New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-08-07


,ra stock With the assent Of the stock
-. Tho hold the remaining 4s per cent OF
r.oo1, Mr. Morse would find the path to
.a-,4-z ont his affairs before October much
easier.
UNSUCCESSFUL SO FAR
-- several months he has been trying to do
-,ss hut SO far has been unsuccessful On May
7s he vas one Of the three directors named IN
the articles Of Incorporation of the Morse Sc
-c,r5-ies COMPANY, formed at Bath, Me- with a
,,znftsl Of 600, whose stated purpose was
so acquire and hold any shares Of capital stock,
bonds securities OF other evidences OF lroeo'eo-
ness" The chief reason for the incorporation,
however, was 10 take over the assets OF the Ma
1iouaI Bank OF North America
In pursuance Of this purpose Mr.. Morse made
q formal request last June TO the Controller Of
-be Currency for 2 mailing list Of the depositors
Of the bank all the documents and papers of the
institution being then in the custody Of the re-
oejyer. as the Controllers representative When
this application was denied, Mr.. Morse came out
with 2 very plain statement, in which he said
that Mr.. Hanna was doing everything possible
70 disparage the assets Of the Institution
The ostensibIe reason Of Mr.. Morse and his as
sociates In trying TO get the list Of the deposit
ors. whose stock he did not control, was TO ac-
sacrificed at ruinous prices
Forhfs eagerness 70 get the stock some Of the
minority stockholders see in the latest PROPOSE
tion that he has made 10 the Treasury officials.
10 terminate the receivership and hasten the
liquidation OF the bank, entirely different rea-
sons which, they believe, may well be good and
sufacient 10 Afr. Morse and Mr.. Curtis and the
other directors OF the bank. but which they re-
gard. as one Of them. William H Field ex-
pressed il last night, as the rawest kind OF a
swindle and nothing else"
Nj Morse's proposition IS TO pay over TO the
receiver enough money to enable him to pay off
the rest OF the depositors' claims within brief
tine Should this be done with reasonable dis
patch Il would mean that the receivership
would be ended and in this way ATr Morse and
his associates could contend that the bank was
Il sound condition
Furthermore, should the government decide TO
press its claims against the former manage
nent the task Of making out its case Of alleged
false entries and misappropriation OF funds by
Nr Curtis. as president. and Mr. Morse, as vice
president, would be made considerably more
difficult
MADE THROUGH PHILADELPHIA CO
This latest proposition 10 the Controller Of the
Currency was made. not through the Morse Sc
c-r-tties Company, but through the Assets Reali-
cation Company. Of Philadelphia, which. il Is
said NJ Morse was instrumental in forming.
4 conference on the latest Morse proposition
was held in Washington on Wednesday between
the Deputy Collector Of the Currency and rep
.-esentative OF the Department Of Justice, ana
the matter is as Yet under consideration II
some @ the minority stockholders Of the bank
can prevent II, il is safe to say that the propo-
tition will be rejected and the affairs Of the
bank liquidated in the regular way. Should the
ofer Of the Assets Realization Company be
turned down. this process would take probably
not beyond next February anyway. but con-
siderable period beyond the time when Mr..
Morse and III. Curtis viii have 10 plead in the
courts
Even 5f the acceptance OF the offer OF Mr
Aorse made through the Assets Realization
Company, should result in the prompter pay
rent OF claims. the minority stockholders,
whom NJ. Morse has been trying to get TO
consent 10 the plan. and who are opposing the
move, fail TO see wherein they would be more
han temporarily benefited by the "accelera-
tlon" Under AIr Hanna's administration pay
faeats Of 20 Per cent on all claims have been
MADE IN less than six months, and they are
satisfied with the progress already achieved
toward Liquidation. For his services as receiver
Mr. Hanna viii obtain $500 a year. and the
'-N% S+DAhil'lDtiSs after ltSyhlAS ALt pippD-
Auon over. can't make out why they should
pe called upon in the long TO pay part OF
NE simple sum Of S275.oSs0 which the Assets
realization Company demands for its com
Peusauon and commission" for loaning TO the
DanE the necessary money 10 pay all certified
e4alnns against IL. This is TO say nothing Of the
expenses Of Liquidation" which is the first
'7'a ilzfed IN the proposed agreement between
ne stockholders Of the bank and the Assets
1'eaLzation Company under the head "All
moneys realized from the assets OF the bank
flaA be applied from time TO time as follows"
NJ. Field. who holds small block Of the
'-sfes Of stock Of the bank, but who repre-
"2 others who altogether control some hun
isos of shares. said last night that every ef-
Ut -o't would be made 70 defeat the Morse propo-
e''oh' and that he expected it would be turned
0O"h o. the Treasury Department.
80 TO ATLANTIC CITY AND RETURN