First National Bank (Albany, NY)

Episode Information

Episode UID
26701057
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
2670 national
Charter Number
267
Start Date
January 24, 1888
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6ea4a502d3644aca

Response Measures

None

Description

Cashier O'Brien and bookkeeper Morse defaulted; comptroller later appointed a receiver.

Events (5)

1. February 19, 1864 Chartered
Source
historical_nic
2. January 24, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Charles O'Brien and bookkeeper Elmer E. Morse had defaulted/absconded and large shortages were alleged.
Newspaper Excerpt
The National doors of the suspended First Bank Bank remained closed to-day. The Examiner was proceeding with his work...
Source
newspapers
3. February 21, 1888 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed Judge S. Edwin Day... as receiver of the First National bank of Albany.
Source
newspapers
4. August 30, 1888 Other
Newspaper Excerpt
the case in question was that of the receiver of the First National Bank, of Albany, N. Y., against a firm of Wall street brokers... a jury rendered verdict against the firm for the full amount
Source
newspapers
5. November 29, 1926 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)

Article from Sacramento Daily Record-Union, January 25, 1888

Click image to open full size in new tab

Article Text

WHOLE NO. 11,473. Brewers' Union in their employ will be discharged unless they consent to leave that Order. The circular states that the employers are prompted to take that stand by the action of the Union in openly supporting and promoting the boycott that is being beer. waged here and elsewhere against their They call attention to the large wages paid their workmen, and the fact that they granted all the demands made upon them until the Union tried to interfere in the maltsters' strike by making unreasonable demands upon them, The Union will meet to-morrow night, and it is anticipated that a strike will be ordered. Holden's Earthquake Record. [Copyright, 1888, by the California Associated Press.] PHILADELPHIA, January 24th -Referring to Professor Holden's list of recorded earthquakes on the Pacific Coast, the Press says: This modest list presents more ex tensive material for the study of earthquakes on this Continent than is accessible in any other publication- one might say in all the others combined.' The list is mentioned as an illustration of the wide range of inquiry possible in a well-organized observatory. Sale of a Telegraph Line, [Copyright, 1888, bythe California Associated/Press.j BALTIMORE. January 24th.-The wires and other property of the Postal Telegraph Company in Maryland were sold to-day by auction to Joe Nelson Jamison, representing the American Telephone and Telegraph Company of New York. The wires and all I were sold at the low figure of $30,000. The cost of putting up the wires alone was $90,000. The wires will be used for long distance telephone service. The Prize Fighting Epidemic. ST. PAUL, January 24th One of the most desperately ested prize fights oewhich ever took place in Minnesota curred at Norwood this afternoon between Danny Needham, light-weight champion of of the Northwest, and Jimmy Griffin, Grand Rapids, Mich. The fight was for a purse of $200, with skin gloves, and to a finish. The fight was quite a desperate and in the eleventh round Needham one, knocked Griffin out. Both men were severely punished. California's Progress. [Copyright, 1888, the California Associated Press.] PHILADELPHIA, January 24th.-The Press devotes two editorials to California affairs to-day In an editorial entitled, "Should Keep Pace with the Population, it expresses a friendly wish that some way will be found "to give the rapidly growing pop- faulation of Southern California postoflice cilities commensurate with its growth and necessities." It was Only a Fake BROOKLYN January 24th.- The Coroner's of inquest into the cause of the death William Dempsey, which occurred on Saturday while he was engaged in a prize fight with Simon Besser resulted to night latter in verdict exonorating Besser. The They testified that the fight was "fake. had agreed that no hard blows were found to be to struck. The cause of death was be shock and exhaustion. Pacific Coast Salmon. i Copyright, 1888, by the California Associated Press.] NEW YORK, January 24th.-Letters from that Columbia river to-day state positively has the price for the next season's salmon been fixed by the union at $ 25 per fish, and outside boats at $1. These figures rather stagger packers. A Cunarder Aground. NEW YORK, January 24th.-The high northwest winds of the last two days has of aided the ebb-tides in sending the waters Lower Bay out to sea, and this afternoon when the Cunard steamship Servia tried Swash reach the city she went aground in Channel. She rests lightly, and will be it hauled off by tugs at 4:30 A. M., when will be high water. Suffering Seamen Rescued. NEW York, January 24th.-The steamer Marcos, which arrived o-day from Havana, brought the crew of the bark D. Chapin, of Boston, which sunk at sea December with- 25th. The men were in their boat ten days out food or water, and lost by starvation and exposure Captain W. C. Hall, the cook and one seaman. The rest of the crew were rescued January 4th. The Bursted Bank. ALBANY (N. Y.), January 24th.--The National doors of the suspended First Bank Bank remained closed to-day. The Examiner was proceeding with his work, and all information as to the condition of affairs was refused. It is considered certain that cashier O Brien and bookkeeper Morse in Canada. No one can give any prob- the able are guess as to what O Brien did with money Entries for the Latenia Races. CINCINNATI, January entries for the Latonia Jockey Club's meeting have of been received, showing a total number of 1,054 to the fourteen stakes-an average This does seventy five to each stake. over not include the entries to the Derby, Oakes and Himyar, which closed a year ago, nor the Matron stakes for 1889. New Article of Fuel. CHESTER (Pa.), January 24th At the Chester Irouworks for the last few days has been successfully tested the apthere plication of powdered coal for fuel. and The combustion is perfect. Both ashes smoke were entirely consumed, effecting a fuel. saving of from forty to fifty per cent.in Sale of Railroad Bonds. NEW YORK, January 24th.-The has sold St.Louis San Francisco Railroad and 5 per cent. general mortgage bonds $7,144,000 to syndicate of German bankers country and Europe. The proceeds this will be used to retireSouthern Pacific firsts, which mature next July. A Childish Fancy. PHILADELPHIA, January 24:h.-Janres_M ReManz, a recognized leader among the to publicans of this city, says he proposes W. work for the nomination of George Childs for President. A Silurian Governor. JACKSON (Miss.), January 24th. The for Governor has vetoed the bill providing holding a Constitutional Convention. A $150,000 Fire. CLEVELAND; January 24th-A fire Newark, broke in O.G. King shoe store at gutted. out O., to-night, and it was completed The loss is $150,000. Death from Apeplexy. NEW YORK, January 24th.- Professor Nathan Sheppard, of Saratoga, fell dead from apoplexy this afternoon. Who is Your Best Friend


