329. First National Bank (Fort Smith, AR)

View Charter #1631 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1631
Charter Number
1631
Start Date
May 23, 1872
Location
Fort Smith, Arkansas (35.386, -94.399)

Metadata

Model
gpt-5-mini
Short Digest
19949ae25cc1de57

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1872-05-02
Date receivership terminated
1878-01-03
OCC cause of failure
Losses
Share of assets assessed as good
28.7%
Share of assets assessed as doubtful
25.8%
Share of assets assessed as worthless
45.5%

Description

Newspapers report the Comptroller of the Currency appointed a receiver for the First National Bank of Fort Smith in May 1872; later (Sept 1873) the Comptroller/receiver is paying dividends to creditors (100%), indicating the bank remained in receivership and did not resume regular operations. No run is described in the articles; the suspension/closure was effected by appointment of a receiver (government action).

Events (5)
1. February 6, 1866 Chartered
Source
historical_nic
2. May 2, 1872 Receivership
Source
historical_nic
3. May 23, 1872 Receivership
Newspaper Excerpt
The Comptroller of Currency has appointed a Receiver for the First National Bank at Fort Smith, Arkansas.
Source
newspapers
4. May 23, 1872 Suspension
Cause
Government Action
Cause Details
Comptroller/Controller of the Currency appointed a receiver for the bank, effectively suspending operations.
Newspaper Excerpt
The Controller of the Currency has appointed receivers for ... the First National Bank of Fort Smith, Ark.
Source
newspapers
5. September 22, 1873 Other
Newspaper Excerpt
The Controller of the Currency is paying dividends of ... 100 per cent. to the creditors of the First National Bank of Fort Smith, Arkansas.
Source
newspapers

Newspaper Articles (10)
1. May 23, 1872 New-York Tribune New York, NY
Article from New-York Tribune, May 23, 1872

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TELEGRAPHIC NOTES. Locusts have appeared in large numbers in Bourbon County, Ky., and it is feared they will do great damage to fruit, etc. The Controller of the Currency has appointed receivers for the Waverley National Bank, New-York, and the First National Bank of Fort Smith, Ark. The President has approved of the Baltimore and Potomac Railroad Depot bill, granting a square of ground in Wash. ington for a depot site and other purposes. The Mansfields of Middletown, Conn., and the Forest Citys of Cleveland, Ohio, played a game of base-ball, yesterday. The following is the score: Manshelds, 10; F rest City, 5. The City of New-Haven has made the State of Connecticut the offer of $1,000,000, to be expended in building a StateHouse, which will be a present from the City of New-Haven to the State. The German army band which is to take part in the World's Peace Jubilee. as Boston, will leave Berlin for the United States on the 31st inst. The members of the band will wear the Prumiaa uniform. The Centennial Commissioners met in Phila. delphia, yesterday, Commissioner Bond of Alabama presiding. Twenty. two States and Territories were represented. Several commenications were presented, and the Commissioners adjourned until to-day. Under authority conferred by an act authorizing the Secretary of War to correct an army officer's record, approved May 10, 1872, the name of Second- Lieut Samuel Ross of the 7th Infantry is placed on the retired list of the Army, with the full rank of Brigadies General, to date from Jan. 1, 1871. The base-ball game between the Nationals and Athletics, in Washington, yesterday, was stopped by the rain. During the third innings the score score stood four to three in favor of the Na. tionals. The officers of the Athletic Club assert that they did not refuse to play the Baltimore Club, ou Monday, and that they intend to submit the question in dispute to the Judiciary Committee of the National organization.

2. May 23, 1872 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, May 23, 1872

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AFFAIRS AT WASHINGTON. WASHINGTON, May 22. Bank Receiver Appointed. The Comptroller of Currency has appointed a Receiver for the First National Bank at Fort Smith, Arkansas.

3. May 23, 1872 Nashville Union and American Nashville, TN
Article from Nashville Union and American, May 23, 1872

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CONDENSED TELEGRAMS. The Comptreller of the currency has appointed a receiver for the First National Bank of Fort Smith, Ark. Stokes was arraigned in New York yesterday for the murder of Fisk, and an adjournment had till to-day. FOREIGN. The Pall Mall Gazette asserts that the best thing to do with the Washington treaty is to let it collapse. No other course is possible without the humiliation of one or both nations. The committee of the French Assembly severely condemn Gen. Ulrich, the, "hero of Strasbourg," for the surrender of that stronghold. The French Chambers witnessed a lively discussion yesterday on the merits of the Empire, by Rouher and Gambetta. Rouher was listened to with impatience and Gambetta received little or no applause. The official report of Lieut White, commanding the United States steamer Kansas, is published, detailing how he covered the escape of the steamer Virginius from the clutches of the Spanish Pizarro at Aspinwall.

