1511. First National Bank (Bethel, CT)

View Charter #1141 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1141
Charter Number
1141
Start Date
February 20, 1868
Location
Bethel, Connecticut (41.373, -73.416)

Metadata

Model
gpt-5-mini
Short Digest
0c28976a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1868-02-28
Date receivership terminated
1881-04-07
OCC cause of failure
Fraud
Share of assets assessed as good
30.8%
Share of assets assessed as doubtful
3.8%
Share of assets assessed as worthless
65.4%

Description

Articles from Feb–Mar 1868 report the First National Bank of Bethel was closed by bank commissioners and a receiver appointed; cashier arrested for improper loans/indorsements to cover a debtor's failure. No newspaper account describes a depositor run; the bank entered receivership and wound up (later court cases and eventual dividends indicate liquidation). Cause for suspension is bank-specific adverse information (bad loans/possible fraud by cashier).

Events (4)
1. May 15, 1865 Chartered
Source
historical_nic
2. February 20, 1868 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank commissioners closed the bank after discovery that large loans and endorsements had been made to a failed local debtor (Nathan Seelye) and the cashier allegedly issued checks/endorsed notes to cover exposure; cashier arrested for violation of the National Currency Act.
Newspaper Excerpt
The bank commissioners closed the First National Bank of Bethel, Conn., on Thursday
Source
newspapers
3. February 26, 1868 Receivership
Newspaper Excerpt
The institution is now in charge of a receiver. Judd is under arrest ... E. S. Tweedy receiver (listed later). First National Bank of Bethel ... has closed its doors. It ceases to be a public depository.
Source
newspapers
4. February 28, 1868 Receivership
Source
historical_nic

Newspaper Articles (10)
1. February 22, 1868 Evening Star Washington, DC
Article from Evening Star, February 22, 1868

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yesterday discussing suffrage. On the Conservative side it was asserted that the white men of the State will never submit to negro rule, and that the men who fought with Lee would sooner come out and lie in the graves with those who had gone before them. [The name of Lee elicited applause from the white spectators, which was checked by the chair.] The speaker said the whites wished the blacks well, and would be willing to be taxed heavily to colonize them on the best lands the Government owned. Two black delegates replied, urging the right of the negroes to suffrage, and his capacity to use it for good. In the English House of Commons last night Disraeli gave an explicit denial to the report that the expenditures of the Abyssinian expedition had already exceeded the estimates laid before the House last session. Lord Stanley made an explanation regarding Mexico. Diplomatic relations had been suspended for the reason that last September the Mexican Government declined all intercause with Gov. ernments which had recognized the late empire. Mr. Northcote gave note that the latest letters received from Abyssinia gave hope that the war would end this season. A rear car ran off the tract at Pittston, Pa., yesterday, in consequence of a broken rail. After dragging several hundred feet, it broke loose from the train and went over an eighteen feet embankment, turning over and over, and breaking in two as it fell. Ten or twelve passengers were injured; none seriously, however, except Bishop Stevens, of the Diocese of Pennsylvania. It is thought the Bishop will recover. The coroner's jury have concluded the investigation of the Clerkenwell explosion in London, and yesterday rendered a verdict. They bring a charge of murder against Barrett, English, O'Keef, two Desmonds, Ann Justice, and others, whose names are not made known. Doubt is expressed as to complicity of Allen. The police in the Clerkenwell district are severely censured for lack of activity and vigilance. Mr. Hunt, the British Under Secretary of the Treasury, has informed the House of Commons that the operation of the new postal treaty between Great Britain and the United States has been temporarily suspended, but only to enable both Governments to revise certain points mutually overlooked. The Mississsppi Democratic Convention adjourned Thursday night after adopting resolutions in consonance with the principles of the National Democratic party, and electing delegates to the National Democratic Convention. The audience at Train's lecture, in Dublin Thursday night, was very boisterous. Some persons who hissed the speaker were roughly bandled. A strong police force prevented any serious violence or disloyal demonstrations. General Schofield yesterday removed the City Recorder and eleven magistrates of the Hustings Court of Richmond for having permitted tobacco inspectors to qualify without taking the required oath of office. La France says Chevalier Nigra, Italian Minister, has pledged Italy to a faithtul observance OS the September Convention, and also to ber share of the payment of the former debts of the Church States. The bank commissioners closed the First National Bank of Bethel, Conn., on Thursday The cashier is under arrest. A very large amount of certificates have been issued. The Dayton (Ohio) Ledger, in defining its position, says Geo. H. Pendleton will carry the State of Ohio by 20,000 majority, and that he is the only Democrat for whom the State IS sure. The jury were unable to agree in the case of John Martin and other Fenians on trial in Dublin, and have been discharged. The Patrie, of Paris, yesterday, speaking usder reserve, says Russia is massing troops near the Danube. Next Tuesday has been assigned for the consideration of the state of Ireland in the House of Commons. The London Evening Globe reports that alarm.

