstanding obligations. The bank will open at the usual time to-morrow morning." WILL CLARIFY SITUATION. An officer in one of the largest banks in the city said last night that the downfall of these banks would go far toward clearing up the banking situation in New York and placing it on a stronger basis than it has ever occupied before. "Their overthrow was not unexpected," he said, "and there was nothing extraordinary in it. It simply emphasizes the fact that banks that are not managed along orderly lines must be eliminated. It is well known that certain officials connected with these institutions have departed from recognized banking methods, and that knowledge in the case of the New Amsterdam has led to a dropping of deposits from $6,000,000 to $2,000,000. This fact in itself showed that the days of usefulness of the bank were ended. With the falling off of the deposits has come a consequent difficulty in obtaining money to meet the demands made upon the institution. Efforts to raise this money by calling upon other banks have been fruitless. The fact that the Clearing House Association had ordered that the members begin to issue individual statements again after February 8 made it necessary that the banks in question obtain the money to take up their Clearing House loan certificates if they were not to appear in the statements. "Other banks were none too anxious to come to the rellef of those institutions where affairs had been improperly conducted. In times of financial panic one bank is willing to come to the aid of another in order to keep up the general standing, but at this time, when affairs are almost normal, I see no reason why a supposedly sound institution should have any particular aid. "The officials of the New Amsterdam were making efforts among various banks yesterday to get money to tide them over their difficulties. At one time it looked as though this money might be obtained, but I think that the banks where appeals for assistance were made were not satisfied with the collateral that the New Amsterdam had to offer. This collateral was made up largely of small notes and bills receivable. In the case of the notes of a large corporation it is easy for a committee to decide what they are worth, but in the case of collateral such as the New Amsterdam had it is difficult for any one not perfectly familiar with the signers of the notes to know what their real value is. Consequently the bank was unable to get the aid that it needed. I think its condition is not due to any decided run that has been made on it recently, as the debit balance which it had at the Clearing House to-day was less than $100,000. "The liquidation of these banks ought to have a wholesome effect upon banking in New York With the exception of possibly one other institution, every other bank in the city is as sound as a dollar. They have more money than they need, and their condition is constantly improving. With these banks eliminated, the banking situation was never as strong as it is to-day." [By Telegraph to The Tribune. Albany, Jan. 29.-Clark Williams, State Super-

3. January 31, 1908 The Sun New York, NY

Click image to open full size in new tab

Article Text

TAG END OF MONEY PANIC. This Week's Bank Developments Due to Nothing New. This week's bank troubles are regarded by the financial community as mere tag ends of the October panic. The banks concerned hold the only Clearing House loan certificates remaining out. Clark Williams, Superintendent of the State Banking Department, said yesterday: "The general condition of banking institutions in this city is good and weakness developed only in special instances. The public should not be deceived by the idea that the closing of the New Amsterdam and Mechanics and Traders banks is a revival of the October panic. This development is simply a part of that trouble and has been anticipated for some time. There is no occasion for any feeling of unrest about the general financial situation."

4. January 31, 1908 The Sun New York, NY

Click image to open full size in new tab

Article Text

the money away in one of the New Amsterdam's safe deposit boxes. Lena Cavalieri is reported to have had $14,000 on deposit. Herr Conried himself closed cut his account two or three days ago. The Metropolitan Opera Company had only a small balance. about enough to cover the outstanding checks. A good many of the Metropolitan singers and employees have these uncashed checks. Some of them have held the checks for a month or more. The opera company will redeem the paper. Otto Weil, the assistant manager of the opera house, was one of the few persons in the building yesterday morn ing who were happy. He had only $5 in the bank. Cheer up." said he to Ralph Edmunds, the press agent, who is one of the mourners. "this cold weather won't last long." About fifteen minutes later Mrs. Weil appeared at the Metropolitan offices. "Why, Otto." said she, "I can't get the money on this check." It was a check for $50 that Weil had given to his wife three days before. She had neglected to get it cashed. Mr. Weil will redeem it. It was surprising yesterday how many actors were willing to admit they had bank accounts. You could find them in every theatre, and all of them were tied up in the New Amsterdam. Most of them, too, got the news just as they were to appear on the stage. The details of how William Rock. for instance. had to do a song and dance at the Casino right on top of the news that he was temporarily busted were harrowing enough to make the press agent weep. Mr. Hanna. as receiver of the National Bank of North America. has already been able to pay back to the Clearing House onefourth of the bank's loan on certificates, and within the next few days, it is expected, this indebtedness will be wiped out. Thomas E. Wing of 22 Pinestreet has been appointed attorney for the receiver.

