gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3e0ad23017341e7c
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
1908-01-30
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%
Events (5)
1.April 18, 1901Chartered
Source
historical_nic
2.January 29, 1908Run
Cause
Local Banks
Cause Details
Heavy withdrawals following failures and runs on other Morse-chain banks (National Bank of North America) and general contagion
Newspaper Excerpt
about one-half of the bank's cash reserve had been depleted by withdrawals and payments during the course of the day
Source
newspapers
3.January 30, 1908Receivership
Source
historical_nic
4.January 30, 1908Receivership
Newspaper Excerpt
Bank Examiner Charles A. Hanna... was today appointed temporary receiver for the New Amsterdam National Bank of New York.
Source
newspapers
5.January 30, 1908Suspension
Cause
Government Action
Cause Details
Comptroller of the Currency ordered the bank closed and examiners to take charge due to depleted cash reserve and risk of further heavy demands
Newspaper Excerpt
William B. Ridgely... ordered the New Amsterdam National Bank to be closed... and instructed the national bank examiners of this city to take charge of its affairs pending the appointment of a receiver.
Source
newspapers
Newspaper Articles (24)
1.October 21, 1907Evening Times-RepublicanMarshalltown, IA
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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 30, 1907The Madison Daily LeaderMadison, SD
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SCARE IS SUBSIDING Runs Upon New York Banks Practically Cease. STOCK MARKET UNSTEADY Calling in of Loans Causes a Decline in Prices, Canadian Pacific Leading in the Slump-Worldwide Scramble for Gold. New York, Oct. 30.-The financial situation is without notable developments. and the abating interest indicates that the public has pretty well gotten over its scare. The stock markets is a little unsteady, but without extreme agitation. The announcement at the ImpeS rial bank of Germany a raised its discount rate from 5 1/2 to 6 1/2 per cent in order to protect its gold holdings was not unexpected by bankers here. It is thought quite likely that the Bank of England will follow suit by raising its rate at the regular meeting on Thursday. The scramble for gold is such at all the financial centersLondon, Paris, Berlin and New York -that the metel will go to the highest bidder and under present conditions New York is likely to appear for a time in this role. Her ability to get gold is due not only to the need for it, but to the large credits which are being established by the movement of the crops and other products-notably wheat, cotton, copper, tobacco and meats-and by the sale of American securities. These influences are usually more potent than artificial measures to obtain the yellow metal. It is believed this will be effective to place sufficient gold at the command of the New York market and to maintain credit and cause the resumption of banking operations in the usual manner within a few days. Runs upon the banks here have practically ceased since the banks adopted the policy of paying large depositors in checks. Some transfers of accounts are being made from the smaller to the larger banks, which resulted in adverse balances against the former, but strengthening the ability of the larger institutions to meet pressure and to support the market.
3.January 30, 1908New-York TribuneNew York, NY
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cessful movement. But 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 reports of an exaggerated and sensational nature, which necessitated the liquidation of the bank. No loss will be sustained by depositors, and the stockholders will receive a substantial dividend. CASH RESERVE HALF GONE. At 8 late hour last night National Bank Examiner Hanna made this statement: William B. Ridgely, Controller of the Currency, at the request of its president, ordered the New Amsterdam National Bank to be closed. late this afternoon. and instructed the national bank examiners of this city to take charge of its affairs pending the appointment of a receiver. President F. W. Kinsman, jr., informed the Controller's representative that about one-half of the bank's cash reserve had been depleted by withdrawals and payments during the course of the day. and it was feared that further heavy demands from depositors would be made tomorrow. which the bank would be in no position to meet Controller Ridgely is not in the city, having returned to Washington on Tuesday night. President Kinsman was downtown all the afternoon in conference with other bankers. He had expected on Tuesday night to be able to retire the bank's outstanding Clearing House loan certificates yesterday. the amount of which had been reduced to but the withdrawals of deposits were so heavy yesterday as to make it out of the question to carry that purpose into execution. The following statement of the assets and liabilities was given out by Mr. Hanna at the bank last night
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."
