Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1901-07-04
BANK CLOSES ITS DOORS.
Trouble Owing to Question
able Loans.

New York. June 27.-The Evening
Journal, in its issue marked might spe-
cial.n today prints statement in con-
nection with the Seventh National bank
affair thus;
THE Associated Press issued bulle-
tin which was published exclusively in
the Evening Journal. 1t said the bank
ers were blaming the administration for
neglecting to examine the Seventh Ma
| tional, and favoritism. because of politi-
cal friendship of Perry Heath, a domiu-
ant director. was charged
| The Associated Press issued no such
bulletin nor carried any such dispatch
nor anything like it in statement or in
purport
William Nelson Cromwell special
counsel for the bank. gave out the fol-
| lowing statement from President
| Thomas tonight, and added that he was
engaged in preparing plan Tor the re-
organization of the affairs of the bank,
and that 1t was believed a satisfactory
| plan would be presented at an early
date;
Edward r. Thomas, president of the
Seventh National bank, stated that the
difficulties of the bank were due solely
| to the making by the previous execu-
tive officers of large advances TO Messrs.
Marquand & Co.. and that the security
thereon was of an unmarketable char
acter, although it had considerable in
trinsic value. That upon the urgent APP
rlication of the board he and his as
sstant Edwin II. Gould. had furnished
| financial assistance upon adequate Sc
4 Ia H.. 49,, NJ OF
obligations OF Marquand & Co. would
be made good by this morning. That
the firm named had, however, fe'led TO
| fulfill these expectations, and, while he
and Gould and some of the directors
were willing to furnish further financial
aid, it was not deemed by them as just
either to depositors, stockholders OF
public to invite deposits and credit UNI
| til the affairs of the bank were again
placed upon an absolutely safe basis
That for this purpose reasonable time
was necessary. and to prevent an Unfair
preference or advantages the board had
determined with the advice OF counsel
to suspend operations for the present
A statement was also made showing
the banks loans and discounts to be
s3,590,459 deposits. $4,127 1856; the tota
| liabilities and resources aggregatinl
1916. $50.
During the afternoon an informa
meeting of the officers of the important
banks was held at down town club anc
the Seventh National and its relation:
with other financial institutions was
thoroughly discussed. A tacit under
standing that all interested be protected
was arrived at
mo one else said one Of the con
ferces, will be allowed to fail. No in
stitution, am say, is in peril, but meas
ures have been devised to give amps
protection. We have got this inciden
out of the way. and | see no DANCE
ahead. The Seventh could expect Meth
err aid nor sympathy from the asso
ciated banks"
The Times will say tomorrow (Fri
day. that from sources having absolut
knowledge of the facts. ii was ascer
tanned beyond peradventure that Gen
eral Samuel Thomas. who is i'll a
Dobbs, Ferry, advanced the $9s3,00O I
settle the debit balance of the Seventh
National at the clearing house on Tues
day. II was also established that 5000,
600 was advanced by Edwin Gould t
help the bank. s4A