21090. First National Bank (Dallas, TX)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2157
Charter Number
2157
Start Date
May 28, 1878
Location
Dallas, Texas (32.783, -96.807)

Metadata

Model
gpt-5-mini
Short Digest
37a0851a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined

Other: Receiver appointed and assets liquidated; sale of assets in 1880 advertised.

Description

Contemporary Dallas papers report a continuous three-day run beginning after the suspension of the State Savings Bank; First National suspended payment May 30, 1878 and requested a receiver. Examiner work and formal receivership follow in early June 1878. Cause: run was triggered by the failure/suspension of a local bank (State Savings), not by a discrete misinformation event.

Events (3)

1. May 28, 1878 Run
Cause
Local Banks
Cause Details
Run followed the suspension/failure of the State Savings Bank in Dallas; depositors withdrew about $20,000 over several days.
Measures
Sought assistance/loan from Donnell, Lawson & Co. ($10,000 arranged but insufficient); appealed to other local banks for aid; paid out available demands until funds exhausted.
Newspaper Excerpt
a continuous run for three days... Owing to a continuous run for three days, and our inability to realize further from our assets at present, we ask that you appoint a receiver
Source
newspapers
2. May 30, 1878 Suspension
Cause
Local Banks
Cause Details
Suspension resulted from heavy withdrawals (about $20,000) following the State Savings bank failure and the bank's inability to realize on assets to meet demands.
Newspaper Excerpt
The First National Bank has suspended payment. The suspension is owing to the withdrawal of $20,000 since Monday and the inability to realize at present upon its assets.
Source
newspapers
3. June 11, 1878 Receivership
Newspaper Excerpt
The Washington County National Bank at Greenwich, New York, and the First National Bank of Dallas, Texas, have been placed in the hands of receivers by the acting comptroller of currency.
Source
newspapers

Newspaper Articles (20)

Article from The Dallas Daily Herald, May 28, 1878

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that Claim many ought to have been included in seets. incidents yesterday were, in respects, quite amusing. A man, when asked if he was replied, "No, you darn idiot; do suppose Pd deposit my roll in a crow' bank like that? Not much.' ther man was heard to remark, asked the cause of such a crowd present, that "the institution closed for repairs." Several few paced up and down in front of building with checks in their and tears in their eyes. A nemade an effort to "see de boss ob ank," as he called him, by going to the back door. Hesaid to ther colored sufferer, who had B in the bank of fifty dollars niggah, and claim yer rights tried but it's no go. Dey ought to me for I had to scuffle mighty for it. Dese big, high-toned folk stand to lose it, but I can't, and foolishness," but he left with , on his face. R. Cohn, a pawn secured a package of five hun dollars in scrip, which he had in the bank for safe-keeping he walked out he said, "Vell, i they ain't dam thieves al for they could hef sold this, bout noon the excitement had be to subside, when a number of col men who had deposited thei nings in the bank, gathered il of the doors looking wistfully in were ruined to use their OW ression, and so they were, for thei nings were all gone. The losse principally upon the poorer classe it will be felt the heaviest. call was made by a HERALD repre tative upon all the other four bank he city. Captain Hardie said h not anticipate anything like a ru his, the City bank. He had suffi funds on hand, however, if a ru be made. He was asked wh declined to tide Gruber over, an that he would have let hin the sum he wanted -ten thousand ars-but the securities he offere of such a nature that it was in sible. Kerr, president of the First N, felt able early in the morn to meet all demands, an he did not expect any like a panic or rur bank is situated only a few door the suspended bank, and b. of its location naturally attrac more attention than usual, as th was on that square. About something of a run was made or First National, but every one was away satisfied. Depositors o ifleates not due for one, two an months called for their mone got it. Sufficient funds and col are held by this bank to mee demands, and the run, if run i be called, was not made on ac of a lack of faith in its ability t but as above stated, because i


Article from The Dallas Daily Herald, May 29, 1878

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Financial Circles. Everything was quiet among all the banks in the city yesterday, and no perceptible effect on the feeling of confiderice which prevailed before the suspension of the State Savings bank existed. A few small depositors in the First National drew their money before noon, but every demand having been satisfied by this bank, as well as all the others, the fact of the suspension of the State Savings was in a measure forgotten before the close of business yesterday evening. Every bank in the city has ample means to satisfy creditors on demand, and it is now believed that business in financial circles will continue uninterrupted. No new points were elicited concerns ing the failure of the State Savings, the report in THE HERALD day before yesterday having been exhaustive of the subject in every point of detail. It was stated yesterday that a meeting of creditors would be called at an early date by the assignees, one of whom is now at work adjusting and arranging its affairs.


