City National Bank (Fort Worth, TX)

Episode Information

Episode UID
235901144
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
23590 national
Charter Number
2359
Start Date
April 5, 1895
Location
Fort Worth, Texas (32.725, -97.321)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a78dc5dc7adeed92

Response Measures

Full suspension, Books examined

Other: Comptroller appointed a receiver (Colonel J. Peter/John P. Smith) and bank examiners were placed in charge to inspect books and manage the suspended bank.

Receivership Details

Depositor recovery rate
42.9%
Date receivership started
1895-04-10
Date receivership terminated
1903-09-28
OCC cause of failure
Losses
Share of assets assessed as good
28.3%
Share of assets assessed as doubtful
28.6%
Share of assets assessed as worthless
43.0%

Events (5)

1. May 28, 1877 Chartered
Source
historical_nic
2. April 5, 1895 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals driven by circulated rumors detrimental to the bank, plus difficulty in making collections
Measures
Notice posted: This bank has suspended payment by order of the Board of Directors. All depositors will be paid in full.
Newspaper Excerpt
recently there have been heavy withdrawals by depositors, the withdrawals being the result of rumors detrimental to the bank
Source
newspapers
3. April 5, 1895 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension attributed to difficulty in making collections and heavy withdrawals resulting from rumors circulated in the city
Newspaper Excerpt
This bank has suspended payment by order of the Board of Directors. All depositors will be paid in full.
Source
newspapers
4. April 9, 1895 Receivership
Newspaper Excerpt
Comptroller Eckels appointed Colonel J. Peter Smith receiver of the City National bank (commission made out April 9).
Source
newspapers
5. April 10, 1895 Receivership
Source
historical_nic

Newspaper Articles (20)

Article from San Antonio Daily Light, April 5, 1895

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FORT WORTH BANK SUSPENDS. City and County Funds all Tied up in the Crash. FT. WORTH, Tex., April 5.-Special.-The City National bank of this city failed to open its doors this morning. On the door was posted the notice, "This bank has suspended payment by order of the Board of Directors. All depositors will be paid in full." This bank was the depository of City Treasurer Elser, who has clty funds to the amount of $100,000 on deposit there. But this did not prevent all the city warrants being paid today. They were paid in full at another bank, where arrangements had been made. The city deposits include the sinking fund and bond interest fund. Elser was a director in the bank. His term as city treasurer expires on the 9th, but he will be unable to turn over the funds to his successor. The bank is also the depository of the county treasurer and Knights of Pythias lodges.


Article from The Indianapolis Journal, April 6, 1895

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TEXAS BANK FAILS. The City National, of Fort Worth, Closes Its Doors. FORT WORTH, Tex., April 5.-The City National Bank, of this city, failed to open its doors to-day. On the door was posted this notice: "This bank has suspended payment. By order of the board of directors. All depositors will be paid in full." This bank was the depository of the city treasurer, who has city funds to the amount of $100,000 on deposit there, but this did not prevent all city warrants being paid to-day. They were paid in full at another bank where arrangements had been made. The city deposits include sinking funds and bond interest funds. Elser, the city treasurer, was a director in the bank. His term as city treasurer expires on the 9th, but he will be unable to turn over funds to his successor. The bank is also the repository of the county treasurer and Knights of Pythias.. "The suspension," said President McCarthy, "was caused by the difficulty in making collections and the further fact that recently there have been heavy withdrawals by depositors, the withdrawals being the result of rumors detrimental to the bank, which were circulated in the city. The bank also had great trouble in getting discounts, which was another factor in the suspension." The deposits amount to $487,000; bills rediscounted, $49,000; assets, $35,000 above liabilities to depositors.


Article from Santa Fe Daily New Mexican, April 6, 1895

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The Knights' Funds Safe. Chicago, April 6.-The board of control, endowment rank, Knights of Pythias, representing the insurance branch of that order, who have carried the principal account with the City National bank, of Fort Worth, Texas, state that the temporary suspension of the bank will not in the least embarass the endowment rank, nor will a dollar of funds be lost, its balance being specially secured by bond in more than double the amount. The board announces that all drafts now outstanding will be paid in full upon presentation to the First National bank of Fort Worth.