2. February 26, 1868 New-York Tribune New York, NY
Article from New-York Tribune, February 26, 1868

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THE BETHEL BANK FAILURE. Nathan Seelye, a hat manufacturer of Bethel, failed, with liabilities estimated at $150,000, which involves the suspension of the First National Bank of the place, caused by the free way the bank loaned its capital ($60,000) to Seelye to the extent of $25,000, and the covert manner in which the Cashier, William A. Judd, gave his checks, amounting to $35,000, to the Pahquioque Bank of Danbury to protect Seelye, and also by his indorsement of a note, as Cashier, for $7,000, now held by the same bank. Seelye's assets will not pay 25 cents on the dollar. Judd 18 under arrest for a violation of the 55th section of the National Currency act. The weakness of the Bethel Bank was understood by the Controller last September, and the institution is now in charge of a receiver.

3. March 7, 1868 Evening Star Washington, DC
Article from Evening Star, March 7, 1868

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FAILURE OF NATIONAL BANKS.-The First National Bank of Bethel, Conn., has closed its doors. It ceases to be a public depository. The First National Bank of Keokuk, Iowa, has suspended business. The Governmentfunds have been withdrawn.

4. March 9, 1868 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 9, 1868

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FAILURE OF NATIONAL BANKS.-Bethel, Conn., March 6.-The First National Bank of this city'has closed its doors. It ceases to be a public depository. Keokuk, Iowa., March 6.-The First National Bank of this city has suspended business. The Government funds have been withdrawn.