Article from The Dallas Daily Herald, May 31, 1878

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TWO OF A KIND. The First National HONK of Dallas Gone to join the late State NavingsTwenly two Thousand Dollars due Local Depositors-Appliention for " Receiver. After struggle of four days against the pressure brought to bear in consequence of the suspension of the State Savings bank, the First National bank of this city was compelled to go into liquidation at the close of banking hours yesterday evening, and the following telegram was sent to the comptroller of currency, at Washington: DALLAS, May 80, 1878. To Hon. John J. Knox, Comptroller of Currency, Washington, D. C. Owing to a continuous run for three days, and our inability to realize further from our assets at present, we ask that you appoint B receiver, in whose hands we shall place our affairs. FIRST NATIONAL BANK, Dallas, Texas, The late hour at which the suspension occurred, preciudes the possibility of giving a detailed statement of the affairs of the institution. The liabilities in round numbers, 88 reported by Mr. Kerr, the president, are fitty-five thousand dollars, twenty-two thous sand of which are by local depositors. The nominal assets are put at one hundred and ten thousand dollars. Mr. Kerr expressed his belief that the bank would pay out dollar for dollar. The bank started business in 1874, with an authorized capital of five hundred thousand dollars, seventy-five thousand of which was paid in., On the 1st of February of the present year, the deposits amounted to over ninety thousand dollars, and a good business has been done up to the first of this month, when it became known that the bank was getting ,weak and shaky, by reason of shrinkage in its collaterals. Mr. Kerr stated at the close of business yesterday evening that after 11 consultation with the directors, held a few hours before, they all came to the conclusion that it was useless to struggle any farther. He said that he had made arrangements on Monday with Donnell, Lawson & Co., of New York, to furnish them ten thousand dollars, which he thought would be all they would need, but the continuous run on the bank from Monday up to the hour of closing yesterday necessitated an appeal to the other banks for assistance, but he could get but little aid from that source, When the State Savings bank suss pended, there was forty-two thousand dollars in cash on hand, but the first day (Monday) over one thousand dollars was paid out. Anticipating a heavy run on Tuesday, which came, Mr. Kerr thought the excitement would end that day, as thirteen thousand dollars were paid out, but he was very much mistaken, for on Wednesday, seven thousand dollars more was paid out when the bank had to ask for time. He was inclined to suspend that night, but waited the result of yesterday, at the suggestion of friends. A number of parties indebted to the bank were called on yesterday for their accounts, but failing to make collections, and checks for various sums, amounting in the aggregate to eighteen thousand dollars having been pres sented, and the bank receipts being only thirty-four dollars the First National had to succumb. A call by a representative of THE HERALD was paid to all the other banks, but it being after banking hours, nothing more than & general knowledge of their affairs could be learned. It is not believed that another failure will occur, for a strong feel-


Article from Daily Press and Dakotaian, May 31, 1878

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bills, has been sentenced to state prison for eight years, and to pay a fine. Galveston, May 31.-The News' special says : The First National bank of Dallas has suspended payment. The eurpension ie owing to the withdrawal of $20,000 of deposits on Monday, and the inability to realize at present upon the arsets. The liabilities cannot be ascertained to-day. Due depositors, $22,000; nominal assets, $110,000; capital stock authorized, $500,000; paid UP, $75,000.


Article from Public Ledger, May 31, 1878

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GALVESTON. ВЗОЛА Mexican Troubles-Bank of Dailas Suspended, New ORLEANS, May 31.-The Galveston News' special from Eagle Pass says Escobedo is reported to have captured Saragossa and is expected to attack Piegras Negras. Mexican government troops, under command of Colonel Nuncio, have gone to meet him. A fight is expected. A special says that the First National Bank, of Dallas, has suspended payment. The suspension is owing to the withdrawal of $20,000 since Monday and the inability of the bank to realize at present upon its assets. The liabilities cannot be ascertained to-night. Due depositors, $22,000; nominal assets, $110,000; stock authorized, $50,000; paid in, $75,000.