5. February 3, 1908 The Times Dispatch Richmond, VA

Article from The Times Dispatch, February 3, 1908

Click image to open full size in new tab

Article Text

CONFUSED BANK FIGURES How Elimination of Averages of Failed Banks Affected the Weekly Return NEW YORK. February 2.-The bank statement was utterly confused this week by the elimination of the figures of the four suspended banks--the Mechanics' and Traders'. the North America, Oriental and the Now Amsterdam. These institutions had loans of $18.000,000, so that the decrease of $1,783.000 reported by the Associated Banks yesterday would apparently mean that the total contraction was close to $20.000.000. if the averages of the four failed banks have been eliminated entirely. In the same way the cash gain of $6,295,000 reported yesterday must have reflected an actual Increase of nearly

6. February 14, 1908 The Boise Citizen Boise, ID

Article from The Boise Citizen, February 14, 1908

Click image to open full size in new tab

Article Text

THE RAID ON NEW YORK BANKS. That the panic was caused by the Rockefeller-Morgan combine for the purpose of getting control of numerous New York banks and punishing their enemies is becoming more evident every day. The Clearing House Committee is dominated by these interests and is now arbitrarily refusing aid to one bank after another that the interests cannot control. The ultimate object is a banking trust in New York that will seek to control the financial policy of the nation. These men never cease in their endeavor for special privileges and power and it behooves the American people to become aroused to the true situation. Regarding the closing of three banks last week in New York the Morming Telegraph discloses the conspiracy in the following editorial: "Certain features of the "cleaning up"-such is the expression used by the cleansers themselves-of the New Amsterdam and Mechanics & Traders' and Oriental banks are not exactly plain to the superficial observer. What is there behind the refusal of the Clearing House to accord further privileges to the banks which are members of the association? Also, what does it profit a bank to belong to a Clearing House if it has to be on a continual defensive toward all the other members? Further inquiry is also pertinent. Why are not some eight or ten other banks proceeded against as radically and drastically as were the New Amsterdam and Mechanics & Traders'? There are other institutions enjoying Clearing House privileges today which are no stronger on their financial underpinning than were these two. Both of these were admittedly solvent. Reports thus far show that both will pay out and pay out in full. The Clearing House Committee itself The Morning Telegraph dislikes to hold responsible, esteeming the members to be in the decay of their intelligences or they would not be retired to their present positions. They represent not their own views; not their own financial interests, but are there to represent others and do as they are bidden. The Clearing House Committee, under direction, has caused runs on various banking institutions by asserting the shakiness of these concerns, and then fearing the ultimate result temporarily stayed the progress of the destruction they had organized. It was decided to take them in series. There is no banking institution, probably, however solvent it may be, that could successfully withstand a run if left to its own cash resources. In an interview last week Mr. John D. Rockefeller said: "Mr. Morgan and I have been described by the newspapers as being very wicked men, yet Mr. Morgan and I saved fourteen banks from being wrecked and stood behind seventy others during the late panic. That was a pretty fine thing for two such wicked men to do," smugly concluded Mr. Rockefeller. He did not add that every dollar of Mr. Morgan's money, or money of which he had control, and every dollar of Standard Oil money which went to plug up the holes was returned with interest at anywhere from 20 to 150 per cent when demanded, and was replaced in the original lending by securities of twice its value. Also, currency was at a premium of 3 per cent over night, SO that if a man were young enough and strong enough; arose early in the morning and remained up late at night, with a large bank fromor, let us say, the United States Treasury to refresh his capital-he might turn his money over in the twenty-six working days of the month. Rockefeller and Morgan did a very nice thing, but they were nicely paid. And now the banks are going three at a time instead. That is a side issue, however. What we would like to understand, and we are not solitary in this desire, is why the Clearing House Committee did not earlier shut down on these recently closed banks? If they needed money two months ago and were held up and were furnished with it, why cut off the supply? It looks something like malicious mischief. The Mechanics & Traders, had six million dollars' securities at the Clearing House, as against a debit balance of less than two millions. That left quite a bulwark for advances with securities as they are at the lowest prices. Mr. Sullivan, president of the Mechanics & Traders', said that he was told some time ago if he would resign his bank would be heldup. He declined on the ground that he owned the majority of the stock and did not care to have his property administered upon by the clerk or creature of some other banker, or association of bankers. Mr. Sullivan feared the wolves. Mr. Sullivan's statement is supported by a similar assertion; cold clammy and detailed by a member of the Clearing HouseCommittee. Mr. Sullivan would not submit and his privileges were cut off. Since the pulling down of the curtains in The Mechanics & Traders', one of the oldest financial institutions of the city, Mr. Sullivan has signified a willingness to withdraw from the active management of his bank, if reopened, and reopened it doubtless will be, as there never was any reason for closing it which has not existed for two months and which does not apply with equal force to many other banks. The more the situation is studied the more the conclusion is irresisP tibly fastened that the war is one of aggrandizement by individuals against other individuals. The first attack was SO sudden and so strong that the assailants themselves were frightened. They decided, after several hurried conferences, to go out after the other persons and interests in detail instead of in mass. The enterprise as originally planned was too great. In six months we may have a banking trust to add to the list of "predatory" concerns. For several weeks we have sent in a list of five subscriptions to The Commoner and a few to The Public, Lewis F. Post's journal of fundamental Democracy, and to The Investigator, of Omaha, Tom Tibbles' paper THE CITIZEN is pleased to consider itself in a small de-

