Article Text
An Examiner to Take Charge. The controller of the currency is informed that the First National Bank of Ravenna, Neb., suspended payments this morning, and he has sent an examiner to take charge of its affairs.
13523. First National Bank (Ravenna, NE)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 4043
- Charter Number
- 4043
- Start Date
- April 4, 1895
- Location
- Ravenna, Nebraska (41.026, -98.913)
Metadata
- Model
- gpt-5-mini
- Short Digest
20597c0d
Response Measures
None
Receivership Details
- Depositor recovery rate
- 45.5%
- Date receivership started
- 1895-04-10
- Date receivership terminated
- 1901-01-28
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 31.6%
- Share of assets assessed as doubtful
- 55.7%
- Share of assets assessed as worthless
- 12.7%
Description
The First National Bank of Ravenna suspended on 1895-04-04 due to insolvency caused by local drought/business depression (unable to realize assets). An examiner was sent and a receiver was appointed 1895-04-11, indicating permanent closure/receivership. OCR discrepancies in reported capital ($50,000 vs $5,000) noted in sources.
Events (4)
1.
May 22, 1889
Chartered
- Source
- historical_nic
2.
April 4, 1895
Suspension
- Cause
- Local Shock
- Cause Details
- Business depression following last year's drought; inability to realize on assets and maintain required reserve, leading directors to close the bank.
- Newspaper Excerpt
- The First National bank of Ravenna, Neb., suspended payments this morning, and he has sent an examiner to take charge of its affairs.
- Source
- newspapers
3.
April 10, 1895
Receivership
- Source
- historical_nic
4.
April 11, 1895
Receivership
- Newspaper Excerpt
- The controller of the currency has appointed S. B. Thompson of Broken Bow, Neb., as receiver of the First National Bank of Ravenna, Neb.
- Source
- newspapers
Newspaper Articles (12)
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Article Text
WERE GILT EDGED ONCE. But the Securities Assumed the Dinginess of the All-Prevailing Mud. Omaha, Neb., April 4.-A special to the Bee from Ravenna, Neb., says: The First National bank of Ravenna, the heaviest banking nistitution of this city, and always considered one of the soundest in the county, closed its doors by order of the board of directors. The bank's insolvency is the natural result of the times. Business depression in all lines, due to the drouth of last year and inability to realize upon assets that under normal conditions would be considered gilt edged, has made it necessary for the bank to suspend business, not being able to maintain the reserve required by the national banking laws. The assets of the bank exceed the liabilities almost three to one.
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TELEGRAPHIC BRIEFS Navigation has been resumed on Lake Erie. The First National Bank of Ravenna, Neb., has suspended. A German ship has arrived at Honolulu with 624 Japanese contract laborers on board. An attempt was made to burn the Choleea Baptist church at Boston, by unknown parties. It will require the official count to determine who was elected supreme court judge in Wisconsin on Tuesday. There are only nineteen bona fide American citizens in Samoa, according to Land Commissioner Chambers' report. The bill' to punish train robbers by confinement in the penitentiary for fifteen years, passed the Pennsylvania legislature. John Wertman, attorney and counsellor at law at Camden, N. J., was disbarred by the supreme court on charges of fraud preferred on fourteen cases. State Senator Hurt, one of the wealthiest men in Colorado, shot W. M. Milne, a sheep herder. in his employ, for alienating the affections of his wife. The "Lexowing" of Camden, N. J., was begun yesterday. The citizens committee have brought charges against the city and county officials for receiving money unlawfully. William Dugald Stuart, of London, one of the heirs of William l'enn. in his suit to gain possession of property in Easton, PR., received a verdict in the United States circuit court yesterday. John McGarry, the prize fighter, who is under indictment for manslaughter in causing the death of another prize fighter, William J. Noary, was admitted to bail in New York yesterday in $2,500. The national mill spinners' conven. tion adjourned at Bostou, It decided to petition the legislatures of the several Now England states to reduce the weekly working hours from sixty to fifty-eight. The trial of the criminal libel case bronght by Oscar Wilde against the Marquis of Queensberry was continued yesterday. The evidence was concluded and argument began. The details of the trial are too indecent for publication in a respectable newspaper. Gus Spreckels, HON of the great sugar king, Claus Spreckels, has mued his father for alander, for intimuting that he had conspired to awindle the old gentleman out of $2,000,000. He says he doesn't want money and only sues for the nominal sum of $300, merely wanting 8 vindication.
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Nebroska Bank Closed. RAVENNA,. Neb., April 4.-The First National Bank at Ravenna, the heaviest banking institution of this city and always considered one of the soundest in the county. closed its doors this morning. The bank's insolvency is the natural result of the times. Business depression in all lines due to the drought of last year and inability to realize upon assets that under normal conditions would be considered gilt edgea, has made It necessary for the bank to suspend business, not being able to maintain the reserve required by the national banking laws. The assets of the bank exceed the liabilities almost three to one.
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General Notes. WASHINGTON, April 4.-Secretary Morton, who has been confined to the house for several days by a cold, was SO far recovered to-day as to be able to visit the Agricultural Department. Secretary Morton has appointed Edward Bailey, of Rome, Ga., proof reader and editorial clerk in the publication division of the Agricultural Department. The Secretary of the Treasury has recently compromised with a large number of violations of the oleomargarine law in Chicago. Yesterday he compromised three important cases in which large penalties were inflicted. The Controller of the Currency to-day received notice that the First National Bank of Ravenna, Neb., had suspended and immediately ordered Examiner Howey to take charge. The bank had a capital of $50,000. The United States cruiser Charleston sailed yesterday from Che Foo for New Chang, China, where the Petrel has been laid up in winter quarters in a mud dock. R. J. Raymond and wife, of Aurora, are here. Hon. Charles H. Mansur, of Missouri, reasury DepartAssistant Concepts men', is critically ill with an attack of heart trouble His condition to-night is said to be precarious.
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Two Banks in Trouble. WASHINGTON, D. C., April 4.-The Comptroller of the Currency to-day received notice that the First National Bank of Ravenna, Nebr., had suspended, and immediately ordered Examiner Howey to take charge. The bank had a capital of $5000. The Comptroller ordered Examiner Ganner to take charge of the First National Bank of Dublin, Tex. This bank has for some time been in process of liquidation, but the progress made was entirely unsatisfactory, and as a sequence action was taken to-day.
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Suspension of a Nebraska Bank. W ASHINGTON, April 5.-The comptroller of the currency has received notice that the First National bank of Ravenna, Neb., had suspended, and immediately orI Hower to take charge.
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RAVENNA BANK CLOSES ITS DOORS. Directors Conclude They Are Not Warranted In Doing Business Longer. RAVENNA, Neb., April 4.-(Special Telegram.)-The First National bank, Ravenna's heaviest banking institution and always considered one of the soundest institutions in the county, closed its doors by order of its board of directors this morning. The bank's insolvency is the natural result of the times. Business depression in all lines, due to the drouth of last year and inability to realize upon assets that under normal conditions would be considered gilt-edged, has made it necessary for the bank to suspend business, not being able to maintain the reserve required by the national banking laws. The assets of the bank will exceed the liabilities almost three to one and depositors will without doubt be paid in full if a crop is raised this year, or as soon as borrowers can raise money to discharge their obligations to the bank. About $4,000 of Buffalo county's money will be tied up for a time, but the county is secured by collateral sufficient to preclude the possibility of loss. The suspension will of course work great hardship upon the depositors, but as it is reasonably sure that in time they will receive dollar for dollar they show a disposition to take the matter philosophically and are thankful that the matter is no worse. WASHINGTON, April 4.-The comptroller of the currency today received notice that the First National bank of Ravenna, Neb., had suspended and immediately ordered Examiner Howey to take charge. The bank had a capital of $50,000. The comptroller ordered Examiner Gannon to take charge of the First National bank of Dublin, Tex. This bank has for some time been in process of liquidation, but the progress made was entirely unsatisfactory, hence his action today.
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Nebraska Bank Closed. WASHINGTON, April 4.-The comptroller of the currency today received notice that the First National Bank of Ravenna, Nebraska, had suspended, and immediately ordered Examiner Howey to take charge. The bank had a capital of $50,000. The comptroller ordered Examiner Gannon to take charge of the First National Bank of Dublin, Texas. This bank has for some time been in process of liquidation, but the progress made was entirely unsatisfactory, hence his action today.
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Bow, Neb., as receiver of the First National bank of Ravenna, Neb. There has been no improvement in Assistant Comptroller Mansure's condition, and no hope of his recovery is entertained.
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Bank Receiver Appointed. The controller of the currency has appointed S. B. Thompson of Broken Bow, Neb., as receiver of the First National Bank of Ravenna, Neb.
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MINOR NEWS ITEMS. For the Week Ending April 10. The Nebraska legislature adjourned sine die. A war between Norway and Sweden was said to be impending. Kirkpatrick & Co., wholesale grocers at Nashville, Tenn., failed for $175,000. The First national bank of Dublin, Tex., was closed by the bank examiner. The Bristol (Tenn.) Bank and Trust company assigned with liabilities of $24,720. The net result of municipal elections in New Jersey was a victory for the republicans. Under the new constitution Utah will have eighteen senators and forty-five representatives. Rocky Ford, the English colony settlement in New Mexico, was completely wiped out by fire. The First national bank of Ravenna, Neb., the heaviest banking institution of that city, closed its doors. The czar has refused to abolish the law prohibiting Jews from living within 50 versts of the Russian frontier. The bank of Axtell, Neb,, failed to open its doors. The failure was caused by drought and business stagnation. The bank of Bladen, Neb., was closed by Bank Examiner Cline. The assets were $16,665; liabilities, $10,980. J. J. McGethen, of Ashland, Wis., has secured for $325,000 the 100,000,000 feet of timber on the Red Cliff reservation. Reports from the tier of counties comprising the Michigan fruit belt indicate a phenomenal fruit crop this year. Five Seventh-day Adventists. convicted in Rhea county, Tenn., of working on the Sabbath, were pardoned by Gov. Turney. The United States consul at Berlin reports that there is a demand for good, sound American apples in Germany, but no supply. The United States steamship Marblehead, now at Gibraltar, was cabled to proceed with all dispatch to Beyroot, Syria, to protect Americans. A rainfall for thirty-six hours was general throughout the west and last year's drought-stricken region of Nebraska received a drenching. About forty of the most prominent horsemen in the United States met at Cleveland and formed a sporting league with P. P. Johnson as president. The Kentucky grand lodge Knights of Honor unveiled a monument at Louisville to the memory of James A. Demaree, the founder of the order. The Southern Land & Timber company (English), of Pensacola, Fla., the largest timber concern in the south, went into the hands of receivers. T. M. O'Kelley murdered his aged wife at Vicksburg, Miss., with a hatchet and afterward committed suicide. He was supposed to be insane. Ninety- three farmers from Colorado, Nebraska, Kansas and Illinois are now in the southeastern part of North Carolina looking for lands. They are an advance guard. School elections were held in all the principal towns in Montana, and were remarkable from the fact that in most of the cities at least half the vote was cast by women. The American starch works, largest in the west, were burned at Columbus, Ind., causing a loss of $300,000. Lewis Wade, a colored warehouseman. per-