Article Text
TEXAS BANK INSOLVENT. By Associated Press: Washington, Aug. 5.-The comptroller of the currency has appointed Wm. L. Yerkes receiver of the First National bank of Austin, Texas. National Bank Commissioner Logan reports it insolvent.
First National Bank (Austin, TX)
Episode Information
- Episode UID
211801219- Episode Type
- Run → Suspension → Reopening
- Bank Type
- national
- Bank ID
-
21180national - Charter Number
- 2118
- Start Date
- July 26, 1901
- Location
- Austin, Texas (30.267, -97.743)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
639cbcd871b82586
Response Measures
Capital injected, Full suspension, Books examined
Other: The bank underwent a formal reorganization involving the acquisition of a majority of its stock by new investors (John R. Kirby and others) to facilitate reopening and repayment of depositors.
Receivership Details
- Date receivership started
- 1901-08-03
- Date receivership terminated
- 1902-01-02
- OCC cause of failure
- Losses
Description
The bank experienced quiet withdrawals for ten days prior to being closed by the examiner; it successfully reorganized and reopened by late 1901.
Events (9)
1.
July 17, 1873
Chartered
- Source
- historical_nic
2.
July 26, 1901
Run
- Cause Details
- Quiet withdrawal of funds for ten days prior to closing; specific trigger not mentioned.
- Newspaper Excerpt
- It was learned this evening that there has been a quiet withdrawal of funds by the depositors for the past ten days.
- Source
- newspapers
3.
August 3, 1901
Receivership
- Source
- historical_nic
4.
August 5, 1901
Receivership
- Newspaper Excerpt
- The comptroller of the currency has appointed Wm. L. Yerkes receiver of the First National bank of Austin, Texas.
- Source
- newspapers
5.
August 5, 1901
Suspension
- Cause
- Government Action
- Cause Details
- Closed by National Bank Examiner J. M. Logan who reported the bank insolvent.
- Newspaper Excerpt
- This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver
- Source
- newspapers
6.
November 1, 1901*
Reopening
- Newspaper Excerpt
- everything in readiness for its reopening about November 1... The First National Bank, of Austin, Texas... has been reorganized.
- Source
- newspapers
7.
January 2, 1902
Restored To Solvency
- Source
- historical_nic
8.
July 2, 1902
Other
- Newspaper Excerpt
- First National bank of Austin this morning paid into the state treasury the sum of $49,798.98 being the final installment on the total amount of $398.724.28 due the state
- Source
- newspapers
9.
February 15, 1906
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (22)
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Article Text
Yerkes is Receiver. xx , Weshington, 4 Aug. 5.-The comptroller currency today eb % 1 4 Examiner Wm. L. Yerkes appointed SpeFirst National Bank of receiver Austin,
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Receiver of a Bank Appointed. Washington, D. C., Aug. 6.-The comptroller of the currency has appointed Special Examiner William L. Yerkes receiver of the First National bank of Austin, Tex.
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First National Reported Insolvent. Washington, Aug. 5.-The comptrol. ler of currency has appointed Special Examiner W. L. Zerkes receiver of the First National bank of Austin, Tex. The bank was closed upon report of National Bank Examiner J. M. Logan, who reported it insolvent.
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Texas Bank Has Failed. Washington, Aug. 6.-The comptroller of the currency appointed Special Examiner William L. Yerkes receiver of the First National bank of Austin, Tex. The bank was closed on reports of National Bank Examiner J. M. Logan, who reported it insolvent.
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ing notice was posted on the doors of the First National bank at 4 o'clock this afternoon: This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver by the comptroller of the currency. J. H. Logan, National Bank Examiner. The closing of the bank created a sensation in business circles and within an hour after the notice was put up a large crowd of citizens had assembled in front of the bank and were discussing the situation. Of course all sorts of rumors are in circulation as to the cause of the closing. W. B. Wortham is president of the bank and he is out of the city, either in New York or Buffalo. One of his brothers stated this evening that he thought he was on his way home. The other officers of the bank are J. S. Myrick, vice president; Hermann Pfaef flin, cashier. Other directors are J. P. Lawless and Mrs. J. H. Raymond. This is the first bank failure which has occured in Austin for thitry years. State Treasurer Robbins and Secretary Tod do business for the State through the bank, and when seen by The Post man this evening Mr. Robbins said that he and Mr. Tod would make a statement to the governor in the morning. Otherwise he refused to talk. He said, however, that the bank attended to collections for him and when asked if the amount deposited was $50,000, he said it was more than that. The bank officials decline to give out any information whatever and Mr. Logan also refuses to say anything. It is believed that there is enough cash in the vault to pay all depositors in full. It was learned this evening that there has been a quiet withdrawal of funds by the depositors for the past ten days. President W. B. Wortham wired tonight from Buffalo as soon as he learned of his bank being closed that he would be home Wednesday. There is very little apprehension on the part of large depositors. Cashier Pfaefflin has been confined to his home dangerously ill since Friday night. The collections from the secretary of State's department in the hands of the bank will not exceed $3000. It is understood that the State treasurer collects all checks sent him as remittances on land accounts through the First National, as has been the custom for over twenty years. This course has been made necessary because of the variety and nature of the remittances. all being bank or personal checks on distant points. Owing to a large amount in course of collection.
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Article Text
Austin, Tex., August 5.-The following notice was posted on the doors of the First National bank at 4 o'clock this afternoon: This bank is closed and in my hands as agent pending the arrival of William L. Yerkes, special examiner, who has been appointed temporary receiver by the comptroller of the currency. J. H. Logan,
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Article Text
Texas Bank Has Failed. Washington, Aug. 6.-The comptroller of the currency appointed Special Examiner William L Yerkes receiver of the First National bank of Austin, Tex. The bank was closed on reports of National Bank Examiner J. M. Logan, who reported it insolvent.
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Texas Bank Suspends. Austin, Tex., Aug. 5.-The First national bank in this city closed its doors with liabilities of $200,000.
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Texas Bank Suspends. Austin, Tex., Aug. 5.-The First national bank in this city closed its doors with liabilities of $200,000.
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Article Text
Texas Bank Has Failed. Washington, Aug. 6.-The comptroller of the currency appointed Special Examiner William L. Yerkes receiver of the First National bank of Austin, Tex. The bank was closed on reports of National Bank Examiner J. M. Logan, who reported it insolvent.
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Texas Bank Suspends. Austin, Tex., Aug. 5.-The First national bank in this city closed its doors with liabilities of $200,900.
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BANK MAY RESUME. President Wortham and Receiver Yerkes at Austin. Prest Austin, Texas, August of dent W. B. Wortham of the First National bank, accompanied by Re ceiver Yerkes, arrived in town late last night. Mr. Wortham. the receiver and the bank examiner have been at work at the bank all day and affairs are moving along in perfeet harmony. It is the general Impression that the bank will resume within the next ten days or possibly sooner. It was learned tonight that State Treasurer Robbins has $358,208.89 of the State's funds deposited with the First National bank which was in course of collection.
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Mr. Wortham Returns. Austin, Tex., Aug. 9.-W.B. Wortham, president of the First National bank has returned from New York. He spent Thursday at the bank in conference with National Bank Examiner Logan and Special Bank Examiner Yerkes who was appointed temporary receiver. Mr. Wortham stated that the closing of the bank came as a complete surprise to him. He said that he was confident that everything would be straightened out in B few days.
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BANK MAY RESUME. President Wortham and Receiver Yerkes ut Austin. Austin, Texas. Ang. 8.- President W. B. Wortham of the First National Bank. accompanied by Receiver Yerkes, arrived in town late last night. Mr. Wortham, the receiver and the bank examiner have been at work at the bank all day and affairs are moving along in perfect harmony. It is the general opinion that the bank will resume within the next ten days or possibly sooner. It was learned tonight that State Treasurer Robbins has $358.208.89 of the state's funds deposited with the First National Bank which was in course of collection.
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REFUSED TO IMPEACH ROBBINS. Texas House of Representatives Fails to Pass Resolution. Austin, Tex., Aug. 23.-The house today refused to pass a resolution to impeach State Treasurer Robbins for having a large amount of the state's money on deposit in the First National Bank of Austin when it failed recently. The Governor sent in a message indicating that the First National Bank was in a fair way to be reopened and asking for legislation to enable the state to take advantage of it to get hold of all of its money within 180 days. The understanding here is that John R. Kirby of Houston, and other bondsmen of Mr. Robbins have acquired a majority of the bank's stock, and will co-operate with W. B. Wortham, its president, in taking it out of the hands of a receiver and settling with its depositors.