7. October 22, 1908 The Evening World New York, NY

Article from The Evening World, October 22, 1908

Click image to open full size in new tab

Article Text

In connection with the second great Ice pool that Morse formed—the pool that came to smash in the panic of a year ago, and crippled up Barney, now dead by his own hand, and Gates, Schwab, Heinze, Isaac Guggenheim, John F. Carroll and a lot of others—there is still a great deal to be told in the guise of evidence for the Government. Former Justice Morgan J. O'Brien will probably be asked to describe his experiences with Morse—and while he may tell a great deal, will tell no more than Richard Croker, John B. Sexton and Former Mayor Robert A. Van Wyck could tell, if they also should appear as witnesses for the prosecution. # Deal in Bank Stock. The bulk of yesterday's testimony had to do with the coup whereby Morse, operating through his stenographer, Miss Kate Wilson, and his pet brokers, Primrose & Braun, queitly accumulated 430 shares of the capital stock of his own bank—the National Bank of North America—and then had the debt transferred to the New Amsterdam by one of those feats of financial legerdemain of which he was the acknowledged master. The second chapter of this transaction and the more interesting, as tending to show the inner workings of the Morse system, is yet to come out. Evidence will be offered to show that the New Amsterdam Bank objected to being saddled with the loan. Miss Wilson, who drew probably $30 a week salary, was credited with a loan that would have staggered many a ripened financier to swing. In this emergency, it is claimed, Morse took into his confidence five of the officials of the National Bank of North America—W. W. Lee, one of the vice-presidents; E. B. Wire, the cashier; Adolph Rado, the assistant cashier; William Shotwell, the foreign exchange clerk, and Frank Pringle, the loan clerk. He told them, so it will be alleged, that a certain trust company was about to buy a large block of the bank's stock in order to secure clearing connections. # An Alluring Balt. He knew, he said, where there was a block of stock to be had at 300. If the five men would make their notes for amounts aggregating $129,411, he would see that this stock was distributed among them at 300. He would promise that they got 500 when the time came to sell to the trust company. Without exception the five men jumped at the chance. It will be the aim of the Government lawyers to prove that Morse was really the owner of this stock, that he sold to the men who trusted him at 300, whereas he had bought it as low as 261, and that no such deal as he described was contemplated by any trust company. There is documentary evidence now in hand to show that the unlucky five gave their notes and that the stock held in the New Amsterdam was transferred from Kate Wilson and allotted to them. Then the smash came, and now the receiver for the New Amsterdam has judgments against them for the amounts of their several notes. This may help to explain why some of Morse's former associates and employees have been willing to testify against him. # Van Wyck Got Away. Mayor Van Wyck was one of the big winners in Morse's first ice pool. He alone of all the men who figured in the first pool balked at the prospect of putting real cash into the second one. It will be shown later in the trial that Morse one afternoon in the spring of last year told Van Wyck he needed him for the big coup. "I will see you the day after to-morrow," Van Wyck is quoted as saying.

