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TEXAS BANK INSOLVENT. By Associated Press: Washington, Aug. 5.-The comptroller of the currency has appointed Wm. L. Yerkes receiver of the First National bank of Austin, Texas. National Bank Commissioner Logan reports it insolvent.
18245. First National Bank (Austin, TX)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
- 2118
- Charter Number
- 2118
- Start Date
- August 5, 1901
- Location
- Austin, Texas (30.267, -97.743)
Metadata
- Model
- gpt-5-mini
- Short Digest
097459caf001a64c
Response Measures
None
Receivership Details
- Date receivership started
- 1901-08-03
- Date receivership terminated
- 1902-01-02
- OCC cause of failure
- Losses
Description
The First National Bank of Austin was closed by the Comptroller/national bank examiner and a receiver (Wm. L. Yerkes) was appointed in early August 1901. Newspapers report the bank was declared insolvent and closed by government action; there is no clear contemporaneous report of a depositor-driven run (articles note no run on any of the local banks though a crowd gathered and there had been quiet withdrawals). The bank was reorganized and formally reopened in January 1902 under new capitalization and agreement with the State. Dates corrected/standardized from contemporaneous newspaper reports.
Events (8)
1.
July 17, 1873
Chartered
- Source
- historical_nic
2.
August 3, 1901
Receivership
- Source
- historical_nic
3.
August 5, 1901
Other
- Newspaper Excerpt
- Notice was posted on the doors of the First National bank at 4 o'clock this afternoon: This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver by the comptroller of the currency. J. H. Logan, National Bank Examiner.
- Source
- newspapers
4.
August 5, 1901
Receivership
- Newspaper Excerpt
- The comptroller of the currency appointed Special Examiner William L. Yerkes receiver of the First National bank of Austin, Tex. The bank was closed on reports of National Bank Examiner J. M. Logan, who reported it insolvent.
- Source
- newspapers
5.
August 5, 1901
Suspension
- Cause
- Government Action
- Cause Details
- Closed by Comptroller/national bank examiner after examiner J. M. Logan reported the bank insolvent; special examiner Wm. L. Yerkes appointed temporary receiver.
- Newspaper Excerpt
- The comptroller of the currency has appointed Wm. L. Yerkes receiver of the First National bank of Austin, Texas. National Bank Commissioner Logan reports it insolvent.
- Source
- newspapers
6.
January 2, 1902
Reopening
- Newspaper Excerpt
- The First National bank, which was closed last August, reopened at noon today under very favorable conditions, and the deposits for the afternoon far exceeded the withdrawals.
- Source
- newspapers
7.
January 2, 1902
Restored To Solvency
- Source
- historical_nic
8.
February 15, 1906
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (23)
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SUMMARY OF TODAY'S IMPORTANT NEWS. STATE. STRIKE. The First National bank of Austin It was said that Senator Hanna would interest himself towards 11 sethas been suspended by the government bank examiner. tlement of the steel workers' strike. The trust evinced a determination to The legislature meets in extraordinary session Tuesday next. wholly destroy the Amalgamated association. Fort Worth will seek to secure the Baptist State convention. Southern mills, It was announced, Two brothers named Barber were would hardly become involved. found dead near Dayton. The San Francisco strike threatened Two men were found dead in the back to spread all along the Pacific coast. end of Waco saloons as the result of A crisis was expected in the cigar overdoses of morphine. makers' strike at Tampa, Fla. A big packing plant at Dallas was CHINA. destroyed by fire. Jim Snell was given five years by a It was stated that as the evacuation Gonzales jury for the murder of his of the foreign troops progresses the nabrother. tives become more and more hostile
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Yerkes is Receiver. xx , Weshington, 4 Aug. 5.-The comptroller currency today eb % 1 4 Examiner Wm. L. Yerkes appointed SpeFirst National Bank of receiver Austin,
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ANOTHER BANK SUSPENDED Firm of James II. Raymond & Co. Decided to Stop Paying Checks. THE STATE IS INVOLVED FOR $240,000 Report Made to the Treasury Department Shows that Depositors Will Probably Be Paid in Full. Austin, Texas, August 5. -There was no run on any of the local banks today as a result of the srspension of the First National yesterday. The private bank of J. H. Raymond & Co. suspended the payment of checks at noon on the advice of its attorney. It had $75,000 worth of business with the First National. It is currently reported in business circles tonight that the State has about $240,000 tied up in the suspended bank, but State Treasurer Robbins and the governor will not say a word on the subject. The Post correspondent received the information pretty straight. Mr. Yerkes, the receiver of the bank, is expected to arrive in town tomorrow.
