Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-28
SEVENTH NATIONAL BANK
IN HANDS Of A Receiver.
1T is AN OLD INSTITUTION, con-
TROL OF WHICH WAS RE-
GENTLY ACQUIRED
BY ASST. P. M. GENERAL HEATH
A STATEMENT by COMPTROLLER
DAWES OF THE CAUSE OF
THE FAILURE.

NEW YORK, June 27.-The Seventh
National Bank was closed at 10: As
o'clock to-day, when National Bank Elk
aminer Raynor posted the following no
tice on the door:
This bank is in the hands of the
comptroller of the currency"
The comptroller of the curreny has
appointed Forrest Raynor temporary re-
ceiver of the bank
The bank opened for business as usual
to-day, but at 10:45 the doors were
closed by Cashier Adams, who said that
the bank had suspended
After the suspension the following
statement was made at the clearing
house:
AT the clearing house this morning
the Seventh National Bank came in
debtor s644,10S.95. The clearing house
committee has been in session since
$50 a.. M, awaiting the results of the
clearing When it was found that the
debit balance was so heavy the commit
tee communicated with the officers OF
the bank.
AT 10:45 a. M, W.fNelson Cromwell,
Edwin Gould and Mr.. Thomas, presi-
dent of the bank, came into the clearing
house and informed the committee that,
in view CT their heavy debit balance
and for other reasons, it was considered
wise that the bank should temporarily
suspend.
The Seventh National Bank was the
custodian of the funds of the New York
postoffice. Assistant Postmaster Nor
gan said when he heard the news Of the
banks suspension: "rhe postof1ice is
amply protected. When the account
was opened the bank put Up $3.50 900 in
government bonds as security"
Among the institutions having close
business relations with the Seventh Ma
tional was the stock brokerage firm of
Marquand & Co. Frank B. Poor, CT the
firm, made the following statement az
ter the banks suspension:
From the outlook just now said he,
Il think we're going on. At the same
time we cannot tell. Just now every
thing is uncertain in the business world,
but 1 believe we will get through
1he Seventh National Bank was origl-
nally the old Seventh Ward Bank. and
was established in 1888 For a long
time control of the institution was neld
by John McAnerney, a southerner, who
was president of the bank In May,
1899, First Assistant Postmaster Cen
eral Perry s. Heat. practically acquired
a controlling interest in the stock of the
bank and on July 4, William H. Kimball
resigned as national bank examiner ~
become vice president OF the institution,
several changes in the directorate being
made at the same time
The statement Of the Seventh National
Bank for the week ending June %, 1901, "a
the clearing house was as follows: Capital
$376.600 net profits, s234 400; loans, &.407,-
1C0; specie, s557.7o legal tenders. s777, 100.
deposits, s5.112, i05. Percentage of reserve,
% 40.
il Statement by Comptroller.
WASHINGTON, June 17.-Comptroller
Dawes to-day made the following state
merit:
Comptroller Dawes said that on Tuesday
he received word from the national bank
examiner that Henry Marauand e Co.
had recently indebted in sum approxi-
mating a,eooooO to the Seventh National
Bank of New York. which was secured by
collateral of a doubtful nature Upon re-
ceipt on Wednesday of further informa-
ton regarding the nature of the coliat-
erals securing this loan. he sent a tele-
gram TO f. r. Thomas. president Of the
Seventh National Bank. as follows: !
have just received information from the
national bank examiner that Henry Mar
quand e Co. have loaned a large amount
in your bank approximating 81 10000. In
less promptly and satisfactorily assured
that this loan viii be taken up and cash
therefor put into the bank by Saturday
IiSht, June -, i VIII appoint a receiver
for the bank Please convene your board
of directors and announce this 10 them.
In explanation OF the conditions impos-
ed. the comptroller says that while adj
vances had been made By the directors 10
the bank. they had been 1ade upon the
credit of good securities Owned by the
bank. but that no such advances affected
the banks solveacy while the Henry Mar
auand paper remained. II was necessary.
therefore, for him in the performance 0.
his duty 10 promptly Impose these condi-
tons. before further withdrawal 81 de-
posts we're made. The comptroller said
that the Maranand lean = partially So
cured and It 10 hoped that the loss 10 de-
posi.ors viii not be large