16540. Seventh National Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
998
Charter Number
998
Start Date
January 1, 1893*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
a37f525d

Response Measures

None

Description

Articles (March 1902) refer to the historical failure of the Seventh National Bank as a past event that caused a clearing house emergency. The pieces do not describe a depositor run in these excerpts, but refer to the bank's failure/suspension during the earlier emergency (likely the Panic of 1893). Exact date of failure is not given in these clippings; I record 1893 as the likely year because the text references 'the panic of '93', but the article itself is from 1902.

Events (1)

1. January 1, 1893* Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank is described as having failed, producing an emergency for the New York clearing house (failure/insolvency of the Seventh National Bank).
Newspaper Excerpt
the great emergency and embarrassment occasioned by the failure of the Seventh national bank.
Source
newspapers

Newspaper Articles (4)

Article from The Daily Morning Journal and Courier, March 10, 1902

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Article Text

000. He was accustomed to say that he was in great measure dependent upon his salary as bank president for his support. The explanation for this apparently strange inconsistency is discovered in the temperament and ambitions of the two men. The minstrel was a very prudent man, who had cultivated habits of saving, whose habits were good, and who had ambition to make a considerable fortune. Mr. Tappen had no ambition whatever to be a rich man. He was able several times to save very rich men from distress and even bankruptcy, and one of the most vivid of his recollections was the haggard despondency with which a man now of international prominence in the group of great railway organizers and combiners came to him on the eve f theo panic of '93, saying that he was ruined unless the clearing house did something. The clearing house did do something the next day which saved not only this man, but a great many others. Mr. Tappen's great ambition was the perfection of the New York clearing house association, and only a few days before his last sickness he said to the writer that he believed the clearing house system was perfect with a single exception, that there was one weak spot in it to which he had given a great deal of thought, in the hope of strengthening it. It was the weak spot that was disclosed at the time of the great emergency and embarrassment occasioned by the failure of the Seventh national bank. Mr. Tappen hoped in the course of this year to have devised smoe method which would make an experience of that kind again impossible. -New York Letter to Philadelphia Press.


Article from Waterbury Democrat, March 13, 1902

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Article Text

OASTORIA. Bears The Kind You Have Always Brugt Signature of the MINSTREL A BANK PRESIDENT. There was offered for probate yesterday the will of a man who died recently who had been for some 30 years a negro minstrel. He began his career as a minstrel in the very year that Frederick D. Tappen was elected president of the Gallatin national bank. In all that time Mr Tappen has been associated with the great company of financiers of New York and upon four or five occasions was the emergency general who led the forces of the clearing house against the panicstricken forces of the stock exchange, and put panic and demoralization to rout. The minstrel, West leaves an estate estimated at a little over $50,000, and another who was for many years his partner, still living, is, according to common belief, the possessor of even greater wealth than that. Mr Tappen's will has not been probated yet, but it is the impression of those who knew something about his affairs that it will be found that he left a very modest estate. There will be great surprise if it is discovered that Mr Tappen possessed as much as $200,000. He was accustomed to say that he was in a great measure dependent upon his salary as bank president for his support. The explanation of this apparently strange inconsistency is discovered in the temperament and ambitions of the two men. The minstrel was a very prudent man, who had cultivated habits of saving, whose habits were good and who had ambition to make a considerable fortune. Mr Tappen had no ambition to be a rich man. He was able several times to save very rich men from distress and even bankruptcy, and one of the most vivid of his recollections was the haggard despondency with which a man now of international prominence in the group of great railway organizers and combiners came to him on the event of the panic of '93, saying he was ruined unless the clearing house did something. The clearing house did do something the next day which saved not only this man, but a great many others. Mr Tappan's great ambition was the perfection of the New York clearing house association. and only a few days before his last sickness he said to the writer that he believed the clearing house system was perfect with a single exception, that there was one weak spot in it to which he had given a great deal of thought, in the hope of strengthening it. It was the weak spot that was disclosed at the time of the great emergency and embarrassment occasioned by the failure of the Seventh National bank. Mr Tappan hoped in the course of this year to have devised some method which would make an experience of that kind again impossible. -New York Letter to Philadelphia Press.


Article from The Indianapolis Journal, March 14, 1902

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Article Text

MINSTREL'S WEALTH. A He Died Possessing More Money Than a Bank President. New York Letter in Philadelphia Press. There was offered for probate yesterday the will of a man who died recently, who had been for some thirty years a negro minstrel. He began his career as a minstrel in the very year that Frederick D. Tappen was elected president of the Gallatin National Bank. In all that time Mr. Tappen has been associated with the great company of financiers of New York, and upon four or five occasions was the emergency general who led the forces of the clearing house against the panic-stricken forces of the Stock Exchange and put panic and demoralization to rout. The minstrel West leaves an estate estimated at a little over $500,000, and another who was for many years his partner, still living, is, according to common belief, the possessor of even greater wealth than that. Mr. Tappen's will has not been probated yet, but it is the impression of those who knew something of his affairs that it will be found that he left a very modest estate. There will be great surprise if it is discovered that Mr. Tappen possessed as much as $200,000. He was accustomed to say that he was in great measure depending upon his salary as bank president for his support: The explanation for this apparently strange inconsistency is discovered in the temperament and ambitions of the two men. The minstrel was a very prudent man who had cultivated habits of saving, whose habits were good and who had ambition to make a considerable fortune. Mr. Tappen had no ambition whatever to be a rich man. He was able several times to save very rich men from distress and even bankruptcy, and one of the most vivid of his recollections was the haggard despondency with which a man now of international prominence in the group of great railway organizers and combiners came to him on the eve of the panic of 1893, saying that he was ruined unless the clearing house did something. The clearing house did do something the next day which saved not only this man but a great many others. Mr. Tappen's great ambition was the perfection of the New York Clearing House Association. and only a few days before his last sickness he said to the writer that he believed the clearing house system was perfect with a single exception, that there was one weak spot in it to which he had given a great deal of thought in the hope of strengthening it. It was the weak spot that was disclosed at the time of the great emergency and embarrassment occasioned by the failure of the Seventh National Bank. Mr. Tappen hoped in the course of this year to have devised some method which would make an experience of that kind again impossible.