8. June 7, 1912 The Evening World New York, NY

Article from The Evening World, June 7, 1912

Click image to open full size in new tab

Article Text

small bank uptown would fit him to say that 60 per cent. of the out of town checks are on the so-called discretionary points? A. Yes; he is a student of banking. Q. Did you make this statement just now because you thought the facts printed In The World would hurt the Clearing House? A. No. I don't think the Clearing House can be hurt. Mr. Untermeyer raised his eyebrows. "You don't think," he asked, "that It is in the power of any one to hurt the Clearing House?" "Not by the statements published," replied Mr. Sherer. Q. But do you say that if this Clearing Mouse is levying an excessive and outrageous tribute upon the American people that the law cannot stop it-that the law cannot forbid such oppression and injustice? A. on, yes, if it is oppressive and unjust. Q. Have you talked with any member of the Clearing House Committee since you testified yesterday? A. With Mr. Vanderlip. Q. He was very much disturbed, was he not, and wanted you to "correct" what he considered a most unfortunate admission? A. No. but he suggested that I have it revised. I had made up my mind to do that anyway. ASKS ABOUT MORAL ASPECT OF THE RULE. Mr. Untermyer wanted to know how Mr. Sherer regarded the legal and moral aspects of the Clearing House banks being bound by the minimum collection charges rule. "What better right have the banks to do this than for manufacturers to get together and fix a price for their products?" asked Mr. Untermyer. "Well," said Mr. Sherer, "the charge is for a service. Carpenters, plumbers, and others have a moral as well as legal right to organize and fix a minimum price for their services. Any class rendering a service has that right." There was a laugh as Mr. Untermyer exclaimed: "Oh, then you want to pass under the labor union rule?" Q. What greater right have the banks to do what they are doing then railroads would have to fix a minimum charge for their services? A. The railroad has the grant of eminent domain -can run right through my home If It sees fit. It lays Its tracks over several States. It has privileges granted to It by the public and owes the public certain duties in return. Q. Are they not under the control of the national Government? A. But in very different ways. 1 Q. Both are engaged in interstate commerce? A. I could not say that. Q. Both are instruments of Interstate commerce? A. Yes. Mr. Sherer was questioned at length about the Clearing House certificates issued during the 1907 panic. He said the total was $101,060,000. In an effort to show how the withdrawal of Clearing House support could close the doors of a bank, Mr. Untermyer displayed a copy of a letter sent to four banks late in January, 1908, requiring them to withdraw their Clearing House "panic" certificates by Feb. 6 following. The four banks were the Oriental, the Mechanics and Traders, the National of North America and the New Amsterdam.

9. June 12, 1912 The Washington Herald Washington, DC

Article from The Washington Herald, June 12, 1912

Click image to open full size in new tab

Article Text

TRUST PROBE HITS MARKET Calling of Stock Exchange Secretary by Pujo Committee Causes Depression. HEPBURN ADMITS MISTAKE New York, June 11.-Proceeding upon the belief that the two main factors of the Money Trust are the New York Clearing House and the New York Stock Exchange, the Congressional committee investigating the question took up the Stock Exchange end late this afternoon. Secretary George W. Ely, of the Stock Exchange, was the only witness of the day called on this end of the alleged combination. He proved so reluctant a witness that little was obtained from him. HA will resume the stand to-morrow, and Chief Counsel Samuel Untermyer promises to hold him* in the chair until something of real value is wrung from him. When the stock exchange secretary shall have been finishd with, many members of the exchange will be subjected to rigid examination by the committee. Process servers were busy all to-day in summoning them. The fact that the stock market showed a strong downward tendency during the day was attributed by some experts to the supposed depressing effect of the news in the financial district that the investigation had made plain their purpose to show the alleged relations between the stock exchange and the banks represented by the Clearing House Association. Admits Mistake Was Made. Frank A. Vanderlip, president of the National City Bank and chairman of the Clearing House Committee, and A. Barton Hepburn, chairman of the board of the Chase National Bank and president of the Clearing House Association, were the principal witnesses of the day. Both of them vigorously defended the Clearing House Association and justified its acts. Mr. Hepburn made voluntarily two admissions which were regarded as Important by the committee. One was that a blunder had been committed when the clearing house committee peremptorily called the loan certificates of the Oriental Bank, the National of North America, the New Amsterdam, and the Mechanics and Traders', the last of January, 1908, after the panic had passed. It had been shown that the failure of these four big banks was directly due to the sudden call of their loan certificates. Mr. Hepburn was an influential member of the Clearing House committee then, but was in Europe when the call was made. He intimated that had he been here he would have strongly advised against the committee's summary action.

