Article Text
Buffalo: The government bank examiner reports the cause of suspension of the First National bank of this city, as far as now apparent, through mismanagement only.
First National Bank (Buffalo, NY)
Episode Information
- Episode UID
23500988- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
2350national - Charter Number
- 235
- Start Date
- April 14, 1882
- Location
- Buffalo, New York (42.886, -78.878)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
66e8d8376f312dce
Response Measures
None
Receivership Details
- Depositor recovery rate
- 43.5%
- Date receivership started
- 1882-04-22
- Date receivership terminated
- 1892-04-30
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 39.1%
- Share of assets assessed as doubtful
- 5.2%
- Share of assets assessed as worthless
- 55.7%
Description
Known receivership date (1882-04-22) differs slightly from one article's appointment date (1882-04-26); using known receivership date as authoritative.
Events (4)
1.
February 5, 1864
Chartered
- Source
- historical_nic
2.
April 14, 1882
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Government examiner cites mismanagement, dishonored drafts on Fourth National of New York, unsecured court/city/county funds and rumored defalcation.
- Newspaper Excerpt
- The First National bank has closed its doors. ... the cause of the suspension of the First National bank of this city ... was through mismanagement only.
- Source
- newspapers
3.
April 22, 1882
Receivership
- Source
- historical_nic
4.
April 22, 1882
Receivership
- Newspaper Excerpt
- The comptroller of the currency has appointed Elisha T. Smith as receiver for the First National Bank of Buffalo, N. Y.
- Source
- newspapers
Newspaper Articles (20)
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Bank Shut. BUFFALO, April 14.-The First National bank has closed its doors. A large number of drafts issued to live stock dealers which were drawn on the Fourth National of New York on the 4th inst. and since that date, were yesterday dishonored in New York. The extent of the drafts unpaid cannot be ascertained just now; but it is ehought to be large. The failure will closely effect a large number of cattle dealers who sent these drafts in payment for stock sold by them. It is believed depositors will be paid in full. MISMANAGEMENT DID IT. BUEFALO, N. Y., April 14.- The government bank examiner in charge of the bank reports that the cause of the suspension of the First National bank of this city, so far as now apparent was through misma nagement only.
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Business Failures. New York, 14-The business failures for seven days, as reported to R. G. Dun & Co's commercial agency, number 122, as follows: Southern states 38, western 34, middle 19, eastern 22, pacific and territories 8, New York city 6. ThePoughkeepeie ironland steel company suspended, as also the New York and Boston manufacturing company. The other feilures in this city are unimportant. Buffalo, N. Y., 14-The first national bank has closed its doors. A large number of drafts issued to livestock dealers, drawn on the fourth national of New York, on the 4th inst., and since that date, were yesterday dishonored in New York. The extent of the drafts unpaid cannot be ascertained now, but it is thought large. The failures will seriously affect a large number of cattle dealers, who sent these drafts in payment for stock sold by them. It is believed that depositors will be paid in full.
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MISMANAGEMENT DID IT. BUEFALO, N. Y., April 14.-The government bank examiner in charge of the bank reports that the cause of the suspension of the First National bank of this city, so far as now apparent was through misma nagement only.
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Why it Failed. Buffalo, April 15.-The First national bank which suspended yesterday held an enviable financial position, although lately rumors have been flying about that the young president was speculating too much in Chicago. The bank's last statement showed assets of $1,337,000, and liabilities outside of stock of $1,130,000. It had $80,000 United States court money, $26,000 in city and $12,000 in county funds, secured by almost worthles bonds. A large defalcation is rumored but the officials deny it. President Lee says the bank did a too large discount business.
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THE First National Bank of Buffalo closed its doors and suspended business on Friday morning. A large number of drafts issued to live stock dealers drawn on the Fourth National Bank of New York the 4th inst. and since that date, were dishonordd in New York the day previous. The extent of the drafts unpaid cannot be ascertained now, but it is thought to be large. The failure will seriously affect a large number of cattle dealers who sent these drafts in payment for stock sold by them. It is believed depositors will be paid in full.
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THE First National Bank of Buffalo has suspended payment. The concern has a capital of $100,000, and reported loans and discounts of $1,054,849. Hugh Young, Government Bank Examiner, finds that $80,000 of Federal court funds are unsecured, and $88,000 in city and county deposits rest upon poor bonds.
