gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
07e0d7527bd9636b
Response Measures
Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Date receivership started
1901-06-27
Date receivership terminated
1901-11-12
OCC cause of failure
Excessive lending
Events (8)
1.April 11, 1865Chartered
Source
historical_nic
2.June 27, 1901Receivership
Source
historical_nic
3.June 27, 1901Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy loans to Henry Marquand & Co. and doubtful collateral led to loss of confidence and large drafts from correspondents/interior institutions.
Measures
Private advances (General Samuel Thomas and others) temporarily paid clearing house demands; directors sought reassurances.
Newspaper Excerpt
An immense crowd immediately gathered in front of the building...several accounts were withdrawn; drafts and interior institutions drew on the bank.
Source
newspapers
4.June 27, 1901Suspension
Cause
Bank Specific Adverse Info
Cause Details
Controller ordered suspension after failure to obtain assurances and because of large clearing-house debit arising from bad loans (Marquand & Co.) and weak collateral.
Newspaper Excerpt
The Seventh National Bank closed its doors yesterday morning...The suspension was directed by the Controller of the Currency...National Bank Examiner Raynor took charge.
Source
newspapers
5.June 28, 1901Other
Newspaper Excerpt
Forrester Raynor appointed temporary receiver; Receiver's examination showed weak collateral; investigations followed (grand jury, comptroller).
Source
newspapers
6.November 12, 1901Restored To Solvency
Source
historical_nic
7.November 13, 1901Reopening
Newspaper Excerpt
SEVENTH NATIONAL RESUMES. ... The Seventh National Bank ... opened for business yesterday, with a capital increased to $1,700,000.
Source
newspapers
8.April 9, 1903Voluntary Liquidation
Source
historical_nic
Newspaper Articles (23)
1.December 19, 1899The Salt Lake HeraldSalt Lake City, UT
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MUST GO IT ALONE. Seventh National Bank Refuses to Clear For Trust Company. New York, Dec. 18.-The Seventh National bank sent a notice to its correspondents tonight that it would not continue to clear for the International Banking & Trust company. No explanation for the action of the Seventh National was given other than it was to protect the interest of the bank. The International Banking & Trust company is a new concern and has been clearing through the Seventh National. It also maintained close business relations with the Produce Exchange Trust company, which suspended today. The Produce Exchange Trust company held a big block of the stock of the Internatonal Trust company, as security, as shown by its statements of assets and liabilities. The Seventh National bank, it was learned tonight, did not know that the Produce Exchange Trust company held any of the stock of the Internatonal Trust company until the statement of the former appeared. The Internatonal Trust company was organized six or seven months ago with a capital of $1,500,000 to transact a general banking business. Its officers are Stewart Browne, president; Joseph T. Low and W. H. Cheesebrough, vice presidents; John B. Duer and T. H. Froehlich, secretaries, and M. F. Walsh, assistant secretary. The list of directors includes the names of Frank Rockefeller, George Crocker, Charles R. Flint, E. F. C. Young, Frederick R. Coudert, B. F. Tracy, John K. Cowan, John Hone, and John D. Wing.
Bank Protects Itself. New York, Dec. 19.-The Seventh National bank sent a notice to its correspondents Monday night that i+ would not continue to clear for the International Banking and Trust Company. No explanation was given other than it was to protect the interests of the bank. The International Banking and Trust Company is a new concern and has been clearing through the Sev. enth National. It also maintained close business relations with the Pro duce Exchange Trust Company which suspended Monday. The International Trust Company was organized six or seven months ago with a capital of $1,500,000 tc transact a general banking business Its officers are Stewart Browne, pres ident; Joseph T. Low and W. H Chesebrough, vice presidents; John B. Duer and T. H. Froehlich, secreta. ries, and M. F. Walsh, assistant sec. retary. The list of its directors includes the names of Frank Rockefeller, George Crocker, Charles R. Flint, E. F. C Young, Frederick IR. Coudcrt, B. F. Tracy, John K. Cowan, John Home and John D. Wing,
3.June 28, 1901The Indianapolis JournalIndianapolis, IN
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ing to buy Seventh National Bank stock. The offer was made by a broker, who said he was acting for General Thomas. During the afternoon an informal meeting of officers of independent banks was held at a downtown club. and the suspension of the Seventh National and its relations with other financial institutions was thoroughly discussed. A tacit understanding that all interests should be protected was arrived at. "No one else," said one of those at the meeting, "will be allowed to fall. 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 expect neither aid nor sympathy from the associated banks." The Times will say to-morrow that, from sources having absolute knowledge of the facts. it was ascertained beyond peradventure that General Samuel Thomas, who is ill at Dobbs Ferry, advanced the $983,000 to settle the debt balance of the Seventh National Bank at the clearing house on Tuesday. It was also established that $200.000 was advanced by Edwin Gould to help the bank in the strait. What security the lenders received could not be learned.
