New-York tribune., 1901-12-18
MORSE ADDS TO HIS CHAIN.
BANK OF THE STATE OF NEW-1oRh
ABSORBED BY THE NATIONAL
BANK OF NORTH AMERICA.

Negotiations have just been completed it was
announced Yesterday, for the absorption of the
Rank of the state of New York, which is con-
trolIed by Charles w Morse, by the Natlonsl
Bank of North America The formal statement
of the transaction, given out at the BANK Vi
North America, is as follows:
The hoard of directors of the National Bank OF
North America has voted to double its capltal ana
surplus by offering for subscription ny pI pIeseLS
stockholders enough new shares at ~ " ~ iiS IN
the capital S2O1000 and the surplus s7WpJVou ooc
or S4OoO000 in all. as against sZ,oVp,VUo a. d.
present the object being to ABSORB a tle Po,4
of another bank. This result has been prousn-
about by the friends of the bank to De nquI-
dated in connection with Warner Van Sl NoraeH'
the president of the Bank OF North Aliieiio07
who owns the control OF that pahh' ..s
For wear past Mr.. Van Norden mas oeslre0 u
to retire from active banking, and VIII afaia iIa
of this opportunity to secure more tilIe
10 himself for the qualification OF tastes June
than those connected with business Tt he nc -
narted with a portion of his large holdlhss 10
gentlemen of influence and extensive coiIht Oh r.
tions who will be able to add naterlaIly 10 ON tiiG
hanks resources. He will remain in the poaIu; :I
together With William F. HaVemeyer' f-iihu
Root and others of the present board g
Tnder Mr. Van Nordens administrator OF
eleven wears the National Bank of North Amer
ide has reached the zenith of its prosperity It's
ranitaI and surplus have been doubled out OF
the profits the dividend advanced 10 PEI oe"''
and the deposits increased seYenfold' -
a'1q Tt ;e Hnderstood that the proposed changes
will take place at the time Of the anhual meet
ing in January La; ;u be nro
Henry Chaplin. jr now caShlei' VIII 'o pa
NOTED TO the vice-presldency
Mr.. Van Norden said yesterday that he hao
sold to Mr. Morse sufficient stock to give ths
latter an influential voice in the direction oi
the enlarged institution. and that he hlmseu'
aItboueh he would retire from the presldenC!'
would continue to act as director oi liis 4fo,
tional Bank of North America. The Iqulodtloh
~ the business of the Bank of the state OF New,
York will begin at once. and II Is eApec'ed' WI, VIZ
he cornnIeted bv January Il. when the annual
meeting of the National Bank Of North AhleIIc6
is to be held. ..- -.,,
The officers to be elected at that meeting VIII
he. President Richard l. Edwards, no" Ple9i-
oent of the Bank of the State OF New orh'
first vice-president. Charles W. Morse now VIZ ,
president of the Bank of the State or New AoIh.
second vice president, Henry Chaplh. u o.
,recan+ vice president of the National Bank OF
North America: cashier, Alfred h GURUS "Ho
is cashier of the Bank of the state OF New
Vorl- II is intended to make the enlarged IN
Stitrtion one of the strongest ana lafstSt Jain
il, the financial district. It is UNDERSTOOD diSo.
nat tba Pbenix National Bank may be orough'
INTO the virtual merger. The reorganlzed Ma
+iooa1 Rank of North America. VIII IN tune os-
49, mart of the new twenty-three story bulIo
ING which is to he erected on the present ste ol
tho Bank of the State of New-1ork pulldlls'
al EiIliam-st and Exchange Pace, ana on du-
iacen+ land by the Wall Street Buidlns AsSo-
ccjation a 81 0G0 corporation controlled II IS
understood by Mr.. Morse and his associates
Among the banks in which Mr.. Morse is inter
ested several of which he controls, are the L>eM
,,oeterdar Bank National Broadway SANK
Ca~AaId National Bank. Twelfth Ward Bank.
fzansevoort Bank, Narick Bank, and the oPLasue
\a+ional Bank. in Brooklyn, besides the BANK
Of the State of New-York and the Natlohal
Rank of North America.