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A HEAVY DEPOSITOR. State Had Over $300,000 in the First National Bank. NO STATEMENT YET. & Is Believed the Institution Will Pay Dollar for Dollar-The Closing Is Claimed to Have Been Somewhat Premature. Austin, Tex., Aug. 6.-In theabsence of Federal Receiver Yerkes, who is en route from Washington, and President W. B. Wortham, of the Fit it National bank, en route home from New York, no news is forthcoming from Tempo. rary Receiver Logan, of the First Na tional bank of this city. He and the bank force are busy checking over the books and auditing accounts in general, but they gave out nothing for publica tion. Pending the arrival of Receiver Yerkes and President Wortham nothing will be given out. It is believed the bank will be able to pay dollar for dollar and that within a very short while. The closing, according to all reports, is premature and it is only a matter of a short time when the bank will be able to resume payment and open up for business. Mr. Logan says the cashier's accounts are perfectly straight.
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Texas Bank Has Failed. Washington, Aug. 6.-The comptroller of the currency appointed Special Examiner William L. Yerkes receiver of the First National bank of Austin, Tex. The bank was closed on reports of National Bank Examiner J. M. Logan, who reported it insolvent.
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A HEAVY DEPOSITOR. State Had Over $300,000 in the First National Bank. NO STATEMENT YET. It Is Believed the Institution Will Pay Dollar for Dollar-The Closing Is Claimed to Have Been Somewhat Premature. Austin, Tex., Aug. 7.-In theabsence of Federal Receiver Yerkes, who is en route from Washington, and President W. B. Wortham, of the First National bank, en route home from New York, no news is forthcoming from Tempo. rary Receiver Logan, of the First Na. tional bank of this city. He and the bank force are busy checking over the books and auditing accounts in general, but they gave out nothing for publica tion. Pending the arrival of Receiver Yerkes nothing will be given out. The state had over $300,000 on deposit. It is believed the bank will be able to pay dollar for dollar and that within a very short while. The closing, according to all reports, is premature and it is only a matter of a short time when the bank will be able to resume payment and open up for business. Mr. Logan says the cashier's accounts are perfectly straight.
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ing notice was posted on the doors of the First National bank at 4 o'clock this afternoon: This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver by the comptroller of the currency. J. H. Logan, National Bank Examiner. The closing of the bank created a sensation in business circles and within an hour after the notice was put up a large crowd of citizens had assembled in front of the bank and were discussing the situation. Of course all sorts of rumors are in circulation as to the cause of the closing. W. B. Wortham is president of the bank and he is out of the city, either in New York or Buffalo. One of his brothers stated this evening that he thought he was on his way home. The other officers of the bank are J. S. Myrick, vice president; Hermann Pfaef flin, cashier. Other directors are J. P. Lawless and Mrs. J. H. Raymond. This is the first bank failure which has occured in Austin for thitry years. State Treasurer Robbins and Secretary Tod do business for the State through the bank, and when seen by The Post man this evening Mr. Robbins said that he and Mr. Tod would make a statement to the governor in the morning. Otherwise he refused to talk. He said, however, that the bank attended to collections for him and when asked if the amount deposited was $50,000, he said it was more than that. The bank officials decline to give out any information whatever and Mr. Logan also refuses to say anything. It is believed that there is enough cash in the vault to pay all depositors in full. It was learned this evening that there has been a quiet withdrawal of funds by the depositors for the past ten days. President W. B. Wortham wired tonight from Buffalo as soon as he learned of his bank being closed that he would be home Wednesday. There is very little apprehension on the part of large depositors. Cashier Pfaefflin has been confined to his home dangerously ill since Friday night. The collections from the secretary of State's department in the hands of the bank will not exceed $3000. It is understood that the State treasurer collects all checks sent him as remittances on land accounts through the First National, as has been the custom for over twenty years. This course has been made necessary because of the variety and nature of the remittances. all being bank or personal checks on distant points. Owing to a large amount in course of collection.
