14237. Cataract City Bank (Paterson, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1860*
Location
Paterson, New Jersey (40.917, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
3aeae501

Response Measures

None

Description

The articles report the bank failed circa 1860 (chartered 1856, failed four years later) and was placed in receivership; no contemporaneous run is described. In 1910 the receiver (John L. Griggs) is distributing a dividend obtained after litigation with the estate of an earlier receiver who died in 1872. Some articles OCRed Patterson; correct location is Paterson, N.J.

Events (2)

1. January 1, 1860* Receivership
Newspaper Excerpt
The bank was chartered in 1856 and failed four years later. ... The receiver, John L. Griggs, has $3,705 to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872.
Source
newspapers
2. August 11, 1910 Other
Newspaper Excerpt
After waiting fifty years the creditors of the defunct Cataract City bank here are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute among the claimants.
Source
newspapers

Newspaper Articles (10)

Article from The Topeka State Journal, August 11, 1910

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Article Text

GET FUNDS AFTER FIFTY YEARS. Creditors Receive Dividend on Cataract City Bank. Paterson, N. J., Aug. 11.-After waiting 50 years the creditors of the defunct Cataract City bank here are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705, to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872. The bank was chartered in 1856 and failed four years later. Its president, Charles Sanford. and two other officials, William P. Sumner and J. M. Beach, were sent to the state prison for conspiracy. Sanford died in prison.


Article from The Ogden Standard, August 11, 1910

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Article Text

CREDITORS WAITED FIFTY YEARS FOR DIVIDEND. Paterson, N. J., Aug 11.-After waiting fifty years, the creditors of the defunct Cataract City bank here are to receive a first dividend on their claims The receiver, John L. Griggs, has $3,705 to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872. The bank was chartered in 1856 and failed four years later. Its president, Charles Sanford, and two other officials, William P. Summer and J. M. Beach, were sent to the state prison for conspiracy. Sanford died in prison.


Article from Deseret Evening News, August 11, 1910

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Article Text

GOT DIVIDEND AFTER WAITING FIFTY YEARS Paterson, N. J., Aug. 11.-After waiting 50 years, the creditors of the defunct Cataract City bank here are to receive a. first divdend on their claims. The receiver, John L. Griggs, has $3,705 to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872. The bank was chartered in 1856 and failed four years later. Its president, Charles Sanford, and two other officials, William P. Sumner and J. M. Beach, were sent to the state prison for conspiracy. Sanford died in prison.


Article from The Bemidji Daily Pioneer, August 13, 1910

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Article Text

{ Wait Fifty Years for Dividend. Paterson, N. J., Aug. 12.-After waittng fifty years the creditors of the defunct Cataract bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872.


Article from Tonopah Daily Bonanza, August 14, 1910

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Article Text

FIRST DIVIDEND PAID AFTER HALF A CENTURY By Associated Press. PATTERSON, N. J., August 13.After waiting fifty years, the creditors of the defunct Cataract City bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute among the claimants, the money having been obtained after a series of legal battles with the estate of a former receiver who died in 1872.


Article from The Penn's Grove Record, August 19, 1910

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Article Text

To Pay After Fifty Years. After half a century the creditors of the defunct Cataract City bank of Paterson are to get a portion of the money due them by identifying their claims with John L. Griggs, the present receiver. Mr. Griggshas $3,705.90 to disburse among claimants, this amount coming from money collected by Philip Rafferty, the receiver appointed immediately following the insolvency of the institution, and who died in 1872. The claims total approximately $25,000. When Rafferty died it became necessary to sue his estate. The bank was chartered in 1856 and failed four years later. Its president, Charles Sanford, and two other officials, William P. Sumner and J. M. Beach, were sent to the state prison for conspiracy. Sanford died in prison.


Article from The Elbert County Tribune, August 26, 1910

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Article Text

Walt Fifty Years for Money. Paterson, N. J.-After waiting fifty years the creditors of the defunet Cataract City bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute, money obtained through a series of legal battles with the estate of a deceased receiver.


Article from The Washburn Times, September 8, 1910

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Article Text

Wait Fifty Years for Money. Paterson, N. J.-After waiting fifty years the creditors of the defunct Cataract City bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute, money obtained through a series of legal battles with the estate of a deceased receiver.


Article from The Charles Mix New Era, September 9, 1910

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Article Text

Wait 50 Years for Payment. Paterson, N. J.-After waiting fifty years the creditors of the defunct Cataract City bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to a distribute, money obtained through series of legal battles with the estate of a deceased receiver.


Article from The Silver Messenger, November 8, 1910

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Article Text

Wait 50 Years for Payment. Paterson, N. J.-After waiting fifty years the creditors of the defunct Cataract City bank are to receive a first dividend on their claims. The receiver, John L. Griggs, has $3,705 to distribute, money obtained through a series of legal battles with the estate of a deceased receiver.