Rensselaer Journal, Volume 11, Number 4, Rensselaer, Jasper County, 4 July 1901 — A National Bank Closed. [ARTICLE]

A National Bank Closed.

The Seventh National Bank of New York closed its doors Thursday morning forty minutes after it had opened for business. It closed because the Controller of the Currency, Charles G. Dawes, had demanded satisfactory assurances, which the bank could not give, that its loan of >1,600,000 to Henry Marquand & Co. would be taken up by Saturday night and the cash be put in the bank. Controller Dawes was notified in reply that the bank would close, and he put Forrest Raynor, the national bank examiner, in as temporary receiver. Mr. Raynor took charge a few minutes after 11 o’clock, the following notice being posted upon the bank’s front door: “This bank is In the hands of the Controller of the Currency.—Forrest Raynor, national bank examiner.”