The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-06-27

when the following notice was posted On
its doors:
This bank is in the hands Of tne
controller of the currency.
FOREST RAYNOR,
National Bank Examiner"
At the same time William N Crom-
well the hanks attorney, gave out the
following statement
In Justice to the depositors and
stockholders OF the Seventh National
bank. William Norton Cromwell, the
banks attorney has advised the bank
to suspend payment"
This action was taken after q pro-
tracted conference in the directors
room of the bank which was partici-
pats q in by the new president, Edward
r. Thomas. ex-President William H.
Kimban. Edwin Gould, Lorenzo Sample,
who is one of the directors and several
other members Of the board
The bank opened for business as US
ual today but at 10:45 the doors We're
closed BY Cashier Adams who told a
reporter that the bank had suspended
He said the action was resolved on at
the meeting of the board Of directors.
depositors and William Norton Crom-
wen, attorney for the bank. held this
morning.
The Seventh National bank was or
iginally the old Seventh Ward bank
and was established in 1898. For a long
time control of the institution was held
by John McAnerney, a sOutherners who
was president of the bank In May
1899, First Assistant Postmaster Gen-
eraI Perry s. Heath practically acquir-
ed a controlling interest in the stock
of the Seventh. and on July William
H. Kimban resigned as national bank
examiner to become vice president of
the Seventh, several changes in the di-
rectOrate being made at the same time
Josiah Quincy, of Boston. was one OF
the directors elected then.
On August ?. 1899. Mr.. McAnerney re-
signed the presidency and Vice Presi-
dent Kimbau was chosen in his stead
Fletcher s. Heath was elected vice
president
The officers and directors are as fol-
lows:
e. r. Thomas, president; Fletcher s
Heath, vice president; George W. Ad-
ans, cashier.
Bissell, Thomas n Boyd, Fletcher 5
Heath. Perry s. Heath, Erskine Hew-
lit, William H. KimbaH. Alexander
Mcdonald. Guy G. Major, William P
Orr, Josiah Quincy, Frank H Ray, Jno
A. Sullivan w. H. Taylor, Samuel
Thomas.
The statement Of the Seventh Ma
tional bank for the week ending June
p. 1901, to the clearing house was as
follows:
Capital. ss7seOo; net profits. 1924, 400:
loans, S4,40l1O0; specie, $557. 200; legal
tenders. SIT. 200; deposits IS, ,7l2. 400. Per
centage Of reserve % 40
A statement of the banks condition
probably viii be made public later III
the day All the banks made the ex-
change at the clearing house as usual
After the suspension of the bank the
following statement was made at the
clearing house:
Al the clearing house this morning
tne seventh National bank came il
debtor S644. los 95 The CLEARING bo,,se
committee has been in session since o.
awaiting the results of the clearing
When II was found the debit balance
was 50 heavy the committee communi-
Gated with the officers of the bank and
was informed that the board of directors
was in session and that a decision
would be arrived at within fifteen oY
twenty minutes as to the action of the
pank- In consequence of this statement
minutes. -1iii y
At 1915 a. m. Mr.. William Nelson
ron We'll Alr Edwin Gould, Mr.. Thomas
president or the bank came info the
clearing house and informed the com
mttee that In view of their heavy
debit balance and for other raasons 4
was considered wise that the haoL
should temporarily suspend. The clear
Ing house committee there11Dor f75-s~+
eo the manager OF that instit,,tfor =,
eliminate from the clearings an onars
uons OF the Seventh National banlr .
Amember of the clearing house oor,
Inlttee says that at this morning.
naeetng the name Of no institution
oVher than the Seventh National hank
was referred to. iH
The Seventh National bank was the
custodian OF the funds of the New vo7l-
postofnce. Assistant Postmaster Nor
gan said when he heard the news Of
the banks suspension:
Inc postofdce is amply protected
Nv men Nne account was opened the hank
put up Sz5O.00O In government bonds .as
security. The present state of the most
oInce's account with the bank I do not
know. but am investigating it
At 1920 o'clock the officials Of fba
embarrassed bank posted the following
notice. Us
Checks drawn by the Manhattan
Stale hospital viii be paid at the Chase
National bank. Draffs f71ax,-r, ~ -
= lawrence County bank, Canton N
bank $50 4 "a
Among the Institutions having close
business relations with the Seventh
Natlonai was the stock brokerage firm
o1 Aarquand & Co. Frank B. Poor. of
tne nrrn, made the following staten ent
arler the banks suspension.
rom the outlook Just now" said
nes think We're going on At the
same time we cannot tell Just now