davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28

situation personally and that he had advanced
$3.50 900 to the firm. Inquiry last night de-
veloped the fact that he was still at his Newport
home.
There was some trouble in getting money yes
terday afternoon at the office of Henry Mar
uuand & Co, but Mr.. Poor afterward said that
only $4,000 was involved, representing three
drafts which were paid little after ) o'clock,
when funds from some unidentified source were
received.
A prominent banker said yesterday that the
operations of Henry Marquand & Co. had for the
last two years been regarded in Wall Street as
not extremely conservative. While great deal
of their collateral first class, much of it was
regarded very unsatisfactory from the bank
ers' point of view. The firm had always offered
a substantial quantity of New-York Central and
Pennsylvania stocks. all of which were in their
own name, but the rest of the collateral offered
by them was usually securities which had small
negotiable value in this market. The firm. this
banker declared, had frequently had their loans
called over night, and sometimes had had to pay
10 to ID per cent when the prevailing rate
only to > per cent.
large part of the collateral given by Henry
Marquand q Co. 10 the Seventh National Bank
is understood to have been securities of the
Ptttsburg, Shawmut and Northern Railroad
Company. in the financing of which they have
been prominent. These securities are not listed
company said yesterday afternoon that IL had
sold to Henry Marquand & Co S6O00O0O of
the bonds at par and that the S6,OOO0O0 cash
had all been used in the construction OF the
road. bonus of % per cent in stock had gone
with the bonds. 1t would take probably So
100000 more to complete the work, but the
bonds from the proceeds OF which II
pected TO raise that sum would be taken by GER
tain important and wealthy interests II Henry
MarQuand & Co. should ind II impracticable 10
buy them. In any the completion OF the
enterprise was assured, although the company
had all along had the activa nnnosition of GER
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
RESOURCES
me awE aHE
Total ....... IS. l65 $50 ].

Total 81. 1850 u Total 80 Ioo" Il
The loss TO the Seventh National Bank is ex-
pected 10 be about 100000 The authorized
capital is S5pO0O0 Of which S316,649 is out
standing As under the national banking act
double liability is eXacred. the stockholders are
thus liable for the total sum Of about Sfa3,3tep.
Appca bic also TO the meeting Of losses are the
surplus and undivided profits. which. according
10 the June PC statement, amounted to s25i,lSi.
THE SEVENTIES DIRECTORY.
The directory Of the Seventh National Bank
consisted Of the following at the time Of its sus
pension. these men being also among the largest
stockholders:
sene~sl SAMUEL. THOMAS New-York city, capitalist.
ALEXANDER MDONALD vice president STANDARD OIL
Company.
CRAWFORD FAIRBANKS. manufacturer and capitalist
~ Indianapolis
FRANK II. RAY president Continental Tobacco
Company.
r. " JONES. president American National Bank Kan
sas city.
GUY G. MAJOR. ex-presdent Of the American Linseed
Company
General " p ORR president Citizens National Bank.
Pqua. Ohio
F. BISsEI.I. Hew-York city
THOMAS r. BOYD president. American School furni-
ture Company. NeW-fork
PERRY : HEATH. ex-Assistant Postmaster-'5eneral
JOHN A. SULLIVAN vice-president City Trust and SAFE
Deposit Company Of Philadelphia
EDWARD r. THOMAS. Of General Samuel Thomas
FLETCHER S HEATH OF New-York and Ohio. vice
president II the bank
WILLIAM H. KIMBALL. New-York City.
The stock market was not materially affected
by news OF the suspension Naturally 'he
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
CROWD WATTS AT THE DOORS
MR.. RAYNOR SENDS CASH AND SECURI-
TIES TO THE FOURTH NATIONAL.

There a crowd in front Of the Seventh
National Bank Building all day yesterday. after
the cashier had closed the doors OF the institu-
ton. Soon after the suspension many notices
were pasted on the doors. stating that checks
and drafts drawn by various out of town hnan-
cial institutions would be honored at certain
designated local banks and trust companies.
Newspaper men were kept waiting at the doors
of the bank all the afternoon. on the promise of
receiving statement about the banks condi-
ton. few persons. among them two or three
presidents Of banks admitted to the bank
by a door in the in the afternoon. One Of
them was President Happen OF the Gallatin Ma
tional Bank, who stayed only five minutes and
declined to state the object of his hasty call
w. II. Kimball. the former president and E. R.
Thomas. the new president Of the Seventh Ma
tional Bank, were at the bank most of the af-
ternoon Mr.. KimbaIl had a talk with George
Z Austin. counsel Of the Manhattan State Hos
pltai' and notice was posted TO the effect that
checKs drawn on the bank by the Manhattan
state Hospital would be paid at the Chase Ma
tonal Bank. Mr.. Kimban has been the treas
Of the hospital
AT p. IN. woman heavily yelled and in
widows weeds elbowed her way through the
crowd up to the door Of the bank
She stood in the sitting heat for at least a
quarter OF an hour, asking in plaintive and
almost fearful tones TO be admitted. The door
man, however, was obdurate
She said her name Mrs Robert c. Allen.
Her savings were involved she declared
My father" said she was cashier OF the
bank for fourteen years, and now | cannot
even get in to learn what l may expect"
She said her fathers name Frazier but
refused 20 talk further
Forrest Raynor, the national bank examiner
who had charge of the bank yesterday. went
away late in the afternoon. He said he would
not make any statement to the institution
affairs before to-day. Mr.. Raynor accom-
panied by Fletcher S. Heath, a brother Of Perry
S. Heath, who declared that he had nothing to
say about the banks suspension. 1t said
at the bank that Mr.. Raynor had sent to the
Fourth National Bank the cash and securities
of the Seventh National Bank In his custody.
pending the examination A guarded truck car
ried load of packages from the Seventh Ma
tional Bank to the Fourth National Bank earlier
in the day.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28


HISTORY OF THE SEVENTH NATIONAL.
PERRY 5. HEATFs CONNECTION WITH THE
INSTITUTION
The Seventh National Bank began its career
in 1898 at No. 81 East Broadway as the Sew
enth Ward Rank. Al that time there were only
twelve banks in the city, and the old Seventh
Ward contained nearly one-tenth Of the total
population Of the city, which PCS 0S9 Peter
Cooper original stakeholder of the bank
and it's first president was Walter Browne who
was Mayor of the city from 1929 to 1888.
The bank organized under what was
known the safety fund system In 1862.
when its State charter expired. it had 100000
deposits. and all Of It's assets. except $1S0OO0
in commercial paper, in United States
bonds. II suspended active business for time
but kept its charter alive by sending a clerk
To the Clearing House every day to redeem it's
notes In 1865 it took advantage of the Ma
tional Banking act, and has since been known
as the Seventh National Bank. Before coming
to it's present offices it at Pearl-st. and
Peck Slip. and for many years at PearI-st. and
Burling Slip.
The Seventh National Bank has been rather
prominently in the public eye since the spring
! of 1899. when control of the institution was ac-
| quired by a syndicate in which Perry S. Heath
and his brother. Fletcher S. Heath. were leading
| figures William H. Kimball, formerly National
| Bank Examiner here, was installed as vice
| president. and short time later was elected
president. succeeding Colonel John McAnerney,
who had for several years been at the head of
the institution. and Fletcher S. Heath became
vice president. In June, 1899. the Seventh Ma
tional succeeded the Chase National Bank
| clearing agent for the Postmaster of New-York
| collecting all money orders postal notes and
| drafts on the Postmaster which have been de
posted in the various banks of the city by their
| customers The designation of the clearing
agent is made by the Postmaster General. AT
\ the time the Seventh National substituted
| for the Chase National which had acted as
| clearing agent for ten years Perry s. Heath
| was First Assistant POstmaster-GeneTal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
CONTROLLER DAwEs's STATEMENT.
CONDITIONS IMPOSED ON THE BANK-GOv.
EMINENT CAN LOSE NOTHING

