20803. First National Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
336
Charter Number
336
Start Date
August 29, 1869
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
96ab88a5

Response Measures

None

Description

Multiple notices from early 1871 show a receiver (Paul T. Jones) appointed for the First National Bank of Memphis and repeated receiver's sale notices of bank assets. Separate article (1869) reports G. R. Butler, formerly president, arrested for embezzling $620,000 and that the bank failed. No article describes a depositor run; the bank was in receivership and its assets are being sold, indicating suspension and permanent closure/receivership.

Events (4)

1. March 25, 1864 Chartered
Source
historical_nic
2. August 29, 1869 Other
Newspaper Excerpt
G. R. Butler, formerly President of the First National Bank at Memphis, Tenn., was arrested in New York ... on a charge of embezzling $620,000 of the Tennessee school fund, which was deposited in his bank at the time it failed.
Source
newspapers
3. January 31, 1871 Receivership
Newspaper Excerpt
appointing the undersigned Receiver, I will proceed to sell ... PAUL T. JONES, Receiver. MEMPHIS. TENN., May 24 1871.
Source
newspapers
4. January 31, 1871 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure tied to large embezzlement by former president G. R. Butler (reported $620,000 taken from Tennessee school fund deposited in the bank).
Newspaper Excerpt
appointing the undersigned Receiver... This 31st day of January, 1871. PAUL T. JONES, Receiver.
Source
newspapers

Newspaper Articles (11)

Article from The Morning Star and Catholic Messenger, August 29, 1869

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Article Text

A Mrs. Gifford, living in the northern part of Marion county, Iowa, died on Saturday, 14th inst., from the effects of fright at the eclipse. G. R. Butler, formerly President of the First National Bank at Memphis, Tenn., was arrested in New York on Monday week, on a charge of embezzling $620,000 of the Tennessee school fund, which was deposited in his bank at the time it failed. The saints in Portland, Me., are moving "heaven and earth" to stop the running of street cars on Sunday. The superintendent seems to be plucky, and gives notice that he will run his cars in spite of the "sepulchral cant" of the aforesaid saints. A minister in Rutland, Vt., who was preaching before a congregation on trial for settlement, said in his discourse that "when women fall into sin they suffer less from conscience than men." The ladies decided that he was not a suitable shepherd for that flock. That settled his hash. The Buffalo express train on Saturday week ran into a rock three feet in diameter, which had rolled down the mountain on the track. The engine left the track, and jumped over a stone wall fifteen feet high, and then over another wall into the Pennsylvania Canal. The engineer and several others were killed.


Article from The Workingman's Advocate, May 14, 1870

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Article Text

A BIG BANK MAYS CRADT D.C., Oon the Gardelecommittee bill (No. has reported on Banking which 1,900) bank associations may Treasury 000 $199, $104, therefor in and curren bonds 500,000 of The fact, cy. freegift bank manain 500 per annum gers, on are that terest in of free the now market in the true and, make interest, old devil heaps always saying the the aforean of the credit the of the One numerfor ous bills subbank the at being nobeca scarcely in the all that ticed. They effect the loan to its any limit credit without to United States and all as that bank sociations manage are solid bankers franchise. of or out sharpers of the the credit wildalike. States United in the like this failed a as few city generous ly New York the and A pays 10,000 national the and into receives Treasury in bonds hearing therefor $210,000 of and and the former currency, of The and bondeare his when pay is on The the ing them. currency of in the by used busi bank course regular The may ness, concern its being bank, national circulation and being perad. beyond and the by national venture the with having government to secure States depositWeshington of of podegree circulation, of and obtain palarity. opportunity the same ing that men deposits their have without could never perhaps Being "national" "national" of bank, matter most people to safe and place good must course and deposit, fails before The Support billholders reassociation United States in and bonds return gets as no loss But suffers suppose, interest in with banks case national and New other places, Orleans of the fulls after, by viriue getting, its million or of less, more money. dollars, in the Of such cases, course, noteholders the lose loss come without depositors to the all, and their retire bank manager their enjoy plander. of the bill any sharp Under Garfield "paers can who form may raise $50,00 their secure tional banking association, to enof and work share subsidy to ruin. tioing unwary depositors a not safe are As rule banks national as enthe depend but thous tirely resources of in natheir ands deposit tional character. Congress depositories on their own them because has no right to of the the thus loan credit overnment. on its Let tub own stand bottom. every use Let own their judgment. depositors to They deposit induced with character, of kind. the has The by been created impression that ring banks Treasury national or combave rarely never therefore of the from De the piled records Treasury list of that the banks partment national for and have failed. have been alreadappointed of First Bank N.Y Attica, National of Bank Venango National Franklin, Pa. Bank, National Merchants' Washington, N.Y. Medina, Tennessee Tenn. D First C. National National Bank Bank, of of Memphis, of First Ala. Bank National Selina, of First Bank New National Orleans, La. of Bank, National Unadilla Unadilla, N.Y. and of Bank Citizens' National Brooklyn, Farmers N. Y. of Croton York New Bank National city. Conn. National Bank of of Keokuk, Bethel, Iowa. First First National Bank Vicksburg, Miss. III. Bank of Rockford, are banks National National Bank of national deFirst The following named but have Treasury not voluntary liquidation, States notes in the circula posited in United of outstanding Ind. of Union National Bank for tion Fourth redemption National Bank of Indianapolis, Rochester, N. N.Y. First National Bank of Leonardsville,


Article from Memphis Daily Appeal, February 1, 1871

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Article Text

RECEIVER'S SALE. Y virtue of an order of the Second ChanB cely Court of Shelby county in the cases of First National Bank or Memphis against Hudson and others and Palmer and wife vs. Morse & Joeelyn and others, appointing the undersigned Receiver, I will proceed to sell, On Thursday, 23d Day of February, 1871, At the premises of the southwestern Cotton Press Company, No. 405 Madison street, Memphis, Tennessee, four Cotton Presses of Morse's patent; one Stationary Engine of 70horse power and Boiler; Belting, Pullies and Shafting thereunto belonging, at public auetion, to the highest bidder, for one-third cash in hand, one-third in 8 months and one-third in 6 months, taking notes with approved 89curity for the deferred payments. Said sale will be made between the hours of 10 and 4 o'clock on said 23d day of February, 1871, above mentioned. I believe the title to be good. as the sale is to be made by the consent of the parties interested. This 31st day of January, 1871. PAUL T. JONES, Receiver.


Article from Memphis Daily Appeal, February 6, 1871

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Article Text

RECEIVER'S SALE. Y virtue of an order of the Second ChanB cery Court of Shelby county in the cases of First National Bank of Memphis against Hudson and others and Palmer and wife vs. Morse & Joeelyn and others, appointing the undersigned Receiver, 1 will proceed to sell,


Article from Memphis Daily Appeal, February 11, 1871

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Article Text

RECEIVER'S SALE. Y virtue of an order of the Second ChanB cery Court of Shelby county in the cases of First National Bank of Memphis against Hudson and others and Palmer and wife vs. Morre & Jocelyn and others, appointing the undersigned Receiver, I will proceed to sell,


Article from Memphis Daily Appeal, February 14, 1871

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Article Text

Monday, February 20, 1871, Within legal hours, the following described property, to-wit: Certain lots in the town of Fort Pickering, Shelby county, Tenn., and known ou the original plan of said town as lots Nos. 9, 10, 11, 12 and 24, in block No. 8, and lot 30 in block 22. TERMS OF SALE-On a credit of six [6] months, purchaser to give note with approved security, bearing interest from date, lien to be retained. Equity of redemption barred. EDMUND A COLE, Clerk and Master. ja21 H. Clay King. Attorney. LEGAL NOTICES. RECEIVER'S SALE. Y virtue of an order of the Second ChanB cery Court of Shelby county in the leases of First National Bank of Memphis against Hudson and others and Palmer and wife vs. Morse & Joselyn and others, appointing the undersigned Receiver, I will proceed to sell,