4.June 28, 1901New-York TribuneNew York, NY
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SEVENTH NATIONAL BANK FAILS HEAVY LOANS, INSTITUTION, EMBARRASSED BY TOO ORDERED CLOSED BY THE CONTROLLER. POSTOFFICE FUNDS IN IT WELL SECURED. The Seventh National Bank closed its doors yesterday morning, a half hour after the opening of business. The suspension was directed by the Controller of the Currency, the directors having failed to give him required assurances that loans of Henry Marquand & Co., aggregating $1,600,000, would be taken up and the money therefor be paid into the bank by to-morrow night; and National Bank Examiner Raynor took charge of the bank. The Seventh National was debtor yesterday morning at the Clearing House to the amount of $644,108, and on receiving notice from the directors that they had decided temporarily to suspend payment, the committee instructed the manager to eliminate from the clearings all transactions connected with the Seventh National Bank. All the other banks cleared without difficulty, and none are believed to be in any trouble. Late in the afternoon a statement was issued by the bank, in which the failure was charged to the action of Henry Marquand & Co. in not taking up their loans and to the acceptance by the Kimball administration of collateral which was not marketable, although probably of more or less intrinsic value. The country correspondents of the bank withdrew their balances, thus causing the heavy debit balance of the bank yesterday at the Clearing House. The institution had been made a depository for postoffice money order funds through Perry S. Heath's connection with it. The Federal moneys, however, are secured by government bonds.
5.June 28, 1901Daily CameraBoulder, CO
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Morquand & CO. Fail For Millions FAILED FOR MILLIONS. Marquand & Co. Cause Bank to Fall And Now go Under Themselves. New York, June 28-Marquand & Co. failed this morning. No statement was furnished, but the liabilities run far into the millions. The firm took $6,000,000 of the bonds of the Pittsburg & Shaw. mutt railroad, a line to the Pennsylvania coal fields, and secured enmity of the oil and steel trust. They were compelled to borrow heavily and got $1,600,000 from the Seventh National bank which The bank's failed yesterday. failure carried Marquand & Co down with it and renders the bank failure a much more gloomy affair for its depositors.
6.June 28, 1901The Montgomery AdvertiserMontgomery, AL
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market rallied prices and left the stock market dull but somewhat feverish until noon. In banking circles it was said that the Seventh National Bank's heavy debit balance today was the result of the news of the bank's embarrassment on Tuesday being telegraphed throughout the country. Interior institutions having money deposited with the Seventh drew on the bank and these drafts all coming in at the same time was too much for the institution. The suspended institution is now in the hands of the Controller of the Currency, who has appointed Forester Raymor as temporary receiver. Mr. Raymor's examination of the loans of the bank are understood to have proved that the collateral at the back of them was weak in some instances. The objections of the bank examiner to these collaterals is said to have decided Mr. Cromwell to advise the suspension. President Oakley Thoron of the North American Trust Co., which had some business relations with the Seventh National said his corporation was not in any way affected by the suspension of the Seventh National Bank. When asked as to the failure he said: "I don't know anything about any concern except our own, and that, I can assure you, is all right. If any one asks reference on the subject I can refer him to the State Bank Examiner. His statement will, I am sure, be taken. I know there are rumors conneeting us with the trouble of the Seventh National, but they are merely rumors, I am happy to say. We are all right.' At noon President Tappen. of the Gallatin National Bank, and Chairman of the Clearing House Committee, said he did not think that any firms or banks. even small ones, would fall as a result of the Seventh National's suspension. President Alvah Trowbridge of the Ninth National Bank, reiterated his dental of connection with any of the financial transactions which impaired the Seventh National. "I regret the closing of the Seventh National," he said. "I do not believe any other bank will be affected. In fact, I am assured by the Clearing House that none will be. The Ninth National is in excellent condition and there was absolutely no warrant for the use of its name in the discussion on Tuesday." The following statement of litbilities and resources was given out tonight at the bank: ResourcesLoans and discounts $ 5,590,459.97 United States bonds to se-
7.June 28, 1901The Saint Paul GlobeSaint Paul, MN
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being made at the same time. Josiah Quincy, of Boston, was one of the directors elected then. On Aug. 2, 1899, Mr. McAnerny resigned the presidency, and Vice President Kimball was chosen in his stead. Fletcher S. Heath was elected vice president. The officers and directors are 0$ follows: THE BANK'S OFFICERS. E. R. Thomas, president; Fletcher S. Heath, vice president; George W. Adams, cashier. Directors-George W. Adams, Eugene Bissell, Thomas M. Boyd, Fletcher Heath. Perry S. Heath, Erskine Hewitt, Wm. H. Kimball, Alexander Mc. Donald, Guy G. Major, Wm. P. Orr, Josiah Quincy, Frank H. Ray, John A. Sullivan, W. H. Taylor and Samuel Thomas. EFFECT IN WALL STREET. The announcement of the suspension caused only a ripple in the stock market. The first selling of stock which followed the announcement of the suspension interrupted a recovery in prices and caused a reaction of 1 to 21/2 points in some of the principal stocks. The offering of large sums of money on the exchange at 6 per cent, and large buying orders placed in the market, rallied prices and left the stock market dull, but somewhat feverish until noon. In banking circles it was said that the Seventh National heavy debit balance was the result of the bank's embarrassment on Tuesday being telegraphed throughout the country. The institutions having moneys deposited with the Seventh drew upon the bank, and these drafts all coming in at the same time were too much for the institution. The suspended institution is now in the hands of the controller of the currency, who has appointed Forrester Raynor as temporary receiver. Mr. Raynor's examination of the loans of the bank are understood to have proved that the collateral back of them was weak in some instances. The objections of the bank examiner to these collateral securities is said to have decided Mr. Cromwell to advise the suspension. President Tappen, of the Gallatin National bank and chairman of the clearing house committee, said that he did not think any firms or banks, even small ones, will fail as a result of the Seventh National's suspension. It was said this afternoon that the Seventh National had quick assets of about $1,500,000. It was further reported that the depositors would not lose anything. Mr. Cromwell said that the bank could have paid its debit balance in the clearing house today, but that on his advice the doors were closed, as it would not have been right to receive the money of depositors during the present unsettled condition of affairs. Guy G. Major, formerly president of the American Linseed company, is one of the directors of the Seventh National bank. It is said it would be a couple of days before it would be known whether the bank could ever resume business. SAYS DEPOSITORS WON'T LOSE. "Not a depositor will lose a dollar," said he. "Whatever the stockholders lost, they are able to lose and will accept their lossess with smiles. There was only one account that gave us any difficulty, and that was Marquand & Co.'s account. From this the bank has over $100,000 of questionable loans. The future of the bank depends largely upon the Marquand account being made good."
