The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-28
Seventh National of New York in
Hands of Comptroller of
the Currency.
Claim Is Made That Depositors Will
Lose Nothing Receiver
Is Appointed.

NEW YORK, June 27-The. Seventh Ma
tional bank was closed at 1O:45 today,
when the following notice was posted on
Its doors:
This bank is in the hands of the con-
troller Of the currency.
Forest Raynor
National Bank Examiner"
At the same time William Cromwell,
the banks attorney, gave out the follow
ing statement:
In In justice to the depositors and stock
holders of the Seventh National bank
William Cromwell the banks attorney
has advised the bank to suspend"
The action was taken after a pro-
tracted conference in the banks rooms,
which was participated in by President
THOMAS, ex-President Kimball Edwin
Gould. Lorenzo Semple, who is one Of
the directors, and several other members
of the board.
After the suspension the following
statement was made at the clearing
house:
/. CLEARING HOUSE STATEMENT.
''At the clearing house this morning the
Seventh National bank came in debtor
$G44 lOS.95. The clearing house committee
mas been IN session since $3.50 awaiting the
results of the clearing When it was
round out the debit balance was so heavy
the committee communicated with the Of
tlcerS of the bank and was informed that
the board of directors was in session, and
that decision would be arrived at with
In fifteen or twenty minutes as to the ac-
ticn Of the bank. In consequence Of
this statement the clearings were held
back thirty minutes At 1915 a. m. Mr..
William Nelson Cromwell, Mr.. Edwin
Gould, Mr.. Thomas, president of the
bank, came into the clearing house and
informed the committee that in view Of
their heavy debit balance and for other
reasons it was considered wise that the
bank should temporarily suspend. The
clearing house committee thereupon di-
to eliminate from the clearings all oper-
ations Of the Seventh National bank
A member of the clearing house com
rnittee says that at this mornings meet
ing the name of no institution other than
the Seventh National bank was referred
to.
The Seventh National bank was the Gus
tOdian of the funds of the New York
pOstoff1ce. Assistant Postmaster Morgan
said when he heard the news Of the
banks suspension:
1.-THE postoffice is amply protected.
When the account was opened the bank
put UP $250,G00 in government bonds as
P security. The present state Of the post
Offices account with the bank I do not
know, but I am investigating it,
REPORT FOR THE WEEK.
The statement Of the Seventh National
bank for the week~ending June %, 1901
to the clearing house, was as follows
Capital, 1876, 900; net profits, $2S4, 400 loans
$4407 100; specie, S557, 700; legal tenders
$777, 700; deposits, $5,712,400 percentage of
reserve, % 4-1O.
The bank opened for business as usual
today, but at 10:45 the doors were closed
by Cashier Adams, who said this action
was resolved on at a meeting Of the
board of directors, depositors and the at
tOrney for the bank, held this morning
THE BANKS HISTORY.
The Seventh National bank was origi-
nally the old Seventh Ward bank, and
was established in 1888 For long time
the control of the institution was held
by John McAnerny, a Southerner, who
was president Of the bank
In May 1899, First Assistant Postmas-
ter General Perry S. Heath practically
acquired controlling interest in the
stock of the Seventh, and on July f. VIM.
II. Kimban resigned as national bank ex-