Receiver Named. Washington. D. C., Jan. 30.-Bank Examiler Charles A. Hanna, temporary receiver of the National Bank of North America, was today appointed temporary receiver for the New Amsterdam National bank of New York. Plenty of Resources. No statement has yet been made as
CLOSING PRECIPITATES RUN New York, Jan. 30.-A run on Oriental bank, at Broadway and J street, began when the doors of institution were opened at 10 o'c this morning, but this afternoon it declared that the attack would withstood successfully. The tro followed the announcement that New Amsterdam National bank the Mechanics and Traders' bank been forced to suspend business account of heavy withdrawals of posits.
7.January 31, 1908The SunNew York, NY
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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.
8.February 2, 1908The Greenville TimesGreenville, MS
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Article Text
Bank Examiner Charles A. Hanna, temporary receiver of the National Bank of North America, has been appointed temporary receiver of the New Amsterdam National Bank of New York.
9.February 6, 1908The Mena Weekly StarMena, AR
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YORK EXCITED AGAIN Closing of Two Banks Causes Small Flurry Among Depositors in Other Institutions. THE ORIENTAL BANK WITHSTANDS A RUN When the New Amsterdam National and Mechanics' and Traders' Failed to Open, Depositors in Other Banks Became Scared and Began to With draw Their Money.
10.February 6, 1908The Brandon NewsBrandon, MS
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Effect is Small. Memphis, Tenn.-Announcement of the suspension of two banking institutions in New York had little effect in financial circles there. The fact that both institutions were known to have been carried by the clearing house banks through the serious panic times was generally known, and their failure to keep on their feet after they were put on their feet is no surprise. Bank examiners took active charge of the affairs of the New Amsterdam National bank and the Mechanics and Traders' bank, a state institution. Both of these banks were included in the Morse-Heinz 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.
11.March 4, 1908The White Pine NewsEly, NV
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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.
12.March 9, 1908New-York TribuneNew York, NY
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OFFICE OF THE RECEIVER OF THE NEW AMSTERDAM NATIONAL BANK New York, January 30th. 1908. Notice is hereby given to all persons who may have claims against "The New Amsterdam National Bank of N. Y.," N. Y., that same must be presented to the Receiver, with the legal proof thereof. within three months from this date, or they may be disallowed. CHARLES A. HANNA, Receiver New Amsterdam National Bank.
13.March 16, 1908The Evening WorldNew York, NY
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ASSISTANT SECRETARY NEW AMSTERDAM RECEIVER John H. Edwards Resigns to Take Charge of Affairs bf Suspended National Bank. WASHINGTON, March 16.-The resignation of Assistant Secretary of the Treasury John H. Edwards will take effect to-morrow. He has accepted the receivership of the New Ameterdam National Bank of New York, which recently suspended.
14.March 17, 1908Daily Kennebec JournalAugusta, ME
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CAPITAL JOTTINGS. Government receipts Monday: From internal revenue, $1,300,038; customs, $660,006: miscellaneous, $95,068. Expenditures, $2,230,000. Assistant Secretary of the Treasury John H. Edwards, whose resignation will take effect Tuesday. March 17, has accepted the receivership of the New Amsterdam National Bank of New York which recently suspended. The House sub-committee on fortification appropriation bill with the esti(Continued on Page Two.)
15.April 15, 1908New-York TribuneNew 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.
16.April 15, 1908The Star and Newark AdvertiserNewark, NJ
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FIVE BANKS EXPELLED. Clearing House Chalks Off Sus= pended Institutions. NEW YORK, April 15.-Five banks were expelled formally from the New York Clearing House Association at a recent meeting in pursuance or the provision requiring this action in the case of institutions. that have suspended. They were the National Bank of North America, the Oriental Bank, the Mechanics and Traders' Bank, the New Amsterdam National Bank and the First National Bank, of Brooklyn.
17.June 3, 1908New-York TribuneNew 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.
18.July 26, 1908New-York TribuneNew 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.
19.July 27, 1908Daily Kennebec JournalAugusta, ME
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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.
20.September 11, 1908The Washington TimesWashington, DC
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An additional dividend of 40 per cent to the depositors of the New Amsterdam National Bank, of New York city, was ordered today. Receiver Edwards informed the Comptroller of the Currency in a personal conference that the assets are amply sufficient to pay the remaining 10 per cent of indebtedness with interest at an early date.
21.September 16, 1908The Detroit TimesDetroit, 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.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.
23.September 26, 1912The Progressive West VirginianWilliamson, WV
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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.
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.
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.
