The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-28

aminer to become vice president of the
bank, several changes in the directorate
being made at the same time. Josiah
quincy of Boston, was one Of the d.
rectors elected then.
On Aug. O. 1899 Mr.. McAnerny resigned
the presidency, and Vice President Kim
ball was chosen in his stead. Fletcher S.
Heath was elected vice president. The
officers and directors are 81 follows:
THE BANKS OFFICERS.
d. R. Thomas, president; Fletcher 8.
Heath, vice president; George W. Ad-
ans, cashier. Directors-George w. Ad-
ans, Eugene Bissell, Thomas NJ Boyd,
Fletcher Heath. Perry S. Heath, Erskine
Hewitt, VIM. H. KimbaIl. Alexander NC.
Donald Guy G. Major, VIM. P. orr. To-
Slah Quincy, Frank H. Ray, John A. Sui
liVan, w. H. Taylor and Samuel Thomas
EFFECT IN WALL STREET.
The announcement Of the suspension
caused only a ripple in the stock market
The first selling of stock which follow
ed the announcement Of the suspension
Interrupted a recovery in prices and
caused a reaction of l to z12 points in
some of the principal stocks. The offer
ing of large sums of money on the ex-
change at per cent, and large buying
orders placed in the market rallied prices
and left the stock market dull, but some
what feverish until noon.
In banking circles it was said that the
Seventh National heavy debit balance
was the result of the banks embarrass-
ment on Tuesday being telegraphed
throughout the country. The institutions
having moneys deposited with the Sew
enth drew upon the bank, and these
drafts all coming in at the same time
were too much for the institution The
suspended institution is now in the hands
Of the controller Of the currency, who
has appointed Forester Raynor as tenn
pOrary receiver. Mr.. RaynOr'S eXamina-
ton Of the loans of the bank are under
stood to have proved that the collateral
back of them was weak in some in
stances.
The objections of the bank examiner
to these collateral securities is said to
have decided Mr.. Cromwell to advise the
suspension.
President Tappen, of the Gallatin Ma
tional bank and chairman of the clearing
house committee, said that he did not
think any firms or banks, even small
ones, will fail as a result Of the Seventh
Nationals suspension.
1t was said this afternoon that the
Seventh National had quick assets of
about 81, 100000. 1t was further reported
that the depositors would not lose any
thing.
Mr.. Cromwell said that the bank could
have paid it's debit balance in the clear
ing house today, but that on his advice
the doors were closed, as it would not
have been right to receive the money of
depositors during the present unsettled
condition Of affairs.
Guy G. Major, formerly president of the
American Linseed company, is one Of
the directors Of the Seventh National
bank It Is said it would be a couple Of
days before it would be known whether
the bank could ever resume business.
SAYS DEPOSITORs WON'T LOSE.
mot depositor will lose a dollar"
said he. Whatever the stockholders lost,
they are able to lose and will accept
their LOSSES with smiles. There was only
one account that gave US any difficulty,
and that was Marquand & Co.'s account.
From this the bank has over 100000 of
questionable loans. The future of the
bank depends largely upon the Marquand
account being made good