Article from The New York Herald, May 31, 1878

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BANK FAILURE. [BY TELEGRAPH TO THE HERALD.] DALLAS, Texas, May 30, 1878. Another bank failure has occurred here to-day. The First National Bank has gone into liquidation. It stopped paying checks at noon, and. at the close of business this afternoon, telegraphed to the Comptroller of the Currency at Washington that, owing to a continuous run of three days and inability to realize from assets, the appointment of a receiver was asked for. The habilities are large and the assets cominal. About $22,000 are due to local depositors. Some excitement exists in financial circles.


Article from The Wheeling Daily Intelligencer, June 1, 1878

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Bank Suspensions, SCRANTON, PA., May 31.-The Second National Bank closed its doors to-day. The following notice 18 posted: "Circumstances compell us to suspend business for the present. NEW ORLEANS, May 30.-A Galveston News special says: The First National Bank of Dallas suspended payment. The suspension 18 owing to the withdrawal of $20,000 deposits since Monday and the inability to realize at present upon the assets. The liabilities were not ascertained; due to depositors, $22,000; nominal assets, $116,000; capital anthorized, $500,000; paid up, $75,000.


Article from Daily Los Angeles Herald, June 1, 1878

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Daties (Texas) Bank Suspended, NEW ORLEANS, May 31.-A special says that the First National Bank of Dallas has suspended payment. The liabilities cannot be ascertained to-day. Due depositors, $22,000; nominal assets, $110,000.


Article from The Dallas Weekly Herald, June 1, 1878

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the pressure brought to bear in conse quence of the suspension of the State Savings bank, the First National bank of this city was compelled to go into liquidation at the close of banking hours yesterday evening, and the following telegram was sent to the comp troller of currency, at Washington: DALLAS, May 30, 1878. To Hon. John J. Knox, Comptroller of Currency, Washington, 11. C. Owing to a continuous run for three days, and our inability to realize further from our assets at present, we ask that you appoint a receiver, in whose hands we shall place our affaire. FIRST NATIONAL BANK, Dallas, Texas. The late hour at which the suspension occurred, precludes the possibility of giving a detailed statement of the affairs of the institution. The liabili ties in round numbers, as reported by Mr. Kerr, the president, are fitty-five thousand dollars, twenty-two thousand of which are by local depositors. The nominal assets are put at one hundred and ten thousand dollars. Mr. Kerr expressed his belief that the bank would pay out dollar for dollar. The bank started business in 1874, with an authorized espital of five humdred thousand dollars, seventy-five thousand of which Was paid in.; On the 1st of February of the preseot year, the deposits smounted to over ninety thousand dollars, and 8 good business has been done up to the first of this month, when it became known that the bank was getting ,weak and shaky, by reason of shrinkage in its collaterals. Mr. Kerr stated at the close of business yesterday evening that after is consultation with the directors, held a few hours before, they all came to the conclusion that it was useless to struggle any farther. He said that he had made arrangements on Monday with Donnell, Lawson & Co, of New York, to furnish them ten thousand dollars, which he thought would be all they would need, but the continuous run on the bank from Monday up to the hour of closing yesterday necessitated an appeal to the other banks for assistance, but he could get but little aid from that source. When the State Savings bank suspended, there was forty-two thousand dollars in cash on hand, but the first day (Monday) over one thousand dollars was paid out. Anticipating a heavy run on Tuesday, which came, Mr. Kerr thought the excitement would end that day, as thirteen thousand dollars were paid out, but be was very much mistaken, for on Wednesday, seven thousand dollars more was paid out when the bank had to ask for time. He was inclined to suspend that night, but waited the result of yesterday, at the suggestion of friends. A number of parties indebted to the bank were called on yesterday for their accounts, but failing to make collectione, and checks for various sume,