8.June 28, 1901The Madison Daily LeaderMadison, SD
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On Aug. 2. 1899, Mr. McAnerney resigned the presidency and Vice President Kimball was chosen in his stead. Fletcher S. Heath was elected vice president. Clearinghouse Statement. After the suspension of the bank the following statement was made at the clearinghouse: "At the clearinghouse during the morning the Seventh National bank came in debtor $644,108.95. The clearinghouse committee has been in ses. sion since 9:30 awaiting the results of the clearing. When it was found out the debit balance was so heavy, the committee communicated with the officers of the bank and was informed that the board of directors was in session and that a decision would be arlived at within 15 or 20 minutes as to the action of the bank. in conse. quence of this statement the clearings were held back 30 minutes. At 10:45 a. m. Mr. William Norton Cromwell, Mr. Edwin Gould, Mr. Thomas, president of the bank. came into the clearinghouse 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 directed the manager of that institution to eliminate from the clearings all operations of the Seventh National bank." A member of the clearinghouse committee says that at the morning's meeting the name of no institution other than the Seventh National bank was referred to. Custodian of Postoffice Funds. The Seventh National bank was the custodian of the funds of the New York postoffice. Assistant Postmaster Morgan said when he heard the news of the bank's suspension: "The postoffice is amply protected. When the account was opened the bank put up $250,000 in government bonds as security. The present state of the postoffice's account with the bank I do not know. but I am investigating it." At 11:20 o'clock the officials of the bank posted the following notice: "Checks drawn by the Manhattan state hospital will be paid at th Chase National bank. Drafts drawn by the St. Lawrence County bank. Canton. N. Y.. will be paid at the Chase National bank." Among the institutions having close business relations with the Seventh National was the stock brokerage firm of Marquand & Co. Frank B. Poor of the firm made the following statement after the bank's suspension: "From the outlook just now." said be. "I think we're going on. At the same time I cannot tell. Just now everything is uncertain in the business world. but I believe we will get through."
9.June 28, 1901The Wilmington Daily RepublicanWilmington, DE
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FRIDAY, JUNE 28, 1901. NOTWITHSTANDING the heroic efforts ot the officers of the Seventh National Bank of New York, its doors were closed yesterday and Forrest Raynor appointed temporary receiver. The cause of the suspension was that Henry Marquand & Co. had recently become indebted to the bank in a sum ap. proximating $1,600,000, which loan was secured by collateral of a doubttul nature. Yesterday the day's clearings aggregated $946,474. At the clearing house. the bank only turned in $302,365 to meet that amount, and consequently it was debtor to the clearing house in the sum, of $655,108. The institution being unable to pay the suspension sum was forced to the wall. This is only one of the many supposed strong banks being forced to quit business owing to bad loans with insufficient collateral. The officers of the bank should be compelled to make up the shortage and not the stockholders. It the management of the banks was held personally responsible, there would be fewer bank failures. THE Pennsylvania Legislature of 1901 adjourned at noon yesterday, after having been in session since January 1st. With the exception of the sessionot 1897, which closed July 1st, and the extra session of 1883, the session was the most pro. tracted in the State's history. The Legislature passed almost 600 bills of which 297 have been approved by Governor Stone, more than 200 have not yet been acted upon, 17 have been vetoed and 14 recalled. The total appropriations were about $27,500,000 of which $11,000,000 is for the support of the Pennsylvania schools: $4,000,000 to complete the capitol; $1,000,000 to restore the deficiency in the school fund; $300,000 for a State Homeopathic Insane Hospital for consumptives. An appropriation of $35,000 was made for a Pennsylvania exhibit at the Pan.American exposition and a like amount for the Charleston exposition.
