21045. First National Bank (Brady, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4198
Charter Number
4198
Start Date
May 27, 1893
Location
Brady, Texas (31.129, -99.397)

Metadata

Model
gpt-5-mini
Short Digest
a7b49169

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1893-06-13
Date receivership terminated
1896-10-09
OCC cause of failure
Fraud
Share of assets assessed as good
50.1%
Share of assets assessed as doubtful
12.1%
Share of assets assessed as worthless
37.8%

Description

Contemporary dispatches (late May–early June 1893) report the First National Bank of Brady, Texas suspended and a receiver subsequently appointed. No article describes a depositor run; failure/insolvency and appointment of a receiver are clearly reported. Earliest dateline in the set places the suspension about May 27, 1893; receiver appointment reported mid-June (June 13, 1893).

Events (4)

1. January 7, 1890 Chartered
Source
historical_nic
2. May 27, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reported as a failure/insolvency of the small national bank; Comptroller and press note officers borrowing all the available assets and that depositors would be paid but stockholders would lose all.
Newspaper Excerpt
The First National bank of Brady has suspended and a receiver will be appointed.
Source
newspapers
3. June 13, 1893 Receivership
Source
historical_nic
4. June 13, 1893 Receivership
Newspaper Excerpt
Comptroller Eckels has appointed Henry H. Kerr receiver of the First National bank of Brady, Tex.
Source
newspapers

Newspaper Articles (14)

Article from Rock Island Daily Argus, May 29, 1893

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ABBREVIATED TELEGRAMS. A crevasse 2,100 feet wide in the Mississippi levee near Vicksburg has driven 2,000 people from their homes, and Governor Foster, of Louisiana, has been asked for ten days' rations for the destitute, and will supply them. The First National bank, of Brady, Tex., has suspended, and a receiver will be appointed. Directors say depositors will be paid in full. The ezar has celebrated the tenth anniversary of his coronation. Bert Fisher, who was accompanying George Williams from Iola, Kan., to Oklahoma with a drove of horses, the property of Williams, arose during the night and tried to kill his employer with a revolver. Just as he pulled the trigger Williams drew the quilt he was sleeping under over his head, and the bullet failed to penetrate it. Williams then rose and overpowered his assailant, took him to Topeka, and had him jailed. A mob of men and women, calling themselves the "Law and Order" league raided the saloons of Cheney, Kan. and destroyed all the property in three of them and tried to inflict bodily injury on one firm which resisted the proceedings. While Ben Williams was dipping steel plates into a pickle of boiling acid and oil at the Elwood (Ind.) tinplate works a plate slipped and the liquid splashed over his face and head. His face was burned to a crisp and his eyes burned out. G. Creek stabbed Albert Wilson to the heart at Glen Ellyn, Ills., during a dispute over money. The murderer is in jail. A disreputable printer at Arcola, Ills., resisted arrest by the city marshal, who is Mr. Bunch, a very old man. The resistance was SO savage and brutal that Bunch's right eye was knocked out, his left arm broken and he may die. A. B. Moore, of Washington, who followed his wife and her paramour to Grand Rapids and killed the latter, has been acquitted. The audience in the court room loudly applauded the verdict. Julia Morris, an 11-year-old girl, was drowned at Watseka, Ills., while playing with another child in a boat on Sugar creek. Louis Moran, wealthy and well-known in the old aristocratic French circle at Detroit, was the divorcee in a "marriage failure" case seventeen years ago. He and his long-ago wife have just remarried. Augusta Legnard, moving in the first circles at Waukegan, Ills., has been married to her father's coachman and is living at Chicago. During a panic caused by the altar of the Church of the Holy Virgin, Munich, catching fire, four children were killed and twenty-seven women received terrible injuries. The Campania has arrived at New York on her second westward trip, which is six hours behind the record. But she has established new records for two, three and four days consecutive progress, making 2,047 miles, the record of the Paris being 2,046. A lone highwayman "held up" an engineer and fireman of a switch engine in the h yards at Armourdale, a suburb of Kansas City. He got only a little loose change. Sontag and Evans, the desperadoes of the region about Visalia, Cal., got the drop on a detective who was hunting them. and he is off duty now with a severe wound. Dr. Hamilton Griffln, prominent because he was stepfather and manager of Mary Anderson before that talented actress became a wife, is dead at the age of 62. Mrs. Steele, an aeronaut, fell 1,000 feet at Tarborough, N. C., and was only a trifle stunned. She held to her burning balloon and her parachute all the way down.