Washington. June 27.-Controller Dawes to-
day said that Tuesday he received word from
the national bank examiner that Henry Mar
quand 6, Co. had recently become indebted in a
sum approximating $l6O0000 10 the Seventh
National Bank Of New York, which was secured
by collateraIs Of a doubtful nature. On receipt
on Wednesday of further information regarding
the nature of the colIaterals securing this loan
he sent the following telegram 10 f. R. Thomas
president of the bank:
/ have Just received informal on from the ma
tional bank examiner that Henry Marquand & Co.
have loans Of large amount In your bank, APP
proXimating S6JO,O10 Unless promptly and salts
factorily assured that this loan will be taken up
and cash therefor put into the bank by Saturday
bank Please convene your board Of directors and
announce this 10 them.
In explanation Of the conditions imposed, the
Controller stated that while advances had been
made by the directors TO the bank they had been
made the credit Of good securities owned by
the bank. but that such advances affected the
banks sovency while the Marquand paper
NAMED 1t was necessary therefore for him.
in the performance of his duty. promptly to
impose these conditions before further with
drawals Of deposits were made. The Controller
said that the Marquand loan partially
cured and il was hoped that the loss 10 depOs-
itors will not he large.
The Controller says there is possibility OF
the government losing anything by the closing
OF the bank In the first place, the bonds which
the bank has deposit the Treasury Depart
ment more than cover the government deposits
and, In addition. the courts have held that the
government always is a preferred creditor in the
sense that ii has equal chance the assets
which remain irrespective of the fact that it
has the collateral.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28

early information of alarming and ex-
aggerated character, and prices fell off in the
more active issues. The greatest weakness was
shown by the granger group. Atchson, Union
racine Louisville and Nashville Southern Pa
cine and such industrials Sugar, Peoples
Gas, Tennessee Coal and the specialtes gen
orally. The early afternoon brought all
around recovery, but the late trading reflected
an unsettled undertone
CALL MONEY RATES SOAR.
Call money rates worked high II per
cent while the excitement The early
rate was per cent, at which representative of
the leading banks loaned 81 100000. There
a rapid jump to II per cent. at which figure
S2,OOO,OOO was lent About 81 100000 was lent
at 10 per cent, after which the rate fell to I
per cent. Among the largest lenders of money
at low rates Kuhn Loeb & Co, who ad-
Vanced S3OOO,OO0, and J. & W. Seligman & Co,
who sent in about 81, 600, 900. The rate at the
close was 3 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
WEDDING PLANS CHANGED BY FAILURE
MR.. THOMAS ASKS HIS BRIDE TO COME
HERE FOR THE CEREMONY.

Reports from Louisville. Ky, have declared
that Edward r. Thomas the new president Of
the Seventh National Bank is TO be married to-
morrow TO Miss Linda Lee. the daughter of
William P Lee, of Louisville. and that he is ex-
pected to go to that city to-day. Mr.. Thomas
was asked yesterday If he intended to go to
Louisville to-day, and he replied why, no. 1
going to stay here"
When is your marriage to Miss Lee to take
pace?' was asked.
oh that is my personal affair." he replied.
Mr.. Thomas previously had said that he had
sent a message to Miss Lee. asking her to come
TO this city for the wedding. which will take
place tomorrow at the Park Avenue Hotel
as his father, General Samuel Thomas. is Ill
with paralysis and his mother could not attend
the wedding in Louisville. Mr.. Thomas has de-
clared that he will be too busy to take we'd
ding trip at present. He has leased the Cyrus
Field Judson place at IrvingtOn as a summer
home and he and his bride will spend their
honeymoon there.
Mr.. Thomas is the youngest bank president in
the city. He was born in Columbus. Ohio in
1873 He was graduated at Yale in 1894, and
since then he has been in his fathers office at
No. so Broadway. Mr.. Thomas is over six feet
high and of athletic build. He is a member of
the Union League. the Union and Alpha Delta
Phi clubs
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
WILL INDUCE CAUTION. SAYS SAGE.

Russell Sage said yesterday afternoon:
There was a rather urgent demand for quite
large loans from me from more than one quar-
ter to-day The parties wanted to borrow large
sums to provide for contingencies and put
themselves in a strong position. No doubt.
good many banks and trust companies have
been lending money things they should not
have lent on This failure to-day will check
any excessive risks in speculation and put
stop to lending on collateral which has not a
present, but only future Ii will do good be-
cause il will induce thoughtful business men
to make a more rigid examination of the col
laterals they have been dealing in. and that
will avert any serious disaster. | expect that
the stock market will halt. pending the read
iuStment of matters
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
pEnRY HEATH,s sI1RPRIsE.

