The daily morning journal and courier., 1901-06-28
TO PROTECT OTHER BANKS
CONFERENCE OF PR0MTNENT
 FINANCIERS IN NEW FORK.

Failure of the Seventh National Not t
 be Allowed to Drag Others Down
 Measures Provided to Give AmpI
 rotection-Dnnger Ahead, 1t Is Said
 NO Sympathy for the Defunct Bank
 New York, June 27.-This afternoon an informal meeting of officers of i'm portant banks was held and the sus pension of the Seventh National whicf was closed by the comptroller to-day and it's relations with other financia institutions was thoroughly discussed A tacit understanding that all inter- ests should be protected was arrived at
 No one else," said one of the con- ferees, will be allowed to fail. No institution, I may say is in peril, but measures have been devised to give ample protection. We have got this incident out of the way, and I see no danger ahead. The Seventh could ex- pect neither aid nor sympathy from the associated banks"
 Incidents of the closing of the doors of the Seventh National abounded. At the moment of closing one depositor was pushed back as he tried to enter to deposit $4000. His ruff1ed temper was soothed when he was told that he was lucky as the bank had failed Two minutes after the posting of the notice by Cashier Adams a crowd of 200O persons surged about the southeast corner of John street and Broadway. The crowd held possession until police reserves arrived and re- stored order by enforcing commands to move on. The doors of the bank and the side entrance in John street were blocked until after banking hours.
 The Times will say tomorrow (Fri- day) that from sources having absolute knowledge of the fact 1t was ascer- tained beyond peradventure that Gen. eral Samuel Thomas, who is i'll at Dobbs Ferry, advanced the $9SS, 900 to settle the debit balance of the Seventh National at the clearing house on Tues day. It was also establised that $200,- 900 was advanced by Edwin Gould to help the bank in the strait. What se- curity the lenders received could not be learned Ex-President Kimball, it was stated, owned sixty shares of the banks stock.
 The closing of the Seventh National bank was brought about to-day by the failure of the directors to give satisfac tory assurances to the comptroller of the currency, who consequently order ed Forrest Raynor, national bank ex- aminer, to take charge of the bank, as temporary receiver. The di- rectors, meanw hile, had been forced to the conclusion that the bank must stop business, and they so informed the clearing house committee.
 Comptroller Dawes on Tuesday re- ceived word from the national bank ex- aminer that Henry Marquand & Co. had recently become indebted in the sum of $1,6o0oO0 to the Seventh Ma tional bank, which was secured by col lateral of doubtful nature. Upon re- ,eipt on Wednesday of further infor- nation regarding the nature of the col aterals securing this loan, he sent telegram to E. R. Thomas, president of he bank, as follows: "I have just received information rom the national bank examiner that Henry Marquand x Go, have loans of arge amount in your bank approximat- ng $1. O00 Unless promptly and sat sfactorily assured that this loan will oe taken up, and cash therefor put into he bank by Saturday night, June 20, I will appoint a receiver for the bank Please convene your board of directors, | md announce this to them'
 Soon after the hour of opening busi- less this notice was posted on the | ,anlS's door:
 This bank is in the hands of the of the currency.
 Forrest Raynor,
 National Bank Examiner. This notice was somewhat unexpect- q in view of last nights reassuring and crowd which extend d to the car tracks in the middle of Broadway at John street soon collect q. The doors were guarded and no ne was admitted
 Guy G. Major, formerly president of he American Linseed company, is one f the directors of the Seventh Ma onal bank. He said it would be cou- le of days before it would be known neither the bank could ever resume usiness.
 Not depositor will lose dollar" aid he. There was only one account hat gave us any difficulty and that as the Marquand account. Aside 'oln this the bank had not over $10,000 -orth of questionable loans. The fu~ { Ire of the bank depends largely upon { le Marquand account being made { ood.' Another director said that the bank ould be reopened in eight days. { Advertisements were printed in the { fternoon papers offering to buy Sew s nth National bank stock The offer z as made by broker who said he was I cting for General Thomas { State Superintendent of Banks Kill z urn this afternoon held a consulta- { on with Bank Examiner Raynor at le Seventh National He said he had ms s:ulted with MT. Raynor for the lrpose of ascertaining whether any her bank was involved and also that ' } was satisfied that this was not the lse. /
 
 Four Men Killed.