4. May 23, 1872 The New York Herald New York, NY
Article from The New York Herald, May 23, 1872

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John C. Breckinridge. ligation. The Texas Outrage Invest homas P. The President has appointed Mr. A. nah: Robb, late Collector of Customs at Sava Fabius J. Mead, of Mississippi, and Richard La. Savage, of California, commissioners under the joint resolution of Congress to examine and inquire into the depredations alleged to have been committed on the frontiers of Texas for several years past by bands of Indians and Mexicans, their extent and character, by whom committed, their residence or country, the persons murdered or carried into captivity. the character and value of the property destroyed or carried away, from what portions of Texas, and to whom the same belonged. The Commissioners are to make and transmit to the President a full report in writing of their investigation. The Disaster to the Kansas' Crew. The report of the disaster to the officers and crew of the Kansas at Greytown, on the 12th of April, has been received at the Navy Department from Commander Hatfield. It is the opinion of naval officers that this loss of life would, in all probability, have been averted had the wooden balsas, with which Commander Crossman had been provided, been at hand. It is supposed that they were left at Key West from a possible want of knowledge of the danger of the bar to be crossed. Information has been asked in relation to the cask balsas. Commander Hatfield has recommended that medals of honor be given to James Smith, John Johnson, R. T. Pile, Austin Denham, John O'Neil and George Hall for meritorious conduct on that occasion. The New Mexican Member of the Mixed Commission. Attorney General Guseman, of Mexico, is expected here to-morrow, having been commissioned by President Juarez as the member of the American and Mexican Joint Commission on the part of Mexico in the place of Señor Palacio. A Naval Station in the Navigator's Islands-The Orange Free State. The President has made an arrangement or treaty with the chief of Tutuila, one of the Navigator's Islands, for a naval station and coal depot. The island is seventeen mlles in length and five in breadth, and is represented as abounding in fruits, with a healthy atmosphere. It is stated in official documents that a wharf can easily be constructed and all the desired advantages obtained in one of the finest harbors of the world at a comparatively trifing cost. The government has also concluded a perpetual treaty of amity with the Orange Free State of South Africa, which is represented here by J. H. Riley, Consul General. Arrival of Indian Chiefs. Red Cloud, the Sioux chieftain, with Red Dog, Little Wound, Blue Horse and about twenty-two other noted Sioux, including the squaws Ear of Corn and White Hawk, arrived in this city to-night. A Homropathic Call at the White House. The members of the Homoepathic Institute, now in session in this city, accompanied by their wives, called upon the President this morning and were received in the East Room, where the usual congratulations were exchanged. Stiff Storm at the Capital. The wind storm which prevailed this afternoon was accompanied by copious showers of rain and was very destructive to the foliage of the public parks. Some of the tallest and handsomest trees in the vicinity of the President's house were torn bodily up by the roots, and the destruction of shrubbery was quite extensive. The Baltimore and Potomac Depot Bill Approved. The President has approved of the Baltimore and Potomac Railroad Depot bill, granting a square of ground within the city limits for a depot site and other purposes. National Bank Receivers. The Comptroller of the Currency has appointed receivers for the Waverley National Bank, New York, and the First National Bank of Fort Smith, Arkansas. A Treasury Promotion. Mr. R. H. T. Leopold, who has been for nearly a year past in charge of the independent Treasury division of the Treasury Department, has been assigned to the permanent charge of the division, in place of Mr. George Parnell, deceased. Naval Appointments by Seniority. There is a determination on the part of naval officers, as far as they can influence Senators, to have the question of appointments by seniority to bureau positions settled at this session. The test case is that of Surgeon Vivian Pinkney, who is entitled by right to seniority, but who, through favoritism, wasput below Surgeon James C. Palmer, nominated for the position of Chief of the Bureau of Medicine and Surgery. Personal. W. Yates, United States Consular Agent at Bedford, England, arrived here this evening on a brief leave of absence. FORTY.SECONT CONGRESS