Article from The Seattle Post-Intelligencer, April 6, 1895

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Business Failures. Fort Worth, Texas, April 5.-The City National bank failed to open this merning. On the door was posted this notice: "This bank has suspended payment. by order of the board of directors. All depositors will be paid In full." City Treasurer Elser has city funds to the amount of $100,000 on deposit In this bank. His term. as city treasurer expires on the 9th, but he will be unable to turn over the funds to his successor. The bank is also the depository of the county treasurer and the Knights of Pythias.


Article from Fort Worth Gazette, April 6, 1895

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MAYOR PADDOCK PETITIONS THE COMPTROLLER TO BE MADE THE RECEIVER OF THE FORT WORTH CITY NATIONAL BANK-A LIVELY CONTEST FOR THE POSITION IS EXPECTED-KNIGHTS OF PYTHIAS WILL TAKE A. HAND. WASHINGTON, April 5. The closing today of the City National bank of Fort Worth by Comptroller Eckles will bring about an Interesting contest for the receivership resulting. Owing to the large amount of assests and liabilities concerned, the pay for the receiver will be very handsome. Already applications for the position are crowding in upon Mr. Eckels. One of the earliest candidates to file an application is B. B. Paddock, the well-known Fort Worth boomer and politician. As one of the largest depositors is the local branch of the Knights of Pythins, It is probable that this order will take quite a. hand in the receivership fight. The comptroller placed Bank Examiner McDonald in charge of the bank.


Article from The Salt Lake Herald, April 6, 1895

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FORT WORTH BANK FAILURE. Fort Worth, Tex., April 5.-The City National bank failed to open this morning. On the door was posted this notice: "This bank has suspended payment by order of the board of directors. All depositors will be paid in full." City Treasurer Elsed has city funds to the amount of $100,000 on deposit in this bank. His term of city treasurer expires on the 9th, but he will be able to turn over the funds to his successor. The bank is also depository of the county treasurer and the Knights of Pythias.


Article from The Roanoke Times, April 7, 1895

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The Knights Will Lose Nothing. CHICAGO, April 6.-The board of control endowment rank Knights of Pythias, representing the insurance branches of that order and who have carried their principal account with the City National Bank, of Fort Worth, Tex., the depository for the endowmentrank, state that the temporary suspension of the City National Bank will not in the least embarrass the endowment rank, nor will a dollar of ing funds be lost, its balance being specially secured by a bond in more than double the amount.


Article from Fort Worth Gazette, April 7, 1895

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EXAMINER GANNON IN CHARGE. OF THE SUSPENDED CITY NATIONAL BANK YESTERDAY. BANK EXAMINERS ARE NOT ALLOWED TO TALK AND NO NEW DEVELOPMENTS REPORTED. FOUR IN THE RACE FOR THE REC:EIVERSHIP ALREADY. Bank Examiner J. J. Gannon of Dublin arrived yesterday morning and took charge of the City National bank. Examiner James T. McDonald of Paris, It was said at first, had been ordered to come to Fort Worth, but "there was a hitch," AS Mr. Gannon described it, and the Dublin man came instead. Mr. Gannon is as polite as Chesterfield with reporters, but that is all, They don't get business interviews with him. When asked for a statement of the suspended bank's condition yesterday by a Gazette representative, he sald: "I would be glad to give you anything in my power were I allowed, but the law under which 1 operate forbids me saying mything at any time about any bank." The street talk about the bank's condition and the situation the depositors were in was not abated. There is IItthe or no uneasiness felt in official circles and the impression that the city will get all its money generally prevails. Mr. Gannon was busy all day yesterday and was wading into big ledgers, Journals, account books, etc., with great energy. He has several assistants and will know all there is to know in a few days. In the meanwhile, there is nothing left for the depositors to do but to await developments. Few of them are alarmed and the greater number enjoy the hope that everything will come right in the end, "Who is to be receiver?" is a question Interesting almost every one to the city, Mayor Paddock says he did not make application for the position and knew nothing of the action of Washington friends till after it was done. Others who would like the job are: L Carb, G. W. Hollingsworth and Robert McCart: and there may be others. The friends of each of these gentlemen are doing all in their power to have their favorite get the place and the emolnments attached thereto.


