The evening world., 1908-01-27
BANK Of NORTH
AMERICA CLOSES
TO L|QU|DATE
Former Official Said to Have
Caused Panic Among
DepositorS.
s15,5oo,ooo DRAWN OUT.
Two Other Institutions Said
to Be Affected by Big
Balances Due.
seThis bank has been closed by
order of the Comptroller OF the
Currency.
"CHARLES A. HANNA,
"Receiver."

The National Bank of North America
failed to open its doors to-day and the
foregoing notice, pasted upon the glass
panel. was the formal notification to
dcpositors OF the decision of the banks
directors to liqudate the institution,
which is at No 43 Exchange place.
Over Sunday another notice had been
upon the door follows;
This bank has been closed by order
o. the Comptroller OF the Currency, for
the purpose OF liquidation.
CHARLES A. HANNA.
National Bank Examiner"
Mr.. Hanna was changing the noti
which he signed as banl. examiner to
the no ice which he signed as receiver
when interviewed by an Evening World
reporter
There will be no statement for pub
lication at this time" he said. i
have only begun to schedule the as
sets 1t Is my opinion that the de-
positors will get dollar for dollar, How
ever. this is not official. so please do
not state it as authoritative"
Mr.. Hanna said that he hoped 20
wind up the affairs OF the bank in
sixty days.
Dcpositors Were Given Warning.
The erstwhile National Bank Exam
liner and the now receiver then Went
into conference with President William
+. Havcmeyer and other officers OF tie
bank.
A vice.rresident OF the National EanK
OF North America is largely blamed
for last weeks run. wl!eh resulted IN
al i.t,, NJ he 4 r,.s.n
urday afternoon 10 wind up its affairs
This man mas been hustling arouui
among his friends FOR days, urging
them TO get their money out before tne
doors closed" said a member Of the
New York Clearing House. His mis-
sionary work simply caused panic
among depositors who stood by the
bank after the effect OF Charles w
Morse's connection had been lived down.
They began to tumble out three weeks
ago.
II. Chapin, jr., Vice-Presdent of the
National Bank of North America. said
&C day that he had hoped. with other
officials that the bank would pull
rErough.
Stock Back to Par.
For a week the stock OF the bank has
stood al par. Six years ago when
Charles W. Morse bought the controlling
interest from Warren Van Norden, he is
said TO have paid between 500 and $3.50
. share FOR the stock.
In regard to outstanding loans
against the acco OF Mr.. Morse.
President Havemeyer said:
Mr.. Morse owes the bank only
small amount. which is amply secured
,h.v - ai,tA -,
the bank, but the security is fairly
good"
An officer Of the bank intimated that
while Mr.. Morse had no personal loans
Of size standing with the bank there
were Morse corporations which owed
the bank money. and also that much
OF the remaining securities OF the bank
were Morse stocks anu bonds
Lost $15,5oO,oOo Deposits.
No better illustration OF what the Ma
tional Bank OF North America has un-
dergone or OF its loss of public conf
dence In the rnst six months can he
gained than by. an examination OF Its
deposits. When 1t closed on Saturday
they amounted in round numbers to
e3,5OO.0O0 In August last they amounted
to s.00o,0 900.
Wh6n th0 nnanClal StCrH DTohe III
October last 1t found the National Bank
of North America owned hoof. hide and
horns by Charles w. Morse. Alfred H.
Curt.ss was President: Morse Vice
President. 1t was what Morse said
that went. The Clearing-H House COM
mittee put in Its probe. Morse was
ousted.
1t was the Clearing House that
a1h1aI fba National nf Nnrth
America to stand Up as long as 1t has.
but 1t informed Mr.. Havemeyer last
week that 1t must pay up its 81. 2OO, 900
Of loan certificates.
Two Banks Owe Clearing House.
There was some speculation In bank
ing circles to-day as TO the identity Of
two banks which still have substantial
balances due the New York Clearing
House for certificates issued to them
The Evening World was authorita-
lively Informed that these two banks
are not national banks. Every effort to
support these weaker institutions will
be made by the members of the Clear
ing House Association. Although the
time has expired for the retirement Of
the certificates issued to them they will
have further extensions.
1t was said in Wall street to-day
that the LIQUIDATION Of the National
Bank OF North America could have
been avoided If the directors had CON
sented to consolidate with the Consoii-
dated National Bank. A short time
cgo the Consolidated National Bank
offered to purchase the control OF the
National Bank OF North America for
the purpose of merging 1t. The deal
was about closed when the officials of
tho National Bank of North America
bslted and 1t was declared OF.
"Battery Dan" Leads March.