The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-06-28
BANKS DIRECTORS MEET
At the Clearing House Bank Came in
Debtor $644, ,1O8 95.
DIRECTORS THOUGHT BEST TO SUSPEND
The Comptroller of the Currency Thinks The
Losses Of Depositors win not be Large.
The Government viii Lose
Nothing.
(By the Associated Presc.) J

New York, June 27.-The Seventh Ma
tional Bank was closed at To-: IS today,
when the following notice was posted on
it's doors:
"This bank is in the hands of the Comp
troller of the Currency.
(Signed) FOREST RAYNOR,
National Bank Examiner"
At the same time William n. Cromwell,
the banks attorney gave out the follow
ing statement:
I'm justice to the depositors and stock
holders of the Seventh National Bank.
William Nelson Cromwell, the banks at
torney, has advised the bank to suspend
payment"
This action was taken after protract-
ed conference in the directors room of
the bank, which was participated in by
the new president, Edward r. Thomas.
ex-President William H. Kimball, Edwin
Gould, Lorenzo Semple, who is one of the
directors, and several other members of
the board.
After the suspension of the bank, the
following statement was made at the
cIcdIIHB uOuSG-s.
AT the clearing house this morning,
the Seventh National Bank came in
debtor $644, ,10S.95. The clearing house
committee has been in session since 9 80
a. m., waiting the results of the clear
ing. When it was found that the debit
balance was so heavy the committed com
muncated with the officers of the bank
and was informed that the board of direc-
tors was in session and that a decision
would be arrived at within fifteen or
twenty minutes, as to the action of the
bank In consequence of this statement
the clearings were held back twenty min
utes. At 10:45 a. m, Mr. w. Nelson
Cromwell, Mr.. Edwin Gould and Mr..
Thomas, president of the bank. came into
the clearing house and informed the COM
mittee that in view of their heavy debit
balance, and for other easCns, it was
considered wise that the bank should tenn
porarily suspend. The clearing house
committee therupon directed the mama
ger of that institution 20. eliminate from
the clearings all operations of the Sew
enth National Bank
The statement of the Seventh National
Bank for the week ending June 22nd 1901
to the clearing house was IS follows
Capital, $S76,6OO; net profits. 1924, 400;
loans, $4,4O7, 100; specie, $557 7G0; legal
tenders, $777,7OO; deposits, $5,7l2 400: per
centage of reserve, q l-10.
The Seventh National Bank was origi-
nelly the old Seventh Ward Bank and was
established in 1888. For a long time con-
troll of the institution was held by John
McAnerney, Southerner, who was presi-
dent of the bank. In May 1899 First
Assistant Postmaster General Perry S.
Heath, practically acquired a controlling
interest in the stock of the Seventh, and
on July 7th, William H. Kimball, re-
signed as National Bank Examiner to
become vice-president of the Seventh
several changes in the directorate being
made at the same time. Josiah Quincy of
Boston, was one of the directors elected
then.
On August End, 1899, Mr. McAnerney re-
signed the presidency and President
Kimball was chosen in his stead Fletch-
er S. Heath, was elected vice ce-president.
The officers and directors are as fol-
lows
E. R. Thomas, president; Fletcher S.
Heath, vice-president; George w. Adams
cashier.
Directors: George w Adams Eugene
Bissell, Thomas NJ. Boyd, Fletcher S.
Heath, Perry S. Heath, Erskine Hewitt
William H. Kimball, Alexander McDon-
aid, Guy G. Major, William p Orr. Josiah