Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-07-04
HAS SUSPENDED PAYMENT
The Doors Of The Seventh National Bank
ofEsW York Are Closed Thursday.
IT WAS AN OLD INSTITUTION
Receiver Appointed by Comp
troller of Currency.
VIOLATION OF CERTAIN CONDITIONS

New York, June 27.-.The Seventh
National Bank was closed at 10. 40
o clock this morning, when tho follow
ing notice was rosted on its doors:
This bank is in the hands o. the
Oomptroller of the Currency Forest
Raynor, National Bank Examiner -
At the same time, William Norton
Cromwell, the banks attorney, gave
out the following statement:
In Justice to the depUsitors aud
stockholders of the Seventh National
Bank, the institution has been advised
to suspend payment
This action was taken after pro
tracted conference in the directors
room OF the bank, which was partici.
pated 10 by the new president Edward
\. Thomas, ex-President William II.
kimball, Edwin Gould, Lorenzo Sempe,
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
clearing house:
At the clearing house, this morning,
the Seventh National Bank came 10
debtor s644, los. 50. The clearing house
committee has been in session since
{. 30 a. m, awaiting the results Of the
clearing. When it was found that the
debit balance was SO heavy, the com.
mites communicated with the officers
of the bank, and was informed that the
board1of directors vas in. session, and
that q decision would be arrived at
within Is or 90 minutes as to the
action of the bank. In consequence of
this statement, the clearings we're held
back 30 minutes At 10. 40 a. M,
William Nelson Cromwell, Edwin
Gould and 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 shat the bank should temporarily
suspend. The clearing house committee
thereupon directed the manager of that
institution to eliminate from the clear
ings ell operations of the Seventh Ma
tional Bank.
At. IL. 20 O'Clock, the officials OF the
embarrassed bank posted the following
notice:
Checks drawn by the Manhattan
State Hospital will be paid at the Chase
National Bank. Drafts drawn by the
St Lawrence County Bank, Canton,
n. r., will be paid at the Chase Ma
lloDdl bank. "
The statement OF the Seventh Ma
tonal Bank for the week ended June
I'D, 1901, to the clearing house was as
follows: Capital, 1876, 600; net profits,
S23i, 400; loans, 81, 407, 100; specie,
500, 100; legal tenders, S777. 700; de-
posts, 90, 7l2, 400; percentage of reserves
% 90.
Among the institutions having close
business relations with the Seventh
National was the stock brokerage firm
OF Marquand 4 Co., Frank b. Poor, Of
the firm, made the following statement
after the banks suspension.
From the outlook lust now, l think
we're going on. At the Same time, we
cannot tell. just now, everything 10
uncertain in the business world, but
believe we will get through. -
HISTORY OF THE BANK.
The Seventh National Bank was
originally the old Seventh Ward Bank,
and was established In 1893. For a
long time, control OF the institution
was held by John MoAnerney, a
Southerner, who was president OF the
bank. In May, 1899. First Assistant
Postmaster General Perry s. Heath
practically acquired control Of the stock
OF the seventh, and on July 4th Will
liam II. Kimball resigned 40 national
hank 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 tbs directors elected then, On
August I'd, 1899, Mr.. McA nerney re-.
signed the presidency, and Vice
President Kimball was chosen in mis-
stead. Fletcher s. Heath was elected
vics- president
The officers are as follows. E. II.
Thomas, president; Fletcher s. Heath,
vice president; George W. Adams,
cashier; George w. Adams, Eugene
Bissell, Thomas M. BOYD, Fletcher s.
Heath, Perry s. Heath, Erskine Hewitt,
William II. Kimball, Alexander Nc
Donald, Guy q. Major, William p.
Orr. Josiah Quincy. Frank ii. Ray,
John A. Sullivan, William II, Taylor
and Samuel Thomas, directors.
TEMPORARY RECEIVER APPoINTEp.
Washington, June 27.-The Conn.,
troller of the Currency has appointed
Forest Raynor temporary receiver of
the Seventh National Bank Of New
York. He ordered the bank closed
because it would not comply with CON
diticns he imposed last Saturday.
~ o
Five Years for Thomas G. Barker.