16345. New Amsterdam National Bank (New York, NY)

View Charter #5783 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
5783
Charter Number
5783
Start Date
October 21, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
bd1d9c31

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Receivership and dividend payments followed; eventual reorganization planned under receiver.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1908-01-30
Date receivership terminated
1909-04-14
OCC cause of failure
Losses
Share of assets assessed as good
54.9%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
4.5%

Description

In Oct 1907 the bank experienced heavy withdrawals and required clearing-house assistance (debit balances). On Jan 29, 1908 the comptroller ordered the bank closed and examiners/receiver took charge. Receiver/receivership actions and later dividends (June 1908) and plans to reorganize indicate eventual reopening under new management.

Events (6)
1. April 18, 1901 Chartered
Source
historical_nic
2. October 21, 1907 Run
Cause
Macro News
Cause Details
October 1907 financial panic / runs on multiple banks in the Morse-Heinze-Thomas chain; clearing house assistance was required for debit balances.
Measures
Clearing house assistance/pledged funds to meet debit balance; associated banks helped by meeting debit balances.
Newspaper Excerpt
the New Amsterdam National Bank, $200,000 ... there was no more than the usual business being done this morning in the way of deposits.
Source
newspapers
3. January 29, 1908 Suspension
Cause
Government Action
Cause Details
Ordered closed by the Comptroller of the Currency and national bank examiners placed in charge after heavy withdrawals depleted reserves and clearing house credit was not extended further.
Newspaper Excerpt
the New Amsterdam National bank ... was closed by order of the comptroller of the currency tonight, and National Bank Examiner Charles A. Hanna was placed in charge.
Source
newspapers
4. January 30, 1908 Receivership
Source
historical_nic
5. January 30, 1908 Receivership
Newspaper Excerpt
Bank Examiner Charles A. Hanna ... was today appointed temporary receiver of the New Amsterdam National Bank of New York. ... officials ... inclined to the belief that all depositors will be paid in full . . . . John H. Edwards ... accepted the receivership of the New Amsterdam National bank ... hopes to be able to reopen, with the Morse influence absolutely eliminated . . . . (later) Depositors ... received initial dividend of 25 per cent (June 3, 1908).
Source
newspapers
6. June 3, 1908 Other
Newspaper Excerpt
Depositors in the suspended New Amsterdam National Bank received ... initial dividend of 25 per cent. The bank closed its doors on January 29 ... plans for the reorganization and eventual reopening of the bank under a new name and with new interests in the directorate are well under way.
Source
newspapers

Newspaper Articles (24)
1. October 21, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 21, 1907

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STOCK MARKET TODAY New York Speculators Take More Favorable View of Financial Situation -Associated Banks Assist Mercantile National Third Consecutive Day. New York, Oct. -Encouraged by protective measures adopted over Sunday by the clearing house banks, speculators took a more favorable view of the financial situation this morning. The stock market opened strong and higher. The Mercantile National bank today owed the clearing house on balance, $1900.000, and the National Bank of North America owed $850,000. These sums were unexpectedly large and indicated that heavy withdrawals were being made from these two banks. The sum owed by the Merchants' and Traders' National Bank was $430,000, and that owed by the New Amsterdam National Bank, $200,000. The clearing house committee decided at a meeting to assume responsibility for the Mercantile National Bank's large debt balance. This is the third consecutive day on which the associated banks have gone to the assistance of the Mercantile. The only weak features in the stock situation today were stocks and bonds of the Consolidated Steamship Company. This is the company in which Charles W. Morse is the controlling factor. United States Copper advanced two points. Seth M. Milliken, new president of the Mercantile National Bank, was in charge of the institution's affairs today. He said that the affairs at the bank were progressing satisfactorily. Questioned as to loans made to F. A. Heinze and Charles W. Morse, Milliken said it was expected that they would repay the loans made to them as soon as they were able. Ed O. Eldridge, cashier of the new Amsterdam National Bank, said today that there was no more than the usual business being done this morning in the way of deposits.

