Article Text
The Herald hastens to inform the public that the Hamilton Bank, which suspended payment in New York yesterday, is no relation to this paper, and does not affect those we owe. We still owe you, all right.
Hamilton Bank (New York, NY)
Episode Information
- Episode UID
1483683491294- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Bank ID
-
148368349hash - Start Date
- October 23, 1907
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
9651cb4abb756b37
Response Measures
None
Description
Press reports describe alleged overdrafts and indictments of the president during the episode.
Events (6)
1.
October 23, 1907
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy withdrawals including large director withdrawals and alleged overdrafts by officers precipitated loss of depositor confidence.
- Measures
- Committee plan to pay 10% cash and issue staggered certificates of deposit covering remaining deposits; committee to seek depositor approval for resumption.
- Newspaper Excerpt
- The Hamilton Bank suspended after a run lasting for three days, in which 40 per cent of the total deposits of the institution was withdrawn.
- Source
- newspapers
2.
October 23, 1907
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank suspended after multi-day run and large withdrawals; temporary receiver later appointed.
- Newspaper Excerpt
- The Hamilton Bank, which suspended on October 23...
- Source
- newspapers
3.
October 24, 1907
Other
- Newspaper Excerpt
- Temporary receiver appointed for the Hamilton Bank (press reports around time of suspension).
- Source
- newspapers
4.
October 24, 1907
Receivership
- Newspaper Excerpt
- Frank White was appointed temporary receiver by Judge Betts at Kingston, upon the application of Attorney-General Jackson.
- Source
- newspapers
5.
December 27, 1907
Receivership
- Newspaper Excerpt
- Court Discharges Hamilton's Temporary Receiver. The Hamilton Bank ... may now reopen for business, according to the decision of Justice Betts.
- Source
- newspapers
6.
January 20, 1908
Reopening
- Newspaper Excerpt
- The Hamilton bank has been found solvent and it will reopen January 20 with $1,800,000 on hand.
- Source
- newspapers
Newspaper Articles (19)
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Two Small Banks Suspend New York, Oct. 25 --- The Twelfth Ward bank and the Hamilton bank, both small, suspended today. It is announced that Secretary Cortelyou and J. P. Morgan will take steps to prevent further panic in the money world.
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HAMILTON BANK'S PLAN. Proposition for Resumption of Business Sent to Depositors. After a meeting of a committee representing the stockholders and depositors of the Hamilton Bank, which suspended on October 23, held last night at the offices of the institution at No. 215 West 125th street, a plan was announced which, in the opinion of the committee, will enable the bank to resume business if approved by the depositors and stockholders. The Hamilton Bank suspended after a run lasting for three days, in which 40 per cent of the total deposits of the institution was withdrawn. A committee was chosen from among the stockholders and depositors to work out a plan for resuming business. The committee consisted of W. A. Martin, a real estate dealer; Add Reisenberg, of H. C. F. Koch & Co., and George F. Brown, of the firm of Duff & Brown. At the meeting of this committee a circular letter was prepared, to be sent to the 17,000 depositors, in which the plan for rehabilitating the bank was set forth. The plan is to be submitted to the depositors for their approval. In the opinion of the committee the refusal of the acceptance of this plan would probably mean that the bank would have to be liquidated. The plan, in brief, follows: Depositors in the bank shall on presentation of their passbooks receive on account of their deposits 10 per cent in cash and 15 per cent in certificates of deposit, payable ninety days from the date on which the bank shall resume, and 15 per cent in a certificate of deposit. payable in six months from the date of resumption. The balance, 60 per cent, shall be a certificate of deposit, payable one year from the date of such resumption. The certificates of deposit are to become payable, as above stated. whenever in the judgment of the officers of the bank the business will permit. The bank will accept said certificates for loans made or anticipate their payment. As soon as such number of depositors and such amount of deposits shall have assented to the plan as will, in the judgment of the committee, warrant the resumption of business on the part of said bank. the committee is to have the right to declare the plan operative and therefore becoming binding upon all depositors assenting to said plan, but the same shall not be binding in case the bank should go into liquidation. The committee is confident that the bank is solvent and its captal is unimpaired. William R. Montgomery, president of the bank, is a member of the committee on resumption of business,
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TO REOPEN BUSTED BANK. New York, Nov. 29.-Application for the dismissal of the temporary receiver appointed for the Hamilton Bank, which closed its doors during the recent financial flurry, will be heard tomorrow. If the application is granted the bank will immediately reopen, according to President William R. Hamilton.
