Seventh National Bank Fails Sends Shock Through Markets
The Seventh National Bank suspended operations causing a rush by city banks to secure out of town correspondents. Over 946000 demanded by rivals against about 300000 in checks and drafts. government bonds and post office funds shielded deposits. The failure triggers a large loss to stockholders with double liability about 753000. The market showed initial panic then partial recovery with high call money rates easing to 3 percent by close.
MENTIONED IN THIS ARTICLE
Seventh National
Seventh National Bank
Morgan
Treasury Department
Washington
Post Office Department
Money Order Department
New York Clearing House Association
Clearing House Committee
Clearing House
Kuhn, Loeb & Co
J. & W. Seligman & Co
Perry S Heath Seizes Control of Local Bank
Perry S Heath has secured control of the bank by acquiring a controlling stake. Details on the transaction and board changes were disclosed in a brief public statement from the bank’s leadership.
Controller Dawes's Warning Over Marquand Bank Loan
Washington June 27 Controller Dawes announced that Henry Marquand & Co. owed about 1.6 million to Seventh National Bank of New York secured by doubtful collateral. He warned director action or a receiver would be appointed and stressed government losses are impossible due to Treasury deposits and preferred creditor status.
MENTIONED IN THIS ARTICLE
William Nelson Cromwell
Seventh National Bank
Thomas
Edward R. Thomas
Marquand & Co
Gould
Washington
Dawes
National Bank Examiner
Henry Marquand & Co
Seventh National Bank of New York
E. R. Thomas
Postmaster General to Designate New Depository Soon
Postmaster Van Cott of New York must deposit money order funds in the Sub Treasury at New York for now. A new depository will be chosen in a few days. The postmaster may not let the bank balance exceed $300,000, and he sent $110,000 excess to the Treasury last Tuesday.
MENTIONED IN THIS ARTICLE
Washington
van Cott
New York
Sub- Treasury
Treasury
Strong Seventh National Bank Seen Facing Turbulence
Washington reports from June 27 discuss Seventh National Bank of New York once strong and well placed to raise capital. Deposits on February 4 stood at 6.76 million, 115 percent of NYC total, with profits around 30 percent and capital raised to 500000. Circulation stood at 300000 secured by 2 million fund.
MENTIONED IN THIS ARTICLE
the Tribune
Washington
Seventh National Bank of New York
Treasury
W. H. Kimball
Government Service
Seventh National
New York
Seventh National Bank
New York City
Dawes
Bank Totals Show Deposits Safe Despite Bond Excess
Clearing House exchanges held 250000 in bonds, exceeding United States deposits by 80017. Government deposits remain safe. Equity in bonds above circulation and disbursing sums will be shared by creditors. February 4 figure under 25000 remained, while circulation and trust/ savings balances fluctuated. Undivided profits on April 24 rose sharply from eleven weeks earlier, puzzling officials.
MENTIONED IN THIS ARTICLE
United States
Clearing House
Treasury Department
Crowds Gather As Seventh National Bank Suspends
A long queue formed outside the Seventh National Bank building as doors were closed after suspension. Out of town institutions sent notes to be honored at local banks while executives and officials, including W H Kimball and E R Thomas, conferred. A distraught woman named Mrs Robert C Allen, claiming her father Frazier was longtime cashier, pleaded to learn her bank fate.
MENTIONED IN THIS ARTICLE
Seventh National Bank
Financelal
Tappen
Gallatin National Bank
W.H. Kimball
E. R. Thomas
Manhattan State Hospital
Chase National Bank
Kimball
Robert C. Allen
Frazier
Forrest Raynor
National Bank Examiner
Mr. Raynor
Fletcher S. Heath
Perry S. Heath
Raynor
Fourth National Bank
WEDDING PLANS CHANGED BY BANK PRESIDENT
Edward R. Thomas, president of the Seventh National Bank, reportedly plans to marry Linda Lee of Louisville. He denies details, says the marriage is a personal affair, and will occur tomorrow at the Park Avenue Hotel with a honeymoon planned at the Cyrus Field Judson place in Irvington. Thomas, youngest bank president in the city, was born in 1873 and Yale graduate. he plans no wedding trip now.
MENTIONED IN THIS ARTICLE
Louisville
Edward R. Thomas
Seventh National Bank
Linda Lee
William P. Lee
Mr. Thomas
Miss Lee
Park Avenue Hotel
Samuel Thomas
Columbus
Ohio
Yale
No. 8
Broadway
Union League
The
Union
Alpha Delta Phi
Noted Banker Expresses Confidence After Suspension
A prominent financial figure comments that no stock accounts are known to him and praises the leaders as among the best and shrewdest. He expresses confidence affairs will be straightened swiftly and says the suspension comes as a great surprise with no idea what caused it.
The Marquand Firm Faces Stock Exchange Crisis
Wall Street watched Henry Marquand & Co. after checks totaling about 1.6 million were certified but not funded, triggering bank embarrassment and contributing to the firm’s downfall. Henry Marquand and Frank B Poor led the firm noted as a bear house, with Poor declaring they would try to continue.