Article from Fort Worth Gazette, May 30, 1893

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BANK SUSPENSION AT BRADY. 27. May Tex., Brownwood. The First National bank of Brady has suspended and a receiver will be appointed. The amount of assets and liabilities is not given. It in said by the directors that the depositors will be paid In full, but the stockholders will lose all.


Article from The Portland Daily Press, June 2, 1893

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CREDITORS THREATENED. The Result Was the Failure of the Victoria Cordage Company. CINCINNATI, o., June 1.-The Victoria Cordage Company assigned this afternoon. The liabilities are said to be $400,000 and the assets may reach $500,000. G. Weaver Loper is president. The plant is in Dayton and the main office has been here. The company was leased by the National Company but the lease was not recorded until the latter failed. That failure, it is said, caused this. The company was not able to realize upon stock and materialand was threatened by its creditors. Tacoma Bank Suspends. TACOMA, Wash., June 1.-The Merchants' National bank, the oldest banking institution in the city, has suspended payment on account of the stringency of the money market and inability to make collections. The bank will probably resume in a few days. It has a paid up capital of $250,000. Figures given out show liabilities of $600,000 and assets of $1,000,000. Want the Sherman Law Repealed. NEW YORK, June 1.-At the regular monthly meeting of the Chamber of Commerce today . this resolution was unanimously adopted: "Resolved, That it is the opinion of this chamber that the Sherman silver purchase law should be repealed by Congress at the earliest possible date; that it is apparent to all that under the operation of the said law great injury is being done the commercial and financial interests of our whole country, and that confidence will not be restored until the said law is repealed." Texas Bank in Trouble. WASHINGTON, June 1.-Controller Eckels was advised today of the failure of the First National Bank of Brady, Texas. The bank's capital is $50,000.


Article from The Goodland Republic, June 2, 1893

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P A Texas Bank Closed. BROWNWOOD, Tex., May 81. - The First National bank of Brady has suspended.


Article from The Wilmington Daily Republican, June 2, 1893

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NUGGETS OF NEWS. Mrs. James G. Blaine and Miss Blaine are at Lakewood today. It is said they will soon sail for Europe. The Merchants' National bank of Tacoma, Wash, has suspended payment, but will probably resume in a few days. Z. Gouzot, bishop of Constantine, in A1. geria, has been promoted by the pope to the dignity of archbishop of Carthage. Comptroller Eckles is advised of the failure of the First National bank of Brady, Tex. The bank was a small one. Lightning set the Farmers' mine, at Bylesville, O., on fire, destroying the entire plant. Two hundred men are thrown out of work. Eleven Italian students have been arrested in Triste, Austria, for having made a demonstration in favor of reuniting the province with Italy. Audy Bowen defeated Jack Everhardt in Fity-six rounds before the Olympicelub, New Orleans, winning $2,000 and the lightweight championship of the south. A dispatch from Dunkirk, N. Y., states that a farm house at Van Buren Point was burned early in the morning and four of the five inmates perished in the flames. It is reported from Cabul that the Ameer of Afghanistan has had several encounters recently with the insurgent Peras. Both sides claim victories, and trustworthy in formation is still lacking.


