gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6498a598bc9e1e0f
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 refer to the failure of the Seventh National Bank (connected to the panic of 1893) but provide no detailed chronology; additional contemporaneous reports would clarify timing and cause.
Events (5)
1.April 11, 1865Chartered
Source
historical_nic
2.January 1, 1893*Receivership
Newspaper Excerpt
the weak spot that was disclosed at the time of the great emergency and embarrassment occasioned by the failure of the Seventh National bank.
Source
newspapers
3.June 27, 1901Receivership
Source
historical_nic
4.November 12, 1901Restored To Solvency
Source
historical_nic
5.April 9, 1903Voluntary Liquidation
Source
historical_nic
Newspaper Articles (14)
1.November 9, 1896Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
Click image to open full size in new tab
Article Text
PLENTY OF GOLD IN NEW YORK The Gotham Banks Contemplating Resumption of Gold Payments and Thus Relieving Treasury. GOLD WILL BE PUT INTO CIRCULATION Wheat Market Broke Season's Record This Morning-December Jumped to Over 80 Cents-Rise Not Attended by Excitement. New York, Nov. 9. -The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of government dues. That action threw the burden of supplying gold upon the treasury and eventually forced the issue of bonds by the government. Since election the yellow metal has been coming into the banks in a flood. By this action of the banks, gold will be put into circulation, and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the treasury of a great strain.
2.November 9, 1896Deseret Evening NewsSalt Lake City, UT
Click image to open full size in new tab
Article Text
WILL RESUME SPECIE PAYMENT, The Banks will Supaly Gold and ReHeve the areasury, NEW YORK, Nov. 9,-The banks are contemplating the resumption of specie payments which they suspended in February, 1892, by refusing to supply gold for export and for the payment of government dues. That action threw the burden of supplying gold upon the treasury, and eventually forced the issue of bonds by the government, which aroused so much complaint. Since the election, the metal has been coming into the banks in such a flood that they see their way clear to what can be ternied re. sumption of specie payments. By this action of the banks, gold will be put into circulation and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the treasury of a great strain.
3.November 9, 1896The Topeka State JournalTopeka, KS
Click image to open full size in new tab
Article Text
BANKS WILL PAY OUT GOLD They Will Relieve the Treasury of the Burden it Had. New York, Nov. 9.-The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of government dues. That action threw the burden of supplying gold upon the treasury and eventually forced the issue of bonds by the government which aroused SO much complaint. Since the election gold has been coming into the banks in such a flood they see their way clear to what can be termed the resumption of specie payments. By this action of the banks gold will be put into circulation and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the treasury from the strain.
4.November 10, 1896The Dalles Daily ChronicleDalles, OR
Click image to open full size in new tab
Article Text
Banks Feel the Effect of Restored Confidence. NEW YORK, Nov. 9.-The banks are contemplating the resumption of specie payments which they suspended in February, 1892, by refusing to supply gold for export and for payment of government dues. That action threw the burden of supplying gold upon the treasury, and eventually forced the issue of bonds by the government, which aroused so much complaint. Since the election the metal has been coming into the banks in such a flood that they see their way clear to what can be termed a resumption of specie payments. By this action of the banks gold will be put into circulation, and no occasion whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the treasury of a great strain.
5.November 10, 1896Pine Bluff Daily GraphicPine Bluff, AR
Click image to open full size in new tab
Article Text
THEIR WAY CLEAR Coming Into the Banks In a Flood. PTION OF SPECIE PAYMENT York Banks Are Contemplating Move-They - Suspended Such stent In February, 1892, by Reto Supply Gold For Export-Facnd Shops Running Full Time. YORK, Nov. 10.-The banks are W implating the resumption of specie ents, which they suspended in arry, 1892, by refusing to supply for export and for the payment of mment dues. That action threw borden of supplying gold upon the Sary and eventually forced the issue bonds by the government, which red SO much complaint. Since the metal has been coming into the firs in such a flood that they see their clear to what can be termed the reotion of specie payments. By this of the banks gold will be put on circulation and no reasons whatwill exist for hoarding it. They also resume the task of supplying for export and thus relieve the stray from the strain.
6.November 11, 1896Semi=weekly GraphicPine Bluff, AR
Click image to open full size in new tab
Article Text
# SEE THEIR WAY CLEAR
Gold Coming Into the Banks
In a Flood.
