18847. First National Bank (Meadville, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
115
Charter Number
115
Start Date
June 4, 1880
Location
Meadville, Pennsylvania (41.648, -80.148)

Metadata

Model
gpt-5-mini
Short Digest
894a3bcc

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1880-06-09
Date receivership terminated
1882-02-04
OCC cause of failure
Fraud
Share of assets assessed as good
76.5%
Share of assets assessed as doubtful
15.0%
Share of assets assessed as worthless
8.6%

Description

The First National Bank of Meadville closed its doors June 4, 1880 due to impairment of capital stock and a national bank examiner (Hugh Young) was appointed receiver about June 11. Multiple articles refer to it as suspended and a receiver appointed; later reporting indicates creditors received a dividend, consistent with permanent closure/receivership rather than a temporary suspension. No article describes a depositor run.

Events (5)

1. October 27, 1863 Chartered
Source
historical_nic
2. June 4, 1880 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because of impairment of its capital stock (insolvency/insufficient capital).
Newspaper Excerpt
The First National Bank of Meadville closed this morning owing to the impairment of its capital stock.
Source
newspapers
3. June 9, 1880 Receivership
Source
historical_nic
4. June 11, 1880 Receivership
Newspaper Excerpt
Hon. Hugh Young, national bank examiner, has been temporarily appointed receiver of the suspended First National bank of this city, which closed its doors some ten days since.
Source
newspapers
5. September 30, 1880 Other
Newspaper Excerpt
50 per cent to creditors of the First National Bank of Meadville, Penn., which are the only National banks that have failed during the present year.
Source
newspapers

Newspaper Articles (11)

Article from Butler Citizen, June 9, 1880

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Bank Failure. MEADVILLE, Pa., June4-The First National Bank of Meadville closed this morning owing to the impairment of its capital stock. Bank Examiner Young is in charge, but makes no statement as yet of the cause which led to the suspension. It is believed the bank will be able to pay depositors in full without making an assessment on the stockholders.


Article from Perrysburg Journal, June 11, 1880

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THE Maine Democratic State Convention, held at Bangor on the 1st, ratified the nomination of the Greenback convention for Governor, Harris M. Plaisted. The convention voted to leave the . election of Presidential Electors in the hands of the Democratic State Committee, who are to act in conference with the Greenback State Committee. THE Maine Greenback State Convention instructed the delegates to the Chicago Convention to use their influence for the nomination of Solon Chase for President. A BRUTAL prize fight between Paddy Ryan and Joe Goss took place in Brooke County, W. Va., on the 1st. Eighty-six rounds were fought, and Ryan was declared the victor. Both were badly used up. HERMAN LISSBERGER, a metal merchant and importer at New York City, suspended payment on the 2d, with liabilities between $2,000,000 and $3,000,000. ADMIRAL AMMEN has received a dispatch from Engineer Menocal, stating that the Nicaraguan Congress has confirmed the concession recently made by the President of the Republic to an American Company for the construe iou of an inter-oceanic ship canal aerossthe Isthmus. C. W. SCHOFIELD, President of the Fittsburg Chain Company, suspended pay. ments on the 4th with liabilities exceeding 1,000,000. THE First National Bank of Meadvil e, Pa., closed its doors ou the 4th.


