Commercial National Bank - Saratoga Springs, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1227
Charter Number: 1227
Start Date: July 10, 1879
Location: Saratoga Springs, New York (43.083, -73.785)

Metadata

Model: gpt-5-mini
Short Digest: 739a5a31

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1879-02-11
Date receivership terminated: 1881-01-17
OCC cause of failure: Losses
Share of assets assessed as good: 40.4%
Share of assets assessed as doubtful: 50.8%
Share of assets assessed as worthless: 8.8%

Description

Article (New Orleans Daily Democrat, 1879-07-10) reports the Controller of the Currency declaring a dividend for creditors of the First National Bank of Winchester, Ill., indicating the bank was a suspended national bank in receivership. No run is mentioned; this is a suspension/closure with receiver actions.

Events (4)

1. June 6, 1865 Chartered

Source: historical_nic

2. February 11, 1879 Receivership

Source: historical_nic

3. July 10, 1879 Receivership

Newspaper Excerpt: DIVIDENDS OF SUSPENDED NATIONAL BANKS. The Controller of the Currency has declared a dividend of 30 per cent ... also, a dividend of 10 per cent in favor of the First National Bank of Winchester, Ill., making in all dividends of 60 per cent; indicates receiver/Controller actions on the suspended bank's assets to pay creditors.
Source: newspapers

4. July 10, 1879 Suspension

Cause: Government Action
Cause Details: Bank is listed among 'suspended national banks' and Controller of the Currency is declaring dividends to creditors, indicating suspension and receivership by federal authorities.
Newspaper Excerpt: a dividend of 10 per cent in favor of the creditors of the First National Bank of Winchester, Ill., making in all dividends of 60 per cent.
Source: newspapers

Newspaper Articles (1)

1. July 10, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, July 10, 1879

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Article Text

WASHINGTON. A Circular to the United States MarshalsWhen They Will Get Their Pay. WASHINGTON, July 9.-A. Y. Porter, First Controller of the Treasury, has just issued the following important circular: To all United States Marshals: The appropriations made for defraying the expenses of the courts during the fiscal year ending June 30, 1879, have proved to be inadequate and are now exhausted. Application was made to Congress before the close of the recent session for additional appropriations, but without avail. In consequence of this deficiency your unsettled accounts, now in this office, cannot be paid at present. I confidently expect that the amount needed for the payment of all accounts for the expenses of the courts will be appropriated at the next regular session of Congress, which will begin next December. As soon as the means are provided the sum due you will be paid. Accounts for fees earned after the thirtieth ultimo will be promptly settled when rendered. THE REPEAL OF THE DUTY ON QUININE. Assistant Secretary French has issued a circular to collectors of customs, calling attention to the law abolishing duties on quinine and directing them to take action accordingly. DIVIDENDS OF SUSPENDED NATIONAL BANKS. The Controller of the Currency has declared a dividend of 30 per cent in favor of the creditors of the Commercial National Bank of Saratoga Springs, N. Y., making in all dividends of 60 per cent; also, a dividend of 10 per cent in favor of the creditors of the First National Bank of Franklin, Ind., making in all a dividend of 65 per cent; also, a dividend of 10 per cent in favor of the First National Bank of Winchester, Ill., making in all dividends of 60 per cent. MRS. FASSETT'S PICTURE OF THE ELECTORAL COMMISSION. Mrs. Fassett's famous historical picture of the electoral commission has had a narrow escape from being sold under deed of trust. Mrs. Fassett's husband, who was a photographer, becamo involved and gave a chattel deed on his own and wife's effects to John Hetz, the indicted president of the GermanAmerican Bank, who discounted the note, and this being for a mueh larger amount than the consideration called for, was not met by Fassett. The sale was advertised, but Mrs. Fassett brought a suit in equity and obtained a restraining order enjoining the sale. The matter will be heard in a week or two in the Equity Court, but for the present the picture is safe. THE WINE GALLON vs. THE BEER GALLON. In 1871, the Treasury Department decided to assess the customs duties on malt liquors on the basis of the wine gallon. A recent law of Congress directed that the internal revenue taxes on malt liquors should be exacted on the basis of the wine gallon. Importers of malt liquors claimed that the duty should be assessed on the basis of the beer gallon. The question was referred to the Attorney General who has confirmed the Treasury ruling of 1871-that duties are to be exacted on the basis of the wine gallon in accordance with the commercial usage of the United States.