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P THE comptroller of the curr ncy has appointed Elisha T. Smith as receiver for the First National Bank of Buffalo, N. Y. -
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THE First National Bank of Buffalo has suspended payment. The concern has a capital of $100,000, and reported loans and discounts of $1,054,849. Hugh Young, Government Bank Examiner, finds that $80,000 of Federal court funds are unsecured, and $38,000 in city and county deposits rest upon poor bonds.
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THE First National Bank of Buffalo has suspended payment. The concern has a capital of $100,000, and reported loans and discounts of $1,054,849. Hugh Young, Government Bank Examiner, finds that $80,000 of Federal court funds are unsecured, and $38,000 in city and county deposits rest upon poor bonds.
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A BANKRUPTS ESTATE. BUFFALO, May 25.-A schedule of the assets and liabilities of R. Porter Lee, late president of the First National Bank, was filed this afternoon by the assignee. The liabilities are given at $600,000 and the assets at $46,617. The liabilities include the suit begun by the receiver of the bank to recover $200,000, and among the assets are shares of the San Juan Gold and
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# A Thieving Banker Kisses His Wife and Retires to the Penitentiary. BUFFALO, N. Y., November 30.-R. Porter Lee, president of the recently suspended and plundered First National Bank of this city, was convicted on Wednesday before the United States Circuit Court at Syracuse of abstracting and misapplying the funds of the bank, and was sentenced to ten years in the Erie County penitentiary. Lee was first tried before Judge Coxe, at Canandaigua, and the jury disagreed. The last trial was before Judge Wallace, whose rulings differed in many instances from those of Judge Coxe. The testimony which was favorable to Lee at the previous trial was excluded, and the judge's charge to the jury was directly against the prisoner. The verdict was ren-
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One Caught. Buffalo, 3.-The receiver of the defunct First National Bank has obtained a judgment for $148,957 against Herman J. Hail, now on bail as accessary of President Lee, now in the penitentary on the charge of disposing of the funds of the bank.
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will Suffer, BUFFALO, Feb. 3.-The receiver of the defunct First National bank obtained judgment for $148,957 against Herman Hall, now on bail, as accessory of President Lee, now in the peuitentiary, charged with the disposing of funds of the bank.
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Judgment Against an Accessory. BUFFALO (N. Y.), February 31.-The Receiver of the defunct First National Bank has obtained a judgment for $148 957 against Herman J. Hall, now on bail, as accessory of President Lee, now in the Penitentiary on charges (f disposing of the funds of the bank.
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FOR WRECKING A BUFFALO BANK. AUBURN, Nov. 19.-In the trial of Herman J. Hall, of Buffalo, for conspiracy 111 wrecking the First National Bank, the receivers of the bank, the cashier and the clerks have been sworn for the prosecution, and in opening the case United States Attorney Weilington said to the jury that he expected to prove that Hall had received $200,000 from R. Porter Lee, then president or the bank, for paper not worth one penny.
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Bank Directors Sued. BUFFALO, N. Y., Jan. 4.-United States District Judge Wheeler to-day began the trial in Buffalo of the suit of the receiver of the broken First National bank of Buffalo against E. G. Spaulding and others as directors. The object of the suit is to make the directors pay the losses caused by the failure of the bank. on the ground that they were liable in neglecting to properly supervise its affairs.
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Liabilities of Bank Directors. BUFFALO, N. Y., Jan. 5.-United States Distriet Judge Wheeler to-day began the trial, in Buffalo, of the suit of the receiver of the broken First National Bank, of Buffalo, against E. G. Spaulding and others as directors. The object of the suit is to make the directors pay the losses caused by the failure of the bank, on the ground that they were liable for neglecting to properly supervise its affairs.
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A suit of the receiver of the First National bank, of Buffalo, against the directors of the bank, in which the receiver seeks to establish the liability of the directors for the bank's debts, has been dismissed by U. S. Judge Wheeler.
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Will Not Advance It. WASHINGTON, October 31.-The moticn made by Attorney-General Garland to advance the case of the receiver of the First National Bank of Buffalo against Elbridge G. Spaulding and others was denied. The case invo.ves the question of the liability of the directors of national banks for negligence in the performance of their duties.