Article Text
A National Bank Suspends. NEEDLES, CAL., December 13.-Lack of funds to meet obligations presented yesterday caused the Needles National Bank to close its doors. The officials say all depositors will be paid in full.
810. Needles National Bank (Needles, CA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 4873
- Charter Number
- 4873
- Start Date
- December 13, 1894
- Location
- Needles, California (34.848, -114.614)
Metadata
- Model
- gpt-5-mini
- Short Digest
ef6b49569c6eef10
Response Measures
None
Receivership Details
- Depositor recovery rate
- 25.0%
- Date receivership started
- 1895-01-19
- Date receivership terminated
- 1903-10-19
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 11.1%
- Share of assets assessed as doubtful
- 4.5%
- Share of assets assessed as worthless
- 84.4%
Description
The bank closed its doors on Dec 13, 1894 for lack of funds (suspension). Subsequent reporting (1898) references a receiver (Daniel Murphy) and litigation dating to 1895, indicating the bank did not resume normal operations and entered receivership/closure. No explicit run is described in the articles.
Events (4)
1.
March 6, 1893
Chartered
- Source
- historical_nic
2.
December 13, 1894
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Closed because of lack of funds to meet obligations (insolvency/illiquidity).
- Newspaper Excerpt
- Lack of funds to meet obligations presented yesterday caused the Needles National Bank to close its doors.
- Source
- newspapers
3.
January 1, 1895*
Receivership
- Newspaper Excerpt
- suit ... against the Needles National bank and Daniel Murphy, receiver. The action originally was brought in 1895 ... Daniel Murphy, receiver (reported 1898).
- Source
- newspapers
4.
January 19, 1895
Receivership
- Source
- historical_nic
Newspaper Articles (2)
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Article Text
# SUIT AGAINST NEEDLES BANK Judge Ross Gives an Opinion on Bank Guarantees An opinion by Judge Ross has been filed in the circuit court in the complicated case brought by Abner T. Bowen of New York against the Needles National bank and Daniel Murphy, receiver. The action originally was brought in 1895 for $22,439, but this sum was not allowed by the court. A cross-complaint prays for $30,000, and the court awarded the plaintiff $69.45. Isaac E. Blake, a capitalist of Denver, largely interested in mines near the Needles, had several checks cashed on Bowen's bank in New York, for which, he claims, the Needles bank guaranteed payment. Several were paid by Blake, but three, in sums ranging from $4000 to $9000, drawn on the Chase National bank, remain unpaid, no money being on deposit in said bank. The court holds that, while the checks formed valid claims against the bank, they were not entitled to any preference on account of the guarantee's being without authority of law.