The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1901-07-06
BANK rs IN TROUBLE.
Doors of the Seventh National, Of
New York, Closed.
Action IL Ordered By Comptroller
Dawes, Who Also Names . Re-
ceiver-Looseness I'm It's Busi-
ness Affairs the Cause.


New York, June 2s.-The Seventh
national bank was closed at 10:45
Thursday by order of Comptroller
Dawes and the following notice was
posted on its doors:
.sThis bank is in the hands of the comp
troller of the currency.
POOREST RAYNOR,
National Bank Examiner"
At the same time William n. Crom-
well, the banks attorney, gave out the
following statement:
SIN justice to the depositors and stock
holders of the Seventh national bank, VIII
liam Newton Cromwell the banks attor-
ney. has advised the bank to suspend pay
ment."
This action was taken after pro-
tracted conference in the directors
room of the bank, which was partici-
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.
Statement ut Clearing House.
After the suspension of tie bank
the following statement was made at
the clearing house:
eat the clearing house Thursday morn
ing the Seventh national bank came In
debtor $644, 10S.95. The clearing house COM
mittee has been In session since 800 await
ing the results OF the clearing. When 1t
was found the debit balance was so heavy
the committee communicated with the OIL
f1cers of the bank and was informed that
the board of directors was In session and
that decision would be arrived at within
Is or 20 minutes as to the action OF the pank'
In consequence of this statement, the
clearings were held back 30 minutes. AZ
1915 a. m. william Nelson Cromwell, Ed
win Gould and Mr.. Thomas. president o.
the bank. came into the clearing house and
informed the committee that in view OF
their heavy debit balance and Tor other
reasons 1t was considered wise that the
bank should temporarily suspend. Inc
clearing house committee thereupon a.
rected the manager Of that institution to
eliminate from the clearlngs all operations
Of the Seventh national bank"
A member of the clearinghouse
committee says that at Thursdays
meeting the name of no other insti-
tuition than the Seventh national
bank was referred to.
Held Post ONCE Funds.
The Seventh national bank was tho
custodian of the funds of the New
York post Office. Assistant Postmas-
ter Morgan said when he heard the
news of the banks suspensions:
"The post office is amply protected
When the account was opened the
bank put UP $25O,OOO in government
bonds as security. The present state
of the post Offices account with the
bank 1 do not know, but l am inves-
it,"
At 1920 the officials of the bank
posted the following notice:
Cheeks drawn by the Manhattan
state hospital will be paid by the
Chase national bank. Drafts drawn
by the ST. Lawrence county bank,
Canton, n. Y, will be paid at the
Chase national bank"
Affects Marquand & Company.
Among the institutions having close
business relations with the Seventh
was the stock brokerage
firm of Marquand G. Co. Frank b.
Poor, of the firm, made the following
statement after the banks suspen-
sion:
''From the outlook just now said
he, 81 think we're going on. At the
same time we cannot tell. Just now
is uncertain in the BUSH
ness world, but believe we will get
through"
Comptroller Dawes has appointed
Forrest Raynor temporary receiver of
the hank. He ordered the bank
closed because it would not comply
with the conditions he imposed on