10.June 28, 1901The SunWilmington, DE
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few minutes would arrive at some defInite conclusion as to what the bank would do. The clearing house committee kept back the exchanges for 30 minutes. At the expiration of that time we were informed that some of the officers of the bank were coming to the clearing house to communicate with the committee. Mr. Thomas, the president, and Mr. Edwin Gould accompanied the directors, who also had with them Mr. William Nelson Cromwell as their legal adviser. They came before the committee and stated that, in view of the large debit balance and other matters in relation to the bank's position, it had been deemed advisable by the board to temporarily suspend payments. With this announcement the clearing house committee directed the manager of the association to eliminate from the clearings all transactions with the Seventh National bank. As the doors of the bank were closed the following notice was posted: This bank is in the hands of the comptroller of HORACE FORREST RAYNOR, the currency, National Bank Examiner. An immense crowd immediately gathered in front of the building, which is on the southeast corner of Broadway and John street. In a few minutes there was danger of a blockade of street cars and passenger traffic. It became necessary to call for several policemen to keep the crowd moving. The following notices were then posted: Checks drawn by the Manhattan State hospital will be paid at the Chase National bank. Drafts drawn by the St. Lawrence County bank of Canton, N. Y., will be paid at the Chase National bank. Drafts drawn by the First National bank of Butte, Mon., on the Seventh National bank will be paid at the New York bank. Drafts drawn by the Navesink National bank of Red Bank, N. J., will be paid at the Chase National bank. The cause of the failure of the bank Is believed to be due to the acceptance of collaterals which are not quick assets. In other words, the bank. under its new management, sought business not only with the United States government. having been fortunate enough to secure the deposit account of the New York postoffice. which some days amounts to as much as $250,000, but it also looked for business among industrial corporations, which were not only new. but also had stocks and other securities to sell at the top of a boom period. Customers of the bank drew largely upon its resources, and for a few hours on Monday the bank was in delay at the clearing house. Friends of the bank, notably General Samuel Thomas. advanced the money required. about $983,000. the clearing house payments were made, and every one hoped that the trouble was tided over. It transpired that when General Thomas advanced the money to help the bank out of its embarrassment he stipulated that his son. Edward Thomas, 28 years old. a member of the Stock Exchange firm of Thomas & Post, should succeed Mr. Kimball as president. The directors had no alternative but to request Mr. Kimball's resignation and elect young Mr. Thomas, which was done. The suspension of the bank was accompanied by a rumor that the Stock Exchange firm of Henry Marquand & Co. was seriously involved in the affair and might fail. Frank B. Poor. the junior member of the firm of Marquand & Co., when informed of the Seventh's suspension said:
11.June 28, 1901The Iola RegisterIola, KS
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THE BANK CLOSES. Seventh National Bank of New York Closed Today. By Scripps-McRae Press Association New York, June 27.-The seventh national bank closed the doors this morning. A notice posted saying the comptroller of currency had taken charge. The clearing house returns this morning showed the bankdebtor $644,000. Before the returns were published a notice was sent to the directors of the bank who were in session. They then announced that they considered it wise to suspend temporarily. A huge crowd soonsurrounded the bank. Many angry depositors talked of mismanagement. William Cromwell, counsel for the bank, said a statement of the bank's affairs was being prepared and would be made public later today. The bankers expect no further trouble They say situation is improved by a formal confession of the insolvency of the Seventh National. GOVERNMENT FUNDS ALL RIGHT. By Scripps-McRae Press Association Washington, June 27-Regarding the Seventh National bank's failure Comptroller Dawes said: "The million dollars President Thomas put up to save the bank is not in the shape I wanted it. In other words the bank did not fulfill my conditions. The government is fully protected as far as the quarter of a million of government funds deposited there is concerned."
12.July 3, 1901Bismarck Daily TribuneBismarck, ND
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WILL BE INVESTIGATED. Officials Given Access to Books of Seventh National Bank. Washington, July 3.-Comptroller Dawes has sent the following telegram to Forrest Rayner, receiver of the Seventh National bank, New York: "Confirming my telephone to you, If, after a careful and complete examination of the books of the Seventh National bank, you find no evidence of criminal violations of the national banking act, you will ask the United States district, attorney to make a thorough investigation on his own account, affording him access to the books of the bank for that purpose."
13.July 4, 1901The Black Hills UnionRapid City, SD
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THE NEW YORK FAILURE. U. S. Commissioner Sees No Ground fo. Prosecution of Officers. New York, July 2.-United States Commissioner Shields said today that the evidence submitted by certain persons looking to the prosecution of the officers of the Seventh National bank was not sufficient to justify his in issuing a warrant. At a conference of a number of the leading stockholders of the Seventh National bank last night it was decided to reorganize the bank and continue business provided such action met with the approval of the stockholders as a body. The stockholders will be called upon for an assessment of 100 per cent upon their holdings. The complaint on which a warrant was asked alleged over-certification on a check for $300,000 drawn on the Seventh National bank by Marquand & Co., to the order of the National Park bank. The attorneys for the applicants for the warrant were given until Monday to present additional evidence. An expert accountant is at work today on the books of Henry Marquand & Co., for the purpose of finding out the extent of their liabilities and assets. Frank Sullivan Smith, receiver said that in all probability no schedule could be filed or any statements made for several days yet. Smith declined to make an estimate of assets and liabilities, saying he was not yet in a position to do SO. When asked in regard to the report to the effect that the liailities would reach 8,000,000, he said : did not believe they would come ywhere near such figure.