10. June 13, 1912 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, June 13, 1912

Click image to open full size in new tab

Article Text

SOUND BANKS WERE FORCED TO CLOSE Clearing House Denied Help at Critical Times. RESULTED IN KELLY'S DEATH "Money Trust" Investigation Develops Tragedy of "High Finance" and Cause of Failure of Four Big Institutions. New York, June 10.-Testimony on Friday intended to show how the power of the New York clearing house committee was used to force a solvent bank to the wall during the aftermath of the panic of 1907, with the result that the "fair reputation" of its president was "blasted," was presented dramatically before the Pujo committee of the house of representatives which is investigating the so-called money trust. Witnesses told how Hugh Kelly, after being induced by members of the clearing house to assume the presidency of the Oriental bank, was denied help at a critical time, the bank being forced to suspend. This, it is declared by friends, was the direct cause of the death of Mr. Kelly eight months later. R. W. Jones, himself broken in health, produced a letter soon after he had been called to the witness stand by Samuel Untermyer, counsel to the committee. Mr. Jones was president of the Oriental bank when the financial cyclone of 1907 swept over New York. According to his testimony and that of Erskine Hewitt, son of the late Abraham Hewitt, and Charles K. Beekman, both of whom were directors of the ill-fated bank-Mr. Hewitt also being its counsel-the clearing house committee of the New York Clearing House association, prescribed conditions for the conduct of the Oriental bank which made it impossible for it to survive. And so It as driven to the wall, although as shown by its assets, it was perfectly solvent. Their statements indicate that as soon as President Jones met one requirement made by the clearing house committee that organization would prescribe a new one, until finally it issued its ultimatum that nothing would be done to aid the Oriental unless Jones resigned the presidency and was succeeded by Hugh Kelly. The Oriental was one of the oldest banks in New York and was a charter member of the clearing house. The two Morse banks-the National of North America and the New Amsterdam-and the Mechanics and Traders went down to ruin with the Oriental. The Brooklyn bank and the Borough bank of Brooklyn had closed previously when the Oriental was ordered to cease clearing for them. Mr. Kelly accepted the presidency under protest and only after he had been solemnly assured, according to