5. December 8, 1868 The New York Herald New York, NY
Article from The New York Herald, December 8, 1868

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THE CURRENCY. REPORT OF COMMISSIONER H. R. HULBURD. We have alrealy published abstracts of the important report of Hon. H. R. Hulburd, Comptroller of the Currency, and proceed to add those portions not heretofore given as we find them in the full report of the document:NATIONAL BANKS. Since the last annual report twelve national banks have been organized, of which five are new associations. One was organized to take the place of an existing State bank and six were organized to take the place of national banks previously organized but now in liquidation and winding up, making the total number organized up to October, 1685. From this number should be deducted fifty-six, leaving the number in active operation 1,629. The banks to be excluded are the following:Never Completed their Organization so as to Commence Business.-First National Bank of Lansing, Mich., No. 232; First National Bank of Penn Yan, N. Y., No. 169; Second National Bank of Canton, Ohio, No. 463; Second National Bank of Ottumwa, Iowa, No. 195. Superseded by Subsequent Organization with the Same Titles.-First National Bank of Norwich, Conn original No. 65, present No. 458; First National Bank of Utica, N. Y., original No. 120, present No. 1,895. In Voluntary Liquidation.-First National Bank of Columbia, Mo.; First National Bank of Carondelet, Mo.: National Union Bank of Rochester, N. Y.; National Bank of the Metropolis, Washington, D. C.; First National Bank of Leonardsville, N. Y.; Farmers' National Bank of Richmond, Va.; Farmers' National Bank of Waukesha, Wis.; City National Bank of Savannah, Ga.; National Bank of Crawford county, Meadville, Pa.; First National Bank of Elkhart, Ind.: First National Bank of New Ulm, Minn.; Pittston National Bank, Pa.: Berkshire National Bank of Adams, Mass.: Fourth National Bank of Indianapolis, Ind.; Kittaning National Bank, Kittanning, Pa.; First National Bank of Providence, Pa.: National State Bank of Dubuque, Iowa; Ohio National Bank or Cincinnati, Ohio. Since October 1, 1867-First National Bank of Kingston, N. Y.; First National Bank of Blufton, Ind.; First National Bank of Skaneateles, N. Y.; First National Bank of Jackson, Miss.; First National Bank of Downingtown, Pa.; National Exchange Bank of Richmond, Va.: Appleton National Bank of Appleton, Wis.; National Bank of Whitestown, N. Y.; First National Bank of New Brunswick, N.J.; First National Bank of Titusville, Pa.; First National Bank of Cuyahoga Falls, Ohio; First National Bank of Cedarburg, Wis.: Commercial National Bank of Cincinnati, Ohio; Second National Bank of Watertown. N. Y.; Second National Bank of Des Moines. Iowa; First National Bank of South Worcester, N. Y.; National Mechanics' and Farmers' Bank of Albany, N. Y.; First National Bank of Plumer, Pa. or the banks in liquidation the following are winding up for the purpose of consolidating with other banks:-Pittston National Bank, Pittston. Pa., with the First National Bank of Pittston; Berkshire National Bank of Adams, Mass., with the First National Bank of Berkshire; Fourth National Bank of Indianapolis, Ind., with the Citizen's National Bank of Indianapolis; Kittanning National Bank, Kittanning, Pa., with the First National Bank of Kittanning; First National Bank of Providence, Pa., with the Second National Bank of Scranton, Pa.; National State Bank of Duouque, Iowa, with the First National Bank of Dubuque: Ohio National Bank of Cincinnati, Ohio, with the Merchants' National Bank of Cincinnati: First National Bank of Titusville, Pa., with the Second National Bank of Titusville; National Ex change Bank of Richmond, Va., with the First National Bank of Richmond: Second National Bank of Watertown, N. Y., with the First National Bank of Watertown. The following banks in liquidation are succeeded by new organizations, which are to take their circulation as fast as it 18 redeemed, this being the only process by which a change of location can be effected:-First National Bank of Downingtown, Pa., succeeded by the First National Bank of Honeybrook, Pa.: First National Bank of New Brunswick, N. J., succeeded by the Princeton National Bank, Princeton. N. J.: Second National Bank of Des Moines, Iowa, succeeded by the Pacific National Bank of Council Bruds, Iowa: First National Bank or Plumer, Pa., succeeded by the First National Bank of Sharon, Pa. The following national banks have failed to redeem their circulating notes and receivers have been appointed for them:-First National Bank of Attica, N. Y., Leonidas Doty receiver: Venange National Bank of Franklin, Pa., Harvey Henderson. re. ceiver; Merchants' National Bank of Washington, D. C., James C. Kennedy receiver: First National Bank of Medina, N. Y., Edwin P. Healey receiver: Tennessee National Bank of Memphis, Tenn., Willliam A. Hill receiver; First National Bank of Newton, Newtonville, Mass., D. Wayland Jones receiver; First National Bank of Selma, Ala., Cornellus Cadle, Jr., receiver: First National Bank of New Orleans, La., Charles Case receiver; National Unadilla Bank, Unadilla, N. Y., Lewis Kingsley receiver; Farmers' and Citizens' National Bank of Brooklyn, N.Y., Frederick A. Platt receiver; Croton National Bank of the City of New York, C. P. Bailey receiver; National Bank of Vicksburg, Miss., Edwin F. Brown receiver: First National Bank of Keokuk, Iowa, H. W. Sample receiver; First National Bank of Betbel, Conn., E. 8. Tweedy receiver. The affaire of the Frest National

