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.
886. 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
0e07d670
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
Article (1894-12-13) reports the Needles National Bank closed its doors for lack of funds. A later (1898) suit names Daniel Murphy as receiver, indicating the suspension led to permanent closure/receivership. No article describes a depositor run prior to suspension.
Events (4)
1.
March 6, 1893
Chartered
- Source
- historical_nic
2.
December 13, 1894
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Lack of funds to meet obligations (insolvency/liquidity failure) caused the bank to close its doors.
- Newspaper Excerpt
- 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.
- Source
- newspapers
3.
January 19, 1895
Receivership
- Source
- historical_nic
4.
May 3, 1898
Receivership
- Newspaper Excerpt
- case brought by Abner T. Bowen ... against the Needles National bank and Daniel Murphy, receiver.
- Source
- newspapers
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.