Article from The Dallas Daily Herald, June 1, 1878

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Small Depositors Over the Fatiures Abating. The committee appointed to look into the affairs of the defunct State Savings bank, have done nothing as yet. Mr. Paul Furst, bookkeeper of the bank at the time of the suspension, began working on the books yesterday at the solicitation of the committee. They are to report the result of their investigation at four o'elock this avening, and will in all probability begin work this morning. The public announcement yesterday of the suspension of the First National Bank failed to cause the excitement anticipated. It is generally thought that the bank will come near, if not quite paying dollar for dollar. There was an error in yesterday's HERALD concerning the amount, which is corrected by the following figures: There is now due local depositors twenty-one thousand dollars, fourteen thousand of which is time certificates, which leaves a remainder of seven thousand subject to check. From Monday up to Friday evening the bank had paid out nine thousand dollars in paper that was not due. Yesterday the bank received the following telegram from the comptroller at Washington city, to whom the cashier telegraphed, asking for a receiver: WASHINGTON, May 31, 1878. R. P. Aunspaugh, Cashier First National Bank, Dalias, Texas: Examiner ordered to Dallas to take charge. Do no business beyond collecting debts and delivering special deposits. J.S. LANGWORTHY, Acting Comptroller. Early yesterday morning excitement 8 prevailed to a limited extent, and as soon as the banks were opened a small number of light depositors with drew their funds, or demandK ed their time certificates from f the City Bank, which were promptly turned over, although they a were not bound to deliver them. Mr. Hardie, the president, stated that the bank was in a healthy condition and n could pay every dollar it owed, and if necessary, he could command fifty thousand dollars more on short notice. The banking firm of Adams & Leon g ard took in several thousand dollars more than it paid out yesterday. Captain Gaston, president of the Ex. change bank, stated that there had been no perceptible change in the e bank's business and that thesuspension of the other two banks had no appar. Is rent effect on it. t The excitement has abated, and lit. tle or no uneasiness is entertained among the business men and principle depositors.


Article from The Dallas Weekly Herald, June 1, 1878

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there would, in his opinion, be no un- easiness or distrust as to the other banks. The assignees would go to work at once, he said, to collect the available assets of the bank and pay them out pro rata to all the creditors. The opinion rendered by parties well posted as to the value of the bank's securities, was that it would not pay over thirty-three and a third cents on the dollar at the most, and would more probably be nearer twenty-five cents. The deposits offered on Saturday, amounting to about one thousand dol- lars, were taken, but not placed to the credit accounts on the books, and were returned yesterday. Considerable ob- jection was urged by the other depositors, and many claim that this sum ought to have been included in the assets. The incidents yesterday were, in some respects, quite amusing. A sporting man, when asked if he was loser, replied, "No, you darn idiot; do you suppose I'd deposit my roll in a 'jim crow' bank like that? Not much." Another man was heard to remark, when asked the cause of such a crowd being present, that "the institution was closed for repairs." Several fe- males paced up and down in front of the building with checks in their hands, and tears in their eyes. A ne- gro made an effort to "see de boss ob de bank," as he called him, by going around to the back door. He said to another colored sufferer, who had a deposit in the bank of fifty dollars, "G'long, niggah, and claim yer rights; I've tried but it's no go. Dey ought to pay me for I had to scuffle mighty hard for it. Dese big, high-toned folks can stand to lose it, but I can't, and no foolishness," but he left with a frown on his face. R. Cohn, a pawn- broker, secured a package of five hun- dred dollars in scrip, which he had placed in the bank for safe-keeping. As he walked out he said, "Vell, it shows they ain't dam thieves al- together, for they could hef sold this." About noon the excitement had be- gan to subside, when a number of col- ored men who had deposited their earnings in the bank, gathered in front of the doors looking wistfully in. They were "ruined" to use their own expression, and so they were, for their earnings were all gone. The losses fell principally upon the poorer classes where it will be felt the heaviest. A call was made by a HERALD repre- sentative upon all the other four banks in the city. Captain Hardie said he did not anticipate anything like a run on his, the City bank. He had suffi- cient funds on hand, however, if a run should be made. He was asked why he declined to tide Gruber over, and replied that he would have let him had the sum he wanted-ten thousand dollars-but the securities he offered were of such a nature that it was im- possible. Mr. Kerr, president of the First Na- tional, felt able early in the morn- ing to meet all demands, and said he did not expect any- thing like a panic or run. This bank is situated only a few doors below the suspended bank, and by reason of its location naturally attrac- ted more attention than usual, as the crowd was on that square. About noon something of a run was made on the First National, but every one was turned away satisfied. Depositors of certificates not due for one, two and three months called for their money and got it. Sufficient funds and col- laterals are held by this bank to meet all demands, and the run, if run,


