Seventh National Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 998
Charter Number: 998
Start Date: February 14, 1903
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: b8eb035a

Response Measures

None

Receivership Details

Date receivership started: 1901-06-27
Date receivership terminated: 1901-11-12
OCC cause of failure: Excessive lending

Description

Articles describe the bank being wrecked by over-certifying checks (embezzlement/irregularity) and later reorganized; a 1907 item refers to the bank as defunct and funds in the hands of a receiver. No explicit contemporaneous run is described in the provided texts, so this is classified as a suspension/closure (failure/receivership) due to bank-specific adverse information.

Events (6)

1. April 11, 1865 Chartered

Source: historical_nic

2. June 27, 1901 Receivership

Source: historical_nic

3. November 12, 1901 Restored To Solvency

Source: historical_nic

4. February 14, 1903 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Over-certifying checks (about $1,250,000) by the bank's president and paying teller led to the wrecking of the bank and its reorganization.
Newspaper Excerpt: The crime with which the two defendants was charged resulted in the wrecking of the bank, which, however, was reorganized.
Source: newspapers

5. April 9, 1903 Voluntary Liquidation

Source: historical_nic

6. April 13, 1907 Receivership

Newspaper Excerpt: the now defunct Seventh National Bank, and which is in the hands a receiver.
Source: newspapers

Newspaper Articles (3)

1. February 14, 1903 The Washington Times Washington, DC

Article from The Washington Times, February 14, 1903

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Article Text

MEN WHO WRECKED NEW YORK BANK SET FREE Court Satisfied They Did Not Profit by Marquand & Co. Transactions. NEW YORK, Feb. 14.-William H. Kimball, formerly president of the Seventh National Bank, and Gamaliel W. Rose, paying teller of that institution, who pleaded guilty to the charge of overcertifying checks of the former firm of Marquand & Co., were arraigned for sentence today. Judge Thomas said he was satisfied that no wrong was intended, and that neither Kimball nor Rose profited by the transaction. He then sentenced Kimball to pay a fine of $5,000, and permitted Rose to go under suspension of sentence. The crime with which the two defendants was charged resulted in the wrecking of the bank, which, however, was reorganized. The amount of checks which were over-certified amounted to about $1,250,000.

2. February 14, 1903 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, February 14, 1903

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Article Text

Bank-wrecker Sentenced. New York, Feb. 14.-Wm. H. Kimball, formerly president of the Seventh National Bank, and Gamaliel W. Rose, paying teller of that institution, who pleaded guilty at their trial last month, in the United States Circuit Court, to the charge of over certifying checks of the former firm of Marquand & Co., were arraigned before Judge Thomas for sentence today. In imposing sentence Judge Thomas said he was satisfied that no wrong was intended and that neither Kimball nor Rose profited by the transaction. He then sentenced Kimball to pay a fine of $5,000 and permitted Rose to go under suspension of sentence. The crime with which the two defendants were charged resulted in the wrecking of the bank which, however, was reorganized. The amount of checks which were over certified amounted to about $,1250, 000.

3. April 14, 1907 The Washington Herald Washington, DC

Article from The Washington Herald, April 14, 1907

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Article Text

NELLY TO BE SUED AGAIN. Man Accused in Cuban Postal Frauds Will Have New Trial. New York, April 13.-Charles F. W. Neely, who was arrested for a shortage of $132,424 in the Cuban postal funds, and who escaped criminal prosecution through the amnesty provision of the Cuban-Spanish-American treaty, is to be sued again by the United States government, which is making an attempt to recover the amount of the stolen money for the Cuban government, and which lost its first sult. The order for the new trial was signed to-day by Judge Lacombe, on the application of E. K. Jones, appointed a special Assistant Attorney General to prosecute this action. The case was put on the April calendar. Mr. Jones, as special Assistant Attor General, has succeeded in tying up $20,000 cash ball that Neely deposited F Commissioner Shields when arrested, gether with a $30,000 bond he gave the ban authorities, and $7,000 which Neely posited with the now defunct Seventh : tional Bank, and which is in the hands a receiver. There is also a fund of $6 that the postal authorities seized that been held up by Mr. Jones.