Article from The Indianapolis Journal, April 8, 1895

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Pythian Funds Secured. CHICAGO, April 6.-The board of control, Endowment Rank, Knights of Pythias, representing the insurance branch of that order, and which has carried its principal account with the City National Bank 01 Fort Worth, Tex., the depository for the Endowment Rank, state that the temporary suspension of the City National Bank will not in the least embarrass the Endowment Rank nor will a dollar of the funds be lost, its balance being specially secured by a bond in more than double the amount. The board announces that all drafts that have been issued by them and are now outstanding will be paid in full on presentation to the First National Bank, Fort Worth, Tex., with which arrangements have been specially made for that purpose.


Article from Fort Worth Gazette, April 10, 1895

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PETER SMITH NAMED. Comptroller Eckels Makes Him City National Bank Receiver. Washington, April 9.-In spite of the fact that candidates for the receivership of the City National bank of Fort Worth continue to put In an appearance. the comptroller of the currency today decided to put an end to what looked to be an endless Increase, by appointing Colonel J. Peter Smith to the position. The commission in this case will be made out tomorrow. B. Townsend was today appointed postmaster for Adamsville, Lampasas county, vice T. J. Straley, resigned.


Article from The Coconino Weekly Sun, April 11, 1895

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mile north of East Alton, Ill., a freight train left the track and fifteen cars were piled on top of one another. Four men were instantly killed and two fatally injured. The victims were tramps stealing a ride. The wreck was caused by the train being too heavily loaded behind. A CONSTRUCTION train on the Highland and Homestead electric line, Pittsburgh, Pa., jumped the track at Salt Works station and crashed down upon the Baltimore & Ohio tracks, 25 feet below. In the car were five Italians, and three of these jumped when they saw the accident was about to happen. Two were fatally injured ON the Bellaire, Zanesville & Cincinnati railroad an engine and coach left the track on a curve and went through a trestle near Summerfield. O. Three persons were killed outright and one fatally injured. THE City National bank of Fort Worth, Tex., has suspended. FOR the third time within ten weeks an attempt was made to burn the five story building, 108 Eighth avenue, at New York, in which there were thirteen families. The tenants believed that some drug was also put with the material set on fire, as the fumes arose through the house stupefying them. The motive of the incendiary, it is surmised, was robbery. THE United States steamer Marblehead was ordered from Gibraltar to Beyroot, Syria, and the commander-inchief of the European station was instructed to send the vessels of his command to Adana to confer with United States consuls concerning a probable massacre of Christians and to intimate to the authorities that the United States would afford full protection to its citizens. THE Chicago Post prints a sensational story about the disappearance of $500,000 subscribed by democrats for the campaign fund in the Chicago election. The reputable democrats have become so aroused that they want an investigation and startling developments were promised. THE town of Carson, Nev., was full of government detectives shadowing the suspected employes of the mint. The shortage in the melting department had approximated $90,000. YOUNG GRIFFO and "Kid" Lavigne have been matched to fight fifteen rounds at the Athletic club in Brooklyn on April 15. MARSHALL FIELD, of Chicago, has offered to the W. C. T. U. $25,000, provided $275,000 more be raised by January 1 next, to be applied on the debt overhanging the Woman's Temple. Lady Somerset wrote to Mr. Field that the financial failure of temperance work in Chicago would be disastrous to the cause all over the world, and Mr. Field responded with his offer. Hon. H. C. ST. JOHN, of Oklahoma City, Ok., in a fit of jealous rage shot his wife, causing instant death. He was arrested. St. John is the son of the noted temperance lecturer and exgovernor of Kansas. ROBBERS gained access to the vault of the Springfield, Ill., post office by means of duplicate keys and stole about $10,000 worth of stamps and $1,000 worth of wedding presents belonging to the postmaster's daughter. THE Licking county, O., building for the insane was burned before daylight on the 1st. Jennie Jacoby, an insane patient, gave the alarm, thus saving thirty inmates from death. The origin of the fire was not known. WHILE a blast was being made in a stone quarry at Birdsboro on the 9th a 300 pound rock fell on George Reamstine, fracturing his skull. He died the next day. John Lloyd was badly injured. ADDITIONAL DISPATCHES