6. February 26, 1872 The New York Herald New York, NY
Article from The New York Herald, February 26, 1872

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UNITED STATES SUPREME COURT. Suit Against the Receiver of a Bank as Representing the Stockholders-AHeged Breach ot Contract in a Steamer Purchase-The Government Confiscating Gold Coin-A Test Question. WASHINGTON, D. C., Feb. 24, 1872. No. 116. The First National Bank of Bethel vs. The National Pahquioque Bank-Error to the Supreme Court of Connecticut.-The plaintur in error failed, and a receiver was appointed under the 50th sec. tion of the Currency act. The defendant in error brought suit to recover a debt of $90,000, which It had presented to the receiver and which had been disallowe1 by that officer. The action was at common law. and process was served upon the re. ceiver as the representative of the bank. The plaintiff in error claimed exemption irom being sued by virtue of the provisions of the Currency act, and that the disallowance and rejection by the receiver of the bank of the claim was a decisive adjudication of the claim; but the Court held otherwise, and the judgment was for the plaintur there. It IS here contended that the rights or the parties depend upon and are to be ascertained from statutes or the United States and geueral principles of law applicable to the questions which arise upon the facts found; and the authority or the Comptroller of the Currency over the national banks, and the effect of his acts in respect to them, are to be determined exclusively by the laws of the United States. The action of the Comptroiler of the Currency and of the receiver appointed by mm in this case is final, and no action IS maintainable. Goodrich, Averil and Brewster for plaintiff in error: O. P. seymour for defendants. No. 114. Sloughter, Administrator, vs. GersonAppeal from the Circuit Court for Maryland.-Gerson, through a ship broker, sold to Sloughter, intestate, the steamboat Miuna for $40,000, receiving in cash $15,000 and taking mortgages on the Minna and the Chester, another boat owned by the intestate, for the balance. When the mortgages became due and unpaid this proceeding was instituted to obtain a sale of the mortgaged boats. The delence was that the Minna was purchased upon the false representation that she drew only three and a half feet, that being the express and explicit understanding, for it sae drew more water she could not be used for the purpose 10r which she was bought-to plv between Baltimore and various points on the Chester River where a vessel drawing more than that could not run. The allegation was that the sale was made by means of deceit and fraud, and a cross bill was filed to set it aside and for a return of the money paid. The Court found that the allegations or the delence were not proven. and the decree was for Gerson, and that the cross bill be dismissed. I is here urged that the evidence will reverse the decreo when properly considered. William Scaley for appellants; B. W. Huntington for appellee. No. 113. Edward J. Gay vs. the United States-Appeal from the Circuit Court for the District of Loui. siana.-Gay, a merchant and planter, residing in Louisiana, placed on the steamer Empire Parish $5,000 in gold coin of the United States, to be delivered to him, as claimed, at his residence, in the parish of Iberville, within the tederal lines: but white in transit the money was seized by the government and condemned as monev on lis passage to Bayou Sara, bey ond the federal occupation and WILDIN the rebel lines. The evidence was condicting, but the District Judge, who knew the parties, concluded there was no unlawful destination intended, and ordered a res. toration to the clai nant. The Circuit Court, nowever, was of a different opinion, and when heard there the aecree below was reversed and the money was condemaed as confiscated to the government. It IS here insisted that the evidence is strongly on the side of the claimant, and that 111 any case any offence or the claumant had been obnterated by the various amnesty proclamations, and that there was therefore no ground for the condiscation of the property at the trial and final decree. E. T. Merrick for appellant; Assistant Attorney General Hill 10r the government. No. 117. Chew vs. Brumagen-Error to the Court of Errors and Appeais of New Jersey.-Thus is simply a suit for the foreclosure of a mortgage, in which the defence set up 18 an action at law in New York upon the bond for Water the mortgage was given and its consequent extinguishment. The only ground for its being brought LO this Court 18 the constitutional provision requiring full faith and credit to be given in each State to the public acts, records and Judicial proceedings of other States, and the only statute in question in this case is that regulating the practice of the law in the State of New York. And it 18 here insisted that the Courts of New Jersey have declared in the case in the most positive terms that they were bound by this constitutional provision and by the statute in question and by the judicial determination of its provisions by the Co rris of New York, and that their decision was based upon and in entire narmony with all these. It therefore urged that tois Court has no jurisdiction to review the case. John H. Reynolds for plantar in error: E. T. Green for deleadant.

