New-York tribune., 1908-07-07
MORSE WOULD PAY.
Offers Full Cash, Less Interest to-
Bank Depositors

Charles w. Morse began yesterdav 20 ssrd out
circulars TO the depositors of the National Rank of
Noith america, which failed last January offering
10 pay on the remaining 90 per cent of their de-
posits without interest. This means that .nv de-
positor VINO accepts the offer will lose interest at
'he rate OF per cent year, which is being al
lowed by Charles A. Hanna, the receiver from the
GATE OF the banks suspension. A representative of
the receiver pointed out yesterday that this in
terest would go to Mr. Morse
AS the total deposits amounted to s. 0oo,ocD, this
"oulu represent considerable sum- provided any
considerable number of the depositors accepted the
offer That they will do so is thought proba BILE in
nnanclal circles. as a bird in the hand is worth
two in the bush and the outcome of a receivership
is always uncertain. Mr. Morse will not only
celVe the interest on the so cent of the deposits
which he pays, but for the full amount, the re-
cefver- will not pay the interest until the total
amount of deposits is paid off. If Mr. Morse sue
ceeds in getting the depositors to accept his offer
all he will have TO do to get the interest will be to
turn over to Mr.. Hanna the certificates of deposit
which will be delivered him by the depositors
when they receive their final payment
The circular to the depositors, which is signed
by Mr.. Morse and dated from his Office at No.
Nassau street, is as follows
pleased TO inform you that l have arranged
your % deposit in the National Bank of IN North Amer
ica, If you VIII call at this office and bring with
you your receivers receipt or certificate.
The payment of the depositors in fun will
terminate the receivership. and the assets of the
bank. some-of which are valuable and could be
made to yield good return with careful
ing, will be turned Mr.. Morse and his
associates Mr.. Morse is said to have stated to
friends that the stockholders would ultimately
ceive $500 share their holdings.
Several months ago Mr.. Morse had plan to pay
the depositors in full. but the Controller of the
Currency declined approve it. He next applied
to Mr.. Hanna for a list of the depositors of the
bank but this refused, and the Controller of
the Currency upheld the receiver in his refusal
The representative of Mr. Hanna said that Morse
had managed to secure this list by stealth. The
latter denied this, however and said that he only
had the names of of the larger depositors
whom he could remember and that he depended
upon the publication of the fact that he was ready
to nay their claims to hear from the remainder
Mr. Morse said also that he was not aware that
the receiver had any plan for paying off the
depositors with interest and added 'If he has the
money let him go ahead.
No information as where Mr.. Morse OBTAINED
tbe money to pay off the depositors could be OBJ
tanned Yesterday but it is supposed to be through
the 100000 Morse Securities Company. which ne
and his friends incorporated in Maine recently
At present Mr.. Morse is dealing only with the
danositors of the National Bank of North America
Of which he was the vice-president and largest
stockholder at the time Of the panic last fall The
denositors of the other banks in which he was
interested will it was said yesterday receive his
attention after he has settled the ana1rs ol 'lS
National Bank Of North America