Article from Fort Worth Gazette, April 11, 1895

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COLONEL SMITH'S COMMISSION Made Out and Ready for Delivery, But the Directors Want to Resume. Washington, April 10.-The commission of Colonel J. Peter Smith of Fort Worth. as receiver of the City National bank of that city was made out today and ready for announcement when Comptroller Eckels res reived a telegram from the directors of the bank asking that the appointment of a rocelver be delayed until they could show their ability to resume business without further division of the bank's assets. The comptroller at once telegraphed asking upon what basis they expected to resume and miso wired to his examiner In charge as to the advisability of permitting Immediate resumption Until this is settled no receiver will be appointed, but whenever the appointment is made Colenel Smith will be appointed. No new candidates need therefore apply. 11. A. Stater was today appointed postmaster at Cade. in Navarro county, vice J. B. Carven, resigned. and J. T. McCarty at Lane Port, in Williamson county, vice J. C. Polloman, Jr., resigned.


Article from The Iola Register, April 12, 1895

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A DISPATCH to the Londen T1 mes from Calcutta said that sixteen men were killed by an explosion in the Kolar gold mines in Bangalore. A NEGRO named Alexander Simms killed a colored boy at Jacksonville, Fla., and the officers got on his trail. The murderer took refuge in a barn and opened fire on the officers, killing one and injuring three others, one perhaps fatally. He was finally captured. THE annual convention of the A. P. A. of the United States and Canada will meet in Milwaukee May 14. ON the Chicago & Alton cut-off, 1/2 mile north of East Alton, III., a freight train left the track and fifteen cars were piled on top of one another. Four men were instantly killed and two fatally injured. The victims were tramps stealing a ride. The wreck was caused by the train being too heavily loaded behind. A CONSTRUCTION train on the Highland and Homestead electric line, Pittsburgh, Pa., jumped the track at Salt Works station and crashed down upon the Baltimore & Ohio tracks, 25 feet below. In the car were five Italians, and three of these jumped when they saw the accident was about to happen. Two were fatally injured. THE City national bank of Fort Worth, Tex., has suspended. SENATOR J. J. HURT, mayor of Caspar, Wyo., shot William Milne, sheep owner, five times, killing him. Hurt claims that Milne was too intimate with Mrs. Hurt. Senator Hurt is one of the largest sheep owners in that section. Hon. H. C. ST. JOHN, of Oklahoma City, Ok., in a fit of jealous rage shot his wife, causing instant death. He was arrested. St. John is the son of the noted temperance lecturer and exgovernor of Kansas. CHARLES WARREN LIPPITT, republican, was elected governor of Rhode Island over George L. Littlefield. democrat, by 10,600 plurality. The remainder of the republican state ticket were all elected by pluralities of about 10,000. The next assembly will include thirty-two republican senators, sixtynine republican representatives, three democratic senators and three democratic representatives. This is a gain of one senator for the democrats. A TERRIBLE shooting affair occurred near Morrison, Ok., between Cook, Bennet and a woman whose name was not learned. It seems that the two men and the woman were claimants for the same quarter section of land and that Cook bought out the woman's interest and as he commenced to move into the woman's house a fight occurred, and Cook was shot by Bennet and instantly killed. Cook shot Bennet through the head and he will die, and the woman was shot through a leg. The woman used an ax on Bennet and inflicted serious wounds. IT is stated by persons in a position to speak with authority that as soon as Venezuela is convinced that Great Britain has finally decided not to arbitrate or settle the boundary dispute as suggested by the United States through Ambassador Bayard, the southern republic will resort to force. ARMOUR & Co., the Chicago packers, have begun their new refrigerator car service for transporting fruit from California east. They have made a start with 400 new cars and promise as many more as the business may require. A DISPATCH from Brillion, Wis., of the 4th said that unknown persons made an attempt to wreck the limited express on the Chicago & Northwestern railway. The would-be wreckers piled ties and planks across the rails and had it not been for an extra freight train going south, the engineer of which saw the obstruction in time to stop, there would have been a bad wreck. MORGANTOWN, Ky., was in a fever of excitement on the 3d over the murder of Maj. A. J. Hamilton, the famous originator and executor of the escape from Libby prison in 1864. A man named Spencer has been arrested for the crime. MARSHALL FIELD, of Chicago, has offered to the W. C. T. U. $25,000 provided $275,000 more be raised by January next, to be applied on the debt overhanging the Woman's Temple. Lady Somerset wrote to Mr. Field that the financial failure of temperance work in Chicago would be disastrous to the cause all over the world, and Mr. Field


Article from The Herald, April 13, 1895

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Receiver of a Bank WASHINGTON, April 12.-The controller of the cureracy today appointed John Perry of Kansas City receiver of the National bank of Kansas City. Mo., which suspended payment on March 16. 1895, and John F. Smith of Fort Worth, Tex., receiver for the City National bank of Fort Worth, which suspended April 4, 1895.


