Los Angeles herald., 1908-01-30
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 De-
nnands for Cash
By Associated Press.


NEW YORK, Jan. 29-The New AM
sterdam National bank, capitalized at
$l'OOOO0o ana situated at the corner of
broadway and Thirty-ninth street,
was closed by order of the comptroller
of the cGrrency tonight and National
Pank Examiner Charles A. Hanna was
placed IN charge
The institutions liabilities are placed
at $44S2,016 of which $2,065,272 is due
to depoGitorr The banks officers as
sert thai not only will every depoistor
be paid in full, but the stockholders
will receive a substantial dividend.
The New Amsterdam bank was for
,nerly 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 it's eli
entele many oil those prominent on the
stage.
In a statement given out by Presi-
lent Kinsman tonight he says:
''The bank had recovered fully from
the effects of the panic and had re-
tired its clearing house certificates
from 81 100000 down to $300,000, and the
bank was on an upward and success
full movement.
AHected by Other FAILURE
1.-THE CLOSING of the National Bank of
North America. attracting renewed at
tention to the interests which had pre-
viously dominated both institutions in
their past administrations, started
fresh reports of an exaggerated ana
sensational nature, which necesSltated
The liquidation of the bank"
The following statement on behalf
of the comptroller of the currency was
made concerning the defunct bank:
"William Is. Ridgley, comptroller OF
currency, at the request OF It's presl-
dent, ordered the New Amsterdam Ma
tional hank closed late this afternoon
and instructed the national bank ex
aminers of this city to take charge OF
It's affairs pending the appointment OF
a receiver. PIT sident Frank w klns-
man. ir., irifol med the comptroller 5
representative that about one-haif OF
tbe hanks reserve had been depleted
nv withdrawals and payments during
the course Of the day., and IL was
feared that further heavy demands
from depositors would be made TO-
morrow which the bank would be III
no position to meet"
Second Suspension Announced
preeident D. A. Sullivan of the
NTachanics and Traders bank announces
shortIv before midnight tonight ina,
tbe institution would not open its doors
tomorrow. This decision was reaches ...
at meeting of the board OF directors
tonight. lasting four hours. o+
In statement issued after the meet
mo the directors declared the oanF
solvent. but the state Of the cash re, re,
sources made it appear inadVlsaDle ioi
the bank to continue business.
The, Mechanics and Ira9ers . oniiM aho,o mea. .
one of the banks in the e. X. IhoIliaS
chain. David A. Sullivan was made on1 lts
nresident by Thomas in January, 1901
r Augustus Heinze went into S tn9
directorate of the Mechanics amnG m
Ttra6eTs after Thomas got control, and
bought a substantial stock IN the IN
terest of the institution. Ihonas ant
Heinze got out of the bank as resui
of the October upheaVal.