Article from St. Paul Daily Globe, June 2, 1893

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EMBARRASSED FIRMS. One of Tacoma's Oldest Banks Closes Its Doors. TACOMA, Wash., June 1.-The Merchants' National bank, one of the oldest banks in the city, suspended pay ment this morning. One of the officers of the bank gave the cause of the suspension as the depression of the past two years, which had caused the deposits to run down from something over $1,000,000 to about half that. The present liabilities of the bank are slightly in excess of $600,000; assets, $1,100,000. WASHINGTON, June 1.-The total net gold in the treasury is about $92,000,000, but the showing on the books is greater and the amount stated in the debt statement will be greater, as the exports of gold made the early part of the week have not yet been "taken up" in the cash. This leaves the 80-called gold reserve invaded $8,000,000, and indications point to further shipments of gold on Friday and Saturday of this week. NEW YORK, June 1.-The steamship Fuerst Bismarck, which sailed this morning for Europe, carried $2,750,000 gold and $182,600 silver. NEWARK, N. June 1.-Vice Presi dent Blake, of the Domestic Sewing Machine company, has made application to the court of chancery for the appointment of a receiver for the company. The application alleges as the immediate cause of the company's embarassment the stringency of the money market and the action of the Astor Place bauk in attaching the company's New York property. WASHINGTON, June 1.-Comptroller Eckels was advised this afternoon of the failure of the First National Bank of Brady. Tex. The bank was a small one, its capital being only $50,000. Bank Examiner Gannon has been placed in charge. CINCINNATI, June 1.--The Victoria Cordage company filed a deed of assignment this afternoon to W. H. Billings. The liabilities are said to be about $400,000 and the assets may reach $500,000. The plant is in Dayton, but the main office has been in this city. The company was leased by the National Cordage company, but the lease was not recorded until the latter failed. That failure, it is said, has caused this. MONTREAL, June 1.-Alfred Henry Wilson, trader, doing business as WIIson & Frost, has assigned. Liabilities secured, $81,500; unsecured, $121,914. The assets consist mostly of real estate in various parts of the city. NEW YORK, June 1.-The Southern Cotton Oil company has delared a quarterly dividend of 21/2 per cent. payable June 15, to stockholders of record May 31.


Article from The Wilmington Daily Republican, June 2, 1893

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Look at the record of suspended banks and manufactories as they come to us through this morning's papers: From Milwaukee, Wisconsin, comes the news of the assignment of the hitherto strong Plankinton Bank. From Tacoma, Washington, comes the news of the closing of the Merchants, National Bank. From Washington, D. C., comes the news that there is only $92,000,000 of gold in the Treasury, and exports of gold are still expected to increase. From Newark, N. J., comes the news of the crash of the Domestic Sewing Machine Company. From Canton, Ohio, comes the news of the assignment of the J. H. McLain Machine Works. From Texas comes the news of the failure of the First National Bank of Brady. From Cincinnati. Ohio, comes the news of the failure of a big cordage manufactory and from St. Joseph. Missouri, comes the news of the failure of the lumber firm of Muthleisen & Company. Amongst the confusion of all this crashing of banks and suspension of manufacturing firms, news comes from Hogg Island that President Cleveland had a eplendid time yesterday killing birds.