7. April 10, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, April 10, 1872

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(To the Associated Press.) # THE NAVAL INVESTIGATION. The naval investigating committee sessioned this evening. D. Nobbitt, a cabinet maker of Philadelphia, testified to supplying the navy with goods, but the Cattells had no interest, directly or indirectly, with the business; neither did any naval officer. Ex-Senator Cattell testified that he was not interested with Nobbitt nor any of his family; never bought bricks to send to California, nor for any other purpose for the navy; had no interest in iron for the torpedo boats; had no interest in John Roach's business, and had known him only two months; none of the Cattells had any interest in Roach's business; never entered into any scheme for building iron ships; first he knew of it he saw it in the New York Sun; was happy to say he had been twelve years a friend of Secretary Robeson; made his house his home; had no connection, directly or indirectly, with the navy department or any of its branches; never bought coal for the navy. A. Boyd, plate iron manufacturer, testified that he was connected with the firm of Pennock, Boyd & Co.; bargained with Hanscom for iron for torpedo boats, at ten cents a pound all round, and for the best charcoal; would not now duplicate the order; neither of the Cattells or any navy officer were interested in their contracts; never gave money nor any valuable thing to anybody connected with the navy. Abram B. Warner testified that he sells all descriptions of plate iron: Eureka iron is worth 10½ cents for ordinary plate. Mr. Boyd was recalled, and testified that Sligo iron was worth 10½ cents for ordinary to 14 for large sizes. Col. Thos. B. Florence testified that he is not the proprietor of the Chester iron works; is not partner with the Cattells, Secretary Robeson or John Roach; never saw the latter until now; has no business or interest with Secretary Robeson or the Cattells; never knew he was suspected of such things till he saw the charge in the newspapers. John Roach testified that Secretary Robeson was not a partner of his, or interested in any way, directly or indirectly; no money, presents or promises of valuable things had been given concerning any matter connected with the navy department. Witness then gave a circumstantial account of the contract for the Tennessee's engines. His contract for the Tennessee's machinery was $300,000 and the old machinery, which he had offered for sale for $25,000. Adjourned. # SUPREME COURT DECISION. In the supreme court to day the following decision was rendered: First national bank of Bethel versus national Paliquiouque bank; error to the supreme court of Connecticut. Defendant in error sued to recover $90,000, a claim for which it had presented to a receiver, in possession of plaintiff in error's bank, and which had been disallowed by him. The action was at common law, and the process was served upon the receiver as a representative of the bank, and the question was whether the currency act controlled the case, and the decision of the controller of the currency through the receiver appointed by him was a final determination of the case in such a sense, that this action could not be maintained. It was held below that it was not, and that decision is here affirmed, the plaintiff below being allowed to recover, notwithstanding the exemption clause in the currency act. Justice Clifford delivered the opinion. # RELIGIOUS LIBERTY IN JAPAN. One of the Japanese embassy has received a letter from Yeddo, giving an interesting account of the progress of reform measures there. It appears that the barbarous and cruel custom in vogue to so alarming an extent during the reign of the tycoon of inflicting punishment upon all persons professing faith in Christianity has gradually been growing into disfavor ever

8. April 10, 1872 The New York Herald New York, NY
Article from The New York Herald, April 10, 1872

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THE COURTS. Interesting Proceedings in the United States, New York and Brooklyn Courts. Frandulent Bail Bonds-Seizure of Cigars-An Alleged Abortionist-Life Insurance CaseSparks from a Locomotive-Actien for Personal Injury-Business in the General Sessions. UNITED STATES SUPREME COURT. Important Decisions-The Cunard Steamer Java Exonerated in the Case of Collision with the Schooner McCloskey-Suits Between National Banks in Connecticut and Illinois. WASHINGTON, April 9, 1872. 129. United States vs. Ballard-Error to the Circuit Court for the Northern District of Ohio.-The question in this case was whether or not Ballard, as Collector for the district of Cuyahoga, Ohio, was entitled to retain for his own use moneys received by him from the owners of steamers and from englneers and pilots, under the act of 1852, by virtue of the act of June, 1864, fixing the salary or the Collector at $1,000, and allowing in !addition thereto the 1ees collected, provided the aggregate compensation did not exceed $2,500. The judgment below was for Bailard, and it was here urged that the special lees received from these sources were, by tne act of 1852, to be accounted for to the government, and they were not, therefore, included among the tees which the collector may retain. This Court hold that, by a proper construction of the law. the collector was authorized to retain all descriptions of Jees not in excess or $2,500, and the judgment is affirmed. The Chief Justice delivered the opinion. 145. Steamship Java VS. Judd Linseed and Sperm Oil Company-Appeal from the Circuit Court for the District of Massachusetts.-This was a case of collision between the schooner McCloskey and the Cunard steamer Java, near the school ship in Boston harbor. The Court reverse the decree of the Circuit Court, holding that the Java was at fault in voluntarily placing herself in a position where, meeting a small vessel in a place not un. usual, and where such a meeting might reasonably have been expected, she could do nothing to avoid a collision, and affirming the decree of the District Court, holding that, 80 far as the Java was concerned, it was a case of inevitable accident. Mr. Justice Bradley delivered the opinion. No. 36, Pargoud vs. United States-Appear from the Court or Claims.-This was a proceeding to recover the proceeds of cotton seized under the captured and abandoned property act of 1863, and was argued at the last term or the Court. The Court of Claims dismissed the petition, on the ground shat 1 did not aver that the clatinant nad given no aid and comfort to the rebeillon, nor sufficiently aver is executive pardon. It here held (the same as in the case of Armstrong vs. United States, recently decided) that the President's proclamation or December 25, 1868, granting pardon and amnesty unconditionally and without reservation, relieves the claimants in cases under the captured and abandoned property act from proof of adhesion to the United States during the late war. The judgment dismissing the petition is reversed. The Chief Justice delivered the opinion. No. 116. First National Bank of Bethel vs. National Paliquisque Bank-Error to the Supreme Court of Connecticut.-The defendant in error sued to recover $90,000. which it had presented to the receiver in possession of the plaintiff-in-error's bank, and which had been disallowed by him. The action was a. common law. and process was served upon the receiver as the representative or the bank, and the question was whether the currency act controlled the case, ana the decision of the Comptroller or the Currency, through the receiver appointed by nam, was a final determination or the case, in such a sense that this action could not be maintained. It was held below that it was not, and that decision is here affirmed, the plainuff below being allowed to recover, notwithstanding the exemption clause in the currency act. Mr. Justice Chifford delivered the opinion. No. 123. Traders' National Bank of Chicago vs. Campbell, assignee in bankruptcy-Appeal from the Circuit Court for the Northern District of Illinois.In this case the Court hold that a contession of judgment by a firm in favor or the bank was an act of bankruptcy, and that the bank obtained an unwarrantable preference over other creditors by the act, and they must pay over to the assignee in bankruptey the moneys received in pursuance of a sale under the confession. It is also held that where such a confession 18 obtained by meaas of threats or arrest, amounting to a sort of duress (as was alleged in this case), still the person must be held for the consequences of the act as if it were in all respects voluntary. Mr. Justice Miller delivered the opinion. No. 38. The East Saginaw Salt Manufacturing Company vs. City of East Saginaw,etal.-Error to the Supreme Court of Michigan.-The company claimed exemption from State taxation by virtue of an act of the State Legislature of 1859, encouraging the formation or salt companies by exempting them from taxation, and providing for the allowance or a bounty to them or ten cents per bushel, after the manufacture of a certain number of bushels. The act 01 1851 limited the exemption to five years, and the companies sought to have it declared unconstitutional, as impairing the obilgation of contracts established between the State and themselves by the act of 1859. The judgment below was for the State. This Court amrms the judgment, holding this general law to be a county law. and notlung else, and differing entirely from those laws and charters which have been adjudged to be irrevocable contracts between the State and claimants under them. Mr. Justice Bradley delivered the opinion.

