gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
31444f0e01f873b9
Response Measures
Borrowed from banks or large institutions, Clearinghouse loan, Capital injected, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1908-01-27
Date receivership terminated
1908-10-31
OCC cause of failure
Losses
Share of assets assessed as good
44.7%
Share of assets assessed as doubtful
55.3%
Description
Comptroller ordered closure and receiver appointed; depositors later paid dividends during liquidation.
Events (7)
1.June 11, 1891Chartered
Source
historical_nic
2.January 27, 1908Receivership
Source
historical_nic
3.January 27, 1908Receivership
Newspaper Excerpt
The comptroller of the currency appointed Charles W. Hanna, bank examiner, as receiver.
Source
newspapers
4.January 27, 1908Run
Cause
Rumor Or Misinformation
Cause Details
Persistent rumors that the bank was unable to meet its obligations caused heavy withdrawals of deposits.
Newspaper Excerpt
The National Bank of North America, unable to withstand heavy withdrawals of deposits which came as a result of the recent financial flurries, was forced to close its doors for liquidation today.
Source
newspapers
5.January 27, 1908Suspension
Cause
Government Action
Cause Details
Comptroller ordered the bank closed for liquidation and appointed a receiver after withdrawals rendered it unable to continue.
Newspaper Excerpt
Comptroller of the Currency William B. Ridgely Sunday ordered the National Bank of North America closed for liquidation and appointed Charles W. Hanna, bank examiner, as receiver.
Source
newspapers
6.May 4, 1908Other
Newspaper Excerpt
An initial dividend of 25 per cent. would soon be paid to the depositors of the National Bank of North America.
Source
newspapers
7.September 15, 1908Other
Newspaper Excerpt
The comptroller of the currency has authorized payment of the fourth and final dividend of 25 per cent to the depositors of the suspended National Bank of North America.
Source
newspapers
Newspaper Articles (25)
1.January 27, 1908The Daily SentinelGrand Junction, CO
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Article Text
New York, Jan. 27.-The National Bank of North America, unable to withstand heavy withdrawals of deposits which came as a result of the recent financial flurries, was forced to close its doors for liquidation today. The comptroller of the currency appointed Charles W. Hanna, bank examiner, as receiver. The bank owes the clearing house $2,200,000. President Havemeyer in a statement lays the blame to rumors that the bank was not able to meet its obligations and these rumors caused the heavy withdrawals of deposits.
2.January 27, 1908The Detroit TimesDetroit, MI
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Article Text
HANNA RECEIVER OF BANK OF NOR. AMERICA NEW YORK, Jan. 21.-National Bank Examiner Charles A. Hanna has been appointed receiver of the National Bank of North America.
3.January 30, 1908The Globe-RepublicanDodge City, KS
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Article Text
A New York Bank Closed. New York, Jan. 28.-Comptroller of the Currency William B. Ridgely Sunday ordered the National Bank of North America closed for liquidation and appointed Charles B. Hanna, national bank examiner, as receiver.
4.January 31, 1908The Kendrick GazetteKendrick, ID
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Article Text
Big New York Bank Fails. New York, Jan. 28.-Comptroller of the Currency William B. Ridgely has ordered the National Bank of North America closed for liquidation, and ap pointed Charles W. Hanna, national bank examiner, as receiver. The bank's indebtedness to the clearing house is $2,200,000. President Havemyer in a statement laid the blame for the trouble upon the persistent rumors he declared were the cause of the withdrawais, which on Saturday became so Leavy that it was believed the bank would not be able to meet the obligations on Monday.
5.January 31, 1908Camas Prairie ChronicleCottonwood, ID
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Article Text
Big New York Bank Fails. New York, Jan. 28.-Comptroller of the Currency William B. Ridgely has ordered the National Bank of North America closed for liquidation, and ap Charles W. Hanna, national bank examiner, as receiver. The bank's indebtedness to the clearing house is $2,200,000. President Havemyer in a statement laid the blame for the trouble upon' the persistent rumors he declared were the cause of the withdrawals, which on Saturday became so heavy that it was believed the bank would not be able to meet the obligations on Monday.
6.February 1, 1908Pullman HeraldPullman, WA
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Article Text
Big New York Bank Fails. New York, Jan. 28.-Comptroller of the Currency William B. Ridgely has ordered the National Bank of North America closed for liquidation, and ap pointed Charles W. Hanna, national bank examiner, as receiver. The bank's indebtedness to the clearing house is $2,200,000. President Havemyer in a statement laid the blame for the trouble upon the persistent rumors he declared were the cause of the withdrawals, which on Saturday became so heavy that it was believed the bank would not be able to meet the obligations on Monday.