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Austin, Tex., August 5.-The following notice was posted on the doors of the First National bank at 4 o'clock this afternoon: This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver by the comptroller of the currency. J. H. Logan,
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Texas Notes. The First National bank of Anstin has been snspended by the government bank examiner. A big packing plant in Dallas was destroyed by fire. A vicious bull attacked John Fraser in San Antonio Sunday, inflicting dangerous injuries. The Knights of Honor grand lodge of Texas met in Fort Worth Tues. day, and will adjourn tomorrow. Beef cattle are reported scarce in South Texas. Pasturage west of San Antonio and Eagle Pass is very good at present. Several cases of sun stroke have occurred in the state lately. Corn is selling a $1 per bushel in many places in the state: Labor is in demand all over the state, both for cotton pieking and other farm labor, as well as in other lines of work. Corpus Christi is to have a daily paper, to be called the Eagle.
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Texas Bank Closed. Washington, Aug. 6.-The comptroller of the currency Monday appointed Special Examiner William L. Yerkes receiver of the First national bank of Austin, Tex. The bank was closed up on report of National Bank Examiner J. M. Logan, who reported it insolvent.
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Mr. Wortham Returns. Austin, Tex., Aug. 9.-W.B. Wortham, president of the First National bank has returned from New York. He spent Thursday at the bank in conference with National Bank Examiner Logan and Special Bank Examiner Yerkes who was appointed temporary receiver. Mr. Wortham stated that the closing of the bank came as a complete surprise to him. He said that he was confident that everything would be straightened out in a few days.
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lection in the First National bank of Anstin by me, as State treasurer, have to say that I will at once proceed to have such statement made out, and will fur. nish your committee with same at the earliest possible moment. It will require some four or five days to complete same, owing to the volume of work and the fact that reference to the books of the bank will be necessary to facilitate verification of the statement required, the receiver of the United States government having charge of the books. Yours very truly, Jno. W. Roboins, Treasurer. THE HOUSE COMMITTEE on senatorial districts today agreed on four additional districts, using the Moran bill as a basis on which to work. The Sixteenth district, which Moran had made up of Harris, Waller and Montgomery, was changed to Harris, Waller and Fort Bend. against the vigorous protest of Representative Kennedy (Harris) and others. In the Seventeenth or Galveston district Fort Bend was replaced by Jackson. The Eighteenth district was agreed on as arranged by Mr. Moran. In the Nineteenth Brazos and Bastrop were put in the place of Milam. The committee adjourned to meet Monday at the call of the chair.
