The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-28
Seventh National of New York in
Hands of Comptroller of
the Currency.
Claim Is Made That Depositors Will
Lose Nothing Receiver
Is Appointed.

NEW YORK, June 27.-The- Seventh Ma
tOnal bank was closed at IO:45 today,
when the following notice was posted on
Its doors:
This bank is in the hands of the con-
froller Of the currency.
Forest Raynor,
3 National Bank Examiner"
At the same time William Cromwell,
the banks attorney, gave out the follow
1ng statement:
In justice to the depositors and stock
holders of the Seventh National bank.
William Cromwell the banks attorney,
has advised the bank to suspend
The action was taken after pro-
tracted conference in the banks rooms,
which was participated in by President
Thomas, ex-President Kimban Edwin
Gould. Lorenzo Semple, who is one Of
the directors, and several other members
OF the board.
After the suspension the following
Statement was made at the clearing
house:
CLEARING HOUSE STATEMENT.
AT the clearing house this morning the
Seventh National bank came in debtor
Sod, lOS.S5. The clearing house committee
has been in session since $3.50 awaiting the
results of the clearing. When it was
found out the debit balance was so heavy
the committee communicated with the Of
Ulcers Of the bank, and was informed that
the board of directors was in session and
that a decision would be arrived at with
IN fifteen or twenty minutes as to the ac-
ton OF the bank. In consequence Of
this statement the clearings were held
back thirty minutes At 10:45 a. m. Mr.
William Nelson Cromwell, Mr.. Edwin
Gould, Mr. Thomas president of the
bank came into the clearing house and
informed the committee that in view Of
their heavy debit balance and for other
reasons it was considered wise that the
bank should temporarily suspend. The
clearing house committee thereupon di-
rected the manager of that institution
to eliminate from the clearings all oper-
atoms Of the Seventh National bank
A member of the clearing house com
Tnittee says that at this mornings meet
ing the name Of no institution other than
the Seventh National bank was referred
to.
The Seventh National bank was the Gus
todian of the funds of the New York
postofffce. Assistant Postmaster Morgan
said when he heard the news Of the
banks suspension:
THE pOstof1ice is amply protected
When the account was opened the bank
put up $250,00O in government bonds as
security. The present state Of the post
Offices account with the bank I do not
know, but I am investigating it."
REPORT FOR THE WEEK.
AlAS obcllC4lAS44l VI LlLS OSFSIIll National
bank for the week~ending June %, 1901,
to the clearing house, was as follows:
GeP pit $500; net profits, 1924 400 loans,
$777, 700; deposits, $5712,4O6; percentage of
reserve, % 40.
The bank opened for business as usual
today, but at 1915 the doors were closed
by Cashier Adams, who said this action
was resolved on at a meeting of the
board of directors, deposltors and the at
torney for the bank, held this morning.
THE BANKS HISTORY.
The Seventh National bank was origi-
nally the old Seventh Ward bank, and
was established in 1888. For a long time
the control of the institution was held
by John McAnerny, a Southerner, who
was president Of the bank.
In May 1899, First Assistant Postmas-
ter General Perry S. Heath practically
acquired a controlling interest in the
stock of the Seventh, and on July 4, VIM.
II. Kimbau resigned as national bank ex-