Article from The Morning Call, June 2, 1893

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ALL CRASHING DOWN. Banks and Various Sorts of Concerns Ruined. CINCINNATI, June 1.-The Victoria Cordage Company filed a deed of assignment this afternoon to W. H. Billing. The liabilities are said to be $400,000 and the assets may reach $500,000. The plant is in Dayton, but the main office is in this city. The company was leased by the National Cordage Company, but the lease was not recorded until the latter failed. That failure, it is said, caused this, KOKOMO, Ind., June 1.-The Diamond Plate-Glass Company in this city, employing 800 men, has closed indefinitely. The branch plant at Elwood has also closed, throwing 600 men out of work. An official of the company said: "We have more than $600,000 worth of glass on hand and the market is utterly demoralized. The threatening financial situation has paralyzed new construction, and the menacing attitude of Congress on the tariff adds to the uncertainty. We will wait until the cloud of uncertainty drifts away. Five of the ten plate-glass factories in this country are down and the other five are preparing to close at once." WASHINGTON, June 1. - Comptroller Eckles was advised this afternoon of the failure of the First National Bank of Brady, Tex. The bank is a small one, the capital being $50,000. TACOMA, Wash., June 1.-The Clearinghouse yesterday issued the following notice: "Owing to disquieting rumors in circulation affecting the standing of the Merchants' National Bank this association has resolved to protect the depositors if necessary." Officers of the bank to-day gave out the following dispatch sent to the Comptroller of Currency, Washington, D.C.: "Owing to unexpected demands of our New York correspondent, the Chase National Bank, the continued withdrawal of deposits and inability to realize on assets with sufficient promptness to withstand constant drawing upon our resources, and in justice to ourselves and the protection of our creditors, we are obliged to temporarily suspend. Please send examiner." Figures given out at this time, said to be approximately correct, show total liabilities of $600,000, assets $1,100,000. The examiner has wired that he will take possession to-day. The temporary suspension of the Merchants' National Bank caused widespread comment locally owing to its prominent position and the fact that it was one of the oldest banking institutions in the State. Succeeding the Bank of New Tacoma in May, 1884, with a capital of $50,000, it soon established a reputation throughout the country, its clientage extending into nearly : every State and Territory in the Union. It has paid to its stockholders during the nine years of its existence more than $100,000 in dividends, and had $125,000 in suri plus and undivided profits, together with a capital of $250,000. Its total liabilities, including the amount due depositors, are $600,000, with total assets of $1,100,000. One cause which led to the suspension of the institution was the erection three years ago of a large bank building at a cost of about $175,000. The taking of so much money out of business and the season of depression ensuing compelled the bank to become a borrower from its Eastern correspondents, and financial stringency prevailing in the East at the present time, together with the advertised statement of Eastern banks, particularly the New York banks, that they would make no more advances to Western and Southern institutions, and the sudden demand upon it by t its New York correspondent for a settle, ment precipitated a crisis. This compelled ) the directors to close the doors of the bank, , which they did rather than sacrifice their 3 securities, in the hope that adjustment of f the bank's affairs might result in a ree sumption of business. . CLEVELAND, June 1.-The failure of


Article from San Antonio Daily Light, June 2, 1893

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LATE TELEGRAMS BOILED DOWN FROM PRIVATE SPECIAL AND OTHER SOURCES. Long Time trots 6 miles in 16:08. Wheat, corn and oats are lower. Peter Jackson sails for England. Llano has organized a fire company. Grover is doing duty on Hog island. First national bank of Brady suspends. Merchant's National bank of Tacoma,fails. Iowa prohibitionists put out a state ticket. Cotton choppers are scarce about San Patricio. The Kansas winers strike calls out 800 men. The Kentucky building dedicated at Chicago. State Typos meet in regularsession at Dallas. Governor Hogg is in Tyler on private business. Eulalie pays no attention to Ward McAllister. Two negroes jailed at Palestine for attempted rape. Cholera breaks out along the Tigris, Asiatic Turkey. Two persons killed by cyclone near Forest City, Ark. Cuero school district has 563 children of school age. Railway Surgeon's convention is in session at Omaha. Cotton shows a disposition to creep up out of the cellar. Reports of damage to the Austin dam are very conflicting. Striking Kansas miners compel the to DalThe Strip Randle miners murder quit case work. at las is set for Monday, July 3rd. Plate glass factories will soon shut down for an indefinite period. The pension office at Washington has been considerably reorganized. and Twenty lives lost buildings by wrecked five cyclone at Rosedale. The World's fair Sunday injunction case is being argued at Chicago. The electrical building with 30,000 electric lights blazes at Chicago. Union waiters of Kansas City strike, but their places are supplied. Ives runs 1,540 points of billiards in the London match and is still playing. Southern cotton oil company declares a quarterly dividend of 21 per cent. Prof. Briggs will abide by his declaration as to the canon of scripture. Thurston is minister to United States from the Hawaii provisional government. There will be ten contests before the lower house of Congress next session. Ex-Minister Stevens of Hawaii, addresses San Francisco chamber of commerce. Cholera cases increase in France, forty cases department Moridan, and 23 deaths. Victoria Cordage company, Cincinnati, assigns; debts $400,000; assets $500,000. with Del and Rio hail, is visited the wind heavy rain unroofing several houses. Houston invites National railway surgeon's association to meet there next year. Pacific Express company's safe robbed at Peru, Ind., of $800 and valuable papers. Steamer Saragosa founders near Panama and crew drowned, five bodies recovered. The purchaser of $2 worth of unclaimed baggage Montreal, Ont., finds $17,000 in it. Day, president of Plankington bank Milwaukee, assigns; and gives $500,000 bail. J. R. Von Polnitz, under death sentence for murder in Georgia, has sentence commuted. The grand chief of the A.R. P. is removing all subordinates who opposed his reelection, General Assembly Rev. and Briggs from the ministry, suspends notice of protest given.