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BANK MAY REOPEN. Court Discharges Hamilton's Temporary Receiver. NEW YORK, Dec. 27.-The Hamilton Bank, which suspended during the recent panic, may now reopen for business, according to the decision of Justice Betts. Frank White was appointed temporoary receiver by Judge Betts at Kingston, upon the application of Attorney-General Jackson. Officers and some of the shareholders of the bank contended that the institution should be allowed to continue. In deciding upon the motion to make the receivership permanent Judge Betts ruled in their favor by discharging the receiver. A thousand depositors in the Tremont branch of the bank gathered at the bank last night and later, led by a band and carrying flags, marched a half mile to the home of President William R. Montgomery, in Anthony avenue. Surrounding the home they shouted and cheered until the head of the Hamilton appeared on the stoop and addressed them. In addressing the depositors, Mr. Montgomery said: "I do not owe the Hamilton Bank a dollar. and I have never owed the bank a dollar. I never kept my business account in the Hamilton Bank."
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NEW YORK BANK TO BE REOPENED (Special to The Sentinel.) Kingston, N. Y., Dec. 27.-Supreme Court Justice Bedds this afternoon rendered a decision permitting the Hamilton Bank of New York City, now in the hands of a receiver, to reopen.
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NEW YORK BANK RESERVES Hamilton Bank Permitted to Reopen for Business: Kingston, N. Y., Dec. 26.-Supreme Court Justice Betts this afternoon rendered a decision permitting the Hamilton bank of New York City, now in the hands of a receiver, to reopen. The Hamilton bank, after paying out during the panic $1,500,000, closed its
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DISCHARGED RECEIVER. KINGSTON, N. Y., Jan. 2.-Justice Betts of the Superior Court today signed an order discharging the receiver of the Hamilton Bank of New York.
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ABOUT HAMILTON BANK. Special Grand Jury Hears Witnesses -Montgomery Not Called. The special grand jury investigating financial institutions in Manhattan spent nearly four hours yesterday examining witnesses in regard to the transactions of the Hamilton Bank. William R. Montgomery, president of the bank, was not one of these, and the opinion seems now to be general that Isidor J. Kresel, the Assistant District Attorney who is conducting the inquiry, will not, for reasons of his own, subprena Mr. Montgomery to appear before the jury. It is understood that the witnesses were examined in regard to the overdrafts reported by Frank White, whom Attorney General Jackson appointed as temporary receiver for the Hamilton Bank. This report charged President Montgomery with having overdrawn his account. It also scheduled a number of heavy withdrawals of deposits by directors just before the bank suspended. The witnesses examined yesterday were Robert Joyce, confidential messenger for Mr. Montgomery: Bebastian J. Briehof, paying teller of the Tremont branch of the Hamilton Bank: Robert Sheets, a Sookkeeper, and Robert Milligan, an "outside" 80licitor for the bank. Dr. Lucius C. Warner, Byron is Strassburger and Francis G. Lloyd, all former customers, were also examined. The inquiry into the Hamilton Bank will.be continued on Monday. Other officials of the bank, it is understood, will be examined then, and it is beNeved that the question of the loans made to F. A agustus Heinze will be taken up shortly. No witnesses from the Provident Savings Life A Issurance Society were called yesterday. Mr. Kresel would not say whether he had finished the inquiry into this company. The postponed meeting of the directors of the H amilton Bank scheduled for yesterday was again postponed, this time until next Tuesday. This action was taken, it is understood, to await the report of the state bank examiners now making a Ie-examination of the Hamilton Bank's assets. They are expected to finish their work on Monday. The bank officials believe that it will be possible to reopen the institution on January 20.
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Bank Declared Solvent. New York, Jan. 13.-President Frank L. Grant, of the suspended Hamilton Bank, was informed today by the State Banking Department that it has been found solvent. It was stated today the baok will probably be permitted to resome on January 20.
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BANK REOPENS IN NEW YORK NEW YORK, Jan. 14.-The Hamilton bank has been found solvent and it will reopen January 20 with $1,800,000 on hand. The bank suspended during the fluerry.
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Hamilton Bank Will Open. New York, Jan. 14.-Tne Hamilton bank has been found solvent and it will reopen January 20 with $1,800,000 on hand. The bank suspended during the flurry.
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Hamilton Bank is Found Solvent. New York, Jan. 14.-The Hamilton bank, which closed its doors during the recent panic, is to reopen for business the latter part of this week or early next week. The report of the special examiners shows that the banks is solvent.