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A montment to American missionaries killed in China is to be erected at Oberlin, Ohio. One thousand acres of land for a park have been given Colorado Springs, Col., by General William J. Palmer. Angry because his wife tried to prevent him from assaulting his daughter. Clements Buchter, of Louisville, Ky., killed both the mother and daughter. Mrs. Carrie Nation was released from the county jail at Topeka. her fine and costs having been paid by Dr. Eva Harding, who took up a collection for that purpose. Lieutenant-Commander James C. Cresap. U. S. N., of the Inspection Board at the Norfoik (Va.) Navy Yard. flied at the naval hospital of blood poisoning, caused by the dye of a stocking absorbed in a slight abrasion on his foot about three weeks ago. Efforts are being made to introduce the Indian mango fruit into Florida. American shipyards on both coasts and the great lakes declared to have orders ahead for a year OF more. It became known that Arbuckles had broken with the Brazil steamship pool. and had chartered four steamers :0 carry their coffee from Brazilian ports. One hundred automobiles are expected to start in an endurance run from New York to Buffalo. The biggest tenement house in the world. which will follow all the provisions of the new law and have accommodations for 186 families, will be built in New York City. One of the Apostic Islands in Lake Superior disappeared during the late storm. sinking below the surface of the water. Charles R. Skinner. State Superintendent of Public Instruction, New York, has condemned Miles M. O'Brien's idea of employing Sisters of Charity as public school teachers. The chief of police, James Jones. of Shelby, was shot and instantly killed by "Jim" Lowery, a negro employed at the South Carolina and Georgia station. Senator Tillman, at a Wiscons.n Chautauqua, advocated lynching for assault and was loudly applauded. J. M. Logan, national bank exam inc. closed the First National Bank of Austin, Texas. Alléged excessive loans are said to have caused this action. The State of Texas is said to have $75,000 on deposit. and total deposits are said to be $200,000.
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REFUSED TO IMPEACH ROBBINS. Texas House of Representatives Fails to Pass Resolution. Austin, Tex., Aug. 23.-The house today refused to pass a resolution to impeach State Treasurer Robbins for having a large amount of the state's money on deposit in the First National Bank of Austin when it failed recently. The Governor sent in a message indicating that the First National Bank was in a fair way to be reopened and asking for legislation to enable the state to take advantage of it to get hold of all of its money within 180 days. The understanding here is that John R. Kirby of Houston, and other bondsmen of Mr. Robbins have acquired a majority of the bank's stock, and will co-operate with W. B. Wortham, its president, in taking it out of the hands of a receiver and settling with its depositors.
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Declined to Impeach State Treasurer. AUSTIN, Tex., Aug. 23.-The House today refused to pass a resolution to impeach State Treasurer Robbins for having a large amount of the State's money on deposit in the First National Bank of Austin when it failed recently. The Governor sent in a message indicating that the First National Bank was in a fair way to be reopened and asking for legislation to enable the State to take advantage of the bank's resuming so as to get hold of all its money within 180 days. The resolution suggested was adopted. The understanding here is that John R. Kirby, of Houston, and other bondsmen of Mr. Robbins have acquired a majority of the bank's stock and will cooperate with W. B. Bortham, its president. in taking it out of the hands of a receiver and settling with its depositors.
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WOULD REVIVE OLD MEASURES. Introduction of Resolution in Texas Legislature Worries Politicians. REPUBLIC SPECIAL Austin, Tex., Aug. 30.-The House of the Texas Legislature was confronted with an embarrassing situation to-day by the introduction of a resolution by Representative McFall calling on the Governor to submit to the Legislature for its consideration the State Democratic platform pledges, which were defeated by nonaction at the regular session of the Legislature last spring. The two principal issues which would thus be presented are an anti-doubleheader plank and an eight-hour plank. Both measures were choked to death at the regular session and an effort to revive them now causes uneasiness in legislative circles. The House and Senate to-day appointed the Free Conference Committee on Congressional Redistriction Bills and the committee will begin work to-morrow. The present session expires by limitation on next Wednesday, and as there is no possible chance of passing the general appropriation bill for the next two years or, passing either the judicial or representative redistricting bill the Governor will in all likelihood order another session, though he has not as yet made public his intention to do FO. The Senate this morning, passed finally the House resolution appointing the Governor. Attorney General and Comptroller as a committee to adjust matters with the First National Bank of this city. The purpose of such action is to secure the State's consent as a depositor in the bank to the transfer of the defunct bank from Federal receivership hands to private individuais, who will assume the payment of all depositors in full, with a view of opening up the bank permanently for future business. With the passage of this resolution it is now anticipated that It will only be a matter of a week or ten days when the bank will open. again.