14.July 10, 1901The Indianapolis JournalIndianapolis, IN
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PROBABLY WILL RESUME SEVENTH NATIONAL BANK MAY BE REOPENED FOR BUSINESS. Fred S. Heath Said to Be Confident All the Money Required Has Been Promised. Special to the Indianapolis Journal. WASHINGTON, July 9.-Private advices received here from New York through Fred S. Heath, of Muncie, contain assurances that the Seventh National Bank will surely resume; that the money to pay the depositors in full has been promised, and that the $1,600,000 loan to Marquand & Co., which led to the bank's suspension, will be taken off the bank's hands. These things accomplished there appears to be nothing in the way of the bank resuming business at an early date. W. G. Nicholas says in the New York Telegraph: "The three Heath brothers-Fletcher S., Perry S. and Fred-may decide to concentrate their resources and reorganize the Seventh National Bank and build it up as a distinctively family institution. Strong friends have given them assurances that they can have all the help they may want should they conclude to remain in metropolitan banking. The brothers can mass about $2,000,000, and as a matter of family pride they are likely to decide to make a stand in New York to re-establish themselves and regain the position and prestige lost through their connection with the collapsed bank. It now is well known in the inner councils of Wall-street banking circles that President Kimball was responsible for the bad loans that resulted in the closing of the bank. Fletcher Heath had no idea of the fix the bank was in until the Saturday before the failure, and the time was too short for him to raise the money for salvation. If the Heaths and their friends reorganize the Seventh National Bank it will be with a capital of not less than $1,000,000 and a surplus of $500,000 additional, thus starting off with large increased resources. Another party is also anxious to reorganize the bank, and at the meeting of directors and important stockholders on Tuesday of this week definite steps will be taken toward the upbuilding." Gen. Henry L. Burnett. United States district attorney at New York. was in consultation on Tuesday with W. S. Ball, his assistant, who was designated to examine into the affairs of the Seventh National Bank. Subsequently General Burnett said: "I do not care to say at this time whether anything has been discovered by Captain Ball of a criminal character in the manipulation of the affairs of the Seventh National Bank. Nothing will be done until the investigation is completed."
15.July 17, 1901The Guthrie Daily LeaderGuthrie, OK
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Why is not Regent Rankin of the Edmond Normal investigated?
It was not a serious failure—that of the Seventh national bank in New York; only a temporary embarrassment. Still, on the strength of the temporary receiver's report, Controller Dawes has ordered a full assessment of the stock, and then it is doubtful if the depositors get more than 80 per cent of their money. Banking on political pull did not prove a great success in this case at least
16.July 19, 1901New-York TribuneNew York, NY
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WORKING, BUT NOT TALKING. NO STATEMENT READY REGARDING THE SEVENTH BANK OR THE MARQUAND FIRM. Before the directors of the Seventh National Bank began their usual session yesterday, at the office of William Nelson Cromwell, special counsel of the bank. the latter said that no announcement regarding present or future plans would then be given out. Mr. Cromwell declined to make any comment on a story that a plan looking toward resumption, with an increase of capital from $500,000 to $1,250,000, would be adopted. An outline of the plans under discussion is being prepared. Receiver Raynor and his examiners are still busy bringing order out of the tangle. As far as could be ascertained the stockholders of the bank are working in entire harmony. Assignee Frank Sullivan Smith. who is investigating the affairs of the bankrupt house of Marquand & Co., has been working on his statement until midnight almost every night this week, but has not yet been able to get his statement ready. "I hope to be able to have my statement ready some day this week," said Mr. Smith yesterday, "but I do not care to say positively that I shall succeed in doing so." United States District Attorney Burnett was not engaged upon the bank's affairs yesterday. He declined to talk upon the subject.
17.July 26, 1901The St. Louis RepublicSaint Louis, MO
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LOCAL AND SUBURBAN.
Fire in the N. O. Nelson Manufacturing Company's building causes a loss of $3,500.