Salt Lake. Utah. June 27.-Perry S. Heath. ex-
First Assistant Postmaster General. when he saw
the dispatch announcing the suspension to-day Of
the Seventh National Bank Of New-York, said the
action of the officials a surprise to him. He
added:
received two kilograms this morning. both Of
which stated that the bank was in good condition
md had plenty of funds hand / cannot ina CINE
what kind snarl they have got into. OF course
there are outstanding loans. but far as know
they are OF the git-edged kind and the bank has
had no outside entanglsments. Now. the hank has
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
POSTAL FUNDS GO TO SUB-TREASURY
THE POSTMAsTER-GENERALT TO DESIGNATE
A NEW DEPOSITORY SOON

Washington. June 27.-Postmaster Van Colt of
New-York has been instructed TO deposit the
money order funds for the present in the Sub
Treasury at New-YOrk. and a depository
take the place of the suspended bank will be de-
termined on by the Postmaster General in
few days The Postmaster is not permitted to
let the money order balance in the bank exceed
100000 and in conformity with the require
ments he forwarded to the Treasury last Tues
day $4,000 excess.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28

stock accounts that I know Of The men in
charge there among the best and shrewdest in
the financial world, and am confident the affairs
OF the institution will be Strengthened quickly.
have the slightest idea what has brought about
the suspension. 1t is a great surprise to me.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
Steamboats,.
BOSTON & NEW ENGLAND POINTS

RTVE2 LINE Newport and Fall River
Leave pier 10 n r. foot Warren ST.. Weekdays and
Sundays $50 P. NJ Steamers PRISCILLA AND fOh-
TAN Orchestra each
PROVIDENCE LINE. via providence Leave Hler 10
N R. foot OF Murray St. Weekdays only at 8 p NJ
Steamers PLYMOUTH and CONNECTICUT Orehestra On
each. a..
n r foot OF Spring ST.. Weekdays only at $50 p. NJ
Steamers MAINE and NEW HAMPSHIRE.
NORWICH LINE. via New LOndon-Leave Pier SO
n r. foot of Spring Weekdays only at 9 80 2. NJ
Steamers CITY OF LOWELL CITY OF WORCESTER
NEW HAVEN I.INE-From Pier Is E R. foot OF Peck
SlD weekdays Steamer CHESTER W. CHAPLIN leaves
800 p NJ RICHARD PECK 1900 Midnight Sundays.
CHESTER w CHAPLIN leaves at $50 A. NJ. Returning
p. NJ A delightful Sunday trips
all day on Long Island Sound
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-28
20 Varieties @z0E
|V@+lSOupS|

tain esta blished railroads in it's territory.
large part of the tonnage, he added, would
Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1901-02-20
Harry K Lucas will present at the

Harry K Lucas will present at the
SCCIon Friday, Feb. 22nd. some
thing spectacular thai great disaster
the destruction of Galveston by the
raging flood. great realistic, dioram'c,
scenic exhibltica of !ife-model scenes,
by special artists, luminously portray
ing Galveston's appalling disuster.
The spectator will be taken by the
hand, as It were, and conducted on and
on through the storm-strich.n, wind
swept city; along the streets ofruins,
and by the wrecks Of homes; seeing
heroic men gathering the wounded.
and burning the dead on the shores
where the wild waves wolIow. Also q
superb scenic creation Of Irving's Grip
Van Winsle" and graphic concept ~
of the Pied Piper o. Hamelin-Town.
15cts..and 25cts, proceeds to
be given 70 the library Of the Institute.
Yes! a. Rosenthars, 10ll Broad
street, Augusta. Ca. is the place to
buy your Buggies, Harness, Saddles,
etc. He'll treat you right. Give him
trsial.
sell, for cash, the old reliable Pa
tapsco brand Of Fertilizers. Ammonia
largely derived from blood and tank
age. E. J.NoRRIs, Cash Guano agent
for .Idgefield county
Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1901-02-20
Of Ho,son seminary at Nevmss-