Article from The Daily Intelligencer, June 3, 1878

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terms of the agreement had been forwarded last night. Invitations to the Congress, not to the conference, will be issued in the course of four days. Berlin has been selected as the place where the meeting will be held. CLEVELAND, O., May 31.- About 11 o'clock this morning a mob of about 20,000 people, who had congregated to see what they could of the execution of Webb, the colored murderer, at Mansfield, Ohio, made a rush, overpowered the guards, scaled the jail yard fence, and in two minutes had torn down the greater part of the enclosure. Sheriff Ritchie telegraphed to Governor Bishop, notifying him of the fact, and saying that unless he hung Webb publicly the mob would tear down the jail. The governor replied, directing him to carry out the sentence of the law. At 12:20 P. M., Sheriff Ritchie and Sheriff Gray, of Tanox county, appeared with Webb, and after adjusting the noose about Webb's neck, and a short prayer being offered, the drop was sprung. Life was pronounced extinct in ten minutes. ST. LOUIS, May 31,-A widow named Thompson, highly connected, killed her daughter Nettie, about 16 years old, with a razor, night before last, and then cut her own throat. Temporary insanity is assigned as the cause. NEW YORK, June 31- The syndicate this afternoon took from the treasury the remaining $15,000,000 of 41/2 per cent. bonds, which completes the $50,000,000 bargained for on the 11th of April. HILLSBORO, (0)., June 1-A portable engine exploded at a saw mill near here this morning, killing three men and severely scalding several others. NEW ORLEANS, June 1-A special says the First National Bank of Dallas has suspended payment. The liabilities cannot be ascertained to-day. Due depositors, $22,000; nominal assets, $110,000. WASHINGTON, June 1-The general expectation in political circles to-day is that the Serate will concur with the House in fixing June 17th as the final date of adjournment. NEW YORK, June 1-The Herald's London special now officially announces that the Berlin government has issued invitations for the Congress of European powers, to assemble June 11th. Bismarck will preside, and Baron Burlow, Secretary for Foreign Affairs, will act as second plenipotentiary for Germany. This important assembly will meet at ancient Rodizwill Palace, lately reconstructed for Prince Bismarck's official residence.


Article from The Leavenworth Weekly Times, June 6, 1878

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BANK FAILURE. The following announcement of the failure of the First National Bank of Dallas, Texas, is from the Dallas Commercial of Friday morning last. John Kerr, the President of the bank, was formerly in the banking business in this city-of the firm of Scott, Kerr & Co., and the savings bank referred to by the Commercial, and the failure of which carried down the First National, was managed by Harry Gruber, also at one time a citizen of Leavenworth. The Commercial says: Ever since the early part of the present year the impression has been gaining throughout the city that the First National Bank of Dallas, of which Mr. John Kerr is president, was weakening; and while many of its friends and patrons had confidence in the institution and hoped that it would weather the storm, the suspension of the bank near closing hours last evening was a matter olno of surprise. After the announcement, last Monday morning, that the State Savings Bank had failed, many people on the street and elsewhere prophesied that the First National would be the next to follow in its footsteps. This has proven too true, Notwithstanding those who had faith in the institution, exerted every effort to keep back a run upon the bank, and thus avert a delay of the disaster, after four days of constant checking, twenty thousand dollars were withdrawn, and the First National Bank had no more wherewith to pay. The First National was organized in 1874 with an authorized capital of five hundred thousand dollars; of this amount seventyfive thousand was paid in, and for a time the bank was very prosperous. The amount yet due the depositors is between twenty-two and twenty-three thousand dollars; of this there is no telling how much will be realized, but Col. Kerr hopes to makeit pay dollar for dollar.