11. September 20, 1912 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, September 20, 1912

Click image to open full size in new tab

Article Text

MORSE WILL HAVE REVENGE ON J.P. New York Convict Banker Promises to Bare Plot to Ruin Him. New York, Sept. 20.-Charles W. Morse will go before the house committee on banking and currency which is investigating the money trust when its hearings are resumed here in the middle of November and tell for the first time the full story of what he is convinced was a carefully laid plot by a powerful group of financiers to ruin him. He is expected to take revenge on J. Pierpont Morgan. Deputy Sergeant-at-Arms White of the house of representatives is supposed to have served Morse and Morgan today with subpoenas to appear before the committee. The house officer is known to have come to New York with subpoenas for Morgan and Morse, William Rockefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National a bank; Otto T. Bannard, president of d the New York Trust company; William e A. Nash and Walter E. Frew, respec₫ tively, chairman of the board and president of the Corn Exchange bank. Morse is expected to relate a more a sensational story regarding the operad tions of the alleged money trust than has yet been told by witnesses directly examined as to the cause of the l failure of the Oriental and Morse banks in spite of the absolute solvency of all of those institutions. Morse has suffered a term in the penitentiary on d an indictment charging him with criminally mismanaging his banks. y While undergoing in the federal O prison at Atlanta a term of 15 years d he stubbornly maintained that silence which characterized his skyrocket caS. reer as a "high financier." But since S his restoration to freedom and to health it is stated by several of his friends that he is anxious to be placed e on the witness stand before the cond gressional probers to tell the story under oath and in detail, a William A. Nash and Walter A. y Frew. who are to be summoned, are subject to the jurisdiction of the comy mittee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powd erful organization in 1907 when the committee took charge of the financial situation during the panic and has ty been charged by witnesses heretofore examined in the money trust investirt gation with participating in confer10 ences that preceded the closing of the e old Oriental National bank, which so quickly was followed by the collapse ts of what was known as the Morse banks e --the National of North America, the ed New Amsterdam and the Mechanics' r& Traders'. Mr. Frew is now a member of the clearing house committee. William Rockefeller could not be served with a subpoena when the comds mittee was holding its sessions last he spring. At that time it was charged e that he had suddenly gone to Canada re to evade service. His health then was al not good. It is reported that he has es sufficiently recovered to be able to In stand the ordeal of an examination by re Samuel Untermyer, chief counsel of d. the congressional committee. J. P. Morgan went to Europe before he could be served with a subpoena and returned only a few weeks ago. 0 Major E. H. Farrar, leader of the OX, New Orleans bar and recently presite dent of the American Bar association a is associated with Mr. Untermyer as hicounsel. Major Farrar has been in atNew York for the last two weeks co! gn laborating with Mr. Untermyer in the th work of preparation for the resumption to of the investigation after the election in November

12. September 20, 1912 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, September 20, 1912

Click image to open full size in new tab

Article Text

MORSE TO HAVE REVENCE SOON ON P. MORGAN Convict Banker Will Bare Plat to Ruin Him in Panic CALLED IN HOUSE INQUIRY Expected to Take Witness Stand and Attaek Powerful Financiers New York, Sept. Charles W. Morse will go before the House Committee on Banking and Currency which is investigating the money trust when its hearings are resumed here in the middle of November and tell for the first time the full story of what lie is convinced was a carefully laid plot by a powerful group of financiers to ruin him. He is expected to take revenge on J. Pierpont Morgan Deputy Sergeant at Arms White, of the House of Representatives, is supposed to have served Morse and Morgan today with subpoenas to ap pear before the committee. The House officer is known to have come to New York with subpoenas for Morgan and Morse, William Rockefeller, Pames Stillman, Thomas F. Ryan, George F Baker, president of the First National Bank: Otto T. Bannard, president of the New York Trust Company; William A. Nash and Walter E. Frew. respectively chairman of the board and president of the Corn Exchange Bank. Expect Sensation From Morse. Morse is expected to relate a more sensational story regarding the operations of the alleged money trust than has yet been told by witnesses already examined as to the cause of the failure of the Oriental and Morse banks in spite of the absolute solvency of all of those institsutions. Morse has suffered a term in the penitentiary on an indictment charging him with criminally mis managing his banks. While undergoing in the federal prison at Atlanta a term of fifteen years he stubbornly maintained that silence which characterized his sky rocket career as a "high financier." But since his restoration to freedom and to health it is stated by several of his friends that he is anxious to be placed on the witness stand before the Congressional probers to tell the story under oath and in detail Took Charge During Panic. William A. Nash and Walter A Frew wh,o are to be summoned, are subject to the jurisdiction of the committee by reason of their service on the clearing house commit tee. Mr. Nash was a member of that all-powerful organization 1907 when the committee took charge of the financial situation during the panic and has been charged by witnesses heretofore examined in the money trust investigation with par ticipating in conferences that preceeded the closing of the old Criental National Bank, which so quickly was followed by the collapse of what were known as the Morse banksthe National of North America, the New Amsterdam and the Mechanics a and Traders' Mr. Frew is now member of the clearing house committee. Rockefeller Well Enough Now. William Rockefeller could not be served with a subpoena when the committee was holding its session last spring. At that time it was charged that he had suddenly gone to Canada to evade service. His health then was not good. It is reported that he has sufficiently recovered to be able to stand the ordeal of an examination by Samuel Unteymyer, chief counsel of the Congressional committee. J. P. Morgan went to Europe before he could be served with a subpoena and returned only a few weeks ago. Major E. H. Farrar, leader of the New Orleans bar and recently president of the American Bar Association, is associated with Mr. Untermyer as counsel. Major Farrar has for Unterweeks been in in collaborating New York with the Mr. last two myer the work of preparation for the resumption of the

