James H. Raymond & Company

Episode Information

Episode UID: 4549885191220
Episode Type: Suspension → Closure
Bank Type: private
Bank ID: 454988519 hash
Start Date: August 5, 1901
Location: Austin, Texas (30.267, -97.743)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: f300fd7f9caffeb0

Response Measures

None

Description

The bank suspended as a direct result of the failure of the First National Bank of Austin, with which it was closely identified.

Events (1)

1. August 5, 1901 Suspension

Cause: Local Banks
Cause Details: Suspended following the failure of the First National Bank of Austin, with which it was closely identified.
Newspaper Excerpt: the private banking firm of James H. Raymond & Co., suspended payments tois morning. The institution is closely identified with the First National and was badly crippled on account of the suspension of the First National.
Source: newspapers

Newspaper Articles (1)

1. August 6, 1901 Bryan Morning Eagle Bryan, TX

Article from Bryan Morning Eagle, August 6, 1901

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Article Text

AUSTIN BANK CLOSED The First National in the Hands of a Bank Examiner. STATE DEPOSITORY. The State Treasurer and Secretary of State Kept Deposits in That Institution-No Statement of Assets and Liabilities. Austin, Aug. 5.-As a result of the failure of the First National bank here yesterday afternoon, the private banking firm of James H. Raymond & Co., suspended payments tois morning. The institution is closely identified with the First National and was badly crippled on account of the suspension of the First National. State Treasurer Robbins states that the treasury department had over $300,000 in cash and securities in the First National bank and last Saturday the bank turned over $32,000 to the state treasury. Mr. Robbins had no idea the bank was on the brink of a financial disaster. He made application at the bank for a condition of affairs, but J.M. Logan, the inspector who is in charge, declined to give out anything. Robbins' bond of $75,000 and his bondsmen are liable for any shortage that may result to the state. The state department has about $50,000 on deposit and Secretary of State Tod's bond of $25,000 is also liable. The attempted suicide of H. Pfaefflin, cashier of the defunct bank, has added much to the condition of affairs. He cut his wrists with a razor. Austin, Aug. 5.-The following typewritten notice was posted on the door of the First National bank here at 4 p. m. Sunday: "This bank is closed and is in my hands as agents pending the arrival of William Lyrkes, special examiner, who has been appointed temporary receiver by the comptroller of currency. "J. M. Logan, "National Bank Examiner." The news of the posting of this notice quickly spread and many flocked to the bank and read it for themselves. Very little can be learned as to the condition of the bank. W. B. Wortham, former state treasner, who is president of the institution, left here two weeks ago for New York City and has not yet returned. H. Plaefflin, the cashier, has been at home sick for several days. Bank Examiner Logan declines to make a public statement concerning the bank's affairs at this time. There are a number of rumors in circulation, but none have as yet been verified. The bank was the depository of the state treasurer and secretary of state. Treasurer John W. Robbins declined to state the amount the state had on deposit, but it is not thought to be large. It is said that there is about $400,000 available with which to pay depositors.