Evening star., 1901-06-27

ing house that none will be. The Ninth
National is in excellent condition. and there
was absolutely no warrant for the use OF
its name in the discussion of the situation
on Tuesday"
History of the Bank.
The Seventh National Bank was original
ly the old Seventh Ward Bank. and was
established in 1888. For long time contro.
of the institution was held by John Nc
Anerney a southerner, who was president
of the bank. In May. 1899. First Assistant
Postmaster General Perry s. Heath. prac-
tically acquired controlling interest IN
the stock of the Seventh. and on July
Wm- II. Kimball resigned as national bank
examiner to become vice president OF the
Seventh, several changes in the directorate
being made at the same time Josiah Qufn-
cy of Boston was one Of the directors elect
ed then.
On August 2, 1899, Mr. McAnerney re-
signed 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:
E. r. Thomas. president; Fletcher 8.
Heath. vice president; George W. Adams.
cashier; directors, George w. Adams, Eu-
gene Bissell. Thomas NJ. Boyd Fletcher 8.
Heath. Perry s. Heath. Erskine Hewitt,
VIM. H. Kimball, Alexander Mcdonald.
Guy G. Major, VIM: P. Orr Josiah Quincy.
Frank H. Ray, John A. Sullivan, w. H.
Taylor, Samuel Thomas.
Closed by the Controller.
Controller Dawes today ordered the clos
ing of the Seventh National Bank Of New
York and appointed Forrest Raynor. ma
tional bank examiner. temporary receiver.
Later the controller made the following
statement:
Controller Dawes stated that on Tues
day he received word from the national
bank examiner that Henry Marquand e.
Co. had recently become indebted in sum
approXimating s1,GU0,OOO to the Seventh
National Bank of New York. which was
secured by collaterals of a doubtful ma
ture. Upon receipt on Wednesday Of fur
ther information regarding the nature OF
the collaterals securing this loan, he sent
telegram to Mr.. E. r. Thomas, president
of the Seventh National Bank. as follows:
L have just received information from
the national bank examiner that Henry
Marquand & Co. have loans Of large
amount in your bank. approximating ST.
100000. Unless promptly and satisfactorily
assured that this loan will be taken up and
cash therefore put into the bank by Sat
urday night, June 90, / will appoint a re-
ceiver for the bank. Please convene your
board Of directors and announce this to
them.
in explanation of the conditions imposed
the controller states that while advances
had been made fy the directors to the
bank, they had been made upon the credit
OF good securities owned by the bank. but
that no such advances affected the banks
solvency while the Henry Marquand paper
remained. 1t was necessary, therefore, for
him, In the performance of his duty, to
promptly impose these conditions. before
further Withdrawals of deposits were made.
The controller stated that the Marquand
lean is partially secured, and it is hoped
that the loss to depositors will not be
large"
The following is statement OF the re-
sources and liabilities of the Seventh Ma
ID - v~r1rA
as shown by the report of it's condition at
the close of business April "a, 1901: