257. First National Bank (Sheffield, AL)

View Charter #3617 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3617
Charter Number
3617
Start Date
December 1, 1889*
Location
Sheffield, Alabama (34.765, -87.699)

Metadata

Model
gpt-5-mini
Short Digest
2d24800d

Response Measures

None

Receivership Details

Depositor recovery rate
25.0%
Date receivership started
1889-12-23
Date receivership terminated
1900-01-26
OCC cause of failure
Losses
Share of assets assessed as good
44.7%
Share of assets assessed as doubtful
34.2%
Share of assets assessed as worthless
21.2%

Description

Multiple contemporaneous newspaper items (Dec 5, 1889) report the First National Bank of Sheffield, Ala., has suspended and an examiner/receiver will take charge. A receiver (R. W. Austin) is referenced as appointed in December 1889, and later court items (1890–1891) refer to the receiver administering claims and dividends. No article describes a depositor run prior to suspension.

Events (5)
1. January 14, 1887 Chartered
Source
historical_nic
2. December 1, 1889* Receivership
Newspaper Excerpt
The First National Bank of Sheffield, Alabama, has suspended and zi receiver will take charge.; in December 1889, was appointed Receiver of the First National bank of Sheffield, which position he is now filling. Mr Austin's debut ... appointed Receiver of the First National bank of Sheffield, which position he is now filling. -New Decatur Advertiser (Aug 1890). (OCR-corrected). The chief the United States Treasury Department has information ... first dividend of per cent of the creditors the First National Bank Sheffield Ala. on claims proved. (Apr 1891). (combined evidence of receivership and dividend).
Source
newspapers
3. December 5, 1889 Suspension
Cause
Government Action
Cause Details
Bank suspended and an examiner/receiver placed in charge (official intervention following suspension).
Newspaper Excerpt
THE First National Bank of Sheffield, Ala., has suspended and an examiner will take charge.
Source
newspapers
4. December 23, 1889 Receivership
Source
historical_nic
5. April 18, 1891 Other
Newspaper Excerpt
first dividend of ... the creditors the First National Bank Sheffield Ala. on claims proved. amounting $661,078.52 (indicates distribution by receiver/court).
Source
newspapers

Newspaper Articles (8)
1. December 5, 1889 The Russellville Democrat Russellville, AR
Article from The Russellville Democrat, December 5, 1889

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Article Text

LATE NEWS ITEMS. A MORTGAGE for $150,000,000 payable lu 100 years at 5 per cent. interest. was filed at Topeka, Kas., on the 30th. The Union Trust Company, of New York, holds the mortgage on the Atchison, Topeka & Santa Fe Railway Company and auxiliary lines. WHILE the collector of the Commercial National Bank, of Cleveland, Ohio, was counting $2,800 in the general office of the German American Bank, a thief snatched $2,000 and escaped. Six or seven years ago land around Humboldt, Tenn., could be bought at from $10 to $15 per acre; now it is worth from $20 to $50 per acre. REPRESENTATIVES of the English syndicate that recently purchased several of the largest flouring mills in the country have secured a sixty days' option on the Nashville (Tenn.) Flour Mills. MISSISSIPPI cattle brought away every premium at the recent Birmingham, Ala., fair. THE Missouri Pacific Company has closed a contract for the construction of 100 miles of railroad from Dermott, Ark., on the Little Rock, Mississippi and Texas Railroad, a branch of the Iron Mountain, to Monroe, La. Work will be begun at once. THE United States Treasury on the 80th mailed 7566 checkes, representing $1,131,602, in payment of the interest due December 1st on registered 4 1-2 per cent. bonds. THE First National Bank of Sheffield, Ala., has suspended and an examiner will take charge. A SHORTAGE of $45,000 has been found in the accounts of A. R. Woodson, city collector of Richmond, Va. NEW YORK'S world's fair fund on the 30th was $5,028,942, and the committee has determined to push on toward $10,000,000. Ir is estimated at the Treasury Department that there has been a decrease of $4,000,000 in the public debt since November 1st. CANTRELL & FAULKNER, proprietors of the Tennessee Woolen Mills at McMinnville, have assigned, with liabilities of about $45,000; assets $35,000, consisting of stock and a finely equipped mill. J. M. HOLLEY has been appointed postmaster at Dixieville, Decatur county, Tenn., vice G. W. Frazier, resigned. A SYNDICATE, with headquarters in New York, is negotiating to buy up all the large cottonduck-mills of the country and put them under the control of one corporation. The undertaking will require a capital of $15,000,000. English financiers are said to be interested in the project. REPUBLICAN Congressmen are becoming very badly mixed over the speakership contest, and a good deal of bad blood has been engendered.

2. December 5, 1889 The Brookhaven Leader Brookhaven, MS
Article from The Brookhaven Leader, December 5, 1889

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Article Text

1 LATE NEWS ITEMS. A MORTGAGE for $150,000,000 payable in 100 years at 5 per cent. interest, was filed at Topeka, Kas., on the 30th. The Union Trust Company, of New York, holds the mortgage on the Atchison, Topeka & Santa Fe Railway Company and auxiliary lines. WHILE the collector of the Commercial National Bank, of Cleveland, Ohio, was counting $2.800 in the general office of the German American Bank, a thief snatched $2,000 and escaped. Six or seven years ago land around Humboldt, Tenn., could be bought at from $10 to $15 per acre; now it is worth from $20 to $50 per acre. REPRESENTATIVES of the English syndicate that recently purchased several of the largest flouring mills in the country have secured a sixty days' option on the Nashville (Tenn.) Flour Mills. MISSISSIPPI cattle brought away every premium at the recent Birmingham, Ala., fair. THE Missouri Pacific Company has closed a contract for the construction of 100 miles of railroad from Dermott, Ark., on the Little Rock, Mississippi and Texas Railroad, a branch of the Iron Mountain, to Monroe, La. Work will be begun at once. THE United States Treasury on the 30th mailed 7566 checkes, representing $1,131,602, in payment of the interest due December 1st on registered 4 1-2 per cent. bonds. THE First National Bank of Sheffield, Ala., has suspended and an examiner will take charge. A SHORTAGE of $45,000 has been found in the accounts of A. R. Woodson, city collector of Rickmond, Va. NEW YORK'S world's fair fund on the 30th was $5,028,942, and the committee has determined to push on toward $10,000,000. IT is estimated at the Treasury Department that there has been a decrease of $4,000,000 in the public debt since November 1st. CANTRELL & FAULKNER, proprietors of the Tennessee Woolen Mills at McMinn1 ville, have assigned, with liabilities of 5 about $45,000; assets $35,000, consisting of : stock and a finely equipped mill. J. M. HOLLEY has been appointed post) master at Dixieville, Decatur county, ) Tenn., vice G. W. Frazier, resigned. A SYNDICATE, with headquarters in New 7 York, is negotiating to buy up all the S large cottonduck-mills of the country and e put them under the control of one corporaf tion. The undertaking will require a capital of $15,000,000. English financiers are , said to be interested in the project. C REPUBLICAN Congressmen are becoming 1 very badly mixed over the speakership contest, and a good deal of bad blood has . been engendered.

3. December 5, 1889 Oxford Eagle Oxford, MS
Article from Oxford Eagle, December 5, 1889

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Article Text

LATE NEWS ITEMS. Tox Ros, the bicyclist, arrived at Chicago on the 21 from San Francisco, making the run by wheel and beating the best similar record by twenty-four hours and twelve minutes. The journey begaa September 23d and ended on the 21 inst. IF there is any change in Mr. Jefferson Davis's condition it is for the better. The patient's extreme weakness makes it a matter of difficulty for his physician to give any decided opinion. Mr. Davis fails to take sufficient nourishment to strengthen him. WILL MURDOCK, the associate editor of the Caloose Courier, was turned in effigy in the streets of Ringgold, Ga, on the 21 on account of as article in his paper refeeting on the people of the town. MRS. JAKE SNYDER, of Knoville, Team. was kicked to death by a com on the 2d while she was milking the animal. A COMPANY has been formed with a capital of $550,000 for the purpose of establishing a town at Bridgeport, Ala. As improvement company has been or ganized at Florence, Ala, with . capital stock of $2,000,000, of which one-half is paid in. Aloazo it. Cornell of New York is president. The company has 4000 acres in West Florence and 10,000 acres of mining lands in Tennessee. WHILE the collector of the Commercial National Bank, of Cleveland, Ohio, was coasting $2,800 in the general office of the German American Bank, a thief smatched $2,000 and escaped. Six or seven years ago land around Humboldt, Team. could be bought at from $10 to $15 per acre; now it is worth from $20 to $50 per acre. REPEESESTATIVES of the English syndicate that recently purchased several of the largest flouring mills in the country have secured a sixty days' option on the Nashville (Team.) Flour Mills. MISSISSIFPI castle brought away every premium at the recent Birmingham, Ala., fair. THE Misscuri Pacific Company hasclosed a contract for the construction of 100 miles of railroad from Dermott, Ark., on the Little Rock, Mississippi and Texas Railroad, a branch of the Iron Mountain, to Mouroe, La. Work will be begua at once. Tax United States Treasury on the 30th mailed 7366 checkes, representing $1,131,602, in payment of the interest due December 1st on registered 4 1-2 per cent. boads. THE First National Bank of Sheffield, Als., has suspended and an examiner will take charge. A SHORTAGE of $45,000 has been found in the accounts of A. R. Woodsom, city collector of Richmond, Va. NEW YORK'S world's fair fund on the 31th was 55,028,942, and the committee has determined to push on toward $10,000,000.