of Holson seminary at Nevmsf.
ket, Tenn, for the occupation OF
their property by Unitsd States
trnops durin. the civil war, to
psy $4,000 to the trustees Of Car
s3n- -Newms college at Moss!y
Creek, Tenn, for damages done
the institution by United States
troops during the civil wsr; 20
enable the president to detail re-
tired ofiicers of the army and
navy to assist in mjlitar" instfuc'
ton in schools; authorizing the
constructions VI t Lridge by rhe
Mobile and West Alsbat,a
Railroad company scrc.s the
Warrior river betwesn the counties
of Walker and Jeffsson. Ala. /;
authorizing the Mob-Is and Wssr
Alahma Railroad company to con-
etruct a bridge across the Tombig.
bee river between the counties Of
Merengo .na Choctaw in Alabama ;
authorizing the director Of thr
census to make payments for TO-
formation concerning cotton gins'
One hundred and hinety.aeven
private pension bills were passed,
among them being bills giving
pensions of $50 a month to the
widows of Gen. DuBarry, Admiral
Picking and Commissary General
Penrose.
At5:55 the senate without fur.
ther business adjourned.
Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1901-02-20
Instant Relief From Toothache

eau often be obtained by by plsc-
ing in the hollow tooth a small
piec of cotton saturated with the
famous H. H. H. Medicine
Sciatca, that painful disease Of the
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bip down the leg, producing great
agony, is best treated by the
vigorous external application of
this Il. H. H. Medicine. The same
r;medy is equslly eficscious in
Neuralgia, that excruciating nerve
pain, which should receive
immediate attention Try it, end
you will recommend it to your
neigbbors. Internal remedies for
neuralgia, rheumatism and head.
ache are all of them dangerous,
and should therefore be avoided.
Call for the genuine article with
the portrait of D. Dodge Tomlin-
soa, 400 North Third Street,
Philadelphia. Pa. on each wrap
per, and refuse to accept worthless
substitutes.
Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1901-02-20
THE NEW YORK WORLD
1nn,eE.a.WEEK eDIrleN.
Almost Daily atthe Pricc OF "
Weekly.

The presidential campaign lsP'tr
but the world goes on just thu ssmet.
and it is full OF news. Ia learn CHS
news, just as it is--promptly and IN
partiaily-all thGt you have 20 10 is To
look in the columns of The Thrlce-a-
Week Editicn of The New York World
which comes to the subscriber 1866 times
a year. -.
The Thrice-a-Week Worlds dill
gence as a publisher of first news has
given 1t circulation wherever the Eng
iish language is spoken-snd you
want it.
The rhrice-a-Week Worlds regular
subscription price is only sl.0O ger
year. We offer this unequaled news.
paper and the Edgedeld Advertiser
together one year for $a.00.
The regular subscription price OF
the two papers is $3.50.
Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1901-02-20

unanimous vote by which the ola
on,argarine b;:, wes taken nj, to
permit vote to be taken upon the
measure Immediately.
Half q dozen Democrats we're oil
their fes It at once. Mr.. Berry, gain
ing recognition, said: II want to
say TO the senator from Maine that
the almost unanimous vote to take
up the bill was net because the
senate is UNANIMOUSLY in favor of
1t. hut it was in order to get rid OF,
Set aside and glue a. blsck eye TO
the ship suhsidy BILL"
A Joint resolution rstifyine nli
agreement between Tennessee and
Virginia az to the boundary be-
tween the two Slates was passed
Mr.. Proctor of Vermont, chair
man Of the committee Oh agricul-
ture, from which the oleomasga.
rine bill was reported, made Q
statement as to the bill.
The discussion took rather hu.
morous turn when Mr. Proctor and
Mr.. Tilimap began comparing
their respective experiences in
dairylng. Mr.. Proctor sid he
MIXED 250 COWS and bad had 30
years Of dairy experisnce.
EDGEFIELD'S GENTLE COW.
HERD.
Mr.. Tillman said he use6 to car
ry his butter to mark"t every Sas.
urday, and that he wept from the
dairy to the governors chair. The
South Carolina senator SAID that
the restrictions on coloring should
apply to butter and oleomargarine
alike, and he caused much amu#'.
ment by The vehen:ence If his de.
nunciation of "axle grease" aud
all "other decorations, concoctions
snd entraptions put off on tba
public,"' slthougb he held that if a
purchaser wanted "axle grease"
he was entitled to have it. The
senator spoke Of the kind Of bot
ter that was so strong that man
had to put brick in the top o9 his
hat to get the taste out Of the roof
of his mouth.
Withopt completing the bill, il
was laid aside for tbs purpose OF
taking up unobjectsd house billa
Among the bills passed were the
following:
To incorporate the National So.
cietv of the United Daughters Of
1872; to pay $4,000 TO the trustees