Plans have been drawn for a mercantile building, to be erected on the northeast corner of Seventh and Locust streets, to cost $10.000.
The drought has so affected the crops of fruits and vegetables that dealers are asking prohibitive prices for inferior stocks.
Mayor Wells appoints three hydraulic engineers to examine the water-supply system.
The present drought recalls to many the visitation of 1854, with its accompaniment of Asiatic cholera, which carried off hundreds and marked a memorable era in Missouri history.
A maximum temperature of 99 degrees was recorded in St. Louis yesterday, and the hot weather is believed to be at an end.
Photographers plan a special building for an art display at the World's Fair.
A hitch has arisen in the selection of a Director General of the World's Fair, owing to the unwillingness of St. Louisans to assume the responsibilities of the position.
A decrease in the temperature of St. Louis is predicted.
Actors engage in a real fire-fighting scene near Delmar Garden.
The Fresh Air Mission requests the Transit Company not to require physicians' certificates from children riding to parks,
GENERAL DOMESTIC.
Sol Temple, member of a once noted outlaw band, has been arrested at Leavenworth for planning to rob saloons.
Compromise is hinted in the St. Joseph post office fight. If the reported deal is accomplished, Major Bittinger may be made Consul General to Old Mexico.
St. Joseph negroes refuse to bury the body of one of their race whom they believed to have been possessed of withcraft.
Action of the Wool Trust in ordering a marked reduction in prices will, it is feared by Republicans, result in the reopening of the tariff discussion.
During the last ten years nine officers have been killed and twenty wounded in hunting down alleged moonshiners.
Missouri troops take part in a sham battle at Camp Dockery.
Secret Service officer arrests Charles Benjamin at Bloomington. He offered, it is alleged, $2,500 to be permitted to escape. He fought his captor.
The damage to the Brooklyn bridge by the breaking of suspension rods is much more serious than was at first reported.
The eleventh annual convention of the Baptist Young People's Union met in Chicago yesterday.
William Forman, a member of the Illinois National Guard, committed suicide at Camp Lincoln yesterday by drinking carbolio acid.
Mrs. Alva E. Briggs was killed in a runaway near Jerseyville, Ill.
The Indian Commission has fixed dates and places for further enrollment of the Cherokees.
The directors of the defunct Seventh National Bank of New York City are making an effort to reorganise.
Jefferson Davis's physician denies that his patient is critically ill.
18.July 26, 1901The Houston Daily PostHouston, TX
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A PLAN TO REORGANIZE. Seventh National Bank May Get on Its Feet Again. New York, July 25.-With the Federal grand jury in session on an Investigation of their affairs, the board of directors of the Seventh National bank today decided upon a plan for the reorganization of the defunct bank. The capital stock Is to be increased from $700,000 to $2,500,000. The cash proceeds of the assessment on the existing stock and the sale of new stock will, It is claimed, pay all present obligations and completely restore solvency. ExIsting stockholders are to be required to pay the assessment ordered by the comptroller of the currency. Edward R, Thomns, Edwin Gould, William X. N. Cromwell. Frank Roy, W. H. Taylor and Edmund K. Stahl have been constituted a committee of subscribers with plenary pow. ers to carry out the plan. United States District Attorney Henry L. Burnett says the plan to reorganize the Seventh National bank will not affect the investigation by the Federal grand, jury. William E. D. Stokes, who 18 a stockhold. er of the Seventh National, has taken out summonses in the supreme court against the directors of the bank, President Thomns and Receiver Raynor.
