Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1901-06-27
4 new YORK BANK
GOES TO The WALL
Former First Assistant Postmaster General
Perry 8. Heath Was the Principal Stock
holder of the Institution.
FAILURE is SOMEWHAT 4 SURPRISE

| New York, June 27.-Wm. Norton
Cromwell, attorney of the Seventh Nat
ional bank, advised the bank to suspend
payment. The statement given out was
as follows: "In justice to depositors and
stockholders of the Seventh National
bank, Vim. Norton Cromwell, the banks
attorney, has advised the bank to sus-
pend payment"
The announcement of the suspension
caused only a ripple on the stock mar
ket 1t interrupted the recovery Of
! prices and caused reaction sOf to 2
and 1-2 points in some of the principal
stocks. The offering of large sums Of
money on the exchange at per cent
and large buying orders placed in the
| market rallied prices, but left the stock
market dull but somewhat feverish un-
| til noon.
| In banking circles it was said that the
7th National heavy debit balance today
was the result of the banks embarrass-
ment on Tuesday being telegraphed
throughout the country. The sinterior
institutions having money deposited
with the 7th drew on the bank and these
drafts all coming in at the same time
were too much for the institution.
The following notice was tackled up:
"This bank is in the hands of the comp
troller of currency. Forest Raynor, Nat
ional Bank Examiner
The bank opened for business as u.s.
ual today but at 10:45 the doors were
closed by Cashier Adams who said the
bank had suspended He said the ac-
ton was resolved on at meeting of the
directors depositors and Vim. Nelson
Cromwell, attorney for the bank, this
originally the old 7th ward bank, estab-
lished in 1888. In 1885, First Assistant
Postmaster General Perry S. Heath
practically acquired the controlling in
terest of the stock of the 7th. The state
ment of the 7th National for the week
ending June %, 1901, to the clearing
house was as follows: Capital $376, 900;
net profits 1924, 400; loans $4,407, 100; spe-
Gle $557,0O0; legal tender $777,7 ZOO; depos-
it's s5,712, 400. Percentage of reserve
29 4-10." All banks made exchange at the
clearing house as usual today.
A RECEIVER WILL BE APPOINTED.
Washington, June 27.-The comptrol-
Ter of the currency has just been advised
Of the closing of the Seventh National
bank of New York. A receiver will be
appointed
DEBTOR se44, 1885.
New York, June 27-At the clearing
hose this morning the Seventh Nation
al bank came in debtor s644, ,108.95. AZ
ter the announcement Of the suspension
the clearing house committee thereupon
directed the managers that the institu-
ton eliminate from the clearings all op-
erations of the Seventh National bank.
On August 3, 1899, John McAnaerney
resigned the presidency and Vice Presi-
dent Kimball was chosen in his stead.
Fletcher S. Heath was selected vice
president. The officers and directors
are: E. r. Thomas president; Fletcher
S. Heath vice president; Geo. w. Adams
cashier; directors, George w. Adams,
Eugene Bissell, Thomas M. Boyd, Flet-
cher s. Heath, Perry s. Heath, Erskine
Hewitt; VIM. H. Kimball, Alexander
Mcdonald, Guy G.. Major, VIM. P. Orr,
Josiah Quincy, Frank H. Raney, John
A. Sullivan, W. H. Taylor, Samuel
Thomas.
FORREST RAYNOR FOR TEMPO
RARY RECEIVER.
Washington, June 27.-The comptrol-
Ter of the currency appointed Forrest
Raynor temporary receiver of the Sew
enth National bank. He ordered the
bank closed because it would not COM
ply with the conditions he imposed on
Saturday.
A LOAN OF 81, 100000 THE CAUSE.
Washington, June 27.-Comptroller
Dawes sent the following telegram to E.
r. Thomas, president of the Seventh
National bank on Wednesday: II just
received information from the national
bank examiner that Henry Marquand
& Co. have loans of a large amount from
your bank approximating 81, 900, 900. I'm
less promptly and satisfactorily assured
that this loan will be taken up and cash
therefore put into the bank by Saturday
night, June 20, will appoint receiver
for the bank. Please confer with your
board of directors and announce this to
them" The comptroller stated that the
Marquand loan is partially secured and
it is hoped that the loss to depositors
will not be large.
Comptroller Dawes says there is no
possibility of the government losing
anything by the closing of the bank.