354. First National Bank (Fort Smith, AR)

View Charter #1950 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1950
Charter Number
1950
Start Date
May 22, 1872
Location
Fort Smith, Arkansas (35.386, -94.399)

Metadata

Model
gpt-5-mini
Short Digest
a61880c2

Response Measures

None

Description

Newspaper dispatches (May 22, 1872) report the Comptroller of the Currency appointed a receiver for the First National Bank of Fort Smith. Later reports (Dec 1872, Sep 1873) discuss receiver's liquidation and dividends (100% to creditors), indicating the bank remained closed and was liquidated. No contemporaneous article describes a depositor run prior to suspension.

Events (4)
1. March 29, 1872 Chartered
Source
historical_nic
2. May 22, 1872 Receivership
Newspaper Excerpt
The Comptroller of the Currency has appointed a Receiver for the First National Bank at Fort Smith, Arkansas.
Source
newspapers
3. May 22, 1872 Suspension
Cause
Government Action
Cause Details
Comptroller of the Currency appointed a receiver (regulatory action leading to suspension/closure).
Newspaper Excerpt
The Comptroller of Currency has appointed a Receiver for the First National Bank at Fort Smith, Arkansas.
Source
newspapers
4. September 22, 1873 Other
Newspaper Excerpt
the creditors of the first national bank of Fort Smith, Arkansas ... 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.
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 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.

7. 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.

8. 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.

9. 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

10. September 25, 1873 The Weekly Democratic Statesman Austin, TX
Article from The Weekly Democratic Statesman, September 25, 1873

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TEI EGRAPHIC. Washington City. The 17 September of calls Revenue Internal of to December the act Congress, liable person 1872, conspicuously in their the stamp place special tax to donating the that It directs tax selling such "tobacco or cigars on their tax to have be trains required shall be in so it may framed hung conspicuous stamp properly place in the car where such sales are authorized to made. of Interna Revenue The that planter engaged in making decides on shares not liable to pay. tobacco, special crop dealer in red furnishing supplies to hands employed. crop Such for tobacco to be paid for out of the law the The says Commissioner produced. on ho this person tax every don't impose or offer for sale, in the case hose of shall but on every person liquor dealers, offer for sale, manu business it is to sell. or think tobacco, and he does not factured hands with tobacco to be paid furnishing constitute such business. WASHINGTON, for as stated Sept. 18 Jay Cooke & Co The have First closed National Bank, Henry D. Cook, September I president, has suspended. 19 The State W ASHINGTON, has the Consul at Dundee Department to pay the Polaris crew' expenses and them home send W ASHINGTON, September 21 The Comp dividends of the creditors troller of Currency is paying of the First 25 per cent. to Rockford Illinois: 100 cent. National Bank of the First Na to the creditors of and the creditors to tional per Bank of Fort Smith, Arkansas of the First 35 per cent. Bank of Vicksburg Dividends National cent. to the creditors of the First of the to creditors National of 35 per Bank of Selma, Alabama of the Atlantic and sche dules can the as National 15 per cent. Bank of New York, will be paid be of soon as Dividends to the creditors the prepared First National Bank and Crescent be will also National Bank of New Orleans of October. Currency made during the month has directed Comptroller of the paper of the First Na shington collections of to be deposited for collection tional Bank of Metropoli with the National door located next is which tan Bank, correspond Correspondents nested to fa bank in reference to the with the latter by having steamer at cilitating of business New foundland An American collision with fish boat. reports Three having out of crew of fifteen the WASHINGTON, September 22 In the President course of the morning and had at the Treasury with Secretary Department Richardson. The ference the fact that Secretary sult of may be inferred from stated to the subsequently the ciated Press of New York that the of the anything President would do bewithin the law, but in no particular go main vond clear legal authority. He will pro of the departm and credit tain the safety of the United States from tect the influences the of the general financial em B W barrassment WASHINGTON Septem er 28.- Win. cor shington Shaw, an old and leadir the Natural Iron has purchased respondent, Company's works at Danville, Pennsylvania for $768,000. New York. United NEW YORK, September 17.- The died Consul States at Bremen is dead. He Sprague, the of consumption treasurer of Brooklyn, has been released on $50,000 bail Four thou NEW YORK, September 17 sand dollars were subscribed this morning for Shreveport YORK, Sept. 18.-Jay Cooke & Co NEW announced their suspens ion in conse have of the large ad vances made to sus- heavy quence tain their Philadelphia house and YORK, drain upon their September deposits. 19 The Na NEW Board of Steam avigation have tional Dick Woolfolk, of Loaisy elected Capt. the rene Preside resolved against con of sville canal Vice patents, and favor the government Vice trolling President the Louis Wilson declines the presi dency of the Cuban League. Dr. Miller YORK, September 20. a noted physician New of this city, is dead. The Financial Crisis. 23.-I been NEW YORK, commenced September to force the Union Trust have Company into bankruptcy still The Bank of Commonwealth is closed The min on the Fourth National Bank has ceased. There was moderate run on the saving banks The clearances at the gold exchange are satisfactory Henry Clews & Co. have suspended make they have no statement to been save present that temporary uspension has deemed advisable by the firm. N. J., September 28 In PATTERSON, of the financial crisis in consec general depreciation of securities, York, and the orders for locome railroad ahead at the Roger's loco three months and 585 have been cancelled workmen motive works disc harged to-day It is feared 500 more will be discharged The 23 September RICHMOND, Bank National Planters Mechanic's Merchant's Bank, People Bank and all National Bank, The Citizen's morning. not although Rumors heavy failures mercia clines are rife that city considera bly The banks at Richmond are the from news over excited Petersburg 23. The failure Wall the street Henry of wild in confi headway restoring dence up day that Jay Reports are London, Culloch & out Cooke by drawn the Jay drafts the hand news since have but the no to traced authenti at not stocks the were quoted Speculat of close business. & of Co. Clews the suspension After was offered for was price regular cent. per day established to day own their make and terms. of the The Fourth & of to the amount Bank says the their did because but There draft, would allowed good. have been had the bank September WASHINGTON, Knox and others are surprised at the Petersburg, suspensions. Yellow Fever. 18. entember Howard Association New ORLEANS, of this city are in one from of their dispatch ceipt no who states Shreveport than are The here association that the parts of the country up will be them from all sufficient to pay all Natchez Miss. has unarantined against world