Article Text
e A Receiver Appointed. WASHINGTON, Feb. 21.-The comptroller of the currency has appointed Judge S. Edwin Day, of Moravia, N. Y., as receiver of the First National bank of Albany.
14713. First National Bank (Albany, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 267
- Charter Number
- 267
- Start Date
- February 21, 1888
- Location
- Albany, New York (42.653, -73.756)
Metadata
- Model
- gpt-5-mini
- Short Digest
6f5d33f2
Response Measures
None
Description
Comptroller appointed a receiver for the First National Bank of Albany on Feb 21, 1888 after the cashier misapplied/dealt with depositors' funds (~$150,000). No articles mention depositor runs; the bank entered receivership and litigation followed (receiver sued brokers). Classified as a suspension leading to closure (receivership).
Events (5)
1.
February 19, 1864
Chartered
- Source
- historical_nic
2.
February 21, 1888
Receivership
- Newspaper Excerpt
- The comptroller of the currency has appointed Judge S. Edwin Day ... as receiver of the First National bank of Albany.
- Source
- newspapers
3.
February 21, 1888
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Cashier misappropriated/used depositors' funds (nearly $150,000), rendering the bank insolvent and prompting appointment of a receiver.
- Newspaper Excerpt
- The comptroller of the currency has appointed Judge S. Edwin Day, of Moravia, N. Y., as receiver of the First National bank of Albany.
- Source
- newspapers
4.
August 30, 1888
Other
- Newspaper Excerpt
- The case in question was that of the receiver of the First National Bank, of Albany, N. Y., against a firm of Wall street brokers, who helped the cashier of the bank to get rid of nearly $150,000 of the depositors' money.
- Source
- newspapers
5.
November 29, 1926
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (3)
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Article Text
JUDGE WALLACE, of the United States Circuit Court for the District of New York, has just handed down a decision that is of interest to brokers who are accessories to speculation with the funds of bank depositors. The case in question was that of the receiver of the First National Bank, of Albany, N. Y., against a firm of Wall street brokers, who helped the cashier of the bank to get rid of nearly $150,000 of the depositors' money. A jury rendered verdict against the firm for the full amount of the money paid to them and Judge Wallace sustained the verdict by denying the motion for a new trial. The decision is based upon the generally accepted legal principle that no one has a right to accept money for an agent's debt which he knows belong to the agent's principal and not to the agent himself+ This decision simply serves notice upon brokers not to monkey with the money of bank depositors, no matter how willing rascally cashiers may be to risk it in speculation.
Click image to open full size in new tab
Article Text
JUDGE WALLACE, of the United States Circuit Court for the District of New York, has just handed down a decision that is of interest to brokers who are ac- cessories to speculation with the funds of bank depositors. The case in question was that of the receiver of the First Na- tional Bank, of Albany, N. Y., against a firm of Wall street brokers, who helped the cashier of the bank to get rid of near- ly $150,000 of the depositors' money. A jury rendered verdict against the firm for the full amount of the money paid to them and Judge Wallace sustained the verdict by denying the motion for a new trial. The decision is based upon the generally accepted legal principle that no one has a right to accept money for an agent's debt which he knows belong to the agent's principal and not to the agent himself. This decision simply serves notice upon brokers not to monkey with the money of bank depositors, no matter how willing rascally cashiers may be to risk it in speculation.