7.February 4, 1908Cherokee ScoutMurphy, NC
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Article Text
WITHDRAWALS break BANK. National North America in the Hands of Bank Examiner. Comptroller of the Currency William B. Ridgely Sunday ordered the National Bank of North America at New York closed for liquidation, and appointed Charles Hanna, national bank examiner, as receiver. The failure and persistent withdrawals, the result, according to President Havemeyer, of insistent rumors set afloat respecting the bank's condition.
8.February 4, 1908The Times and DemocratOrangeburg, SC
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Article Text
THE National Bank of North America has gone into the hands of a receiver, which would indicate that they are still treading on dangerous financial ground in New York. The boasted Republican prosperity seems to be skittish these days.
9.February 5, 1908Clarke CourierBerryville, VA
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Article Text
The National Bank of North America has gone into the hands of a receiver, which would indicate that they are still treading on dangerous financial ground in New York. The boasted Republican prosperity seems to be skittish these days.
10.February 6, 1908The Oskaloosa HeraldOskaloosa, IA
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Article Text
Rockefeller May Be Out $100,000. New York, Feb. 5.-It was learned Tuesday that John D. Rockefeller, just prior to the panic in October, loaned $100,000 in bonds to the National Bank of North America, which suspended last week, and that his attorneys are now seeking to recover the securities.
11.February 8, 1908The Opelousas CourierOpelousas, LA
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Article Text
The National Bank of North America has gone into the hands of a receiver, which would indicate that they are still treading on dangerous financial ground in New York. The boasted Republican prosperity seems to be skittish these days.
12.March 13, 1908New-York TribuneNew York, NY
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Article Text
NATIONAL BANK OF N. A. PAYING UP. Charles A. Hanna, receiver for the National Bank of North America, announced yesterday that he had retired all but $600.000 of the bank's Indebtedness to the Clearing House. When the bank suspended, on January 27 last, it had outstanding $2,200,000 in Clearing House certificates.
13.April 15, 1908New-York TribuneNew York, NY
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Article Text
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.
SUSPENDED BANK TO PAY. New York, May 4.-It was said today that an initial dividend of 25 per cent. would soon be paid to the depositors of the National Bank, of North America, Checks for amounts based on the above percentage are being made out to await the signature of the comptroller of the currency.
MORSE BANK EMERGES FROM BANKRUPTCY Final Dividend Paid Depositors of North American National. New York, Sept. 15.-Following receipt of advices from Washington that the comptroller of the currency has authorized payment of the fourth and final dividend of 25 per cent to the depositors of the suspended National Bank of North America, Receiver Charles A. Hanna today announced that checks would be ready for depositors on Friday. This means the early turning over of the bank to the stockholders and final arrangements for that process, it is expected will be perfected at a conference on Wednesday between Receiver Hanna. Comptroller of the Currency Murray and Charles W. Morse, formerly vice president of and still the largest stockholder in the bank. Mr. Morse has been active ever since the bank suspended eight months ago, in raising the funds to rehabilitate the institution. That Mr. Morse will again take contro of the bank is assumed here.
