The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-27

to the bank. they had been made upon the
credit o.. good securities owned by the
bank. but that no such advances affected
the bank soIvency while the Henry Mar
cuand paper remained therein It WAS
necessary, therefore, for him in the per
forTnance Of his duty to promptly impose
these conditions before further withdraw
ais of deposits were made The Comp
trofler stated that the MarqUand loan IS
partially secured. and. il is hoped. that
the loss 10 deposftors viii not be large
Mr.. Dawes declined to say this morning
whether or not he believed the bank
would be able to resume business He
said that he hSS imposed certain eondi-
tious, and these had not been complied
with. so he had no recourse but to close
the bank pending an examination If the
securities now held in question turn out
to be good, it is possible that the bank
viii be able TO resume business within
reasonably short time. and that the cred
itors viii lose nothing
On April p, when the last official re-
port of the condition Of the bank was
made to the Treasury Department, there
was the sl1u9sof $210,SS on deposit in the
bank to the credit of the United States
disbursiag officers. postohiee funds. To
v
United States bonds, amounting to $3.50
CO.,
The following is a statement Of the re-
sources and liabilities OF the Seventh Ma
tional, as shown by the official report of
its condition to the Comptroller of the
| Currency at the close of business April q:
| Liabilities: Capital stock, $Soo,oG0; sur
| plus and undivided profits. 1924. 1926; cir
culation outstanding. $2s8.501: due to trust
companies and savings banks, $4l2, 27-S2;
due to national banks and bankers. ST.
21001; individual deposits, $, ,2S 05S.26; Uni
| ted States deposits, $210, ,SSS3. Is; total la
bilities, 81, ,66S, 1862.
| Resources: Loans and discounts, s.. 49,
| I7q- %; stocks. securities claims, etc SI33,-
80 SO; United States bonds and premiums
S51I. .474.14; banking house. $5,00o; cash or
hand and with other banks. 81, ,I9I, ,279. 90
total resources, 81, Cos, ,265, g.
| From information received at the Treas
ury Department it may be stated that the
Marquand & Co. loans were not secured
by industrial securities, as was rumored
in the Street this morning The firm was
a large holder OF Pittsburg, Shawmut an6
/ Northern Railway securities and il is un
derstood that these securities were almost
entirely the securities deposited as col
| lateral for the heavy bank loans Thi:
| railway company was formed in 1899 from
! a consolidation Of several Pennsylvania
corporations Its lines are not yet com
pleted and its securities have not bae1
| considered very. good
There was a disposition on F Street thi.
morning to blame the difficulties of III
Seventh National on the former presi
dent Mr.. KimbalI, the man who resigned
on Tuesday night, when the affairs OF IN
bank began to look dubious 1t was stat
cd that Vice President Heath and hi
brother, Perry Heath were not believe,
to be In anyway involved IN the matter
Perry Heath is at present in the West.
The Pestofiee Department has alread
received several applications from Ney
York banks to be made repositories o
Government funds IN place OF the Sevent
National One of these applications cam
from the Chase National Bank This ban
was formerly a United States depository
J but the Government funds were take
away frcrn it about two years ago an
given to the Seventh National It wa
supposed at the time that Perry Heat
had used his influence to accomplish thi
transfer It is said to be possible tha
the Chase National Bank viii now receiv
the deposits again
There were rumors on the Street thi
morning that the firm Of Marquand
Co would be obliged TO go 10 the wa
today It was inferred that this woul
necessarily follow. If the firm canno
make good its loans from the Sevent
National Bank