New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-06-27
IT'S BALANCES PAID.
SEVENTH NATIONAL MEETS CLEARING
HOUSE OBLIGATIONS.
EDWIN GOULD IN CONFERENCE
WITH NEW PRESIDENT

EDWIN GOULD IN CONFERENCE
WITH NEW PRESIDENT
All the banks of the Clearing House Associ-
alton made their exchanges yesterday morning
as usual including the Seventh National Bank.
the 1924. 900 debit balance of which was prompt
" paid There was q tri1ing run on the bank
but the danger of disaster to the institution
now appears have been averted. The Clear
ing House Committee convened again yesterday
morning, but adjourned when II was found that
the Seventh National had met its obligations at
the Clearing House.
score or mora Of depositors were on hand
when the bank opened its doors for business,
anxious 70 draw out their deposits. The cashier.
G. W. Adams. stood beside the paying teller and
assisted in cashing the checks of the customers,
rapping on his window for the next man TO come
on and get his money almost before he had fin
!shed with the one who had just turned in his
check Mr. Adams said that the Withdrawals
were Of small deposits. amounting to about S25,-
000 in all. "All Of our large depositors,' he
added. have stood by all along. and have
not withdrawn a dollar from their accounts.
This shows the confidence in the bank. We had
enough money on hand to meet any demand"
William H KimbaIl who resigned the presi-
dency on Tuesday. at the bank yesterday,
winding up some private affairs Before leaving
the presidents desk Mr. Kirnball said that the
of assistance. These effers would not be ac-
cepted, for the reason that they were not needed.
There was enough money in the vaults TO pay
dollar for dollar to every depositor. and still
leave money in the safes.
We had made ample preparations over night
10 meet any emergency to-day" continued Mr..
Rimbau. LAS il was. any apprehension that we
may have felt proved groundless. and the pay
rents made thus far have been very little in ex-
cess Of those Of any ordinary banking day. Our
debit balance in the Clearing House this morn
ing amounts only TO 1924. 900 which is less than
the ordinary one. Usually this balance averages
between 100000 and 100000"
II NAV be remembered that Tuesdays debit
balance of the Seventh National Bank at the
Clearing House which the bank was unable TO
nay until late in the afternoon, was about
S9S30OO
Mr KirnbaH will remain on the Board Of Di-
rectors. and will continue 70 take an active in
terest in the conduct of the banks business.
Il is understood that Edwin Gould advanced
a large sum yesterday 10 the bank. Mr.. Gould.
who is president Of the Bowling Green Trust
Company. Of which General Samuel Thomas is
vice-president, arrived at the Seventh National
Bank yesterday some time before banking
hours. accompanied by Edward r. Thomas, the
new president. They had 2 conference with
MT Kinban and some Of the banks officers and
left the building a little before the opening
hour Later on President Thomas. MI. Gould
and Frank B. Poor. Junior partner Of Henry
Marauand &. Co. held a conference at the bank
All three refused, however, 10 say what had
been the specific subject under discussion
William Nelson Cromwell of the Law firm Of
Sullivan & Cromwell visited the bank yesterday
afternoon and had conference with President
Thomas and other Seventh National interests
Il is said in reference to the possibility or speed
fly realizing upon the collateral held by the IN
sttution part Of this collateral it Is unoerstoou'
consisting OF securities which ordinarily coula
not find a ready market President Ihomas
subsequently, gave out through MT CfoIh"eh
the following statement:
This bank has met all its ohligation&s 10 & IN ,es Gug
course and is conducting its business N ,b @ bank
manner There has been no run on an;fesfa InT Gsa
fions Of coincidence on the part of It's oeposltors
have been most gratifying
Both Mr. Kimban and Mr.. Thomas emphat-
ically denied certain rumors TO the ehec' 'iio'
IN Difference TO the alleged visit OF the Clearing
House Association some of the directors might
he induced IN resign. Mr. KimbaIl was asked
also about the rurnors that some Of the directors
of the hank had been operating through the nrIn
Of Henry Marquand & CO. He denied the story
declaring that TO the best Of his knowledge II
was false
Much adverse criticism was heard yesterday
in regard to the admissions by officers OF the
Seventh National Bank that there had oeeh
generalization Of the account OF Henry mar
quand & Co and other customers An ohicer
OF the bank said yesterday. in reply 10 such
criticism:
II IS the veriest nonsense TO blame TINS psn
practice that obtains in every parhits lt.oti,,
tion Of any size In this city. II may not pe ~,
regular TO overcertify a customer aISouiiS syyns
everybody knows that with STOCK Eschahse ar.9 In
Il often necessary. venture 10 say tnat 80
institution in the financial district is more VI 1883
given TO this practice.
The firm OF Henry Marquand & 60 was
large buyer OF stocks the Stock EAchaise
yesterday, its purchases presumably represent
ing covering of short contracts
At the Office OF the National Bank Examiners
No 35 Nassau-st it was said yesterday IN
answer 10 a question whether or not any eA-
animation had been made with view 10 asceI,
tanning II the Seventh National Banks capital
had been impaired that the local examiners
could not talk on the subject, put that an IN
formation must be sought in washington
In the early afternoon IL was rurnoreo lhat d
small Stock Exchange firm had in some way pe-
involved as a result of Tuesdays uoupie'
A careful canvass failed 10 confirm the rutnof'
and officials of the Exchange secuted its trulh-
pnF pGT POI.ANDi