Article from Chariton Courier, June 7, 1878

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WEST AND SOUTHWEST. Rev. Dr. Seymour, at the unanimous request of theSpringfield (III.) Diocesan Convention, P. E. Church, has reconsidered his former resolution and will accept the Bishopric. The Iowa Democratic State Convention, held on the 29th, adopted resolutions in favor of a tariff for revenue only, the the act, the Resumption substitution bills, repeal of the United of imnotes for national bank by the Government of and a thorough rivers, State's provement investigation Western and of the Presidential election frauds of 1876; opposing further contraction of the currency by the retirement of United States notes in The State now circulation. State, officers Tom nominated are: For Secretary of O. of Davis; Auditor of State, Joseph of Polk; Treasurer of State, D. Walker, Eiboeck, Land E. OfFenn, of Storey; Register of State fice, T. P. Bardwell, of Linn; Judge of Supreme Court, Judge Knapp, of Van Buren; Clerk of the Supreme Court, M. V. Gannon, of Scott; Reporter of the Supreme Court, J. B. Elliott, of Marion; Attorney-General, J. Gibbon, of Lee. At Springfield, Mo., on the night of the 29th, a lady named Mrs. Thompson, while temporarily insane, cut the throat of her daughter Nettie, aged 17, and then cut her own. Both died. The recent cyclone in Wisconsin killed 50 people and injured about 250. Hundreds The are ft homeless and without a meal to eat. survivors along the line of the tornado are in great distress. The west-bound express train on the Union Pacific Railroad was boarded by masked men on the night of the 29th, near Percy Station, who entered the sleeping-cars and robbed a number of passengers of their money and watches and then decamped, being evidently frightened off before they had completed their work. A posse of men started at daylight in pursuit of the robbers. Andy Compagnion, a desperado of Owensville, Gibson County, Ind., who was suspected of having committed numerous crimes,on the night of the 29th was taken from his house by a party of masked men and shot dead in the Public Square, his body being literally riddled with bullets. McCoskry has again left Detroit and unexpectedly for instead of to face his suddenly Bishop staying accusers, New York, and is reported to have renewed his resignation. H. Heafford, General Mr. G. Auditor, Passenger of the Agent, and Mr. C. L. White, Pacific Railroad, their as rumored, by Missouri positions have request resigned as- of the managers of the road. No cause signed. Their places have been temporarily filled by the appointment respectively of Mr. Frank E. Fowler and Mr. Charles G. Warner. The First National Bank of Dallas, Texas, suspended on the 30th, after a run lasting three days. Liabilities large and assets nominal. Hon. Daniel Gantt, Chief-Justice of Nebraska, died on the 29th, aged 70. The body of John Scott Harrison, son of ex-President Harrison, who died suddenly 27th ult. at North Bend, Ind., from the family vault on interred on the the the as dis- night disthe burial and taken to of the Ohio in where it was unsecting-room following Cincinnati, Medical strangely College and discovered on the Harrison, a son of by expectedly Carter deceased, following while day the latter was making a search, in company an officer, for the a who had died a few friend with days body previous, discov- of of whose grave was him on the day of his ered and the by robbery father's might fuFearing that his father's grave as had been that of had hired a watchman to neral. the be despoiled son keep his friend, guard it nights, and his consternation and over grief upon being brought face to face with his dead father in the dissecting-room are said to have quite overpowered him. A Boise City dispatch of the 31st reports about 200 Indians, under Buffalo Horn, that encamped in the lava-beds, between are Camas Prairie and Snake River, ,and have ordered the whites to leave the prairie on penalty of death. They have already comhostilities by shooting two settlers, both severely. are menced wounding The ammunition. Indians well with arms and of the and Chicago Pennsylvania The supplied machine-shops Railroad, Indianapolis, at Peru, Ind., were struck by lightning on the night of the 29th, and, with their contents, entirely consumed by fire. There were three locomotives and two stock-cars in the shops. The loss is estimated at $100,600-no insurance. The Galveston News's special from Eagle Pass, 30th, says: Escobedo is reported to have captured Saragossa, and is expected to attack Piedras Negras. The Mexican Government troops, under command of Colonel is Nanoiz, have gone to meet him. A fight expected. At the farm of Robert Linn, four miles from Hillsboro, O., on the 31st, a portable saw-mill engine exploded, killing three men One scalding several thrown completely over a tree. and man severely was others. distant. tall The boiler was found 300 yards The Alabama Democratic State Convention nominated the following ticket