MENTIONED IN THIS ARTICLE
Wall Street
Stock Exchange House
Henry Marquand & Co
Henry Marquand
Henry G. Marquand
Frank B. Poor
EF. E. Poor
National Park Bank
Poor
Seventh National
Henry Marquand Co. finances face scrutiny after loans
Inquiry reveals Henry Marquand & Co. advanced 250000 to the firm with funds only 9000 involved in recent drafts. Bankers note the firm’s loans carry high risk, relying on first class collateral but with much of it unsatisfactory value. The Pittsburgh Shawmut and Northern bonds, not exchange listed, appear central to collateral. John Byrne says 6 million bonds sold to Marquand at par, used in road construction, with a 25 percent stock bonus. Completion of the project appears assured, though funding needs remain.
MENTIONED IN THIS ARTICLE
Newport Omreets
Henry Marquand & Co
Poor
Wall Street
New York Central
Pennsylvania
Seventh National Bank
Pittsburg, Shawmut and Northern Railroad Company
John Byrne
Railroads Hold Key to Region's Future Trade Growth
A regional official asserts established railroads dominate the territory with coal comprising a large share of expected tonnage. He stresses the network’s role in future economic expansion and interstate commerce.
MENTIONED IN THIS ARTICLE
Tain
History of the Seventh National Perry Heath Connection
The Seventh National Bank began as the Seventh Ward Bank in 1853 at 32 East Broadway with Peter Cooper as an original stockholder and Walter Browne as first president. It used a safety fund system and later became a national bank in 1865. Perry S. Heath and Fletcher S. Heath led a syndicate to control the bank in 1860, with William H. Kimball serving as president after John McAnerney. In 1900 the bank became the Post Office money order clearing agent, replacing Chase National Bank, designated by the Postmaster General.
MENTIONED IN THIS ARTICLE
Seventh National Bank
East Broadway
Seventh Ward Bank
Seventh Ward
Peter Cooper
Walter Browne
United States
Clearing House
Pearl-st
Peck Slip
Burling Slip
Perry S. Heath
Fletcher S. Heath
William H. Kimball
National Bank Examiner
John McAnerney
ISO
Seventh National
Chase National Bank
New York
Chase National
Sage Foresees Caution After Market Turndown
Russell Sage warned of urgent loan demands from multiple parties aiming to cover contingencies and strengthen positions. He criticized lending by banks on speculative collateral and predicted the stock market would pause as lenders reassess their holdings to avert disaster.
MENTIONED IN THIS ARTICLE
Russell Sage
Court denies permit for cross-street tenement building
Justice Bischoff refused to compel Buildings Commissioner Wallace to approve plans for a 146-room building between Sixth and Seventh avenues from Forty-eighth to Forty-ninth streets. The architect D A B Sturgis argued the project lacked tenement features. officials countered it met tenement law criteria and violated a twenty-foot rear clearance.
MENTIONED IN THIS ARTICLE
Justice Bischoff
Supreme Court
D. A. B. Sturgis
Wallace
Forty-eighth-st
Forty-ninth-st
Sixth
Seventh Aves
Sturgis
Whalen
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Wrens
Chase
National Banking Act
Mable
Alexander M'Donald
Standard Oil Company
Crawford Fairbanks
Capitaliser
Indianapolis
Frank H. Ray
Continental Tobacco Company
R. W. Jones
American National Bank
Kansee City
Guy G. Major
American Linseed Company
General W. P. Orr
Citizens’ National Bank
Piqua
E. Rissell
Thomas H. Boyd
American
Granger Group
Atchison, Union Pacific
Louisville and Nashville
Southern Pacific
Sugar
People’s Gas
Tennessee Coal
Manhattan
NEW York Telephone CO
Dey Street
West 28Th Street
Perry
Heath
Sub-Treasury
Postmaster-General
Fourth National
Salt Lake
Utah
the Marquand Firm
Bear House
Lkely
Mr. Poor
Stock Exchange
H. Content & Co
Mr. Marquand
Newport
Fraser & Co
5Th Avenue
N. Y
White, Hentz &Co
Phila
B. Altman & Co
Institution
W. Williams & Son
West 77Th ST
Bway
Hiverside
Ing & Summer
Brooklyn
Fulton Street
Leon “Athens J
J. W
Williams
John Hozer
iSth and Olive
St. Louis
Boston
New England
Sound Lines
Fall River
N. R
Warren St
Wwe
Priscilla
TAN
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Providence
N. BR
Murray St
Plymouth
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Stonington
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Long Island Sound
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Fulton St
Annez
Deshrosses St. Pier
Yonkers
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Newburgh
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Hudson
New York Transemer Co
Troy Boats
City OF Troy
10Th St
Albany
Troy
Block Island
Orient
Greenport
Shelter Island
Southold
Sag Harbor
Ee Steamboat CO
Suntage
DEA
Pier 82
N. Foot Canal St
Onteora
Kaaterskile
Christopher St
Kaaters
Ocal Tenlac Fe
Iro
Palenville
Otis Summit
Rudson and Coxsackie
Wi “Or
Hepson
Mary Powell
Desbrosess St
West Sid St
Cornwall
NFO Hamburgh
Milton
Poughkeepson
Park, Rondout
Kingston
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