16.October 8, 1908New-York TribuneNew York, NY
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Article Text
Financial Meetings. TOTICE IS HEREBY GIVEN TO THE SHAREHOLDers of The National Bank of North America, in the City of New York, that a meeting of the stockholders will be held at the office of Charles A. Hanna, Receiver, 43 Exchange Place. New York City, on the 21st day of October at 10 o'clock A. M., for the purpose of electing an Agent to whom the assets of the Bank will be transferred and delivered, in accordance with the provisions of Section 3 of the Act of Congress, entitled, An Act Authorizing the Appointment of Receivers of National Banks and for Other Purposes, approved June 30, 1876, and an Act amendatory thereto, approved August 3. 1892, and March 2. 1897: or for the purpose of continuing the Receivership in accordance with the provisions of the last named Act. LAWRENCE O. MURRAY, Comptroller of the Currency. Sept. 18, 1908
17.October 21, 1908The Evening WorldNew York, NY
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Article Text
WANT TO START ONE MORSE BANK THAT FAILED Minority of Stockholders Think National Bank of North America Would Pay. The stockholders of the National Bank of North America, which succumbed during the panic to the high financial treatment administered by Charles W. Morse, met this afternoon in the offices of the bank in Exchange place to consider the problem of Mquidating or resuming business. The creditors and depositors have been paid off by Receiver Hanna and the remaining assets are in the hands of the Assets Realization Company, of Philadelphia, which purchased them for profit. The Assets Realization Company and a majority of the stockholders are in favor of a speedy liquidation and a distribution of the income from the assets. A minority, representing New England holdings. is in favor of resuming business with added capital and a new deal
18.October 22, 1908The Evening WorldNew York, NY
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Article Text
WANT TO START ONE MORSE BANK THAT FAILED Minority of Stockholders Think National Bank of North America Would Pay. The stockholders of the National Bank of North America, which succumbed during the panic to the high financial treatment administered by Charles W. Morse, met this afternoon in the offices of the bank in Exchange place to consider the problem of Mquidating or resuming business. The creditors and depositors have been paid off by Receiver Hanna and the remaining assets are in the hands of the Assets Realization Company, of Philadelphia, which purchased them for profit. The Assets Realization Company and a majority of the stockholders are in favor of a speedy liquidation and a distribution of the income from the assets. A minority, representing New England holdings, 18 in favor of resuming business with added capital and a new deal
19.October 22, 1908Daily Kennebec JournalAugusta, ME
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Article Text
AGENT APPOINTED To Handle Affairs of National Bank Of North America. New York, Oct. 21.-In an effort to settle the affairs of the National Bank of North America, one of the Morse financial institutions which suspended at the time of the recent panic, John W. McKinnon of Chicago today was elected as agent by the shareholders of the institution. All depositors having been repaid, the remaining assets of the bank will now be turned over to Mr. McKinnon. A meeting will be held soon to decide whether the institution shall liquidated or re-organized and resume business. Minority stockholders of the bank today chose Joseph H. King of Hartford. A. W. Damon of Springfield, Mass., and Frederick R. Eaton of New York a committee to consult with the directors as to the advisability of the bank's resumption. Eugene P. Carver, attorney for Mr. Morse and also representing the Assets Realization Co., of which Mr. McKinnon is president. said after the meeting of the stockholders that the Assets Realization Co. hoped that a re-organization of the bank could be effected and the company would in no way interfere with any such a plan. This also is the desire of Mr. Morse.
20.October 30, 1908The Chanute TimesChanute, KS
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Article Text
To Reorganize a Morse Bank. New York, Oct. 23.-In an effort finally to settle the affairs of the Na. tional Bank of North America, one of the Morse financial institutions which suspended at the time of the recent panic, John W. McKinnon of Chicago was Wednesday elected as agent by the shareholders of the institution. All depositors having been repaid the remaining assets of the bank now will be turned over to Mr. McKinnon.
21.November 5, 1908The Montgomery AdvertiserMontgomery, AL
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Article Text
MORSE CASE WITH JURY. Five Hours of Deliberation and No Verdict. New York, Nov. -The cases of Charles W. Morse and Alfred H. Curtis, jointly indicted and on trial in the United States court here for violation of the banking law in connection with the suspension of the National Bank of North America, were given to the jury this afternoon and tonight the
22.November 6, 1908Little Falls HeraldLittle Falls, MN
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Article Text
# Morse Case In Hands of Jury.
New York, Nov. 5.-The cases of Charles W. Morse and Alfred H. Curtis, jointly indicted and on trial in the United States court here for violation of the banking law in connection with the suspension of the National Bank of North America, have been given to the jury and the fate of the two defendants is still undecided.
23.November 8, 1908New-York TribuneNew York, NY
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Article Text
which the name of Morse was connected suffered severely in the loss of public confidence, and the doors of the National Bank of North America and of the New Amsterdam National Bank had to be closed. The collapse of the Knickerbocker Trust Company, whose president, Charles T. Barney, committed suicide, was attributed to Mr. Barney's relations with Morse. The Mercantile National Bank, after the withdrawal of the Morse interests, weathered the storm, and after the panic was over the National Bank of North America paid off its obligations. Mr. Morse was credited with recuperating his fortune to a considerable degree, although at one time he was expected to go into bankruptcy.
24.September 26, 1912River Falls JournalRiver Falls, WI
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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.
25.March 23, 1914The Times DispatchRichmond, VA
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No Attempt to Reopen Bank. New York, March 22.-S. H. P. Pell, one of the stockholders' protective committee of the defunct National Bank of North America, the Charles W. Morse institution which was wrecked during the panic of 1907, denied to-day that there would be an attempt made to reopen the bank.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