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RESUME OF THE WEEK. Considerable Accomplished, but Another Session Can Not Be Avoided. be consumed by the committee In its re(C. ARTHUR WILLIAMS.) consideration of the matter. Austin, Texas, August 31.-(Staff Speciar.)-The amount of energy that is being The resolution providing for the appointdisplayed by the legislature just at presment of the governor. attorney general ent is nothing short of remarkable. Had and comptroller as a board to represent the State's interests In the matter of the the same degree of activity been shown at the beginning of the session. or even as reorganization of the First National hank, late ns two weeks ago, the work assigned was passed by both houses during the week, and, with the governor's signature by the governor would have been finished attached. will become a law next week. and there would exist no necessity for It is confidently expected that the whole another extra session, which is now Inevimatter will be arranged quickly and with table if the work is to be done at all. satisfaction to all parties at interest. The cost and red tape which would be entalled If the request embodied In Mr. McFall's by a permanent receiver for the bank Will no doubt be obviated. and, with the new resolution passed by the house this mornmoney which it is expected to be put beIng should be acceded to by the executive, hind the Institution, It 18 expected that would the members of the two houses depositors will eventually be paid in full and that the State will receive all the probably begin to send for their families money held by the bank U.S a collecting and their winter elothes and to make prepagency for the State treasurer. arations for spending the Christmas hollIn this connection it should be said that Senator Potter desires to go on record as days in Amstin. The resolution In quesstating most emphatically that the amendtion asks Governor Sayers to submit to ment to the appropriation bill offered by the legislature all of the platform demands him on Thursday and defeated by a vote of 16 to 8, was not atmed at Treasurer Rob. which were not enacted into laws at the bins or at any other individual. The regular session, and If official cognizance amendment in question was as follows: is taken of It the long and weary fights Amend by adding at the end of seeover the donble-header bill. the eight hour tion 4 the following: Provided that no bill and others, which characterized the officer or agent of this State, or emregular session, will again become in eviploye of any department of the governdence. ment of this State, shall take or receive from this State any salary, allowance The sénate appropriation bill was finor sum of money due to or claimed by ished in fairly good time and is now un such person while such officer. agent to the house. The house, of course, will or employe is in arrears with the State of Texas, or is due or owing to the not entertain it. In the first place, the State any sum whatsoever. But the\ house wishes to itself originate the bill sum SO due or owing to such officer, which shall be finally passed and in the secagent or employe shall be credited to his account with the State, and he ond place the senate bill Is hardly the one shall only receive the balance due him to be adopted. There Is a good deal of after such account due by him to the "pork" in it, the senate, realizing that it State is paid; and It shall be unlawful would not be accepted by the house, havfor any such officer, agent or employe ing admitted several Items which would to accept or receive from the State any of the moneys aforesaid under the conhardly have been considered under other circumstances. Then, too, the total ditions aforesaid, and any such person amount carried by the bill is somewhat violating this provision shall. if an larger than the maximum fixed by the agent or employe, be discharged, and if an officer, shall be subject to be Tegovernor. However, the bill as a whole is not a bad one. and If the house really moved from office in the manner prowanted to get through by next Wednesday vided by law, and it is hereby made the duty of the attorney general to inIt could take the bill up, amend in a few stitute and prosecute proceedings for particulars and pass it. that purpose. Senator Potter states that his only DurThe present condition of the redistrictpose was to provide for possible contining bills, however, is such as to lend no gencies and that he does not believe that incentive to fast work-except for effectthe amendment, if adopted, would have forced Treasurer Robbins' resignation. The just now. It is realized that the redissenator had an amendment along similar fricting matter will not be arranged at lines passed by the Twenty-sixth legisthis session. so there will be no effort to