The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-28
MARQUAND & CO. GO UNDER.
The Firm Responsible for the Bank
Suspension Closes It's Doors.
wall street Hnd Expected the Col
lapse Since Taesday-The Embar-
rassed House Owed the Seventh Ma
tionaI over Million and Half

NEW YORK. June 2S--Henry Marquand
& Co. failed this morning. The assign
ment was made to Frank Sullivan Smith.
of "a Wall Street. Strong & Cadwalader
are the attorneys for the assignee. The
firm assigned without preferences
The collapse of the banking house had
been confidently expected by Wall Street
ever since Tuesday when it became known
that the Seventh National Bank had got
into straits by loan to the firm of ST.
100000 made on what is generally regard
ed as poor collateral
The closing of the Seventh National
yesterday. forced by the Comptroller of
the Currency. because Henry Marquand
& Co could not put up cash for their big
loan. rendered the failure Of the banking
house today a necessity.
The firm is less than four years old,
having been organized in ISgS, with Henry
Aiarquand. son Of Henry G. Marquand.
as the board member Frank Poor. son
of E. E. Poor, the late President OF the
Park National Bank. was the other mem
ber- The concern engaged the immense
office at 100 Broadway, which had been
formerly occupied by Marquand & Parm-
ly. The names Marquand & Poor were,
in themselves. valuable assets in the
financial community. Their Office was so
large and preteatio0s that il had the ap-
/ pearance of s. bank
Mr.. Marquand had been q literary critic
and financial writer on an evening paper
of this city, and Mr. Poor had wide
circle of acquaintances. but not a very
extensive experience in the school of
finance.
Acting under the direction Of the Ma
tionaI Bank Examiner, Forrest Raynor,
a large force OF clerks was today busily
engaged in going over the books of the
Seventh National Bank. which closed it's
doors yesterday morning Mr.. RayHor set
the clerks to work yesterday and such
rapid progress was made that today VII
liam Nelson Cromwell, special counsel for
the bank. announced that Il was hoped
that satisfactory plan for reorsaniza-
ton could be presented in the very near
future.
The bank building at Broadway and
Johns Streets was again the object Of
much attention and early in the morning
there was q small crowd around the doors.
For the most part, the persons in the
crowd were attracted only by curiosity
and few remained in the neighborheod
more than long enough TO read half
dozen of the score or so OF notices pasted
on the doors.
These notices gave the information that
the drafts Of such and such a bank drawn
on the Seventh National would be paid at
certain other bank Ali yesterday these
notices appeared on the doors in increas-
ing number and more were added today,
until the doors of the closed institution
looked like bulletin boards in front of an
auction room.
It was remarked by many persons. Wall
Street men especially, that very few per-
sons gathered around the bank who made
it known that they had money in it It is
not at all unusual for the doors of a closed
bank TO be besieged by frightened de-
positors. but very few of these were in
evidence tod&y. It was said that business
men OF the Immediate neigbborhoOd made
up the greater number Of the depositors,
and that most Of these were not greatly
alarmed, feeling that their losses would
not be heavy.