Seventh National Bank suspended payments amid Marquand loan crisis
Clearing House officials announced the bank would suspend payments after failing to meet a $644 108.95 debit balance tied to Marquand & Co. Bank executives cited risky advances and unmarketable collateral. Examiner Raynor was appointed temporary receiver as out-of-town depositors rushed to withdraw funds.
MENTIONED IN THIS ARTICLE
Seventh National Bank
Clearing House
Marquand & Co
George W. Adams
Broadway
Horace Forrest Raynor
National Bank Examiner
Adams
Seventh Ward Bank
William Nelson Cromwell
Sullivan & Cromwell
E. R. Thomas
W. H. Kimball
Fletcher S. Heath
Edwin Gould
Bowling Green Trust Company
Samuel Thomas
Cromwell
Thomas
Gould
Fiouse
Seventh National
Gilpin
F. D. Tappen
William A. Nash
Corn Exchange Bank
Sherer
J. G. Cannon
Fourth National Bank
Eet
Tappen
Comee
Dawes
Raynor
the Oaks
Iron Mountain Road Proves Its Value In Gould System
The Iron Mountain Railroad built by Marquand & Co. through a sparse region now pays all debts and dividends. The firm faced heavy market selling by Henry Marquand & Co. with Frank B. Poor bearing the brunt, while Marquand’s long tenure at The Commercial Advertiser and Poor’s bank family connections frame this financial turmoil.
MENTIONED IN THIS ARTICLE
Iron Mountain Railroad
Marquand & Co
Iron Mountain Road
Gould
House of Marquand & Co
Commercial Advertiser
Henry G. Marquand
Mr. Poor
E. E. Poor
National Park Bank
Marquand Co Crisis Spreads Across Wall Street
The Henry Marquand & Co brokerage at 160 Broadway faced a tense day as Seventh National Bank halted payments. Frank B. Poor stated the firm met obligations. rumors of a $250,000 rescue circulated while Russell Sage and other financiers weighed in on liquidity and market impact.
MENTIONED IN THIS ARTICLE
Stock Exchange
Henry Marquand & Co
Broadway
Seventh National Bank
Frank B. Poor
Marquand
Poor
Mr. Poor
Henry G. Marquand
Henry Marquand
Newport
Wall Street
H. Content & Co
Marquand & Co
Content
Spencer Trask
Russell Sage
Bank Failure Sparks Temporary Market Weakness Yet Ends Strong
The stock market faced heavy selling after the bank's closure but remained resilient. Prices fell sharply on the initial decline, then recovered as large banking houses bought stocks, ending with only modest overall losses. Call money spiked to 15 percent before easing, and rumors of further closures circulated.
MENTIONED IN THIS ARTICLE
Financial
Stock Exchange House and Trust Company
London
St. Paul
Erie First
New York Central
Ennsylvania
Atchison
Missouri Pacific
Union Pacific
Reading First
Louisville
Nashville
Amalgamated Copper
People’s Gas
Sugar
Tennessee Coal
Brooklyn Rapid Transit
Manhattan
Metropolitan
Stock Exchange
Louisville and Nashville
United States Steel
J. P. Morgan & Co
Kuhn, Loeb & Co
Nickel Plate
Atchisons
Wisconsin Central
Eries
Baltimore and Ohio
Canada Southern
Rock Island
Denver and Rio Grande
North American
General Electric
Union Bay
Chicago
Illinois
Great Western
Chicago Terminal
Consolidated Gas
Delaware and Hudson
International Power
Iowa Central
Pullman Palace
Dawes Explains Bank Closing Causes at New York Bank
Controller Dawes issued a statement detailing why the Seventh National Bank of New York was closed. He said Henry Marquand & Co owed the bank about 1.6 million dollars, secured by doubtful collateral, with further developments emerging after the initial word from the National Bank Examiner.
MENTIONED IN THIS ARTICLE
Washington
Dawes
Seventh National Bank of New York
National Bank Examiner
Henry Marquand & Co
Men's Silk Lined Blue Serge Suits at $19
Luxurious blue serge suits offered at a fraction of tailor prices. Made of narrow wale serge, half lined with black silk, with regular prices listed as $25 to $40 to $45 for custom work. Special price claims include $19 and $22 reductions, noting silk or alpaca linings and finished worsteds.
Bank Contingencies Placed After Henry Marquand Loan
The National Bank Examiner warned Seventh National Bank of Henry Marquand & Co. loans totaling about 1.6 million dollars. Controller Dawes ordered conditions to prevent withdrawals, signaling possible receiver appointment if funds were not promptly provided by June 29. Government deposits are secured by Treasury bonds and preferred creditor status. Postmaster Van Cott will move money order funds to the Sub Treasury as a new depository is chosen.
MENTIONED IN THIS ARTICLE
Russell Sage
Sage
Marquand & Co
Dawes
Seventh National Bank
John Byrne
Pittsburg, Shawmut and Northern Railroad Company
Marquand_& Co
E. R. Thomas
National Bank Examiner
Henry Marquand & Co
Henry Marquand
Treasury Department
van Cott
New York
Treasury
Heath reacts to Seventh National Bank suspension
Perry S. Heath voiced surprise at the July suspension of the Seventh National Bank of New York. He cited telegrams claiming the bank was in good condition with ample funds and said the bank faced no known entanglements. In Muncie, Fletcher S. Heath reassured family members the closure would not affect holdings and expected a quick resolution.