lature, and this amendment became null, hurry, except as just mentioned. such and vold when the appropriation bill forts as may be made for effect. passed by that legislature expired. By the amendment introduced Thursday he sought The recommitment of the house approto reinforce the present stature. which pristion bill was the final move which prohibits the comptroller from issuing warrants for salary to any one known by him made it impossible to pass an appropria(the comptroller) to be in arrears to the tion bill at this session. The passage of State. Senator Potter says that with him such a bill under ordinary circumstances it is a matter of principle and not of parusually consumes ten days to two weeks, ties or policy. but had not the inexpressibly bad condiThe senate passed a representative redistion of the bill which was reported to tricting bill on Friday. The bill was the the house made its recommitment advisahouse bill with several amendments tacked ble, the matter might have been finally on. The house refused to concur and the handled at this session by rapid and conmatter went finally to a free conference tinuous work. The bill as It was reported committee, which has begun Its work. and first printed was replete with errors, The senate also passed a senatorial rewholetitems were omitted, the typographiapportionment bill, which. in the main. left cal work was bad and the document as a the present districts undisturbed. There whole could not well have been worse. 1s not a great deal of difference between There was a big error In the senate bill. this bill and the bill passed by the house. $250 appearing in the place of $250.000 In one place, but it was possible to cure this
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Left for Washington. Austin, Texas, October 11.-Receiver Yerkes of the First National bank, accomlast panied by President W. B. left ments night for Austin to make Wortham, final arrangefor the reopening of the bank.
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First National to Open. Austin. Tex., Oct. 23.-Hon W. B. Wortham. president of the First National Bank of Austin, and Temporary Receiver Yerkes of that institution have returned from Washington where they have conferred with the Comptroller of the Currency in reference to the reopening of the bank. It is understood that mat ters nave been satisfactorily ar ranged and that the reorganiza tion of the institution will soon be completed and everything in readiness for its reopening about November 1.
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J. H. KIRBY MAKES GOOD First National Bank of Austin Reopened Its Doors Yesterday. MORE DEPOSITS THAN WITHDRAWALS Text of the Agreement Entered Into Between the State and the Bank's New Officials. Austin, Texas. January 2.-The First Na. tional bank, which was closed last August, reopened at noon today under very favorable conditions, and the deposits for the afternoon far exceeded the withdrawals. The authority to reopen reached here from the comptroller of the currency shortly before the noon hour. Mr. John H. Kirby, the bank's new president, placed $133,000 fresh capital in the bank this morning, and when the bank's funds arrive from WashIngton it will have a capital of over $600,000. The following is a copy of the agreement entered into between the bank and the board composed of the governor, attorney general and comptroller, which was created at the special session of the Twentyseventh legislature to represent the State in the reorganization of the bank: The State of Texas, country of Travis: This agreement made and entered into by virtue of a joint resolution passed by the Twenty seventh legislature or the State of Texas, and approved August 30, 1901, by and between Joseph D. Sayers, governor; R. M. Love, comptroller, and C. K. Bell, attorney general of said State, who, by said resolution, were constituted a board for the purpose of securing the return to the proper official of the moneys belonging to the State of Texas, and in the custody of the First National bank of Austin, Texas, parties of the first part, and the said First National bank of Austin, as principal, with John H. Kirby of Harris county, Texas, W. B. Wortham. J. L. Hume, George P. Assman and A. S. Vandervoort, all of Travis county, Texas, as sureties, parties of the second part. Wittnesseth: 1. That the parties of the second part do convenant and agree to pay unto the treasurer of said State at his office in the city of Austin the following sums of money. to-wit: $97,921 on January 10, 1902: $50,000 on February 2, 1902; $50,000 on March 2. 1902; $50,000 on April 2, 1902: $50,000 on May 2. 1902: $50,000 on June 2, 1902, and $50,000 on July 2, 1902, and should there be a failure to pay any of said sums on the day specified. or within three days thereafter, the entire amount remaining unpaid shall become immediately due and payable. 