The Irish standard., 1901-07-06
CLOSES ITS DOORS.
In Hands of Reccivcr-FOrces
Assignment of brokers'.

New York, June 2s.-The Seventh
national bank was closed at 1O:45
Thursday by order of Comptroller
Dawes and the following notice was
posted on it's doors:
'This bank is in the hands of the comp
troller of the currency.
FORREST RAYNOR.
National Bank Examiner"
At the same time William n. Crom-
we'll, the banks attorney, gave out the
following statement:
"In justice to the depositors and stock
holders of the Seventh national bank, Will
liam Newton Cromwell, the banks attor-
ney, has advised The bank to suspend pay
ment."
This action was taken after a pro-
tracted conference in the directors
room of the bank, which was particle
pated in by the newpresident, Edward
r. Thomas, eX-President William II.
Kimball, Edwin Gould, Lorenzo, Sem
pie, who is one of the directors, and
several other members of the board.
William Nelson Cromwell, special
counsel for the bank, gave out the fol-
lowing statement from President
Thomas and added that he ives en-
gagged in preparing plan for reor-
ganization of the affairs of the bank
and that it was believed a satisfactory
plan would be presented at an early
date:
"Mr. Edward R. Thomas. president Of
the Seventh national bank, stated that
the difficulties of the bank were due SOLE
~ to the making by the previous execu-
tive officers of large advances to Messrs.
Marquand & Co., and that the security
thereon was of an unmarketable charac-
ter, although of considerable intrinsic
value. That upon the urgent application
or the board, he and his associate, Mr..
Edwin H. Gould had furnished financial
assistance upon adequate securities and
upon the assurance that the obligations
of Marquand & Co. would be made good
by this morning. That the firm had.
however, failed to fulfill expectations and
while he, and MIR. Gould and some Of the
directors were willing to furnish further
financial aid. it was not deemed by them
as just either to the depositors, stock
holders or the public to invite deposits
and credit until the affairs of the bank
were again placed upon an absolutely
safe basis. That for this purpose reason
able time was necessary, and to prevent
unfair preference or advantages. the
board determined, with the I'D .ice of
present"
New York, June 29.-The failure of
the firm of Henry Marquand e. Co.,
bankers and brokers, the name of
which has been connected with the
embarrassment of the Seventh ma
tional bank, was announced on the
stock exchange Friday. The firm
made an assignment to Frank Sulli-
van Smith. The assignment was with
out preferences. No statement of
assets or liabilities was made with the
assignment. The cause is primarily
laid to the failure of the Seventh ma
tional bank.
Unofficial information was to the
effect that the liabilities will be not
far from $s,O0o,o0O, of which amount
$6,0o0,000 was said to be due to banks,
trust companies and other creditors,
and 100000 to Henry G. Marquand,
father of the senior member of the
firm.
Washington, July 1.-Comptroller OF
the Currency Dawes has appointed a
temporary receiver of the City ma
tional bank, of Buffalo, N. Y. 1t is
thought the losses of the depositors
will be large. The bank owes it's de-
positors, according to its last report,
S1,567,694. 1t has 100000 of govern
ment funds on deposit. Its total liz
bilities are s3,soa, 1903. TO offset this
it has capital of 100000, with a
surplus of %22o.G00.