Article from The Seattle Post-Intelligencer, April 13, 1895

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BUSINESS FAILURES. Better Showing Than Last Year-A Fresno Bank Closed. New York, April 12.-R. D. Dun & Co. say: Failures for the week were 207 in the United States, against 218 last year, and 27 in Canada, against 14 last year. Fresno, Cal., April 12.-The Fresno Loan and Savings band suspended business this morning. A notice on the door says dedositors will be paid in full, but the bank's inability to realize on securities makes It impossible to meet the demands. From Vice President E. F. Bernard, who became connected with the management In August, 1894, it is learned that the failure is due to the accumulation of Interest on real estate mortgages and inability to make other collections due. The struggle began in the panie of 1893, and they were forced to close their doors In June, 1894. for a day or so, but continued business. There is due their depositors $412,478. about equally divided between commercial and savings depositors. Their total assets amount to $710.000, which include notes and mortgages secured by real estate to the amount of $454,710. Their bank premises and other real estate is valued at $175,000, and the Amount of actual cash is $81,000. Allowing $100,000 for shrinkage in the value of real estate and worthless securities, they still have assets amounting to $200,000 more than the liabilities. The directors conferred this afternoon with the other banks of the city regarding commercial bulness. The other banks -have offered to take It off the failed bank's hands, dividing It equally between three banks, the First National, Fresno National and Farmers'. Kansas City, April 12-J. D. Iler's Rochester brewery made an assignment this afternoon. The assets are given as $30,000; liabilities. $167,000. Lawrence F. Reiger was named assignee. The cause of the failure was the cut in beer prices caused by the beer war. Washington City, April 12-The comptroller of the currency today appointed John Perry. of Kansas City, receiver of the National Bank of Kansas City, which suspended March 16, 1895, and John. F. Smith. of Fort Worth, Tex., receiver of the City National bank, of Fort Worth, which suspended April 4, 1895. Pure ****** and quick in setten la


Article from Fort Worth Gazette, April 13, 1895

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RECEIVER SMITH TAKES CHARGE OF THE CITY NATIONAL BANK YESTERDAY AT NOON. THE EXAMINERS WILL FINISH THEIR WORK ON APRIL 23. "BILL" STERRETT AND O'BRIEN MOORE RECOMMENDED COLONEL SMITH. Bank Examiner J. J. Gannon, examIning the affairs of the suspended City National bank, was wired by Comptroller Eckles yesterday to place Colonel John Peter Smith in charge of the bank as receiver. Mr. Eckles' instructions were obeyed and Colonel Smith assumed control at noon. His bond was prehared and forwarded to Washington yesterday afternoon. Examiners McDonald and Gannon will not conclude their work till April 22. Then Receiver Smith will assume entire control. There is said to be no doubt about the approval of the bond sent to Mr. Eckles. The examiners have been sending reports of the bank's condition to Washington by wire, and Comptroller Eckles knows as much as they do. Mr. Gannon was asked If the condition of affairs did not warrant the directors resuming business. "The appointment of a receiver is enough answer to that question," was the reply. Colonel Smith and both the examiners are very busy, and say they have enough work to discourage all save those used to the labors involved by bank suspensions. John A. Hinsley, president of the endowment rank, Knights of Pythias, Chicago, and T. G. Essex, director, Littie Rock, are in the city looking into the situation as regards the funds of the endowment rank that were in the City National. They are not talking for publication, but think everything is all right and that the knights will lose nothing by the suspension. Considerable speculation has been indulged in as to thos- who procured the appointment of Colonel Smith. The receiver had no little influence with Mr. Eckles and the administration himself, and his was augmented by that of W. D. Sterrett and O'Brien Moore, WashIngton correspondents of the DallasCalveston News and the St. Louis Republic respectively. This appears to have been an instance when the word of newspaper men went. Examiner Cannon said yesterday: "There are not two men in Washington who have more influence with Mr. Eckles than Bill Sterrett and O'Brien Moore." Judge Steadman had indorsements that would have won under all ordinary circumstances, but the "pull" of the Texas journalist-joker, and the brainy representative of the Republic carried the day over "Dave" Culberson and Congressman Bell. The appointment pleases the citizens of Fort Worth, and even the disappointing applicants are not grumbling.


Article from Fort Worth Gazette, April 16, 1895

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IT WAS A KIND OF LOAN. WAS THE PYTHIAN FUNDS IN THE CITY NATIONAL IT IS SAID THE ENDOWMENT BANK WILL NOT BE CONSIDERED A REGULAR DEPOSITOR-T. F. WEST APPOINTED THE RECEIVER'S ATTORNEY-TREASURER TAKES CONTROL. It has developed now that the $148,000 of the endowment fund of the Knights of Pythias in the City National bank was a kind of a loan on which they were receiving an annual Interest of 4 per cent. This, it is said, does not give the endowment rank as much advantage as will be enjoyed by regular depositors. The directors of the endowment fund who have been here several days trying to do the best they could under the circumstances, have returned. Receiver Smith has appointed Thos. F. West his attorney. and he has enterod on his duties. Bank Examiner Gannon and McDonald will be engaged till April 22 when Col. Smith will be given complete control. Yesterday morning a United States pension examiner named Flick created considerable excitement at the bank. Flick some time since rented a safety deposit box from the bank in which he placed his money. Yesterday morning he determined to get it. He went into the bank building and demanded to be allowed to go into the vault. His request was refused. and he tried to force his way in. Examiner Gonnon caught hold of him and Attorney West force his way in. Examiner Gannon on until the "copper" came, when Flick made a dash, leaving his coat tail in the examiner's hands. The affair caused a big laugh after it was all over, but for a few minutes there was no time for hilarity.


Article from The Indianapolis Journal, April 21, 1895

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BANK CASHIER ARRESTED. Charged with Embezzling Funds to the Amount of $114,754. FORT WORTH, Tex., April 20.-To-day things took a different turn in the suspended City National Bank. Max Eiser, late cashier and city treasurer of Fort Worth, was arrested this afternoon on an indictment returned by the grand jury yesterday, charging the embezzlement of funds to the amount of $114,754.40. Elser was taken before Judge Harris and admitted to bail in the sum of $1,500. Elser claims the amount due the city has not been embezzied and is now in the vault of the defunct bank.


Article from Fort Worth Gazette, August 22, 1895

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Ne Want to close out 100 rs, and make $3 sing figure, though $4.50 rer to the actual value were $4, $5 and $6. out your spring suit with air of these Trousers. Sale until Saturday. See them played in our window. NASHER BROS, DIVIDEND DECLARED BY THE CITY NATIONAL BANK FORT WORTH. Receiver J. Peter Smith Made the Announcement Yesterday - As Amount Aggregating $500,000. It was announced yesterday by Oil J. Peter Smith, receiver of the Ct: National bank, that the bank WE ready to declare its first dividend. Col. Smith was seen at his office : the bank and


Article from Fort Worth Gazette, January 28, 1896

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WILL ENTER SUIT. JOHN P. SMITH TAKES ACTION TO RECOVER DEBTS. Suits Have Been Instituted for Nearly $57,000 By Receiver of City National Bank. Suits were filed yesterday in the district courts for the recovery of debts due the Sity National bank, of which John P. Smith is receiver. These accounts were, with one exception, contracted without any collateral to secure their payment. They are as follows: John P. Smith, receiver, vs. Porter Ball et al., for debt, $1070.71; John P. Smith. receiver, V8. Porter Ball, $2662; John P. Smith, receiver, vs. Capps & Canty et al., for debt. $3531.58; John P. Smith, receiver, VS. William Capps, for debt, $2452.79: John P. Smith, receiver, vs. Caswell Bros., for debt, $29,278; John P. Smith, receiver, vs. Josephine H. Ryan, for debt and foreclosure, part block A 1, Daggett's addition, $18,001.56.