# RESUMPTION OF SPECIE PAYMENT
New York Banks Are Contemplating Such a Move-They Suspended Such Payment In February, 1892, by Refusing to Supply Gold For Export-Factories and Shops Running Full Time.
NEW YORK, Nov. 10.-The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of government dues. That action threw the burden of supplying gold upon the treasury and eventually forced the issue of bonds by the government, which aroused so much complaint. Since the election metal has been coming into the banks in such a flood that they see their way clear to what can be termed the resumption of specie payments. By this action of the banks gold will be put into circulation and no reasons whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the treasury from the strain.
7.November 12, 1896Morning AppealCarson City, NV
Click image to open full size in new tab
Article Text
ACKNOWLEDGING THE CORN. The following dispatch from New York shows how the banks worked a conspiricy to compel the Government to issue bonds by which they were able to clean up several million dollars. The dispatch reads: The banks are contemplating the resumption of specie payments, which they suspended in Feburary 1892, by refusing to supply gold for export and for the payment of government dues, This action threw the burden of supplying gold upon the treasury and eventually forced the issuing of bonds by the Government, which arroused so much complaint, Since the election the metal has been coming into the banks in such a flood that they see their way clear to what can be termed a resumption of specie payments. By this action of the banks the gold will be put into circulation and no reason whatever will exist for hording it.
8.November 14, 1896Red Lodge PicketRed Lodge, MT
Click image to open full size in new tab
Article Text
WILL RELIEVE THE TREASURY. New York Banks Contemplate the Resumption of Specie Payments. New York, Nov. 9. -The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for payment of government dues. That action threw the burden of supplying gold upon the treasury and eventually forced the issues of bonds by the governemnt which aroused so much complaint. Since the election the metal has been coming into the banks in such a flood that they see their way clear to what can be termed resumption of specie payments. By this action of the banks gold will be put into circulation, and no reason whatever will exist for hoarding it. They will also resume the task of supplying goll for export, and thus relieve the treasury of a great strain.
A New York special notes among the many good signs of the times resulting from the election of McKinley, that the banks are contemplating the resumption of specie payments which they suspended in February, 1892, by refusing to supply gold for export and for the payment of government dues. Since the election the metal has been coming into the banks in such a flood they see their way clear to resume specie payment. By this action of the banks, the metal will also be put into circlation and no reason whatever will exist for hoard ing it. They will also resume the task of supplying gold for export and thus relieve the treasury from the strain This is only one of the many good "signs of the times."
10.November 14, 1896Pullman HeraldPullman, WA
Click image to open full size in new tab
Article Text
WILL RELIEVE THE TREASURY. New York Banks Contemplate the Resumption of Specie Payments. New York, Nov. 9.-The banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for payment of government dues. That action threw the burden of supplying gold upon the treasury and eventually forced the issues of bonds by the governemnt which aroused so much complaint. Since the election the metal has been coming into the banks in such a flood that they see their way clear to what can be termed resumption of specie payments. By this action of the banks gold will be put into circulation, and no reason whatever will exist for hoarding it. They will also resume the task of supplying goll for export, and thus relieve the treasury of a great strain.
11.November 20, 1896The Hawaiian GazetteHonolulu, HI
Click image to open full size in new tab
Article Text
CIRCULA TION OF GOLD, New York Banks May Soon Resume Specie Payments. NEW YORK, Nov. 9th.-Banks are contemplating the resumption of specie payments, which they suspended in February, 1892, by refusing to supply gold for export and for the payment of Government dues. That action threw the burden of supplying gold upon the Treasury, and eventually forced the issue of bonds by the Government which aroused so much complaint. Since the election gold has been coming into the banks in such a flood that they see their way clear to what can be termed the resumption of specie payments. By this action of the banks gold will be put into circulation and no reason whatever will exist for hoarding it. They will also resume the task of supplying gold for export and thus relieve the Treasury of a great strain.
12.March 10, 1902The Daily Morning Journal and CourierNew Haven, CT
Click image to open full size in new tab
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.
13.March 13, 1902Waterbury DemocratWaterbury, CT
Click image to open full size in new tab
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.
14.March 14, 1902The Indianapolis JournalIndianapolis, IN
Click image to open full size in new tab
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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