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 Evening Star Washington, DC
Article from Evening Star, October 23, 1907

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WILD DAY ON 'CHANGE NATIONAL BANKS WEATHER FINANCIAL STORM. NEW YORK, October 23.-In the financial district yesterday there was a tendency to put the blame for the present trouble among the trust companies upon the republican party. After the life insurance investigation there was a demand on the legislature for an investigation of trust companies. The late Gov. Higgins and republican powers in the legislature stopped the movement partially to protect ex-Superintendent Kilburn of the banking department. In place of an investigation, which would have straightened out the tangle, the legislature passed a law providing for a 15 per cent reserve fund. That this reserve does not protect has just been demonstrated. Wall street was alive with rumors that other trust companies were in such condition that they could not afford to rescue the Knickerbocker: that Thomas Ryan had come under the ban of the clearing house committee and was to be forced out of banking, as was Morse, Heinze, the Thomases and Barney. This rumor finally took definite form in a report that Mr. Ryan had been asked to withdraw from the Morton Trust Company. There followed a run of slight dimensions on that institution shortly before the closing hour. It was handled without trouble. Morton Speaks for Ryan. Levi P. Morton, the venerable president of the Morton Trust Company, who spent a full day in the financial district for the first time in months, was sufficiently worried by disquieting reports to issue this formal statement: "The story in circulation that Mr. Ryan has resigned or intends to resign as vice president of the Morton Trust Company is pure invention. Mr. Ryan has not resigned and has no intention of doing so. It has never been discussed or even suggested." Mr. Ryan made many trips yesterday from his office, in the Morton Trust Company, to the office of Valentine P. Snyder, president of the National Bank of Commerce. He made one trip without his hat, waving off interviewers as he hurried along. "I've heard nothing of it," he said when asked if he was going to quit his banking directorates. George B. Cortelyou, Secretary of the Treasury, came from Washington in the early evening. He had a conference with Hamilton Fish, assistant treasurer here, over the disposition of the $6,000,000 which Washington is sending to relieve the situation. They also discussed the need of more money. At the Manhattan Hotel he received J. Pierpont Morgan, who was accompanied by several of his banking associates. He had other conferences over the telephone and had promised a statement before going to bed. National Banks Weather the Storm. The national banks were able to weather Monday's storm without assistance from the clearing house, with the single exception of the New Amsterdam National Bank, which needed help with a debit balance of $341,000. This is one of the banks from which Charles W. Morse was forced Saturday. The array of debit balances at the clearing house was somewhat startling. The National Bank of Commerce, which has been clearing for the Knickerbocker Trust, headed the list with a debit balance of $7,000,000. It was met promptly and without clearing house assistance. The Mercantile National Bank, from which F. Augustus Heinze was forced, showed improvement under the management of Seth M. Milliken. Its debit was $454,000, the lowest since Thursday, and its own funds were available. Other debits were the National Bank of North America, $543,000; the Mechanics and Traders', $335,000; and the Oriental Bank, $147,000. Members of the clearing house committee held several conferences and were ex-

4. October 24, 1907 The Free Lance Fredericksburg, VA
Article from The Free Lance, October 24, 1907

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BANKS RELIEVED The New York Clearing House Helps Two. SITUATION STILL SERIOUS Over $2,000,000 Was Required to Meet Debit Balances of the Mercantile and New Amsterdam Banks-Stock Market Was Steady. New York, Oct. 22.-The recent tension of the banking community was considerably relieved and no adverse developments of a serious character materialized. 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 allay further alarm. The general improvement was reflected in the buoyancy of the stock market and the steady advance in prices from previous low levels. On the other hand, this conservative element deferred a too optamistic view until the relief by the clearing house had continued for several days and had permanently re-established the stability of some of the weaker institutions, notably the Mercantile National bank and the New Amsterdam National bank. The clearing house was called upon to meet debit balances of the Mercantile and 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 not found necessary to do so, and William F. Havemeyer, the new president of the institution, declared that the Bank of North America had not and and would not ask one dollar's aid from the clearing house. "The situation," Mr. Havemeyer said, "Is really far better than we expected. So far only about $150,000 has been withdrawn. When the bank opened we had $1,000,000 on hand to pay all comers, but only a small portion was used." 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 National Bank of Commerce gave 24 hours' notice to the clearing house, of which it is a member, that it would no longer clear for the Knickerbocker company. The directors of the National would not comment upon their action. The National has for some time acted as clearing agent for the Knickerbocker. One development which did not tend to ease the prevailing conditions was the application for a receiver for the firm of Otto Heinze & Co., the brokers, who were suspended from the New York Stock Exchange last week, after a disagreement between that firm and Gross & Kleeberg, over the acceptance of a block of stock of the United Copper Co., Argument on the motion for the appointment of a receiver was deferred until Wednesday,