Article from The Dallas Weekly Herald, June 8, 1878

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THE SUSPENDED BANKS. The two bank failures here, which have attracted some attention to our financial condition from abroad, have had in readity little or no effect upon either: jur commercial or financial both status, as the class of depositors in the suspended banks were not generally taken merchants or business men, but if whole, were citizens who rarely as themselves as to the of banking condition ever a post institutions, actual them. even when doing business with It is a well known fact that there lick of confidence in both the State was Savings and First National banks time before the elimax was capped, and some now that these two banks have by the board, the question natu- safe? gone rally arises, are the other banks Taking the expression of confidence business men, and other reasons are understood among which plainly in safely this community, as a guide, we can they are. Whenever there is local confidence say in a monetary institution, that institution is generally safe and in'a healthy condition. of the State Savings bank. it is questionable, if it were to recuperate and start again with an assured backing to do s legitimate basiif it could ever regain the confidence ness, once reposed in it. The First National stands some better, and if the ippe expressed by Mr. Kerr, its presi doldent, that it will pay out dollar for true, it might in time reits name; yet deem lar, proves good unfortunate that is ex. tremely doubtful for an bank is like an unfortunate female. Once let her fall and her prog ress is downward. It is sheer nonsense to throw all the blame of suspended bank in every case, and a the shoulders of its president It is often the case officers. upon that if not they in suffer more than anyone else the loss of money, in the loss of caste; form r" friends," without taking to into the like in the case their time wherefores, inquire of whys the com- and to parison above alluded to, are ready them down, and to impute dishon is cry to their every act. The world when cold eaty and uncharitable at best, but it comes to money, that all powerful commodity, the human family is the as ravenous in its quarrels over it as It carnivorous beasts over their prey always bas been and always will be 80, money is the root of all evil." Taking for a common sense, practical view of the situation here in Dallas, it can only be discovered that there has been a great deal of smokeand very little fire. It is positively known that not a quarter of a dozen business houses or business men have been directly affected by these failures, for our business men as a class are men of sagacity and and qualification for doing business, Of the whole thing. there are sufferers course that explains here who and could ill afford to lose their money, this is deplored; but sympathy is a chear article and there is always these. very plenty of it to be had in cases like Ignorance of the law excuses no oue, and the rule is just as applicable to other transactions doubt in day life. There is no in every our mind that the banking business in this city has been greatly overdone when our population, both as to numbers and character, is taken into consideration. Five banks were just about two too many. There is a good paying the business hera for three banks at outside, and for the present those who lost their money in the two suspended banks may have to do some grinning to bear their losses, but it is a warning dethat in the future the status of positories should be better known than they have been in the past.


Article from Daily Kennebec Journal, June 11, 1878

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Bank Matters. The Washington County National Bank at Greenwich, New York, and the First National Bank of Dallas, Texas, have been placed in the hands of receivers by the acting comptroller of currency.


Article from The Dallas Daily Herald, June 13, 1878

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First National Bank. Mr. J. J. Kelly, the examiner, after ten days of faithful labor, concluded his examination of the affairs of the suspended First National bank late yesterday evening, and forwarded his report to the comptroller of currency at Washington, who, it is supposed, will make a public statement of the condition of the bank soon after the report is received. The bank will today be placed in the hands of Mr. J. L. Leonard, of the firm of Adams & Leonard, who has been appointed receiver. What the condition of the bank is cannot, of course, be told until the comptroller makes a statement, but the figures as first published in THE HERALD the morning after the suspension, are thought to be correct. These figures were upon the statement of the bank officials, and were as follows: Nominal assets from seventysfive to one hunds red thousand dollars. Liabilities about ninety thousand dollars, of which twenty-two thousand are due local depositors.