2. The above and foregoing obligation is Intended to cover the sum of $397,921. which was in the possession of the said First National bank of Austin, Texas. when it was closed and placed in the custody of a receiver by order of the comptroller of the currency, said sum representing the aggregate amounts standing at that time upon the books of said bank to the credit or John W. Robbins. State treasurer, and John G. Tod. secretary of state. respectively, to-wit: $358,208 to the credit of John W. Robbins, State treasurer. and $39,712 to the credit of John G. Tod, secretary of state. 3. As each of said sums of money shall be paid to the State treasurer be shall apply the same to the credit of the two funds above mentioned in ratable proportion to the amounts thereof. In witness hereof the parties héreto sign their names in duplicate on this the second day of January, A. D. 1902. Joseph D. Sayers, (Signed) Governor: R. M. Love, Comptroller: C. K. Bell, Attorney General: Parties of the First Part. First National bank of Austin, principal, by John H. Kirby, president; John H. Kirby, J. L. Hume, George P. Assman. A. S. Vandervoort, W. B. Wortham, sureties, parties of the second part. The following resolution was unanimously adopted by the bank directors this afternoon: Whereas, the First National bank of Austin is indebted to the State of Texas in the aggregate sum of $397,921. being the eount to the credit of John W Robbins
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IN A HEALTHY CONDITION FIRST NATIONAL BANK OF AUSTIN WELL FIXED FOR BUSINESS. Details of the Plan Upon Which It Has Beer. Reopened-Where the State Stands. Austin, Texas, January 4.-The reopening of the First National bank here this week was a source of great satisfaction 10, every State official, but probably more so to the board which was created by the special session of the legislature to represent the State and its .erests in the reorganization. Said board was made up of the governor, attorney general and the comptroller and to show how they guarded the State's welfare in the matter, the sureties upon tue ofncial bonds of the treasurer and secretary of state were required to give their written consent (0 the agreement, thus preserving their liafility upon their two bonds, which st's remain in full rorce and edect. in Hudition the assets On the bank were .rengtaencd by the payment by Hon. John H. Kirby of $133,000 into the bank to construte a part of its assets. Again the stock. of the JUDE, which was regarded as absolu.ely worthiess, has falled into the hands of gentiemen who can readily respond to an assessment of $100,000 upon the same should any further trouble occur. And finally, ME. Kirby and a majority of the bank's officials obligated taemselves as suitties for the full and faiturul payment of the entire amount due he State from the bank. This, It is confidently Dedeved, makes the Indebtedness of the bank to the State absolutely secure bey ond and question, ith $485,000 in cash, the addi ion therto of $138,000 paid in by Mr. Kirby, and not less than $100,000 of paper that is regarded as absolutely solvent and bankable, to say nothing of the other assets not regarded as entirely soivent, the future of the bank with proper management must be considered bright. Too much praise can not be accorded Mr. W. B. Wortham for his untiring efforts to reopen the bauk, and it is but due him that it should be said that next to Mr. Kirby he was most instrumental in accomplishing its restoration. O: Mr. Khoj it may ihe said that his action in the premises 19 regarded as an evidence of not only sincere patriotism, but also of his high regard for his business integrity. Without his assistance the effort would have been a failure. and great loss would have certainly resulted to the State. or the temporary receiver, it may be said that in his actions he was absolutely disinterested and woked only to the interests of the depositors and to the placing of the bank upon a sound and substan lal footing. It may be asted why the bank in being in such a condi lon was not required to immediately pay all of the money due from It to the State. The answer is that this was not permitted by the comptroller of the currency. He regarded it as his du y. not only to prtoect the interests of the depositors but, if possible, to Insure the continuance of the bank upon a sucessful basis. This necessitated the payment by installments of what Is due the State, such payment being secured as above stated.
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REORGANIZED.-The First National Bank, of Austin, Texas, of which W. L. Yerkes was appointed receiver, has been reorganized. Mr. Yerkes has been requested to remain a short time with the new bank.