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

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

6. January 30, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, January 30, 1908

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ANOTHER MORSE BANK SUSPENDS THEATRICAL FOLK AMONG THE DEPOSITORS NEW YORK INSTITUTION CLOSED BY COMPTROLLER New Amsterdam National Ordered Into Charge of Examiner Hanna. Unable to Withstand Demands for Cash By Associated Press. NEW YORK, Jan. 29.-The New Amsterdam National bank, capitalized at $1,000,000 and situated at the corner of Proadway and Thirty-ninth street, was closed by order of the comptroller of the currency tonight, and National Pank Examiner Charles A. Hanna was placed in charge. The institution's liabilities are placed at $4,482,016. of which $2,065,272 is due to depositors. The bank's officers assert that not only will every depoistor be paid in full, but the stockholders will receive a substantial dividend. The New Amsterdam bank was formerly one of the chief links in the chain of banks established by Charles W. Morse. The institution occupied quarters in the Metropolitan house, in the heart of the uptown theatrical district, and numbered among its clientele many 01 those prominent on the stage. In a statement given out by President Kinsman tonight he says: "The bank had recovered fully from the effects of the panic and had retired its clearing house certificates from $1 750,000 down to $300,000, and the bank was on an upward and successful movement. Affected by Other Failure "The closing of the National Bank of North America, attracting renewed attention to the interests which had previously dominated both institutions in their past administrations, started fresh of an reports exaggerated necessitated and sensatonal nature, which the liquidation of the bank." The following statement on behalf of of the currency was made the the concerning comptroller defunct comptroller bank: "William B. Ridgley, of currency, at the request of its president, ordered the New Amsterdam National bank closed late this afternoon and instructed the national bank examiners, of this city to take charge of its affairs pending the appointment of receiver. President Frank W. Kinsman, jr., informed the comptroller's representative that about one-half of the reserve had been depleted by withdrawals and bank's payments and it during was the course of the day, feared that further heavy demands would be made towhich the bank in morrow from depositors would be no position to meet." Second Suspension Announced President D. A. Sullivan of the and Traders bank before midnight Mechanics shortly tonight announced its doors that the would not open This decision was tomorrow. institution of directors reached at of the board lasting four issued after meettonight, In a a meeting statement hours. the ing the directors declared the bank solvent, but the state of the cash resources made it appear inadvisable for the bank to continue business. The Mechanics and Traders bank was of the banks in the E. R. Thomas one chain. David A. Sullivan was made its by Thomas in 1907. Heinze went president F. Augustus Mechanics January, into and the directorate of the Traders after Thomas got control, and bought a substantial stock in the interest of the institution. Thomas and Heinze got out of the bank as a result of the October upheaval.

7. January 30, 1908 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, January 30, 1908

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AMSTERDAM NATIONAL BANK WILL PAY OUT IN FULL. Washington, Jan. 30.-Bank Examiner Charles A. Hanna, temporary re, ceiver of the National Bank of North America, was today appointed temporary received of the New Amsterdam National Bank of New York. No state ment has yet been made as to the condition of the New Amsterdam Bank, but the officials in the office of the comptroller of the currency, in the absence of definite information, are inclined to the belief that all depositors will be paid in full with a considerable sum remaining.

8. January 30, 1908 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, January 30, 1908

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LIABILITIES. $1,000,000.00 apital 182.706.54 urplus and profit Ireulation 150,000.00 200,000.00 onds borrowed 300,000.00 learing house certificates. 2,065,272.49 dividual deposits 172,037.17 ank deposits 412,000.00 nited States deposits Total $4,482,016.20 The following statement in behalf i the comptroller of the currency as made concerning the New Amerdam National bank to-night: "William B. Ridgely, comptroller of e currency, at the request of its resident, ordered the New Amsteram National bank closed late this ternoon. and instructed the national ank examiners of this city to take large of its affairs pending the apointment of a receiver. President rank W. Kinsman. jr., informed the emptroller's representative that bout one-half of the bank's reserve ad been depleted by withdrawals and ayments during the course of the ty and it was feared that further eavy demands from depositors would made to-morrow. which the bank e ould be in no position to meet."

9. January 30, 1908 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 30, 1908

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Big Morse Enterprise Forced to Ask for Naming of Receiver. ACK OF CASH PINCHES Capitalized at $120,000,000 and Object Was to Control the;Coastwise Trade. New Rork, Jan. 30.-Application has been made in Maine and in this city for the appointment of a receiver for the Consolidateu Steamship company. A representative of the bondholders' protective committee said suits have been brought by creditors who are not unfriendly to the company and that it is believed a receivership will look best to protect the security of holders and other interests concerned. To Consolidate Coastwise Trade. The Consolidated Steamship line was organized under the laws of Maine and formed by Charles W. Morse to carry out his plans looking to the control of practically the entire American Atlantic coastwise steam ship business. The aggregate capitalization of the company is $120,000,000. Hit by Financial Crash. Up to within a comparatively few months the ambition of Morse appeared in a fair way toward realization, but the financial crash in October which carried down several financial I institutions in which Morse was heavily interested, and support was withdrawn from nis steamship enterprise. Talk of reorganization has gained wide circulation. Two More Banks Closed. New York, Jan. 30.-Bank examin0 ers took active charge today of the New Amsterdam National bank and the Mechanics' & Traders' bank, state institutions, which closed their doors yesterday. The banks were included in the Morse-Heinze-Thomas chain of banks, and after the closing of the National Bank of North America a few e days ago there had been what practically amounted to runs upon them. It is not anticipated the closing of the two banks will have any egect o upon the general banking situation in g the city, as both of them have been t, Cgoing through gradual liquidation for the last few months. bRun on Another. nnThere was quite a heavy run on the of Oriental bank and its Canal street to branch during the day, but all depositors were paid promptly. ge

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

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Receiver of New Amsterdam Bank. Bank Examiner Charles A. Hanna, temporary receiver of the National Bank of North America. was today appointed temporary receiver of the New Amsterdam National Bank of New York. No state. ment has yet been received as to the condition of the New Amsterdam Bank. but the officials in the office of the controller of the currency, in the absence of definite information. are inclined to the belief that all depositors will be paid in full. with a considerable sum remaining.

11. January 30, 1908 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 30, 1908

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BANK EXAMINERS IN ACTIVE CHARGE New York, Jan. 30.-Bank examinors took active charge today of the affairs of the New Amsterdam National bank and the Mechanics and Traders' bank, astate institution, both of which closed their doors yesterday. Both of these banks were included in the Morse-Heinze-fhomas chain of banks, and after the closing of the National Bank of North America, a few days ago, there had been what practically amounted to runs upon them. Both of them were still unable to take up their allotment of the certificates which the clearing house issued during the stringency beginning in October, and when the renewed drain upon their resources began, the clearing house authorities declined to further extend their credit. Fearing heavier withdrawals today, the officials of both banks decided last night to close their doors today. Although this action was not unexpected among the bankers and wellinformed men in the financial world, it found many of the depositors unprepared and caused them much inconvenience. As a. result of the closing of these banks several others not in the important class met heavy withdrawals of deposits this morning. One of these was the Oriental bank, where quite a run of depositors began as soon as the offices were opened. All depositors were paid promptly and

12. January 31, 1908 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, January 31, 1908

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STATE AND NATIONAL BANK CLOSE THEIR DOORS. New York, Jan. 30.-Bank examiners took active charge today of the affairs of the New Amsterdam National Bank and the Mechanics and Traders Bank, a state institution, both of which closed their doors. Both of these banks were included in the Morse-Heinze-Thomas chain of banks, and after the closing of the National Bank of North America a few days ago there had been what practically amounted to a run on them both. They were unable to take up their allotment of certificates which the clearing house issued during the stringency beginning in October, and when a renewed drain upon their resources began the clearing house declined to further extend their credit. Fearing heavier withdrawals today, the officials of both banks decided last night to close. As a result of the closing, several other banks not of an important class, met with heavy withdrawals today. One of these was the Oriental Bank, where quite a run developed as soon as it opened. All depositors were paid promptly, and President Hugh Kelly announced that twelve other institutions had come to the aid of the bank, and that he hoped this would enable them to with stand the drain. It is not anticipated that the closing of the two banks will have any effect on the general banking situation of the city, as both were going through gradual liquidation during the last few months in which discounts and credits had been gradually reduced.

13. March 4, 1908 The White Pine News Ely, NV
Article from The White Pine News, March 4, 1908

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RECEIVE CLAIMS ON BANKS. NEW YORK, March 3.-Charles A. Hanna, receiver of the National Bank of North America, and of the New Amsterdam National bank, the two largest institutions in the old Morse chain, has announced that he would be ready, beginning today, to have depositors prove their cleams. The New Amsterdam hopes to be able to reopen, with the Morse influence absolutely eliminated, and the opinion has been expressed on excellent authority that depositors in the Bank of North America will be paid in full.

14. March 16, 1908 The Washington Times Washington, DC
Article from The Washington Times, March 16, 1908

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EDWARDS QUITS TREASURY TO TAKE RECEIVERSHIP OF NEW AMSTERDAM BANK Will Become President When Affairs Have Been Adjusted. Another Assistant Secretary of the Treasury of the United States today steps from the Treasury Department into a place high in the finances of the country. J. H. Edwards, Assistant Secretary under Secretaries Shaw and Cortelyou, leaves the Treasury today, to become the receiver of the New Amsterdam National Bank, of New York clay, and upon the successful rearrangement of its affairs will probably become the president of that institution. This report was confirmed by Secretary Cortelyou and Mr. Edwards this afternoon. It can be said authoritatively that Mr. Edwards has been tendered several important positions with financial institutions in the metropolis, but at Secretar Cortelyou's request has taken the receivership of the New Amsterdam Bank. The Secretary regrets Mr. Edwards leaving the Treasury Department. He is glad, however, that Mr. Edwards is to take charge of the affairs of the New York bank, as the department is much interested in promptly straightening out the affairs of the institutions crippled in the recent panic. JOHN H. EDWARDS, It is understood that a successful readjustment of the bank's affairs can be Who Leaves the Treasury Today. made, and that, with this done, the presidency will be tendered to Mr. Edwards. Pending this, however. there cent chaos is well known, that Mr. Edare several good places being held open wards agreed not to accept for the presfor the retiring official. The New Amsterdam National Bank is ent any of the attractive offers tendered him. the last of the big New York banks that became involved last fall, and whose Mr. Edwards officially leaves the servIce of the Government as Assistant Secaffairs have since been handled with a view to resumption. It is now said retary of the Treasury tonight, and will that the outlook is very hopeful, and be succeeded in the morning by L. A. Coolidge. that the bank will reopen at an early date. Beginning late this morning, many friends of Mr. Edwards called at the It was only at the request of the SecTreasury to congratulate him upon his retary of the Treasury, whose deep innew position. terest in bringing order out of the re-

15. March 27, 1908 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, March 27, 1908

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NEWS SUMMARY Mrs. been Frederic Schoff of Philadelphia has National re-elected president of the Mothers' congress. In an amateur boxing tournament years, in Philadelphia, Willie Robinson, Charles was killed while boxing with 19 Wolf, same age. The senate has accepted amendment creasing ot the legislative bill the general the salaries of surveyors infrom $2,000 to $3,000. between The steamer Pomona, which was San Francisco and Eureka, plys March wrecked near Fort Ross saved. 17. All her passengers were on Three men were killed and four of jured, one two fatally, by the blowing inUnited of ten wheel houses up States Powder company of the at Coalmont, Ind. tally An unknown negro shot and Burns wounded Baxter and mortives at Burns, Miss. Both are Rufus Laurin of United States Senator rela- Mcof Mississippi. Senator is B. R. Tillman of South olina, at dangerously ill at his Carturn Trenton, S. C., suffering with home health of the disease which affected a his rethree years ago. Assistant P. Secretary of the Treasury J. accepted Edwards, whose resignation last week, has accepted was receivership National of the New Amsterdam the bank of New York, which recently suspended. Mrs. Mabel Woodham Neelley, Kalamazoo, son Mich., whose two-year-old of pneumonia Walter died last December two while under treatment from arrested mental healers, was last week by slaughter. and charged with man- reWalter R. Day, secretary of state of gime Kentucky under the Republican m been of Governor Taylor in 1900, re I the sentenced to serve one year has of his penitentiary for forging the in e, Sfor $5,000. uncle, Floyd Day, to a check name de The bubonic plague in Ecuador ve of increasing and the sanitary condition is h. ing Guayaquil and other towns is n. cases great alarm. There are causor besides of the plague in the Lazaretto, fifty-one he fever. yellow several cases of smallpox and an ns, As the result of an unsuccessful ed tempt Lira, to assassinate Federal at. OW huahua of the northern district of Judge de. through by firing two shots at Chicuare held a door, four alleged plotters him he of in jail in Juarez on a charge conspiracy to murder. he deFrank Kito, a Japanese cook, fired five zie bullets into the body of Mrs. eat had Hulse of New York City, Lizto drank spurned his love. Kito who he Hulse carbolic acid and died. then his will recover. Both had been Mrs. beemployed in a restaurant. The fortifications bill, carrying est tal of the apropriation of $8,210,611 instead a to red war $38,443,945 asked for by the his the department, has been reported the tions house committee on appropria- to ces by Chairman Smith of the suboat committee on fortifications. red Under pressure exerted by rse, Transvaal titled government, which is the in output, to 60 per cent of the en the the Premier Diamond company's oat, company new its has refinitely refused Mining to ent agreement with the diamond re syndicate, output. and will market its OWN ore ved Two men were killed and five ully & sons sion seriously injured when an excur per ried Great train on the International ned Northern railway bearing oth, party and of homeseekers from Kansa lue, Oklahoma en route to Las this tenas, Mexico, was wrecked at Pea Pal sall, Texas. aistwith In the arrest of Fanny Ritchie Harry McCuen at Den-son Texas, an th mystery of a wholesale murder beOklahoma the City last August, involvin 1 up. death of five persons, is cleare od." The woman declares McCue committed the murders, robbery be ing the motive. The government of the littl African republic of Liberia has ritorial pealed to America to protect her te a state industry against France. that department has been informe The from a delegation is now on its wa Monrovia to Washington make a personal appeal. The suggestion has been made very the with Australian senate, and S at enthusiasm, that the federal greet esernment come invite President Roosevelt go to Australia as the guest of high have commonwealth winter during the visit tl hair in Australian waters of ne ti American battleship fleet. housmust So badly do the farmers of Lanca the ter on county, the Pennsylvania, require farms that the Farme he ould league has issued an appeal to the unemployed to of the cities and tow t be. go to the country for work, of appeal of has been sent to the and bure labor and immigration. eurls, one The 'supreme court of Missouri h decided that city ordinano on's

16. March 28, 1908 The Garland Globe Garland, UT
Article from The Garland Globe, March 28, 1908

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NEWS SUMMARY Mrs. Frederic Schoff of Philadelphia has been re-elected president of the National Mothers' congress. In an amateur boxing tournament in Philadelphia, Willie Robinson, 19 years, was killed while boxing with Charles Wolf, same age. The senate has accepted the amendment ot the legislative bill increasing the salaries of surveyors general from $2,000 to $3,000. The steamer Pomona, which plys between San Francisco and Eureka, was wrecked near Fort Ross on March 17. All her passengers were saved. Three men were killed and four injured, two fatally, by the blowing up of one of ten wheel houses of the United States Powder company at Coalmont, Ind. An unknown negro shot and mortally wounded Baxter and Rufus Burns at Burns, Miss. Both are relatives of United States Senator McLaurin of Mississippi. Senator B. R. Tillman of South Carolina, is dangerously ill at his home at Trenton, S. C., suffering with a return of the disease which affected his health three years ago. Assistant Secretary of the Treasury J. P. Edwards, whose resignation was accepted last week, has accepted the receivership of the New Amsterdam National bank of New York, which recently suspended. Mrs. Mabel Woodham Neelley, of Kalamazoo, Mich., whose two-year-old son Walter died last December from pneumonia while under treatment by two mental healers, was last week rearrested and charged with manslaughter. Walter R. Day, secretary of state of Kentucky under the Republican re gime of Governor Taylor in 1900, has been sentenced to serve one year in the penitentiary for forging the name of his uncle, Floyd Day, to a check for $5,000. The bubonic plague in Ecuador is increasing and the sanitary condition of Guayaquil and other towns is causing great alarm. There are fifty-one cases of the plague in the Lazaretto, besides several cases of smallpox and yellow fever, As the result of an unsuccessful attempt to assassinate Federal Judge Lira, of the northern district of Chihuahua by firing two shots at him through a door, four alleged plotters are held in jail in Juarez on a charge of conspiracy to murder. Frank Kito, a Japanese cook, fired five bullets into the body of Mrs. Lizzie Hulse of New York City, who had spurned his love. Kito then drank carbolic acid and died. Mrs. Hulse will recover. Both had been employed in a restaurant. The fortifications bill, carrying a total apropriation of $8,210,611 instead of the $38,443,945 asked for by the war department, has been reported to the house committee on appropriations by Chairman Smith of the subcommittee on fortifications. Under pressure exerted by the Transvaal government, which is entitled to 60 per cent of the company's output, the Premier Diamond Mining company has refinitely refused to renew Ms agreement with the diamond syndicate, and will market its own output. Two men were killed and five persons seriously injured when an excursion train on the International & Great Northern railway bearing a party of homeseekers from Kansas and Oklahoma en route to Las Paltenas, Mexico, was wrecked at Pearsall, Texas. In the arrest of Fanny Ritchie and Harry McCuen at Denison Texas, the mystery of a wholesale murder in Oklahoma City last August, involving

17. April 15, 1908 New-York Tribune New York, NY
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OUT OF CLEARING HOUSE. Suspended Banks Formally Expelled-May Be Readmitted. It was learned yesterday that at a recent meeting of the Clearing House Association formal action was taken terminating the membership in the association of the National Bank of North America, the New Amsterdam National Bank, the Oriental Bank, the Mechanics and Traders' Bank and the First National Bank of Brooklyn. These five hanks suspended payment during or after the panic last fall. To date only one-the First National Bank of Brooklyn-has resumed business. The action recently taken by the Clearing House was merely formal, as membership in the Clearing House automatically terminates when a bank suspends payment. The banks named above will never be able to get back the original numbers which they held in the Clearing House, but any or all of them on the resumption of business may be readmitted to the association if the committee on admission sees ftt. In such case, however, they will have to take new numbers at the foot of the list. of the five banks which forfeited membership two, the Oriental and the National of North AmeriC8, will probably go out of existence after the assets are liquidated. Plans are under way for the reopening of the New Amsterdam National and the Mechanics and Traders'. The National Bank of North America has an interest in the Clearing House Building Association, but this interest will be sold to the association, as provided by the rules.

18. June 3, 1908 New-York Tribune New York, NY
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NEW AMSTERDAM BANK'S DIVIDEND. Depositors in the suspended New Amsterdam National Bank received yesterday the long looked for initial dividend of 25 per cent. The bank closed its doors on January 29. and Charles A. Hanna, national bank examiner and receiver of the National Bank of North America, took charge temporarily. The bank. although a Morse institution, was understood to be in fairly good shape, with sufficient assets to pay off all the depositors in full. John H. Edwards, ex-Assistant Secretary of the Treasury, was appointed receiver two months ago. Mr. Edwards said yesterday that he expected to pay a second dividend of 25 per cent in the near future. It is understood that plans for the reorganization and eventual reopening of the bank under a new name and with new interests in the directorate are well under way.

19. July 26, 1908 New-York Tribune New York, NY
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MR. MORSE OPTIMISTIC. Financier Says He'll Soon Take the Public Into His Confidence. Charles W. Morse, when seen yesterday in the National Bank of North America, where he had been in consultation with Charles A. Hanna, the receiver, said that his plan to pay off all the bank's depositors and then have the bank's assets turned over to the stockholders was making excellent headway. Mr. Morse said that depositors representing hundreds of thousands of dollars had already availed themselves of his offer to pay the full amount of all claims. In regard to his plans for paying off the depositors of the New Amsterdam National Bank, and then taking over the assets of that institution, Mr. Morse said that he was not quite ready as yet to take the public into his confidence, but added that he expected to have some important announcements to make along that line in the near future. Asked concerning the activities of the Morse Securities Company, which was incorporated in Bath, Me., some time ago, to buy and sell stocks. bonds and other securities, Mr. Morse said he had nothing new to divulge just at present. Mr. Morse expressed himself as optimistic on the general financial situation. Asked how much further he thought the present rise in the stock and bond market was likely to go. he said: "The pendulum always swings too far, you know. Last fall it swung much too low. Now it may swing too far the other way." Mr. Morse seemed to be in better health and spirits than at any time since last October, when he resigned from all the banking institutions with which he was connected.

20. July 27, 1908 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 27, 1908

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To Take Public Into His Confidence, Morse Says. Will Soon Give Out Plans For Bank of North America. Optimistic as to Financial Situation -Health Is Good. New York, July 26.-Charles W. Morse, when seen yesterday in the National Bank of North America, where he had been in consultation with Charles A. Hanna, the receiver, said that his plan to pay off all the bank's depositors and then have the bank's assets turned over to the stockholders was making excellent headway. Mr. Morse said that depositors representing hundreds of thousands of dollars had already availed themselves of his offer to pay the full amount of all claims. In regard to his plans for paying off the depositors of the New Amsterdam National Bank. and then taking over the assets of that institution, Mr. Morse said that he was not quite ready as yet to take the public into his confidence, but added that he expected to have some important arnouncements to make along that line in the near future. Asked concerning the activities of the Morse Securities Co., which was incorporated in Bath, Me., some time ago, to buy and sell stocks, bonds and other securities, Mr. Morse said he had nothing new to divulge just at present. Mr. Morse expressed himself as optimistic on the general financial situation. Asked how much further he thought the present rise in the stock and bond market was likely to go, he said: "The pen.

21. September 16, 1908 The Detroit Times Detroit, MI
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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

22. January 8, 1909 Washington Telegraph Washington, AR
Article from Washington Telegraph, January 8, 1909

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o tional bank and se railroads, convicted of msapprop aring institution's f funds. 22-Traders and Mechanics' Bank, Pittsburg, Pa. closed doors. t 25-NationalBank 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. Feb. of 13-W. B. Ridgely, comptroller currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 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 trial; sentenced to five years in federal prison. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 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. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $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. 5-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. ep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. OV. 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. -C. W. Morse sentenced to 15 years; Curtis given liberty on suspended senlence. ec. 7-National exchange bank at Springfield, Mo., closed; excitement aused by effort of W. O. Oldham, ashier of State Savings bank, to shoot President H. B. McDaniel, of Union Nadonal bank. Springport, Mich., State Savings bank losed by bank examiner. Somersworth, N. H., First National ank closed, following discovery of hortage of $85,000. Thomas F. Ryan announced retire2 ent from finance. Henry W. Poor, New York broker, as2 gned for creditors.

23. January 8, 1909 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, January 8, 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-N: ional Bank of North America, New Yor: 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 trial; 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 Oil $29,240,000 flue 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.

24. January 8, 1909 The Ordway New Era Ordway, CO
Article from The Ordway New Era, January 8, 1909

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hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating Institution's funds. el-Capital State Bank. Bolse, Idaho, suspended. 2-Traders and Mechanics' Bank. Pittsburg. Pa closed doors. 2-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 recelvers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of misman agement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial: 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. MeIntyre & Co., with houses in many cities. failed for $1,000,000. May S-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 curreney. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $29,240,000 fine declsion unanimously reversed by United States court of appeals at Chleago. 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.