Article from The Hawaiian Star, April 1, 1902

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Article Text

A SUICIDE IN OLAA SONG AND SIXPENCE SURVIVAL FROM OLD WHALING THE MINSTREL WORTH MORE DAYS KILLS HIMSELF. THAN THE BANKER. Minstrel West Accumulates Half a Many in Remembrance of His Genial Character Attend His Funeral. Million By Thrift And The Financier Barely Gets $200,000 Stratemeyer Reads Burial Service. HILO, March 27.-An old man named There was offered for probate in New York the will of a man who died recentMooney who, for the past twenty-five years has worked on various plantaly, who had been for some 30 years a tions on the islands and who was last negro minstrel. He began his career as engaged on the Olaa Plantation, was a minstrel in the very year that Fredfound dead in his room last Monday erick D. Tappen was elected president of the Gallatin national bank. In all with a wound in his right temple, his hand grasping a revolver. that time Mr. Tappen has been assoMooney was known to all old-timers ciated with the great company of finanas a hard-working man, his fault being ciers of New York, and upon four or a desire of drink. For some time past five occasions was the emergency genhe has been in ill health and unfit for eral who led the forces of the clearingwork, but continued to occupy his room house against the panic-stricken forces in one of the plantation cottages at of the stock exchange, and put panic and demoralization to rout. The minOlaa. On that morning one of the emstrel, West. leaves an estate estimated ployes of the mill entered the room to at a little over $500,000. and another procure something and noticed deceased lying in the bed covered with his who was for many years his partner, blanket. He drew the covers from his still living. is according to common befeet for the purpose of awakening him lief, the possessor of even greater wealth than that. and on touching him found his limbs were stiff. Taking the blanket from Mr. Tappen's will has not been prothe man's head he saw the bullet bated yet, but it is the impression of those who knew something of his affairs wound and revolver. On examining that it will be found that he left a very him it was found that the body was warm and that death had occurred modest estate. There will be great surprise if it is discovered that Mr. Tappen probably a few hours before. Sheriff possessed as much as $200,000. He was Andrews was notified and Deputy accustomed to say that he was in great Overend went up on the afternoon train measure dependent upon his salary as to hold an inquest. A jury was summoned and a verdict in accordance bank president for his support. with the evidence rendered. The body The explanation for this apparently was interred that night, many of the strange inconsistency is discovered in employes of the plantation attending. the temperament and ambitions of the George Stratemeyer read the burial sertwo men. The minstrel was a very pruvice. dent man, who had cultivated habits Nothing is known at Olaa regarding of saving, whose habits were good, and deceased, except that he was an old who had ambition to make a considerawhaler and had sailed with Captain Joe ble fortune. Mr. Tappen had no ambiSpencer who is now in Honolulu. He tion whatever to be a rich man. He was was a kind hearted old chap, always able several times to save rich men ready to divide his small earnings with from distress and even bankruptcy, and a friend who happened to be in hard one of the most vivid of his recollections luck. He was supposed to have been a was the haggard despondency with native of the East and was one of those which a man now of inter-national prowho visited the islands during the old minence in the group of great railway whaling days when life in the country organizers and combiners came to him was a pleasant dream.-Hawaii Herald. on the eve of the panic of '93, saying that he was ruined unless the clearinghouse associationetaoi shrdlu cmfwyp house did something. The clearinghouse did something the next day which THE PRINCE'S VISIT saved not only this man, but a great many others. OF INCIDENTS THE ROYAL Mr. Tappen's great ambition was the perfection of the New York clearingVISIT. house association. and only a few days before his last sickness he said to the writer that he believed the clearingMiss Roosevelt Not to Marry for a Year house system was perfect with a single exception. that there was one weak spot Anyway-The Prince's Estimate of in it to which he had given a great deal American Success and Its Talisman. of thought, in the hope of strengthening it. It was the spot that was disclosed at the time of the great emerOne incident of the launching of the gency and embarrassment occasioned Meteor which seems to have escaped the by the failure of the Seventh National chroniclers of that international cereBank. Mr. Tappen hoped in the course mony was not lost by the girl friends of this year to have devised some of the graceful central figure of the method which would make an experifunction. and their involuntary exclaence of that kind again® impossible. mations illustrated how old supersti-