9. October 11, 1878 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, October 11, 1878

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Butler as a Greenbacker-Dividends in Favor of Bank Directors. WASHINGTON, Oct. 10.-In the House of Representatives, June 6. 1870, while the funding bill was being pressed to its passage, Hon. B. F. Butler, of Massachusetts, moved to amend section 4 by adding the words, "And the United States also solemnly pledges Its faith to make provision, at the earliest practicable period, for redemption of United States notes in coin." which amendment was disagreed to, though Mr. Butler voted in the affirmative. The Controller of the Currency has declared a dividend of 25 per cent in favor of the creditors of the Washington County National Bank of Greenwich, New York, making in all dividends of 50 per cent. He has also declared a dividend of 15 per cent in favor of the creditors of the First National Bank of Kansas City, Mo., making in all 30 per cent. Also a dividend of 12 per cent in favor of the creditors of the First National Bank of Bethel, Conn., payable as soon as the necessary schedules can be prepared by the receiver.

10. June 25, 1897 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, June 25, 1897

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YEARLY LOSS OF PAPER MONEY. To the Editor of the San Francisco Call-SIR: In order to obtain the annual percentage of loss of paper money in circulation I have searched through the reports of the Treasury Department from 1867 to 1897 for a record of National banks which have failed and have had their circulation withdrawn and canceled as the law requires. In no report have I found any reference made to the annual percentage of loss. On page 27 of Comptroller Knox's report for 1883 we find groups of failed banks with dates of organization. By going back through the record of the department to the volume for 1875 we find the dates when receivers were appointed for the fifteen banks which had failed prior to 1870. With the date of organization and date of failure thus found we are able to determine how long these fifteen banks were in existence, and having the percentage of the lost notes given at the last date named (1883) we can calculate the annual percentage of loss. I have selected eight of these fifteen National banks as a fair average of the whole fifteen, which are thus reported: Attica, N. Y.; Farmers' and Citizens', Brooklyn, N. Y.; First National, Bethel, Conn.; Rockford, III.: Austin, Nev.; Merchants', D. C.; Memphis, Tenn., and New Orleans, La. They may be numbered and grouped as follows: