13930. First National Bank (New York, NY)

View Charter #29 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
29
Charter Number
29
Start Date
February 25, 1896
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
922055d59b368c14

Response Measures

None

Description

The San Francisco Call article (Jan 20, 1897) reports the First National Bank in New York closed its doors and that a Bank Inspector is in charge, indicating a suspension/closure likely tied to insolvency and criticized management. No article explicitly describes a depositor run; therefore this is classified as a suspension that resulted in closure. Article 1 (1896) mentions transfers to a receiver of the First National bank in a separate legal matter but does not describe a run or reopening for this bank.

Events (3)
1. July 21, 1863 Chartered
Source
historical_nic
2. February 25, 1896 Other
Newspaper Excerpt
transferred to the receiver of the First National bank before the appointment of a receiver for the Natchaug company.
Source
newspapers
3. January 19, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed amid allegations/concerns about insolvency and criticized management; examiner had previously criticized management in October letter; inspector now in charge.
Newspaper Excerpt
The First National Bank, which closed its doors yesterday. ... Bank Inspector Walter, who IS in charge
Source
newspapers

Newspaper Articles (2)
1. February 27, 1896 Freeland Tribune Freeland, PA
Article from Freeland Tribune, February 27, 1896

Click image to open full size in new tab

Article Text

NATCHAUG SILK COMPANY. Depositions To Be Taken Before a Commissioner This Week. Willimantic, Conn., Feb. 25.-Depositions of former officers of the Natchaug Silk company will be taken here this week before Commissioner Briscoe of Hartford in the injunction case now in the United States court in New York, that of Hadden & Co., China & Japan Silk company, Morimura, et al, raw silk dealers, heavy creditors of the Natchaug company, against G. W. Pangborn, who claims to be the present owner of manufactured goods in New York, transferred to the receiver of the First National bank before the appointment of a receiver for the Natchaug company.

2. January 20, 1897 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, January 20, 1897

Click image to open full size in new tab

Article Text

100K ALL IN SIGHT. The First National Bank Accepted Deposits Up to the Close. NEW YORK, N. Y., Jan. 19.-The First National Bank, which closed its doors yesterday. accepted deposits up to closing Saturday. It was unknown Friday whether the bank would open Saturday morning. Bank Inspector Walter, who IS in charge, says if it can be proven that the bank was insolvent and that its officers knew it, then the acceptance of deposits was a violation of law. Comptroller Eckels says that Bank Examiner Tucker criticized the management of the bank in his October letter and the officers were promptly notified. Another failure to-day resulted from the closing of the bank. J. H. and Leonard Shafer & Co. assigned as commission merchants. Liabilities and assets are not known. The Newport banks were not subjected to runs to-day and had they been would easily have met any demand on them.