Article from Ashtabula Weekly Telegraph, June 11, 1880

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THE EAST. INFORMATION was received at New York on the 31st ult. of the death of exComptroller Richard B. Connolly, the Tweed ring fugitive. He died at Marseilles, France. MARIA ARVOUT and Emily Chilsey, widows, were murdered at Avon, Conn., on the night of the 29th ult. They were good circumstances and had quite a large amount of money in the savings bank. As the silver in the kitchen and the bureaus and trunks were not disturbed, it is thought there de a probability of the motive from the object of some party Interested in the destruction of the will of the old ladies. A SAW-MILL near Meadville, Pa., was destroyed by the explos'on of the boller on the 31st ult. George Lytle and Edward Chieburn werekiBedand Solon Palmer, one of the proprietors, had a leg broken and was otherwise injured. THE Maine Democratic State Convention, held at Bangor on the 1st, ratified the nomination of the Greenback convention for Governor, Harris M. Plaisted. The convention voted to leave the election of Presidential Electors in the hands of the Democratic State Committee, who are to act in conference with the Greenback State Committee. THE Maine Greenback State Convention instructed the delegates to the Chicago Convention to use their influence for the nomination of Solon Chase for President. A BRUTAL prize fight between Paddy Ryan and Joe Goss took place in Brooke County, W. Va,, on the 1st. Eighty-six rounds were fought, and Ryan was declared the vietor. Both were badly used up. HERMAN LISSBERGER, a metal merchant and importer at New York City, suspended payment on the 2d, with liabilit ies between $2,000,000 and $3,000,000. ADMIRAL AMMEN has received & dispatch from Engineer Menocal, stating that the Nicaraguan Congress has confirmed the concession recently made by the President of the Republic to an American Company to r the construe'i of an inter-oceanie ship canel' across the Isthmus, C. W. SCHOFIELD, President of the Pittsburg Chain Company. suspended payments on the 4th with liabilities exceeding $2,000,000. THE First National Bank of Meadville, Pa., closed its doors on the 4th.


Article from Daily Globe, June 12, 1880

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SMALL TETEGRAMS. Gen. Amyard, who resigned a few days ago the governorship of Paris, died yesterday. A Bombay dispatch says the threatened movements of Ayoob Kahn with his force from Herat toward Candahar has collapsed. Pirates are threatening the island of Kalymno, Asia Minor. They have ravaged several adjacent places. A meeting of the national Democratic committee is called for June 21st, at noon, in the Grand Hotel, Cincinnati. Hon. Hugh Young, National bank examiner, has been temporarily appointed receiver of the suspended First National bank of Meadville, which closed its doors some ten days since. U. S. District Judge Caldwell, of Little Rock, has granted a temporary restraining order on thejMemphis and Little Rock Railroad company's preventing interference with the Southern express company until the hearing of the case on its merits June 1st. Marquis I of Hartington, secretary of state for India, in the house of com. mons, said he not heard that orders were given for the immediate evacuation of Cabul or its evacuation by a certain date. He thought it unlikely such orders would be given irrespectively of the condition of affairs. The failure of Hand, Lethmis & Co., iron dealers, this city, is announced. Liabilities estimated at $750,000. The suspension, they say, was caused by reason of the decline in the value of their merchandise, and the refusal of customers to carry out contracts. Five-sixths of the liabilities is to banks, and secured.


Article from New-York Tribune, June 12, 1880

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TELEGRAPHIC NOTES. A MERCHANT FALLS DEAD. OTTAWA, Ont., June 11.-Alexander Russell, of the drygoods firm of Russell & Allan, at noon today drank a glass of leewater and immediataly tell dead. DROWNED WHILE BATHING, MONTROSE, N. J., June 11.-Sylvester Lansvale, twelve years of age, son of Aaron Lanedale, was drowned this morning in Pinebrook Creek, while bathing. A BAILROAD AND EXPRESS CONTEST. LITTLE ROCK, Ark., June -Judge Caldwell today grauted an order restraining the Memphis and Little Rock Railroad Company from interference with the Southern Ex. press Company until a hearing on June 21. BANK RECEIVER APPOINTED. MEADVILLK, Penn., June 11.-The Hon. Hugh Young. National Bank Examiner, has been temporarily ap. pointed receiver of the suspended First National Bank of this city. THE CURRIE CASE. GALVESTON, Texas, June 11.-A dispatch from Marshal. Texas, to The News savs This morning the Dis. trict -Attorney moved to quash the special venire in the Currie case, summoned yesterday, The Court granted until tomorrow morning to file the motion. MOB LAW AND HANGING. GALVESTON, Texas, June 11.-A dispatch to The News from San Saba, Texas, states that a report from White Ranch says four men were hanged in the upper part of Brown County yesterday by the mob. it is believed for "croodeducas" with cattle