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RESUME OF THE WEEK. Considerable Accomplished, but Another Session Can Not Be Avoided. be consumed by the committee In its re(C. ARTHUR WILLIAMS.) consideration of the matter. Austin, Texas, August 31.-(Staff Speciar.)-The amount of energy that is being The resolution providing for the appointdisplayed by the legislature just at presment of the governor. attorney general ent is nothing short of remarkable. Had and comptroller as a board to represent the State's interests In the matter of the the same degree of activity been shown at the beginning of the session. or even as reorganization of the First National hank, late ns two weeks ago, the work assigned was passed by both houses during the week, and, with the governor's signature by the governor would have been finished attached. will become a law next week. and there would exist no necessity for It is confidently expected that the whole another extra session, which is now Inevimatter will be arranged quickly and with table if the work is to be done at all. satisfaction to all parties at interest. The cost and red tape which would be entalled If the request embodied In Mr. McFall's by a permanent receiver for the bank Will no doubt be obviated. and, with the new resolution passed by the house this mornmoney which it is expected to be put beIng should be acceded to by the executive, hind the Institution, It 18 expected that would the members of the two houses depositors will eventually be paid in full and that the State will receive all the probably begin to send for their families money held by the bank U.S a collecting and their winter elothes and to make prepagency for the State treasurer. arations for spending the Christmas hollIn this connection it should be said that Senator Potter desires to go on record as days in Amstin. The resolution In quesstating most emphatically that the amendtion asks Governor Sayers to submit to ment to the appropriation bill offered by the legislature all of the platform demands him on Thursday and defeated by a vote of 16 to 8, was not atmed at Treasurer Rob. which were not enacted into laws at the bins or at any other individual. The regular session, and If official cognizance amendment in question was as follows: is taken of It the long and weary fights Amend by adding at the end of seeover the donble-header bill. the eight hour tion 4 the following: Provided that no bill and others, which characterized the officer or agent of this State, or emregular session, will again become in eviploye of any department of the governdence. ment of this State, shall take or receive from this State any salary, allowance The sénate appropriation bill was finor sum of money due to or claimed by ished in fairly good time and is now un such person while such officer. agent to the house. The house, of course, will or employe is in arrears with the State of Texas, or is due or owing to the not entertain it. In the first place, the State any sum whatsoever. But the\ house wishes to itself originate the bill sum SO due or owing to such officer, which shall be finally passed and in the secagent or employe shall be credited to his account with the State, and he ond place the senate bill Is hardly the one shall only receive the balance due him to be adopted. There Is a good deal of after such account due by him to the "pork" in it, the senate, realizing that it State is paid; and It shall be unlawful would not be accepted by the house, havfor any such officer, agent or employe ing admitted several Items which would to accept or receive from the State any of the moneys aforesaid under the conhardly have been considered under other circumstances. Then, too, the total ditions aforesaid, and any such person amount carried by the bill is somewhat violating this provision shall. if an larger than the maximum fixed by the agent or employe, be discharged, and if an officer, shall be subject to be Tegovernor. However, the bill as a whole is not a bad one. and If the house really moved from office in the manner prowanted to get through by next Wednesday vided by law, and it is hereby made the duty of the attorney general to inIt could take the bill up, amend in a few stitute and prosecute proceedings for particulars and pass it. that purpose. Senator Potter states that his only DurThe present condition of the redistrictpose was to provide for possible contining bills, however, is such as to lend no gencies and that he does not believe that incentive to fast work-except for effectthe amendment, if adopted, would have forced Treasurer Robbins' resignation. The just now. It is realized that the redissenator had an amendment along similar fricting matter will not be arranged at lines passed by the Twenty-sixth legisthis session. so there will be no effort to lature, and this amendment became null, hurry, except as just mentioned. such and vold when the appropriation bill forts as may be made for effect. passed by that legislature expired. By the amendment introduced Thursday he sought The recommitment of the house approto reinforce the present stature. which pristion bill was the final move which prohibits the comptroller from issuing warrants for salary to any one known by him made it impossible to pass an appropria(the comptroller) to be in arrears to the tion bill at this session. The passage of State. Senator Potter says that with him such a bill under ordinary circumstances it is a matter of principle and not of parusually consumes ten days to two weeks, ties or policy. but had not the inexpressibly bad condiThe senate passed a representative redistion of the bill which was reported to tricting bill on Friday. The bill was the the house made its recommitment advisahouse bill with several amendments tacked ble, the matter might have been finally on. The house refused to concur and the handled at this session by rapid and conmatter went finally to a free conference tinuous work. The bill as It was reported committee, which has begun Its work. and first printed was replete with errors, The senate also passed a senatorial rewholetitems were omitted, the typographiapportionment bill, which. in the main. left cal work was bad and the document as a the present districts undisturbed. There whole could not well have been worse. 1s not a great deal of difference between There was a big error In the senate bill. this bill and the bill passed by the house. $250 appearing in the place of $250.000 In one place, but it was possible to cure this
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Left for Washington. Austin, Texas, October 11.-Receiver Yerkes of the First National bank, accomlast panied by President W. B. left ments night for Austin to make Wortham, final arrangefor the reopening of the bank.
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First National Bank Matters. Austin, Oct. 12.-President B. Wortham, of the First National bank of Austin and Temporary Receiver Yerkes have gone to Washington, where they will make the necessary final arrangements with the comptroller of ourrency for the reopening of the bank.
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First National to Open. Austin. Tex., Oct. 23.-Hon W. B. Wortham. president of the First National Bank of Austin, and Temporary Receiver Yerkes of that institution have returned from Washington where they have conferred with the Comptroller of the Currency in reference to the reopening of the bank. It is understood that mat ters nave been satisfactorily ar ranged and that the reorganiza tion of the institution will soon be completed and everything in readiness for its reopening about November 1.
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REORGANIZED.-The First National Bank, of Austin, Texas, of which W. L. Yerkes was appointed receiver, has been reorganized. Mr. Yerkes has been requested to remain a short time with the new bank.
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STATE PAID IN FULL. First National Bank Pays Last Installment to the Treasurer. Austin, Tex., July 2.-The First National bank of Austin this morning paid into the state treasury the sum of $49,798.98 being the final installment on the total amount of $398.724.28 due the state by this bank when It suspended August 3, 1901. Out of that amount $39,500 was due to the secretary of state. According to the contract entered Into between the state and the bank the latter was to have paid $97,724.28 cash immediately upon resuming business, and the balance in six equal monthly Installments, which was done.