Article from Memphis Daily Appeal, May 25, 1871

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WM. DEAN & CO., WHOLESALE & RETAIL CROCERS AND DEALERS IN 3 I A s 10,000 Tea Cannisters Given Away URING the next sixty days each purD' chaser of one pound or more of Ten, will be presented with a beautiful bronze cannister, an article both useful and ornamental. We invite our old customers and the public generally to call and examine our new and choice selection of GROOERIES now opening. Among which are Whittaker & Davis' Star Hams and Breakfast Bacon. New, New York Factory Cheese. Western Reserve Cheese and Butter. German and Turkish Prunes. 20 packets O. G. Java Coffee. Shaker Preserves and Jellies. Flavoring extracts and a full stock of canned goods of all kinds. 100 Our prices are below competition. WILLIAM DEAN & CO., 193 and 193 1-2 Poplar Street. RECEIVER'S SALE. Y VIRTUE of an order of the Second B Chancery Court of Shelby County, in the case of the First National Bank against Hudson and others, and Morse & Joseelyn and others. appointing the undersigned Receiv er, I will !proceed to seil, on the 20th day of June next, at No. 203 Madison street, the office furniture, embraeing an iron safe, desks, clocks, etc. at public auction to the highest bidder for one-third cash in hand, one-third in three months and one-third in six months, taking notes with approved security for the deferred payments. Sale between the hours of 10 and 4 o'slock on said 20th day ofJune 1871. I believe the title to said property is good, as the sale is to be made by the consent of the parties interested. PAUL T. JONES, Receiver. MEMPHIS. TENN.. May 24 1871. m25


Article from Memphis Daily Appeal, May 27, 1871

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RECEIVER'S SALE. RY VIRTUE of an order of the Second B Chancery Court of Shelby County, in the case of the First National Bank against Hudson and others, and Morse & Joscelyn, and others. appointing the undersigned Receiv er, I will proceed to sell, on the 20th day of June next, at No. 203 Madison street, the office furniture, embracing an iron safe. desks, clocks, etc., at public auction to the highest bidder for one- third cash in hand, one-third in three months and one-third in six months, taking notes with approved security for the deferred payments. Sale between the hours of 10 and - 4 o'clock on said 20th day of June 1871. I believe the title to said property is good, as the sale is to be made by the consent of the parties interested. PAUL T. JONES, Receiver. m25 MEMPHIS, TENN., May 24, 1871.


Article from Memphis Daily Appeal, June 5, 1871

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RECEIVER'S SALE. Y VIRTUE of an order of the Second B Chancery Court of Shelby County, in the case of the First National Bank against Hudson and others, and Morse & Joscelyn and others. appointing the undersigned Receiy er, I will proceed to sell, on the 20th day of June next, at No. 203 Madison street, the office furniture, embracing an iron safe, desks, clocks, etc., at public auction to the highest bidder for one-third cash in hand, one-third in three months and one-third in six months, taking notes with approved security for the deferred payments. Sale between the hours of 10 and 4 o'clock on said 20th day of June 1871. I believe the title to said property is good, as the sale is to be made by the consent of the parties interested. PAUL T. JONES, Receiver. m25 MEAPHIS TENN., May 24, 1871,


Article from Memphis Daily Appeal, June 18, 1871

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RECEIVER'S SALE. Y VIRTUE of an order of the Second Chancery Court of Shelby: County, in the B case of the First National Bank against Hudson and others, and Morse & Joscelyn and others. appointing the undersigned Receiv er, I will #proceed to sell, on the 20th day of June next, at No. 203 Madison street, the office furniture, embracing an iroL safe, desks, clocks, etc., at public auction to the highest bidder for one-third cash in hand, one-third in three months and one-third in six months, taking notes with approved security for the deferred payments. Sale between the bours of 10 and 4 o'clock on said 20th day of June 1871. I believe the title to said property is good, ar the sale is to be made by the consent of the parties inter PAUL T. JONES, Receiver. ested. m25 MEMPHIS, TENN., May 24. 1871.


Article from Memphis Daily Appeal, June 20, 1871

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RECEIVER'S SALE, Y VIRTUE of an order of the Second B Chancery Court of Shelby County, in the case of the First National Bank against Hudson and others, and Morse & Joscelyn and others. appointing the undersigned Receiy. or, I will sproceed to sell, on the 20th day of June next, at No. 208 Madison street, the office furniture, embracing an: iron safe, desks, clocks, etc., at public auction to the highest bidder for one-third cash in hand, one-third in three months and one-third in six months, taking notes with approved security for the deferred payments. Sale between the hours of 10 and 4 o'clock on said 20th day of June 1871. I believe the title to said property is good, as the sale is to be made by the consent of the parties inter ested. PAUL T. JONES, Receiver. m25 MEMPHIS, TENN., May 24. 1871.