Article from Lancaster Daily Intelligencer, June 12, 1880

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STATE ITEMS. Berks county expects to gain a senator ) under the census. Linford Quigg committed suicide at 812 $ Thirteenth street, Philadelphia, by shooting himself. No cause is assigued. Near Tarport lightning struck a 10,000 ) barrel oil tank and it must have been 'miraculously saved. I The West Chester Republican looks well in a new dress. It is a lively two-yearold. $ Fred Prentice, an operator in the Pennsylvania oil regions, is said to have struck a million dollar flow in Peru. Thomas Kelly, while walking on the railroad track between Scranton and Olyphant, was run over by the cars and instantly killed. The citizens of Franklin are urging the town councils to pass an ordinance prohibiting the circulation of the Pittsburgh Sunday Leader in that town. Hon. Hugh Young, national bank examiner, has been temporarily appointed receiver of the suspended First national bank of Meadville, which closed its doors some ten days since. The members of the Pennsylvania editorial association will assemble at Williamsport, on Monday, June 28, and proceed thence to Watkins Glen, and Keuka Lake, N.Y. At a meeting of the board of directors of the Scuylkill and Lehigh railroad company held in Philadelphia yesterday, it was decided to locate the office of the company at Reading. Geo. D. Stitzel was elected secretary and treasurer. The Union county Republicans nominated for Congress, G. B. Miller; Senate, Alfred Hayes; Assembly, C. S. Wolfe_ associate judge, G. W. Royer ; prothono tary, C. H. Hassenplug; surveyor, C. Hayes. Elmer, 17-year-old son of Mr. Henry Brown, of Milheim, Centre county, committed suicide by shooting himself through the lungs with a pistol because his father charged him with stealing a five dollar bill. John A. Wier, esq., who has for many years been acting as treasurer of the Pennsylvania state lunatic hospital, has resigned the position, and Daniel W. Gross has been requested by the trustees to fill the vacancy. John Cessna and W. H. Armstrong say it will be harder to carry Pennsylvania with Garfield than with any other candidate who could have been selected, because the people of Pennsylvania cannot be made to believe that Garfield is not a free trader at heart. Yesterday as a freight train on the Pennsylvania railroad was passing Barre station crossing east, a wheel burst and threw the car with several others off the track. By the accident two men are injured. Conrad Bowers, conductor of the train, was burned about the body, and Howard Crawford, a brakeman, received several severe cuts on the head. Both men were Harrisburgers.