19.July 26, 1901The Indianapolis JournalIndianapolis, IN
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Directors of the Defanet New York stitution Decide to Raise the Amount to $2,500,000. INQUIRY BY GRAND DIRECTORS CHARGED WITH MAKING UNTRUTHFUL REPORTS. Bill of Complaint Also Filed in half of Cleveland Bank 'wns B JOJ NEW YORK, July 25.-With the federa grand jury in session investigating thel affairs, the board of directors of the enth National Bank met to-day and cided on a plan for the reorganization the defunct bank. The capital stock is be increased from $700,000 to $2,500,000, the additional issue of $2,000,000 in stock be sold at $130 per share, with first purchas privilege to the present stockholders. cash proceeds of the assessment on existing stock and the sale of new will, it is claimed, pay all present obliga tions and completely restore solvency. isting stockholders are to be required pay the assessment ordered by the troller of the currency. Edward R. Thomas Edwin Gould, William Nelson Cromwel and Frank Ray, William H. Taylor Edmund K. Stalle have been constituted committee of subscribers with plenar power to carry out the plan. They are receive subscriptions and represent stockholders in all matters relating to bank and receivers. The present director and officers are required to tender thei resignations, and a majority under the subscription will elect their successors The plan is made binding upon all scribers when 90 per cent. of the stock subscribed and 90 per cent. of the assess ment is paid. A subscription form embody ing the main features of the plan of ganization was also drawn up and proved. A substantial amount of the stock has already been subscribed. United States District Attorney Henry Burnet says the plan to reorganize Seventh National Bank will not affect investigation by the federal grand William E. D. Stokes, who is a stockholde of the Seventh National Bank, has take out summonses in the Supreme against the directors of the*bank Presider Thomas and Receiver Raynor. The plaint charges the directors with makin reports to the stockholders to the that the capital of the bank was unim paired, when, as a matter of fact, it already insolvent. It further charges tha the directors "utterly failed and neglecte to perform their official duties," and they "suffered and permitted the account of said bank to be kept in an inaccurat manner, which failed to show the character of its affairs."
20.July 29, 1901The Jersey City NewsJersey City, NJ
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RECEIVER TAYLOR PERMANENT. Hackensack Land Co. Case in Chancery Court Today S. Taylor of Hackensack, temporary receiver of the Hackensack Land Company, was made permanent receiver this morning by Vice Chancellor Stevenson. The company was started by F. B. Poor of the firm of Marquand & Co., which caused the failure of the Seventh National Bank in New York City. The liabilities of the company are $418,000 and the assets $412,000, consisting of land in Hackensack.
21.September 14, 1901The SunWilmington, DE
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REORGANIZING WRECKED BANK. Plan to Pay Indebtedness of Seventh National of New York. Washington, Sept. 13. - William N. Cromwell, attorney; E. K. Stello, Edwin Gould, W. H. Taylor, R. W. Jones, Jr., E. R. Thomas and Horace Raynor, receiver, representing the reorganization committee of the failed Seventh National bank of New York, had a two hours' conference with Mr. Kane, the deputy comptroller of the currency. The plan of reorganization, which was submitted in writing, will be passed upon by Comptroller Dawes on his return from Buffalo. The plan involves paying off all of the indebtedness of the bank and resuming business with a capital of $1,700,000, which, it is said, has all been subscribed and paid in. It also involves a new board of directors and an entirely new staff of executive officers.
22.November 12, 1901Arizona RepublicanPhoenix, AZ
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THE SEVENTH NATIONAL. New York, Nov. 11.-Comptroller of the Currency Ridgely notified the New York clearing house this afternoon that the condition of the reorganization of the Seventh National bank is satisfactory to the United States government and the receiver will be discharged. The bank will be opened officially tomorrow.
23.November 13, 1901New-York TribuneNew York, NY
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SEVENTH NATIONAL RESUMES. ITS CAPITAL AND DEPOSITS INCREASEDSOME ACCOUNTS WITHDRAWN. The Seventh National Bank. which suspended payment in the latter part of last June, opened for business yesterday, with a capital increased to $1,700,000. Edwin Gould. the new president, was at his desk early, and with him were Vice-Presidents Jones and Thomas, Assistant Cashier Adams and a number of the old clerical force. The bank was reported to have a balance of $1,981,000 at the Clearing House when it opened. Its deposits have increased by $750,000. There was nothing to indicate that there would be a run on the bank, and a line of depositors was at the window waiting for business to begin. Through the day several accounts were withdrawn, but the officers say that these were not large enough to make serious inroads on the size of the depositors' line. Of the $2,300,000 debit of the Sub-Treasury yesterday $1,500,000 represented payments to the Seventh National Bank funds held by the Controller of the Currency during the receivership period.
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.