13. September 25, 1912 Manchester Democrat Manchester, IA

Article from Manchester Democrat, September 25, 1912

Click image to open full size in new tab

Article Text

WILL CALL MORGAN SUBPOENAS FOR EIGHT OTHERS TO APPEAR BEFORE SENATE IN MONEY QUIZ. ROCKEFELLER TO BE CALLED Testimony of Charles W. Morse Expected to Be Most Sensational Heard Regarding Operation of Alleged Wall Street Trust. New York, Sept. 20.-J. Pierpont Morgan and Charles W. Morse will be among the first witnesses called in the money trust investigation, to be resumed by the house committee on banking and currency in this city about the middle of November. This was learned from officials of the committee on Wednesday. Deputy Sergeant-at-Arms White of the house of representatives is supposed to have served these two and several other financiers with subpoenas. It is known, however, that he has subpoenas for Messrs. Morgan and Morse, and also for William Reckefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National bank; Otto T. Bannard, president of the New York Trust company; William Nash and Walter E. Frew, respectively chairman of the board and president of the Corn Exchange bank. The two latter are made subject to the jurisdiction of the committee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powerful organization in 1907, when the committee took charge of the financial situation during the panic, and has been charged by witnesses heretofore examined in the money trust investigation with participating in conferences that preceded the closing of the old Oriental National bank, which so quickly was followed by the collapse of what were known as the Morse banks-the National of North America, the New Amsterdam and the Mechanics and Traders. Mr. Frew is now a member of the clearing house committee. William Rockefeller could not be served with a subpoena when the committee was holding its sessions last spring. At that time it was charged that he had suddenly gone to Canada to evade service. His health then was not good. It is reported that he has sufficiently recovered to be able to stand the ordeal of an examination by Samuel Untermyer, chief counsel of the congressional committee. J. P. Morgan went to Europe before he could be served with a subpoena, and returned only a few weeks ago. Maj. E. H. Farrar, leader of the New Orleans bar and recently president of the American Bar association, is associated with Mr. Untermyer as counsel. Major Farrar has been in New York for the last two weeks collaborating with Mr. Untermyer in the work of preparation for the resumption of the investigation after the election in November. Charles W. Morse is expected to relate a more sensational story regarding the operations of the alleged money trust than has yet been told by witnesses already examined as to the cause of the failure of the Oriental and Morse banks, in spite of the absolute solvency of all of the institutions.

14. September 26, 1912 The Greenville Journal Greenville, OH

Article from The Greenville Journal, September 26, 1912

Click image to open full size in new tab

Article Text

PROBE MONEY TRUST HOUSE COMMITTEE INVESTIGATION TO BE THOROUGH. Charles W. Morse and J. Pierpont Morgan Among Prominent Men Men to Be Called. New York, Sept. 20.-Among the first witnesses to be called in the money trust investigation, to be resumed by the house committee on banking and currency in this city about the middle of November, will be J. Pierpont Morgan and Charles W. Morse. This was learned from officials of the committee. Deputy Ser geant-at-Arms White of the house of representatives is supposed to have served these two and several other financiers with subpoenas. It is known, however, that he has subpoenas for Messrs. Morgan and Morse, and also for William Rockefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National bank; Otto T. Bannard, president of the New York Trust company; William Nash and Walter R. Frew, respectively chairman of the board and president of the Corn Exchange bank. The two latter are made subject to the jurisdiction of the committee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powerful organization in 1907, when the committee took charge of the financial situation during the panic, and has been charged by witnesses heretofore examined in the money trust investigation with participating in conférences that preceded the closing of the old Oriental National bank, which so quickly was followed by the collapse of what were known as the Morse banks-the National of North America, the New Amsterdam and the Mechanics and Traders. Mr. Frew is now a member of the clearing house committee.