Article from Northern Ohio Journal, June 12, 1880

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Domestic. THE Navajoes and Utes have had a grand pow-wow near Terra Arnulla, New Mexico, and it is understood the result of the council was to make war in common on the whites. THE delegates to the National Democratic Convention from Alabama were not instructed. The preference is generally understood to be for Field, Thurman, Bayard and Hancock. It is understood that none are for Tilden. HERMAN LISSBERGER, a metal merchant and importer at New York City, suspended payment on the 2d, with liabilities between $2,000,000 and $3,000,000. THE South Carolina delegates to the National Democratic Convention are reported to be unanimously for Bayard. ADMIRAL AMMEN has received a dispatch from Engineer Menocal, stating that the Nicaraguan Congress has confirmed the concession recently made by the President of that Republic to an American Company for the construction of an inter-oceanic ship canal across the Isthmus. C. W. SCHOFIELD, President of the Pittsburg Chain Company, suspended payments on the 4th with liabilities exceeding $2,000,000. THE First National Bank of Meadville, Pa., closed its doors on the 4th. No business of importance was transacted in the Senate on the 4th. In the House Fernando Wood stated that he would not call up the refunding bill this session, but gave not ce that he would bring it before the House on the first Wednesday ii December next. H. R. H. PRINCE EOPOLD, of England, attended the Republican Convention at Chicago on the 4th, and remained a spectator for about an borry a half. THOMAS J. CHURCHILL was nominated for Governor by the Arkansas Democratic Convention on the 4th. A FIRE in the Chinese quarters at Nevada City, Cal., on the 6th, destroyed about fifty buildings and a number of stores and other buildings in the business part of the town. AGLE TAKATO, Secretary of the Japanese Legation in Washington City, committed suicide on the 6th. He left a letter stating that he had been concerned in the insurrection of 1877 and had forfeited his honor. JOHN G. THOMPSON, JR., of Ohio, son of the Sergeant-at-Arms of the House of Representatives at Washington, was shot and seriously wounded in the abdomen on the 4th, at Highland Falls, N. Y., by Beaumont Buck, of Texas. Both were candidates for admission to the West Point Military Academy and attending a preparatory school at Highland Falls. Buck, who had been a victim of a mild form of hazing by the other students, became enraged at some remarks made and drew a revolver and shot Thompson. A GREAT tariff demonstration and pienic under the auspices of the Amalgamated Association of Iron and Steel Workers was held at Beaver, Pa., on the 5th. About 25,000 people were present. OVER two thousand emigrants arrived at Baltimore on the 5th, and left for the West in the evening. A VIOLENT storm swept over St. Louis and vicinity on the 5th, doing great damage to property and causing some loss of life. PRESIDENT HAYES has been elected Vice President of the American Bible Society. TWENTY horses were burned to death in a sale and feed stable, at St. Louis, a few days ago. JOHN BROUGHAM, the actor, died in New York City on the 7th. EPHRAIM HOLLAND, who has had much notoriety from connection with election frauds at Cincinnati in 1876 was shot on the night of the 7th, by Marshal Wooding, agambler. The ball struck Holland in the upper part of the right near the groin. A TERRIBLE wind storm passed over Hancock County, Ohio, on the 7th, doing an immense amount of damage. In Orange township the Sabbath school of the English Evangelical Church, to the number of sixty, had assembled when a violent gust caught the roof and tore it from its fastenings. At the same time the south gable of the church, which was of brick, fell in with a crash, burying beneath the ruins the major portion of the congregation. Twenty-three persons were injured, among them six seriously, if not fatally. The scene was frightful in the extreme. CHIN LAN PIN, the Chinese Ambassador to the United States, has arrived in New York. THE public debt of the United States has been decreased nearly $75,000,000 since June 1, 1879. VICTORIO'S band has gone to the Blade Range Mountains, near Hillsboro, New Mexi-


Article from National Republican, June 12, 1880

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Bank Receiver Appointed. MEADVILLE, PA., June 11.--Hon.Hugh Young, national bank examiner, has been temporarily appointed receiver of the suspended First National bank of this city, which closed its doors some ten days since.


Article from The Carbon Advocate, June 12, 1880

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STATE NEWS, Marietta furnace has been blown out for want of orders. The Glendon Iron Company has reduced wages 5 per cent. John Shipton,a prominent citizen of Pittsburg, died on Thursday 3rd inst. in his 79th year. Hon. R. Milton Speer is spoken of as a candidate for Congress in the Eighteenth district. Ex Senator Cameron will attend the fete of the "Old Defenders" at Pottsville on the 24th instant. The Philadelphia and Erie Railroad will make immediate improvements to their car shops at Erie. John Fritz yelled for Grant in Reading on Saturday until he disturbed the peace, and in default of his fine was locked up. - At the present time when there are so many worthless liniments in the market, it would be well to inquire which is the bestthis will be found in M. B. Roberts' celebrated Embrocation. It is a panaces for all ailments that require rubbing, either on man or beast. 29-4 For sale by all druggists. The First National Bank of Meadville, closed its doors on Friday, 4th inst., because of an impairment of capital stock. The depositors will be paid off. Mrs. Samuel Beales, living in Beaver City, near Clarion, committed suicide on Thursday afternoon, 3d instant, by hanging. No cause was assigned for the act. The Union Oil Company, with headquarters in Titusville, has purchased 183 acres of territory on Cole Creek for $150,000. Two wells on the purchase have a combined yield of 500 barrels a day. -Englishmen formerly supposed that American running horses were very inferior to theirs -but during the last two years Parole, Wallenstein and other fast ones that were sent from this country to England have won hundreds of thousands of dollars for such Americans as Messrs. Lorillard, James Gordon Bennett, &e. The Englishmen have investigated the reasons for the great success of American horses and find that they are kept in such fine condition by the constant use of M. B. Rob. erts' Horse Powders. 29-4 Martin Curry, of Pottsville, died soon after being found in a box car at Mill Creek Station, on the Pennsylvania Railroad, on e Wednesday 2d instant. It is supposed that e he intended to steal a ride, was locked in and died of starvation. The tariff demonrtration at Beaver on n Saturday, 5th instant, was attended by large delegations of iron workers from many of the western counties. The mottoes borne in the procession were numerous and the inscriptions appropriate. None of the prominent speakers expected were present. of A horse thief captured at Springville, Lancaster county, escaped three times witho in a distance of ten miles by knocking his captors down. The last time he was not overtaken. a Several small boys made their whistles too shrill and cat calls too loud at a theatrical performance in Columbia and were reS. warded with a night in the station house and a fine of $2 each. 1-A life of torture is often endured by the rheumatic their pangs may, however, be re1lieved by the use of the old reliable remedyRoberts' Embrocation. Sold over fifty years. No mushroon growth; its reputation excels all other remedies. Price 35 cents per bottle. 20-4 Try it just once. as a Frank Roberts, aged 13 years, was thrown is from an engine on which he was stealing a to ride in Bradford, on Friday afternoon 4th inst., and was fatally injured.


