Evening star., 1908-01-27
NORTH AMERICA BANK FAILS
New York Institution Has Done
Business for Over Fifty Years.

NEW YORK. January 81 Fifty
years after it was founded in 1851 the
Bank of North America. al the
height of its prosperity. passed into the
control of Charles W. Morse. lie had it
SIX years, and now it has passed into
the hands of receiver. having been de-
serted by most of its depositors since
Mr.. Morse was forcibly eliminated three
months ago.
The decision to 60 into liquidation
was reached late yesterday afternoon
after an all-day conference between w.
B. Ridgely, controller of the currency:
". f. Havemeyer, who became presi-
dent of the bank to try to eXtricate
1t from It's embarrassments. and Bron-
son Winthrop. counsel for the bank.
Some comparison of the figures cf the
present with those contained in. the
shows how hard the bank has been hit
by the recent panic. In August last the
total deposits Of the bank were &19.-
100000. According to the statement of
the controller they have now shrunk to
S3,S31 1922 The deposits from other
banks in August were ss.20O.nG0. and
have since shrunk to $1.OS2, ,422.G4.
The Bank of North America was
founded in 1851 by John I. Fiske with a
capital stock of $1,OOO.OOO. Two months
tired. He was succeeded by the late
William F. Havemeyer. former mayor
of New York and father of the present
president of the bank. During his term
the bank was successful. but he re-
signed at the end of ten years. He was
succeeded by the cashier Isaac Sey-
mour Mr.. Seymour was president until
1863. when he died suddenly While at
tending service in Trinity Church.
John Yelverton, then the cashier, was
chosen hofnra
was law against the Overcertiiication
OF depositors' checks. and when 1t was
the custom Of banks to oblige their GUS
toners in that way. brokerage firm
got it's account overcertified by 5000.
600. This was such shock to iir. Yel-
verton that he died within few days.
He was succeeded by John J. Donald
son. who had been a member of the firm
OF II. B. Clafiin & Co. and had retired
from the dry goods business with for
tune. He was president until 1873. when
in the panic of that year there were
several large overdrafts. which were SO
serious that the banks capital was re-
duced to 100000.
Mr. Donaldson then decided to go back
into the dry goods business. and he was
succeeded by William Dowd, who had
been director. Mr.. Dowd gave the
bank one Of the best administrations 1t
accumulated considerable surplus. He
was also president of the Clearing
House Association. Mr.. Dowds health
failed in 1891 and Mr.. Van Norden was
elected. He remained at the head of the
bank until 1902.
During Mr.. Van Norden's presidency
the bank made still further progress.
The capital was restored to S1.O00,0OO.
The surplus grew to S1,OOO,HOO. and
large dividends were paid. and the de
posits increased from $4,000 900 To S25
100000 The deposits had reached the
latter figure on the day when the bank
celebrated its fiftieth anniversary with
a dinner at the Metropolitan Club. at
which 100 of the leading bankers of
the country were present
In January. 1902. Charles NJ. Morse
and his friends bought not only Mr..
Van Norden's interest, but the stock of
many of the directors and individual
stockholders, aed Mr.. Morse became
vice president.