The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-28

"a D,1'Sf, efQ,,.
New York, jun IN ot-th Nation
al bank was closed . la. when
the following notice wa. 'sQ2 IN its
doors.
This bank is in the hands of the con.
troller Of the currency.
Forest Raynor,
National Bank Examiner"
a the same time, William Nelson Crom-
we'll the banks attorney, gave out the
following statement.
'ln Justice to the depositors and stock
holders OF the Seventh National bank VII
liam Nelson Cromwell. the banks attor-
ney. has advised the bank to suspend pay.
nont.'
his action was taken after protracted
conference in the directors room OF the
bank which was participated in by the
new president, Edward r.. Thomas, ex-
President William II. Rimball, Edwin
Gould, Lorenzo Semple, who is one Of the
directors, and other members OF the board.
The last statement Of the Seventh Ma
tioLal bank was as follows:
Paid mp capital 100000; surplus ana
profits S2l6,3So; due to banks $s97 $50; in
dividual deposits SO, 1875. 707. loans and dts
counts 50, I32, $50; bonds. setcks. etc, 1888,
i30; due from banks SAB, $50; cash and ex-
change $l,2si65o.
The Seventh National bank was original
ly the old Seventh Ward bank ana was
established in 1888 For a long time con
bol of the institution was held by Jonn
Mcl2nery, a Southerner, who was president
of the bank, In May 1893, First Assistant
POSTMASTER General Perry s. Heath praC-
ticolly acquired a controlling interest IN
tne stock OF the bank, and, ON July I,
William H. Kimball resigned as National
bank examiner TO become vice president
OF the Seventh, several changes in the d.
rectorate being made at the time. Josiah
quincy Of Boston was one of the directors
elected then.
ON August ,, 1899, Mr.. McEnery resigned
the presidency and Vice President Kimball
was chosen In his stead Fletcher S.
Heath was elected vice president.
The officers and directors are as follows:
Il. Il Thomas, president; Fletcher S.
Heath, vice president George w. Adams,
cashier. Directors; George W. Adams,
Eugene Bissel Thomas n. Boyd, Fletcher
$ Heath, Perry S Heath. Ersline Hewitt,
William II. Kimball, Alexander Mcdonald,
Quincy Frank H. Ray, John A. Sullivan,
W. II. Taylor, Samuel Thomas
Atter the suspension Of the bank the
following statement was made at the clear.
ing house;
AT the clearing house the Seventh Ma,
tional bank came n debtor S844, %. The
clearing house committee has been in ses.
sion since $3.50 o'clock awaiting the results
OF the clearing. When II was found the
debt balance was SO heavy the committee
communicated with the officers Of the bank
aud In Tnp anH IN fhfa 81
tors was In session and that decision
would be arrived at within fifteen or TWEEN
tY minutes as to the action OF the bank.
In consequence of this statement the clvar-
ings were held back thirty minutes At
1O:45 a. m. William Nelson Cromwell, Ed.
win Gould and Mr.. Thomas. president of
the bank, came into the clearing house and
informed the committee that In view Of
their heavy debt balance aud for other
reasons II was considered wise that the
bank should temporarily suspend The
clearing house committee thereupon d.
rected the manager Of that institution 10
eliminate from the clearings all operations
of the Seventh National bank"
a member OF the clearing house commit
tee SAYS that at this morning meeting tue
name of an institution other than the
Seventh National bank was referred TO.
The Seventh National bank was the GUS
todtan Of the funds OF the New York post,
ofGce Assistant Postmaster General Nor,
gan said when he heard the news OF the
banks suspension. THE postofhce is amply
protected. When the account was opened
the bank put up $4,000 IN government
bonds MS security The present state Of the
nostoftice account ! do not know, but !
am investigating H.,
Among the institutions having close busi.
ness relations with the Seventh National
hank was the stock brokerage hrm Of Mar
ouand & Co Frank b. Poor Of the firm
made the following statement after the
' From the outlook Just now, | think we
are going on. At the same time we can