Article from The Redwood Gazette, June 8, 1893

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BANKS CLOSED. Twenty Failures Reported Since the Commencement of the Year. WASHINGTON, June 2.-"This makes a score of national bank failures since January 1, 1893," remarked Comptroller Eckels as he received the tidings that the First national bank of Brady, Tex., had suspended operations. "It's another case of the officers of the bank borrowing all the available assets." During the five months ending Thursday there were twenty failures of national banks, the capital involved being $6,150,000, as against seven failures for a corresponding period of 1892, when the capital aggregated $625,000. Of the western banks the capital involved reached $3,050,000, or about half of the capital stock of all the suspended banks.


Article from Evening Star, June 13, 1893

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Bank Receivers Appointed. The controller of the currency has appointed receivers of insolvent national banks as follows: Joseph W. Bennet, receiver of the Oglethorpe National Bank of Brunswick. Ga. Charles M. Wilson. receiver of the First National Bank of Lakota. North Dakota. Elmer A. Howard, receiver of the First National Bank of Cedar Falls, Iowa. Henry H. Kerr, receiver of the First National Bank of Brady, Texas.


Article from Fort Worth Gazette, June 14, 1893

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WASHINGTON NOTES. Washington, June 13.-Dake Verugua, who hits been the guest of the nation nearly two months, may now travel incognito. Commander Dickens this morning reported to Secretary Gresham his charge was at an end and an long as he remains in the United States he will be an incognito private traveler. Comptroller Bokles has appointed Henry H. Kerr, receiver of the First National bank of Brady, Tex. The United States steamship Dolphin has been put in the dry dock at the New York navy yard for her bow to be repaired, and the vessel will be put in thorough order.


Article from The Austin Weekly Statesman, June 15, 1893

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be under it. E. F. Edwards was one of the few clerks who went into the cellar while the excavation was going on. He said he saw no underpinning. Adjourned. ARMY RIFLE PRIZES. A contest for army rifle prizes is to take place Sept. 18, at Fort Sheridan and will be conducted by F. D. Baldwin of the Fifth infantry. Competing teams will be comprised of one from the East, one from the department of Dakota, two from the department of the Platte, two from the department of Missouri, one from the department of Texas, one from the department of Arizona and two !rom the department of Colorado. EINANCIAL SITUATION. The financial condition of the country as viewed from a treasury standpoint, shows general improvement. Bank and co nmercial failures are fewer, Europe is buying grain in greater quantities. gold shipments have ceased at least for the present, confidence is being restored and money is not so tight. The treasury net gold has increased from $89,000,000 to $91,300,000 and the demand for small money in the west will have the effect of further increasing the treasury gold. The rate of exchange is sufficiently high to warrant shipment of gold abroad, but the fact that commercial paper is for sale in London has deterred the effort. There is a general feeling that the worst has passed, the weaker financial institutions and business firms having succumbed while those passed through 80 far unscathed are stronger for having weathered the financial storm. WILL PAY HIS OWN BOARD. The D like of Veragua, who has been the guest of the nation nearly two months, may now travel incognito. Commander Dickens this morning reported to Secretary Gresham that his charge was at an end, and that from this time on as long as he remains in the United States the duke would travel as a private citizen. BANK RECEIVER APPOINTED. Comptroller Eckels has appointed Henry M. Kerr receiver of the First National bark of Brady, Tex. HAULED UP FOR REPAIRS. The United States eteamer Dolphin has been put in the drydock at New York navy yard, where the injuries to her bow sustained in a collision will be repaired and the vessel put in thorough order.


Article from The Comet, June 22, 1893

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COMPTROLTER Eckels yesterday ap. pointed receivers for the Oglethorp National Bank, of Burnswick, Ga.,; First National Bank, of Lakota, N. D. First National of Cedar Falls, Ia., and the First National, of Brady, Texas.