MENTIONED IN THIS ARTICLE
Cromwell
Tappen
Gallatin National Bank
Seventh National Bank
Thomas
All Cromwell
New York
Miss Lee
Bowling Green Trust Company
Heath
Perry
Ninth National Bank
Adams
Kimball
Marquand & Co
Raynor
Salt Lake
Utah
Perry S. Heath
Seventh National Bank of New York
Muncie
Ind
Fletcher S. Heath
Cyrus R
Fred W
Fletcher
Cyrus R. Heath
Indiana
Kentucky
Fred W. Heath
Delaware County National Bank
New York Tonight
Judge Pendleton Receives Bank Deposit For Southern Home
Atlanta reports that Judge J T Pendleton as receiver of the Southern Home Building and Loan Association deposited about $50 000 with the Seventh National Bank of New York five months ago under a United States court order. The transfer makes him the only known Atlanta depositor at that bank.
MENTIONED IN THIS ARTICLE
Atlanta
Seventh National Bank
New York
J. T. Pendleton
Southern Home Building and Loan Association
United States Court
Broad way Building Co. says bank failure won't delay project
Stewart Browne, president of Broad way Building Company, said the Seventh National Bank's collapse will not affect the eighteen story structure planned at Maiden Lane and Broadway. The bank was only a ground floor tenant, not a financier, and the firm will proceed with construction.
MENTIONED IN THIS ARTICLE
Stewart Browne
Broadway Building Company
Seventh National Bank
Maiden Lane
Broadway
Mr. Browne
History of the Seventh National Bank
The Seventh National Bank traced to 1833 and was long led by John McAnerney. In May 1899 Perry S. Heath organized a syndicate to take control, William H. Kimball became president, with Fletcher S. Heath as vice president. The bank later became a local Post Office funds depositary, and its board included Perry S. Heath and other notables. A 1900 report hinted at capital increase.
MENTIONED IN THIS ARTICLE
Seventh National Bank
Seventh Ward Bank
John McAnerney
Southerner
Perry S. Heath
McKinley
William H. Kimball
National Bank Examiner
McAnerney
Fletcher S. Heath
Chase National Bank
Samuel Thomas
Alexander McDonald
Crawford Fairbanks
Frank H. Ray
R. W. Jones
Guy G. Major
Gen. W. P. Orr
E. Bissell
Thomas M. Boyd
E. R. Thomas
John A. Sullivan
Florida oil fields suspected as fraud spreads across acres
Oil expert George Ware of Beaumont, Texas, visiting Ocala, says surface indications of oil are visible along the Florida west coast. He describes refined kerosene slicks in ruts and ponds and claims the claims market has surged with over 500000 acres changing hands, fueling a massive possible fraud.
MENTIONED IN THIS ARTICLE
Ocala
Fla
George Ware
Beaumont
Texas
Florida
Yesterday's Fires Chronicle Local Damage Report
From 1 20 to 2 30 P M several fires were reported across Manhattan addresses including 200 Avenue C 82 Mulberry Street and Sixth Avenue. Names cited include Henry Hammerman Angelo Danando James Gemma Isaac Bank Frederick Boltz Louis Murray and locations on Brook Avenue East One Hundred and One West Twenty third Street and Twenty Third Street with damage totals ranging from 50 to 2000 dollars and one report of no damage at 245 West Twenty third Street.
MENTIONED IN THIS ARTICLE
Avenue C
Henry Hammerman
Tiare
MulBerry Street
Angelo Danando
Dane
Ganna Mais Ontoe
James Eeama
Sixth Avenue
Henry Sdnuls
Fire destroys two Massachusetts shops in June losses
In Taunton the Francis Babbitt machine shop burned causing a $10,000 loss, insured. In Malden the George P Cox last factory was destroyed with a $30,000 loss, partly insured.
MENTIONED IN THIS ARTICLE
Taunton
Mass
Francis
Babbitt
Malden
George P. Cox
Also Mentioned on This Page
Ceventh National Bank
Messrs. Marquand & Co
United States
Eeeeseecseree
United States Redemption Fund
Rives
Wesbocse
Peey
Conference OF Bankers
C. G. Vincent
William Street
John Street
Heaths
Robert C. Allen
Col. McAnerney
Frederick D. Tappen
Kilburn
Schenck
Mercantile National Bank
Examiner Raynor
MR. Cromwell
Edward R. Thomas
Dobbs Ferry
Post Office
Chase National
Sub-Treasury
Morgan
Burnett
United States Circuit Court
Shields
Manhattan State Hospital
St. Lawrence County Bank
Canton
N. Y
Navesink National Bank
Red Bank
N. J
McNab & Harlin Manufacturing Company
Paterson
Union Mutual Life Insurance Company
Portland
Citizens’ National Bank
Covington
Ohio
First National Bank
Oxford
National City Bank
L. E. Rangon
Bank of Carlton
Carlton
American Finance and Trust Company of
Philadelphia
Coal and Iron National Bank of Cleveland
National Bank of the Republic
Alabama National Bank of Birmingham
Ala
American Exchange Bank
Delaware County National Bank of
Alvah H. Trowbridge
Altman & Co
MR. Dawes
Vogel Drovers
Ane
Vogel Drothers
The
Southern Home Building Association
History OF the Bank
New York Times
Maryland A
Cahn, Belt & CO
Baltimore,Md
Broad St
Maryland Club
W.54th St
Columbus
J.W. Williams
Wilson
24Th St
Northfield
North Carolina
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