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HAMILTON BANK ARREST INDICTS MONTGOMERY. Special Grand Jury Finds Cause for Charge of Overwithdrawal. R. Montgomery, ex-president on of two the Hamilton William Bank, was indicted jury. yesterday The charges counts by the special grand that, while vice-president. the bank made he against made him two are overdrafts on the funds of caused indictment of Mr. Montgomery followed the The surprise to those who have it closed, on some the Hamilton Bank since of a reeffairs of and went into the hands speOctober 24, iti was known that the celver. for jury while was engaged in investigating affairs, it cial grand phases of the institution's than certain generally believed that other persons would be was ex-president of the Institution Montgomery himthe the bar. In fact, Mr. that him. called self testified to on Tuesday before the body District indicted bank official was at the Howard S The former office with his counsel. presented Attorney's when the indictments appeared were before Gans, him. and soon after of the against Dowling, in the Criminal Branch not guilty. Supreme Justice Court, where he pleaded $2,500 bail on each Justice Dowling held him in H. Birkmire, an counts. William director of of the two at No. 396 Broadway a bondsman. architect, Bank, qualified as Montgomery the Hamilton against Mr. The indictment consisting of him with a misdemeanor $21,000. made on charges overdrafts, one of made September alleged 6. 1907, and another, of $12,950, on October 29. Ham D. Ives. vice-president of the the inFrederick Bank, said yesterday in discussing "The overfiton dictment against Mr. Montgomery: were satisfied made by Mr. Montgomery Bank nothdrafts and he owes the Hamilton merely techby him. overdrafts are considered laws." ing. The violations of the banking nical before the court Mr. Montgomery he de In pleading to withdraw the plea, clerks if ap sired, jury grand obtained within leave a week. Several bank yesterday peared investigation before the special into the affairs of the at Ham- least, The was brought about, partly receiver of fiton Bank of Frank White, the Jackson. in by the institution, report to Attorney General alleged the called attention to certain William which he The report involved O. F. overwithdrawals. Montgomery and also E. R. Thomas, three lat R. and F Augustus Heinze, the official Thomas been forced to sever their Heinze ter having the bank F. Augustus grand relations with indicted by the federal has since connection been with alleged overcertification Na. jury in while president of the Mercantile the time of checks Bank. Mr. Montgomery said public: at tional report was made I and the receiver's never overdrawn my account cent I have owed the Hamilton Bank Attorney a have never directly or indirectly. I defy else the to prove either Frank White or any one my account General have I did not overdraw falseand that any I statements to that effect are absolutely false!" the WHAT RECEIVER REPORTED. Hamilton figures of the receiver of directors during The amounts drawn cut by balances Bank of prior to its closing and their Montgomthe week institution showed that Mr. balance ery-had with the drawn $1,518.67 which left a to his credit of $7 11. further reached the conclusion of The receiver examination of the individual Bank ledger that from an branch of the Hamilten account as the Mr. Tremont Montgomery had overdrawn his much as $34,261 23 indictments The specific charges in the two that on August Mr Montgomery were had it ceragainst a check for $12,950 and Strassburger 29 he drew made payable to B. L amount tified and No. 51 Maiden Lane the of a jeweller at $12,950. constituting an overdraft drew a of Dr. $12,869.77 In question and that on September L. C 6 Warner he for check to the order balance in the bank at the $21,000. when the his check was only $5,918.22. and time he drew days later, when the check had was only prethat sented three to and paid by the bank he $134.72 to his checks. credit it was said yesterday. It were was These two of the Hamilton Bank stock that for shares in the District Attorney's office Willalso said was acting for President Brooklyn Mr. Montgomery Damron, of the Home Bank of Code lam C. punishment provided by the Penal MontgomThe offence charged against Mr. $300. or ary for the is one year in prison or fine of both As Mr. Montgomery is no indictment longer an will official have of the Hamilton on the plans Bank for his the reopening of few the no institution effect and its several branches in a days less than three weeks ago that several the hun- man indicted It is yesterday was honored by which he depositors of the institution of Montgomery dred then the executive head. Mr. depositors was rendered yeoman service to the bank rehad in its effort to have the Justice committee When the news came that granted opened. had discharged the receiver and business Betts for the bank to resume brass band permission hundred depositors hired a Montgomery. several marched to the home of Mr. sereand at No. 1857 Anthony avenue, where they naded him. STATEMENT BY COUNSEL w. Osborne and Howard S. Gans. who James as counsel for Mr. Montgomery they issued are associated a statement last night, in which paid in part: was The fact that attention such of overdrafts the authorities the existed informa by Mr called himself, and but for in all probMontgomery he had offered. would From the tion which never have been discovered Montgomery's ability, the investigation Mr. Attorney's outset of offered to the District possession, and counsel have the information in their means whereby office all then access to every matter. The have given could be thrown on the to avail any light Attorney's office was unwilling indictments District the information, and the must of neitself of all founded, as indictments presentation have cessity been be founded, upon a partial of The the indictments facts. against Mr. violations Montgomery of are the based upon purely There technical are two charges. the made first being S Strassburger banking the law. overdraft in the case of a check The over- of payable to one B. of the negligence draft occurred by reason of the bank who was instructed of the to get the check of one purchase A. The check van. of the employes stock WBR of given the instead Hamilton for the David of Bank. getting Sulli- The Mr of some ager in the bank presented the check of Avot
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BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Over 165 persons were killed and many injured at Boyertown, The Pa., the opera house burned. of a moving explosion when picture were tank started a wild panic; oil lamps upblew up and the floor collapsed. victims were mostly and belonged to the set children The and women leading and families of the town. The special grand jury which was of sworn in to investigate the conduct rebanks in New York county two indictments certain turned president against of Wil- the liam R. Montgomery. Hamilton bank. A serious earthquake occurred at Gonalves, Hayti. A few houses were and others were damaged. of life has been destroyed No loss reported At their annual meeting in Detroit the Lumber Carriers' Association of the Great Lakes decided that it would be impossible to operate their boats during the coming season at the same expense and under the same condi- is tions as prevailed during 1907. It predicted that there will be a great labor struggle. The Maple-Leaf mills at Kenora, Ont., were destroyed by fire. The elevator, in which was stored over 300.000 bushels of wheat, was also de- instroyed. The loss was $1,000,000; sured. Oil-producing firms at St. Petersburg of received news from the Caucasus the opening of a mammoth oil gusher in the Bibi-Eybat field at Baku, flowing at the rate of 120,000 barrels a day. Farmers in Stanley county. South Dakota, were plowing during the first week in January. The coroner's jury practically exonerated the coal mining company for W. the great disaster at Monongah, Va. Edward Henry Strobel, general adviser of the government of Slam, died after a long illness. The body of Lieut. John W. Crawford, private secretary to Admiral Dewey, was found in the Potomac. The prince regent of Bavaria, who pardoned two to declared his tenced recently death, death murderers-sen warrants. intention not to sign any more of the American were breakfasted ship The fleet officers and by battle- Presi later dent Penna at Petropolis attended a garden party at the American embassy It was positively asserted that Sec would he was virtually retary though Cortelyou Knickerbocker not offered resign Trust the presidency of the company. John S. Peters, one of the jurymen who found R. Meade Shumway guilty of at Beatrice, the penalty, murder death committed drowned Neb., suicide. affixing while Five persons were skating in the Jimtown reservoir, near Connellsville, Pa hall. the girls' dormitory at Oxford, O., was Miami Hepburn university, destroyed by fire. E. D. Scott, cashier, and Roy W. bookkeeper of the Peo- N. bank of ple's Van National Hoesen, Franklinville, with Y., were arrested, charged viola- to the revised statutes relating a of false to the the tion making of statements controller. of greatest bank's Denmark's condition modern poet, Drachmann, died Holger sixty-first suddenly year at of Copenhagen, in the his age. Prof. Charles Baetens, for many years solo cellist in the Thomas or chestra, committed suicide in Omaha, Neb. The City National bank of Muskogee, Okla., purchased by Dr. J. L. Johnson the of St. Louis, was merged with First National. The Bank of Commerce will go into liquidation, its business having been sold to the Oklahoma State bank. Frank Nunno, a wealthy young banker, was found murdered near Ardsley, N. Y. William B. Thompson of De in his troit, Mayor Mich., annual that message, the city calls attention to the fact to deal with the street railquestion that "no new of year way will have and franchise urges in leases another of a !ife be given except on the basis three-cent fare.' General Freight Agent W. E. Estes the Central of Georgia railway was shot by his Ga. The was ac. of perhaps Savannah, fatally shooting wife at cidental. Peter Rasmussen of St. Charles, in., committed suicide because of do mestic and financial troubles. the Rebbi Bernhard Felsenthal, oldeut Jewish theologian in the Unirecognized as the world's Hebrew scholar, ten days cago ted greatest States, after of died illness. in Chi- the He was most widely known as founder of the 'reform' movement ama ag Chicago Jews.
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RECEIVER OF HAMILTON BANK SAYS HE DEMANDED EQUAL SHARE OF FEES AS PRICE OF APPOINTMENT. NEW YORK, March 19-Attorney General W. S. Jackson was accused late yesterday afternoon under oath by a witness before the grand jury of having demanded of Frank White, receiver of the Hamilton bank, an equal share of all of Mr.
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The Northern bank in New York City, which has been closed, is the same bank under the name of Hamilton bank, which was closed during the panic of 1907. Apparently, it was rebuilt on none too secure a foundation.
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HYDE WOULD TESTIFY Continued from first page. manipulator and expert in technique." Robin says he himself has always been "the outside man," making a specialty of "canvassing, seeing people and arguing with officials." Robin's "better days' were brought to mind by the display yesterday of an elaborately engraved menu of a dinner given for him early in 1908 by his admirers in the banking world in recognition of his services in pulling the Hamilton Bank through the panic of 1907. Among the subscribers to this dinner, which was held at Delmonico's, were Leroy W. Baldwin, president of the Empire Trust Company; Henry H. Bizallion. president of the Gotham National Bank: James M. Gifford, ex-Senator Clarence Lexow and William P. Youngs. Robin is now. by contrast, the recipient of a flattering offer from a magazine making a specialty of such "features," which wants his story of the whole Carnegle Trust affair.
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Here are some of the services which Mulligan says he and his wife rendered, and for which he asks $20,000: October 25--Promised $20,000 for services of Mr. Mulligan and Mrs. Mulligan in assisting in reopening the bank William R. Montgomery. president of the bank, so agreed in writing. October 31-Conferred with W. R. Montgomery respecting adverse meeting to be held at Amsterdam avenue and 145th street. Visited hall to get size thereof. Conferred with depositors and W. R. Montgomery to formulate plans to stampede the meeting and prevent resolutions for the appointment of a receiver. Time-Day and into the night. November 1-Arranged to have friendly depositors attend the meeting and arranged for speakers. Mrs. Mulligan instructed an interpreter foreman (Italian) that he might drill seventy-five men under him to shout and hurrah for Montgomery for the purpose of attending to stampeding the meeting. which meeting had been called by adverse interests to appoint a receiver. November 2-Arranged for speakers and employed seventy-five persons to attend and stampede the meeting. Rehearsed and drilled gang of men and provided seventyfive men with refreshments and elgars and also paid each man for his services. Paid American foreman and Italian foreman. Conferred with representatives of the press as to news articles. Attended meeting and made speech. Hall was crowded with multitude John P. Leo and Charles H. Tuttle were apparently in charge of the meeting Multitude almost riotous and threatened to mob Mr. and Mrs. Mulligan because of the disturbance in their efforts to prevent the resolution going through and because of the loud cries of their followers, the seventy-five men hired by them. Mrs. Mulligan Turned Tide. Quiet was obtained actually until Mrs. Mulligan's speech was made. wherein she stated that she had never made a public speech before, but that she felt the occa. sion required and permitted her to leave a nursing baby at home to face the awful rainstorm that prevailed that night Mrs. Mulligan stated that she represented as executrix orphan children who had moneys in the Hamilton Bank, and that Mr. Mulligan had money in the Twelfth Ward Bank, which was then closed: how could shoes be bought, how could fires be kept and how could orphans be fed for the winter that was then before us if the Hamilton Bank was permitted to go into the hands of a receiver? Mrs. Mulligan's speech turned the tide and won the day. The motion for a permanent receiver was lost. November 8-Mr. Mulligan talked to depositors and Mrs. Mulligan talked to depositors. One of the group she was addressing attempted to discourage the other agreeand depositors ment) the officers from used of the signing abusive bank (a compelling language proposed about Mrs. Mulligan to forcibly eject such intruder and compel him to flee down the street. December 26-Telegram from James A. Betts to Mrs. Mulligan reading: "Injunetion vacated. Temporary receiver discharged. Bank permitted to reopen.' Upon receipt of this telegram hung original, framed in laurel, in the Tremont branch of the Hamilton Bank Hung a copy. with laurel wreath, in main office room in each of the branches.