Article from The Jasper Weekly Courier, June 14, 1878

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WEST AND SOUTHWEST. The Iowa Democratic State Convention, held on the 29th, adopted resolutions in favor of a tariff for revenue only, the repeal of the Resumption act, the substitution of United States notes for national bank bills, the improvement by the Government of Western rivers, and a thorough investigation of the Presidential election frauds of 1876; and opposing further contraction of the currency by the retirement of United States notes now in circulation. The State officers nominated are: For Secretary of State, Tom o. Walker, of Davis; Auditor of State, Joseph Eiboeck, of Polk; Treasurer of State, E. D. Fenn. of Storey; Register of State Land Office, T. P. Bardwell, of Linn; Judge of Supreme Court, Judge Knapp, of Van Buren; Clerk of the Supreme Court, M. v. Gannon, of Scott; Reporter of the Supreme Court, J. B. Elliott, of Marion; Attorney-General, J. Gibbon, of Lee. At Springfield, Mo., on the night of the 29th, a lady named Mrs. Thompson, while temporarily insane, cut the throat of her daughter Nettie, aged 17, and then cut her own. Both died. The recent cyclone in Wisconsin killed 50 people and injured about 250. Hundreds are left homeless and without a meal to eat. The survivors along the line of the tornado are in great distress. The west-bound express train on the Union Pacific Railroad was boarded by masked men on the night of the 29th, near Percy Station, who entered the sleeping-cars and robbed a number of passengers of their money and watches and then decamped, being evidently frightened off before they had completed their work. A posse of men started at daylight in pursuit of the robbers. t Andy Compagnion, a desperado of Owensville, Gibson County, Ind., who was suspect# ed of having committed numerous crimes,on the night of the 29th was taken from his house by a party of masked men and shot dead in the Public Square, his body being literally riddled with bullets. Bishop McCoskry has again left Detroit t suddenly and unexpectedly for New York, a instead of staying to face his accusers, and is d reported to have renewed his resignation. Mr. G. H. Heafford, General Passenger W Agent, and Mr. C. L. White, Auditor, of the M Missouri Pacific Railroad, have resigned tl their positions as rumored, by request of e the managers of the road. No cause astl signed. Their places have been temporarily or filled by the appointment respectively of W Mr. Frank E. Fowler and Mr. Charles G. Warner. no The First National Bank of Dallas, Texas, H suspended on the 30th, after a run lasting three days. Liabilities large and assets nominal. C th Hon. Daniel Gantt, Chief-Justice of Ne29 braska, died on the 29th, aged 70. er The body of John Scott Harrison, son of tr ex-President Harrison, who died suddenly th on the 27th ult. at North Bend, Ind., was disInterred from the family vault on the night B following the burial and taken to the disde secting-room of the Ohio Medical College in of Cincinnati, where it was strangely and unlia expectedly discovered on the following day be by Carter Harrison, a son of deceased. while be the latter was making a search, in company th with an officer, for the body of a ca friend who had died a few days previous, in nd the robbery of whose grave was discorEl red by him on the day of his father's fuSOI eral. Fearing that his father's grave might sp e despoiled as had been that of his friend, ehr he son had bired a watchman to keep guard eou ver it nights, and his consternation and gir rief upon being brought face to face with fine is dead father the dissecting-room are aid to have quite overpowered him. Bre A Boise City dispatch of the 31st reports wel at about 200 Indians, under Buffalo Horn, 31st re encamped in the lava-beds, between an amas Prairie and Snake River,and have oroth ered the whites to leave the prairie penstat ty of death. They have already comfor enced hostilities by shooting two settlers,


Article from The Dallas Daily Herald, April 7, 1880

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NOTICE. DALLAS, TEXAS, April 7, 1880. The undersigned will, as receiver of the First National Bank of Dallas, Texas, in pursuance of an order of the Hon. Thos. H. Duval, Judge of the United States Circuit Court, Western Distriet of Texas, sell at public auction for cash, on Saturday, it being the 17th day of "pril, 1880, before the banking house of Adams & Leonard, corner of Elm and Austin streets, in the city of Dallas, the following notes, judgments, accounts, furniture nd fixtures, unless the same shall vately: have previous to that time been sold pri-


Article from The Dallas Daily Herald, April 16, 1880

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"Best Baking Powder.' Bluing and Ink. COMMISSION MERCHANTS. MISCELLANEOUS. MOODY & JEMISON, NOTICE. COTTON FACTORS DALLAS, TEXAS, April7, 1880. AND The undersigned will, as receiver of the First National Bank of Dallas, Texas, in pursuance of an order of the Hon. Thos. H. Duval, Judge WHOLESAE GROCERS of the United States Circuit Court, Western District of Texas, sell at public auction for cash, on Strand, Galveston. Saturday, it being the 17th day of april, 1880, before the banking house of Adams & Leonard, corner of Elm and Austin streets, in the city of 13 To correct errors Smil prevent depredaDallas, the ollowing notes, judgments, actions and subst: tons in the presses, we have counts, arniture and fixtures, unless the same all CO tons weighed on arrivel and detailed weights and classification advised before ellsnail have previous to that time been sold privately: Ing. We guarante Trival weights and return them in our account Bales unless otherwise