Article from The Eaton Democrat, June 17, 1880

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Gone by the Board. 1100 The First National Bank, of Newark, N. J., has suspended; the First National Bank, of Meadville, Pa., has closed its doors; Handleth, Ellis & Co., iron dealers, Boston, have quit, with lia abilities at $750,000.


Article from New-York Tribune, September 30, 1880

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WASHINGTON NOTES. WASHINGTON, Sept. 29. 1880. Secretary Sherman will leave for Ohio on Thursday night. The Secretary of the Treasury to-day instructed Assisteut United States Treasurer Hillhouse to purchase $2,500,000 United States bonds for the sinking fund. Although the matter has been considered by the Secretary of the Treasury, it has not yet been decided whom to appoint as successor to Steamboat Inspector Kirby, of New-York, who has tendered his resignation. There are many applications for the place. A statement o: the Domestic Money Order transactions of the Post Office Department for the fiscal year ended June 30. 1880, has just been completed. It shows that during the year 7.240.537 orders for $100,352.818 were issued against $88,254,461 for the previous fiscal year. The Commissioner of Internal Reveaue has issued a circular aunouncing the suspension of the issue of check and proprietary stamps from October 14 to October 25, 1880. From October 25 these stamps will be issued from the Office of Internal Revenue instead of from New-York. The statue of Admiral Farragut, by Mrs. Vinnie ReamHoxie, which has been successfully east at the Washington Navy Yard, was to-day placed in position in Farragut Square. It has been covered with sail cloth to await the decision of the Naval authorities as to the date of the unveiling ceremonies. According to the statement of Mr. Nimmo, Chief of the Bureau of Statistics, the excess of exports of merchandise over imports, stated in specie values, amounted to $167,096,377 for the twelve months ended August 31, 1880 For the same period 1878-79 the amount was 953.525. The excess of imports of specie for the twelve months ended August 31 was $79,459,431. In the corresponding period of 1878-79 it was $955,431. The Controller of the Currency has declared a dividend c1 70 per cent in favor of the creditors of the First. National Bank, of Newark, N. J. Seventy-five per cent has already been paid to creditors of the First National Bank, of Brattleboro', Vt., and 50 per cent to creditors of the First National Bank of Meadville, Pean., which are the only National banks that have failed during the present year. The Secretary of the Interior says there is no obstruction to the carrying the provisions of the Ute agreement into immediate effect except the fact that the season is 80 far advanced that the snow would probably interfere with the surveys and with the moving and settlement of the Utes before next spring. Nothing has been heard at the Department about the surrender of the Meeker murderers. but the portion of the cash payment due under the treaty to the White River Utes will not be paid until they are surrendered.