15. September 26, 1912 River Falls Journal River Falls, WI

Article from River Falls Journal, September 26, 1912

Click image to open full size in new tab

Article Text

PROBE MONEY TRUST HOUSE COMMITTEE INVESTIGATION TO BE THOROUGH. Charles W. Morse and J. Pierpont Morgan Among Prominent Men Men to Be Called. New York, Sept. 20.-Among the first witnesses to be called in the money trust investigation, to be resumed by the house committee on banking and currency in this city about the middle of November, will be J. Pierpont Morgan and Charles W. Morse. This was learned from officials of the committee. Deputy Ser geant-at-Arms White of the house of representatives is supposed to have served these two and several other financiers with subpoenas. It is known, however, that he has subpoenas for Messrs. Morgan and Morse, and also for William Rockefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National bank; Otto T. Bannard, president of the New York Trust company; William Nash and Walter R. Frew, respectively chairman of the board and president of the Corn Exchange bank. The two latter are made subject to the jurisdiction of the committee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powerful organization in 1907, when the committee took charge of the financial situation during the panic, and has been charged by witnesses heretofore examined in the money trust investigation with participating in conferences that preceded the closing of the old Oriental National bank, which so quickly was followed by the collapse of what were known as the Morse banks-the National of North America, the New Amsterdam and the Mechanics and Traders. Mr. Frew is now a member of the clearing house committee.

16. September 26, 1912 The Progressive West Virginian Williamson, WV

Article from The Progressive West Virginian, September 26, 1912

Click image to open full size in new tab

Article Text

PROBE MONEY TRUST HOUSE COMMITTEE INVESTIGATION TO BE THOROUGH. Charles W. Morse and J. Pierpont Morgan Among Prominent Men Men to Be Called. New York, Sept. 20.-Among the first witnesses to be called in the money trust investigation, to be resumed by the house committee on banking and currency in this city about the middle of November, will be J. Pierpont Morgan and Charles W. Morse. This was learned from officials of the committee. Deputy Ser geant-at-Arms White of the house of representatives is supposed to have served these two and several other financiers with subpoenas. It is known, however, that he has subpoenas for Messrs. Morgan and Morse, and also for William Rockefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National bank; Otto T. Bannard, president of the New York Trust company; William Nash and Walter R. Frew, respectively chairman of the board and president of the Corn Exchange bank. The two latter are made subject to the jurisdiction of the committee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powerful organization in 1907, when the committee took charge of the financial situation during the panic, and has been charged by witnesses heretofore examined in the money trust investigation with participating in conferences that preceded the closing of the old Oriental National bank, which so quickly was followed by the collapse of what were known as the Morse banks-the National of North America, the New Amsterdam and the Mechanics and Traders. Mr. Frew is now a member of the clearing house committee.

17. September 27, 1912 Dakota Farmers' Leader Canton, SD

Article from Dakota Farmers' Leader, September 27, 1912

Click image to open full size in new tab

Article Text

PROBE MONEY TRUST HOUSE COMMITTEE INVESTIGA TION TO BE THOROUGH. Charles W. Morse and J. Pierpont Morgan Among Prominent Men Men to Be Called. New York, Sept. 20.-Among the first witnesses to be called in the money trust investigation, to be resumed by the house committee on banking and currency in this city about the middle of November, will be J. Pierpont Morgan and Charles W. Morse. This was learned from officials of the committee. Deputy Set geant-at-Arms White of the house of representatives is supposed to have served these two and several other financiers with subpoenas. It is known, however, that he has subpoenas for Messrs. Morgan and Morse, and also for William Rockefeller, James Stillman, Thomas F. Ryan, George F. Baker, president of the First National bank; Otto T. Bannard, president of the New York Trust company; William Nash and Walter R. Frew, respectively chairman of the board and president of the Corn Exchange bank. The two latter are made subject to the jurisdiction of the committee by reason of their service on the clearing house committee. Mr. Nash was a member of that all-powerful organization in 1907, when the committee took charge of the financial situation during the panic, and has been charged by witnesses heretofore examined in the money trust investigation with participating in conferences that preceded the closing of the old Oriental National bank, which so quickly was followed by the collapse of what were known as the Morse banks-the National of North America, the New Amsterdam and the Mechanics and Traders. Mr. Frew is now a member of the clearing house committee.