4. December 5, 1889 The Pulaski Citizen Pulaski, TN
Article from The Pulaski Citizen, December 5, 1889

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Article Text

The First National Bank of Sheffield, Alabama, has suspended and zi receiver will take charge.

5. December 7, 1889 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, December 7, 1889

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Article Text

CONDENSED TELEGRAMS. TOM ROE, the bicyclist, arrived at Chicago on the 2d from San Francisco, making the run by wheel and beating the best similar record by twenty-four hours and twelve minutes. The journey began September 23d and ended on the 2d inst. IF there is any change in Mr. Jefferson Davis's condition it is for the better. The patient's extreme weakness makes it a matter of difficulty for his physician to give any decided opinion. Mr. Davis fails to take sufficient nourishment to strengthen him. WILL MURDOCK, the associate editor of the Caloose Courier, was burned in effigy in the streets of Ringgold, Ga., on the 2d on account of an article in his paper reflecting on the people of the town. MRS. JAKE SNYDER, of Knoville, Tenn., was kicked to death by a cow on the 2d while she was milking the animal. A COMPANY has been formed with a capital of $250,000 for the purpose of establishing a town at Bridgeport, Ala. AN improvement company has been or ganized at Florence, Ala., with a capital stock of $2,000,000, of which one-half is paid in. Alonzo B. Cornell of New York is president. The company has 4000 acres in West Florence and 10,000 acres of mining lands in Tennessee. WHILE the collector of the Commercial National Bank, of Cleveland, Ohio, was counting $2,800 in the general office of the German American Bank, a thief snatched $2,000 and escaped. Six or seven years ago land around Humboldt, Tenn., could be bought at from $10 to $15 per acre; now it is worth from $20 to $50 per acre. REPRESENTATIVES of the English syndicate that recently purchased several of the largest flouring mills in the country have secured a sixty days' option on the Nashville (Tenn.) Flour Mills. MISSISSIPPI cattle brought away every premium at the recent Birmingham, Ala., fair. THE Missouri Pacific Company has closed a contract for the construction of 100 miles of railroad from Dermott, Ark., on the Little Rock, Mississippi and Texas Railroad, a branch of the Iron Mountain, to Mouroe, La. Work will be begun at once. THE United States Treasury on the 30th mailed 7566 checkes, representing $1,131,602, in payment of the interest due December 1st on registered 4 1-2 per cent. bonds. THE First National Bank of Sheffield, Ala., has suspended and an examiner will take charge. A SHORTAGE of $45,000 has been found in the accounts of A. R. Woodson, city collector of Richmond, Va. NEW YORK'S world's fair fund on the 30th was $5,028,942, and the committee has determined to push ou toward $10,000,000.

6. August 16, 1890 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, August 16, 1890

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Article Text

The above wood cut engraving is a fac simile likenss of the repub i. can nominee for congress in the Eighth Alabama district. Richard Wilson Austin is a native of this city and is less than thirty-four years of age. He is the youngestson of Major John H. Austin, deceased, exmayar of Decatur, and a brother to Chas. C. Austin, ex-United States marshal for the northern district of Alabama He entered the political arena in early life and with unchanging fidelity to the principles and practices of republicanism has devoted all the intervening years to the maintance of the same. After completing a course of English in the schools of this city he entered the University of Tennessee, where he finished a scholastic period. He studied law under Judge L. C. Houk, at Knoxville, and also with Messrs. W. A. Cook and George B. Corkhill, at Washington, D. C. After a course at the Columbia Law School in Washington he was admitted to the bar in 1876. Shortly afterward he accepted a position in the postoffice Department. This he resigned in 1881, when he was made assistantdoorkeeper of the House of Representatives. He was special agent of the Treasury and War Departments until 1884, when he resigned to accept the position of managing-editor of the Chronicle, of Knoxville. In the spring of 1888 he was attorney of Decatur and in December 1889, was appointed Receiver of the First National bank of Sheffield, which position he is now filling. Mr Austin's debut before the pub. lic as a stump orator was in the Grant campaign of 1872, when he was only fifteen years of age Two years thereafter he was a delegate to the state convention and since then he has been actively engaged as a party worker. He is a man of pleasant address, gifted as a conversation alist and well posted in current, political and public affairs. His party with singular and unusual unannimity has placed their congressional banner in his hands; that he will bear it with unflagging anergy and conspicuous skill no one doubts.-New Decatur Advertiser.

7. April 18, 1891 The Times Richmond, VA
Article from The Times, April 18, 1891

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AFTER "UNCLE JERRY" NOW. The President Jealous of Secretary Rusk's Presidental Bee. A COLLAPSE IN THE SHOREHAM HOTEL The Guests Miraculously Escape With Their Lives National Bank of Norfolk Capital Notes. W ASHINGTON D. C., April 17 [Special.] It now turns out that Secretary Blaine is not only member of the Cabinet of whom the President is jealous or suspicious He pects Secretary Rusk of entertaining Presi. dential aspirations After the tour to "swing sround the circle had been arranged, and all the Cabinet ministers were invited to accom. ac pany the party, the President readily quiesced in the declination of such members of his official family as excused them selves with the exception of Secretary Rusk When the latter was invited to make the round he declined. giving as an excuse that must remain in Washington to press negoti tions for the Rusk had Secretary Germany not and he mind would go Monday morning he to the him telephone House. He reaching the Executive Mansion he found the President busily preparing for his tour OVERPERSU ADED UNCLE JERRY to hold Mr Harrison Rusk Agriculture me. the that going on the great importance that element the of country farmers the might naturally you, staggered negotiations with American require his President The replied telegraph any Rusk General return to HIS TEMPER. Agricultural Department the said turn Rusk the But. me the stated he that and Galveston that dispatches the entire round. HARRISON, HOLD ON. This shows that President Harrison a enemy and no doubt Rusk has received further Harriso is even more suspicio of The has the himsel as daily has friend the with the American the that the that his dent play this trump The Presi. Cabinet may in his administration ACCIDENT. The Shoreham Vice resident Morwhich home and life this any entail part the there The floor collapse. concrete timber and away Its weight fell the and floor until the next mass fell tons weighing the Fortunately the of hallways no death the fifth and luckily lodged thus saving The greatest panic them rushing wildly streets. The collapse was confined hallways, and the manager has endeavor quiet the guests by assuring them there further danger But the guests refuse quieted The greatest alarm prevails among them and some them have already It is said that the ing was run up in great hurry and it is really unsafe so high and containing so many perso ns. DIVIDENDS IN FAVOR OF CREDITORS, WASHINGTON D C April 17. The Comp. troller of has declared an eighth dividend of in favor of the cred. itors of the Exchar National Bank of Norfolk Va making in all claims proved. amounting favor Also, sixth div per cent Bank of the creditors of the Fifth Nati the of St. Louis, making in all 96 per claims proved to Also, first dividend of per cent of the creditors the First National Bank Sheffield Ala. on claims proved. amounting $661,078.52 Secretary Proctor left Washington to-day for Vermont where he expects to remain about week. Two niekle steel plates. which are to be put a practical test as an armor. have been re. ceived at the Washington navy -yard, from whence they will be taken to the proving ground at Indian Hold Md. These are the first American plates made, and the test is oked forward to with mu h interest. of division secret the The chief the United States Treasury Department has information of the arrest in Huntsville Ala., E.J. Nichols and John Cummings for passing counterfeit money Special Agent Stratton reports to the Treas ury Department that he has detained at the port of Philadelphia five glass workers destined for Ford city. Pa. The men, he says, came into the United States under contract. The men will be sent back. CAPITAL NOTES. P H Morgan has been appointed post. master at Shawboro, Carrituck county. vice S. C Bortelift, resigned Superintendent Kimball has telegraphed Keeper Drinkwater permission to come to Washington and face the proper authorities to-morrow Drinkwater considers the report

8. April 25, 1891 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, April 25, 1891

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U.S. COURT. The Petit Jurors Discharged-Equity Cases Now Being Heard. The business of the April term of United States Circuit Court has about been concluded. After a two hours' sessioon yesterday, court adjourned for the day, and the petit jurors for this term were finally discharged. During the brief session, the following cases were disposed of: R. W. Austin, as Receiver of First National Bank at Sheffield vs. H. C. Howell & Co., judgment for $11,075.35. Richard W. Austin vs. The Sheffield Compress and Storage Co. Judgment, $695.18 Only a few more cases remain on the equity docket, which will be tried by the court to-day and Monday. The business for this term will be concluded by Monday evening, and then court will adjourn sine die.