5. December 3, 1872 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 3, 1872

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Of these banks, the Union Square National Bank, New York; the Fourth National Bank, Philadelphia, and the Waverly National Bank, New York, have paid their creditors in full, a settlement, it is believed, without precedent prior to the establishment of the national system. The Eighth National Bank, New York, has paid a dividend of 50 per cent; the Ocean National Bank, New York, a dividend of 70 per cent; and the receivers of the Ocean National Bank, and of the First National Bank of Fort Smith, Arkansas, estimate that the creditors of both of these banks will ultimately receive a dividend of 100 cents on the dollar. The remaining ten National Banks which have failed are as follows:

6. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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CURRENT TOPICS AT THE CAPITAL. WASHINGTON, Sept. 21. 1873. IMPORTANT CESSION OF LANDS BY THE UTES. The Hon. Felix R. Brunot, Special Commissioner under act of Congress April 23, 1872, to negotiate with the a cession of part of their reservation, accompaThomas K. Cree, Secretary, and interpreter, arrived at the Spanish nied Utes by for Los Pinos in Dr. the Phillips. Agency, CocheColorado, Sept. 5. The Agency is located of mountains. 250 miles west of Denver, Col., reached after five days' topa and was range only journey the in arrival a carriage. The Utes had been waiting of the Commissioners for some two weeks. The Labequanche. Denver, Muache, and Capote Utes were represented in council. There were special difficulties in the way of a successful negotiation, surveying parties representing the General Government, the miliand the Territory, being on the reservation in vioof agreements, running lation tary, previous lines excluded according to which certain parts of the reserve were as such, causing much ill-feeling among the Indians. In addition to this, the annuity goods shipped from New-York June 1 had not yet reached the agency, and the distribution which the Commission hoped to make at the council could not therefore be made. The council lasted several days. and the result was the ceding to the Government by the Indians of all the mining country, some 3,000,000 acres, being most of the land lying between the 37th and 38th degrees of latitude, and the 107th and 109th degrees of longitude. except a narrow strip on the southern side, on which many of the Utes had farms. On this it is proposed to gather the Wenninches, Muache and Capote Utes, and a portion of the Jicarilla Apaches, now at,the Sierra Aenarilla and Cimarron Agencies, New Mexico. This arrangement disposes of the two troublesome sub-agencies, and gathers these wandering bands of Utes upon their reservation. The price for the land is to be given mostly for the support of the new agency. and for those Indians for which there has been heretofore no regular provision made by the Government. The part ceded is rich in mines of gold and silver, some 400 mines and some valuable machinery being now upon the reservation. One company at the part day in silver ore. been friendly to have ininers almost at will over their $1,000 always past work to wander two per upon years permitted the ceded whites. reservation, The is and and taking Government prospecters Utes although for have out the the treaty expressly stipulated that the will prevent all whites from going upon the reservation. The arrangement with the Utes is not a treaty, but only an article of agreement entered into in accordance with an act of Congress authorizing the negotiation. This is the agreement which Gov. McCook's Commission tried to make last year but failed. It the second successful negotiation for a cession of Indian lands to the Government made out by Mr. Brunot this year. Mr. Brunot telegraphed Secretary Delano from Denver, ou Friday, that nearly all the Utes present at the Councit had signed the agreement, and that Mr. Cree would remain for the signatures of the others. This telegram closed as follows: Onraie is to take the contract to Washington, accompanied by Agent Adams and some Cimarron Uies, the chief object being to settle questions which it was not expedient to introduce in the negotiations. The negotiation was difficult. and the result very satisfactory. The Utes will never go to war with the whites save on compulsion." PAYMENT OF DIVIDENDS TO NATIONAL BANK CREDITORS. The Controller of the Currency is paying dividends of 25 per cent to the creditors of the First National Bank of Rockford, Illinois; 100 per cent to the creditors of the First National Bank of Fort Smith, Arkansas, and 35 per cent to the creditors of the National Bank of Vicksburg. Miss. Dividends of 35 per cent to the creditors of the First National Bank of Selma. Ala., and of 15 per cent to the creditors of the Atlantic National Bank of New-York, will be paid as soon as the necessary schedules can be prepared. Dividends to the creditors of the First National and Crescent City National Banks of NewOrleans will also be inade in the month of October. AMERICAN PROPERTY IN CUBA TO BE RETURNED The Department of State has received information from Madrid that positive orders have been sent to the Captain-General of Cuba to raise all embargoes on the property of American citizens, and return the same to the owners, and that he replies that all our reclamations for restoration of embargoed property have been deeided favorably to the applicants, and no claim of this kind is now pending. The Spanish Government has nevertheless sent further orders suspending the sale of embargoed property belonging to our citizens, no matter if not claimed. THE REMOVAL OF DIFFERENTIAL DUTIES. The State Department has prepared a proclamation relative to the differential duties with France. which will be immediately forwarded to the President for his signature. There is no doubt that the President will direct its immediate promulgation. The proclamation declares that in view of the abotition of discriminating duties against merchandise imported into France in American vessels. the differential duties imposed upon goods imported into this country in French bottoms will be removed on and after Oct.1

7. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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WASHINGTON, September 20.-The comptroiler of the currency is paying dividends of twenty-five per cent. to creditors of the first national bank of Rockford, Illinois, one hundred per cent. to the creditors of the first national bank of Fort Smith, Arkansas, and thirty-five per cent. to the creditors of the national bank of Vicksburg. The comptroller of currency has directed the collecti 13 paper of the first national bank of Washington to be deposited for collection with the National Metropolitan bank, and correspondents are requested to correspond with the latter bank in reference thereto, and thus facilitate the business of the receiver.

8. September 22, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 22, 1873

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WASHINGTON. Suspended and Broken National Banks -Measures Taken to Liquidate their Indebtedness. WASHINGTON, September 21.-The comptroller of the currency is paying dividends of twenty-five per cent. to the creditors of the First national bank of Rockford, Illinois; one hundred per cent. to the creditors of the First national bank of Fort Smith, Arkansas, and thirty-five per cent. to creditors of the national bank of Vicksburg, Mississippi dividends of thirty-five per cent. to the creditors of the First national bank of Selma, Alabama, and fifteen per cent. to the creditors of the Atlantic national bank of New York, will be paid as soon as the necessary schedule can be prepared. Dividends to the creditors of the First national bank and Crescent City national banks of New Orleans will also be made in the month of October. The comptroller of the currency has directed the collection paper of the First national bank of Washington to be deposited for collection with the National metropolitan bank, which is located next door. Correspondents are requested to correspond with the latter bank in reference thereto, thus facilitating the business of the receiver. Items. WASHINGTON, September 22.-A piivate dispatch from Shreveport in relation to the yellow fever is discouraging. Information has been received here announcing the conclusion of a treaty with the Ute Indians of Colorado, ceding to the United States four millions of acres of land, believed to be of great value on account of mineral deposits. One of the most remarkable features of our present financial disturbances, if not of all past commotions, is, that not one Jewish bank or banker has suspended ; and this leads to a consideration of the general fact that in Europe they are regarded by leading statesmen as the most clear-headed and reliable financiers.

9. September 23, 1873 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, September 23, 1873

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The Keystone Bank-Its Suspension Monday Morning. The State financial institutions in Philadelphia are one by one suspending payment, in consequence of the inability on their part to secure currency. The one cry is "Greenbacks! Greenbacks!" to which, unfortunately, there in no response. This morning the Keystone Bank, on Chestnut stteet, opposite the Mint, refused to cash checks, believing that justice would be better meted out to all by suspending at once instead of paying on the start some tifteen or twenty depositors to the exclusion of the rest. The bank has on hand any amount of securities, but all are holding their greenbacks for their own particular purposes.The difficulty is not in the drawing out of large amounts, but all are retaining their deposits to meet their own payments, fearing that a call upon the bank would not be promptly met. The mational banks this morning were to have furnished certain amounts in currency, but instead they sent their cheeks. The officers have been mying to those who caffed with checks that they hoped to pay currency in the morning.-Telegraph of Monday. DIVIDENDS TO CREDITORS OF BANKRUPT NATIONAL BANKS. The Controller of the Currency is paying dividends of 25 percent. to the creditors of the First National Bank of Rockford, Illinois ; 100 per cent. to the creditors of the First National Bank of Fort Smith, Arkansas, and 35 per cent. to the creditors of the National Bank of Vicksburg, Mississippi. Dividends of 35 per cent. to the creditors of the First National Bank of Selma, Alabama, and of 15 per cent. to the creditors of the Atlantic National Bank of New York, will be paid as soon as the necessary schedules can be prepared. Dividends to the creditors to the First National and Crescent City National Banks of New Orleans, will also be made in the month of October.

10. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

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LONDON, Sep. Noon. The news from New York causes a better feeling. American securities, five's 913 Erie's 44g. Later, Erie 45. Later, Erie 451. How The Union Trust Company was Swindled. NEW YORK, Sept. 20.-Mr. Carlton the defaulting Secretary of the Union Trust Company, had made loans to friends and relatives on securities which was regarded as doubtful. One loan of $20,000 to his father, Rev. Dr. Carlton of the Methodist Book Concern notoriety, the security for one loan is good but others are of no value. Carlton has had almost the entire management of this great financial institution. Bedlam Running Loose. In alluding to the suspension operations by the members of the Stock Exchange, the Evening Express says, too much praise cannot be awarded to the men who conceived and carried out this master stroke of policy. Bedlam was running loose and the craze was rapidly communicating itself to the outside multitude. Nothing remained but to shut the door and try and bring back the bulls and bears alike to their sense. The defalcation of the Union Trust Company is a half a million. The Bank of North America has not suspended. The Western Union Telegraph stock is only worth 57 cents. The Clearing House announces its inability to make a general clearing account, and dealers' inability to obtain properly certified checks. NEW YORK, Sept. bank Presidents at their meeting this afternoon, passed a resolution to issue immediately $10,000,000 injoan certificates. No regular money market, gold closed at $1.11 (a1.12. State bonds, nothing doing. WASHINGTON, Sept. 20.-The Western markets show a general stand in transactions without any change in value. TORONTO, CAN., Sept. 20.-H. J. Morse & Co., bankers have suspended. The President and Secretary Richardson in New York. NEW YORK, Sept. 21-Sunday night. General Grant arriveda t the Fifth Avenue Hotellat 5 o'clock this evening, and Secretary Richardson, is expected here tomorrow morning. Drexel Morgan & Co., Honry Clews and George Opdyke, were among those who called on the President this evening. Senator Morton is in the city, and it is said will be present at the conference tomorrow. He attended the meeting of the Bank Presidents at the Clearing House of Friday. The corridors of the Fifth Avenue Hotel were again crowded to excess to-night, and the financial crisis, formed the subject of general conversation. A slight rumor of the failure of several of the eastside Savings Banksis reported. The Policy of the Government. MONDAY, Sept. 22.-It is officialty announced that Richardson will continue to buy bonds at Saturday's quotations. Secretary Richardson said last night he did not see that he had the power to do more than buy bonds, and all five twenties offered will be bought without delay or red tape. The Government, the Secretary added, is not a trust company.or a loan institution and it is doubtful whether Congress would sanction any such construction of my power. The power above alluded to is the using of $40,000,000 of reserves. Thirty savings banks have resolved to rigidly enforce the previous notice clause. James Martin, of Bloomfield, N. J. was found dead in the streets. He had a large amount of money. The Union Trust Company is in the hands of a'Receiver. The Stock Exchange remains closed today. A message from the Clearing House says every check passed through the Clearing House will be paid; that the banks are in no danger and were never stronger. The firm of Marvin Brothers has suspended. All the banks have pulled through, except two. These two are settling*through the loan committee. All the savings banks are run on. The Clearing House Loan Committee have issued two and a half million dollars in Government certified checks and a million dollars in bonds. Large crowds are sailing to sell in Montreal and Europe the stocks bought at the shrinkage. The Gold Exchange has closed. $1.12 was established as a basis of settlement. The rate of interest was fixed for carrying 7c. The sub-treasury is buying five-twenties at $1.10 72-1000. A run has commenced on the Seaman's Bank. It pays sums of $100 and under. Larger sums must wait the law's delay. Setting up Suspended National Banks WASHINGTON, Sept. 21.-The Comptroller of the Currency is paying dividends of twenty-five per cent. to the creditors of the First National Bank of Rockford, IIlinois; one hundred per cent. to the creditors of the First National Bank of Fort Smith, Arkansas, and thirty-five per cent. to the National Bank of Vicksburg. Dividends of thirty-five per cent. to the creditors of the First National Bank of Selma, Ala., and of fifteen per cent. to the creditors of the Atlanta National Bank of New York will be paid as soon as the necessary schedules can be prepared. Dividends of to the creditors of the First National and