Article from Waterbury Evening Democrat, February 21, 1888

Click image to open full size in new tab

Article Text

e A Receiver Appointed. WASHINGTON, Feb. 21.-The comptroller of the currency has appointed Judge S. Edwin Day, of Moravia, N. Y., as receiver of the First National bank of Albany.


Article from Wood County Reporter, August 30, 1888

Click image to open full size in new tab

Article Text

JUDGE WALLACE, of the United States Circuit Court for the District of New York, has just handed down a decision that is of interest to brokers who are accessories to speculation with the funds of bank depositors. The case in question was that of the receiver of the First National Bank, of Albany, N. Y., against a firm of Wall street brokers, who helped the cashier of the bank to get rid of nearly $150,000 of the depositors' money. A jury rendered verdict against the firm for the full amount of the money paid to them and Judge Wallace sustained the verdict by denying the motion for a new trial. The decision is based upon the generally accepted legal principle that no one has a right to accept money for an agent's debt which he knows belong to the agent's principal and not to the agent himself+ This decision simply serves notice upon brokers not to monkey with the money of bank depositors, no matter how willing rascally cashiers may be to risk it in speculation.


Article from The Sully County Watchman, September 1, 1888

Click image to open full size in new tab

Article Text

JUDGE WALLACE, of the United States Circuit Court for the District of New York, has just handed down a decision that is of interest to brokers who are ac- cessories to speculation with the funds of bank depositors. The case in question was that of the receiver of the First Na- tional Bank, of Albany, N. Y., against a firm of Wall street brokers, who helped the cashier of the bank to get rid of near- ly $150,000 of the depositors' money. A jury rendered verdict against the firm for the full amount of the money paid to them and Judge Wallace sustained the verdict by denying the motion for a new trial. The decision is based upon the generally accepted legal principle that no one has a right to accept money for an agent's debt which he knows belong to the agent's principal and not to the agent himself. This decision simply serves notice upon brokers not to monkey with the money of bank depositors, no matter how willing rascally cashiers may be to risk it in speculation.


Article from Evening Capital, December 31, 1888

Click image to open full size in new tab

Article Text

PRICE ONE CENT sea: lost ia Thirteen killed at Flaverhill bridge over the Merrimac on Boston and Maine railroad. 12 Blizzard in the northwest Immense damage done: many frozen to death 17. E C. Walthall re-elected senator from Mississippi. 18. Norwegian bark Freidas sunk in collision with British steamer Toronto off Ireland; 13 drowned. Court Clerk Irion, of Birmingham, Ala., defaulted in $20,000. 19. Hatfield-McCoy row. 22. Fourteen burned to death at Tower, Mipn. 23. Charles O'Brien, cashier, and Elmer E. Morse, bookkeeper, Albany First National bank, defaulted in $200,000. 21. Colliery explosion at Wellington, B. C.:25 killed. 25. United States Senator Wilson, of Iowa, reelected. 25, 25 Great storm on the Atlantic coast. 27. Deficit of $350,000 alleged in the accounts of the late government of Manitoba. FEBRUARY. 1. Twenty two drowned in wreck of the British bark Absacom near mouth of the Columbia river. 5. White Cap outbreak in Indiana 7. Failure of the Metropolitan National bank, Cincinnati, President Means, Cashier Harper and others artested. 8. Murder of Amos J Snell, Chicago. (Tascott case). Henry Reece, cashier Continental hotel, Philadelphia, defaulter in $60,000. 11. James Albert won six-day go-as-you-please walking match New York, breaking world's record. 17 Two Americ . ships ordered to Tangiers, Morrocco, to Lettle row between the sultan and the United States consul. 19 Tornado a Mt. Vernon, Ills. 21 killed. of 2b Twenty-five killed by explosion of boiler steamer in the United States of Colombia. 29. Mackay and Flood quarrel over losses in wheat and dissolve partnership 27. Forty lost by explosion of a ferryboat at Val. lejo, Cal MARCH. 1. International railway connecting Mexican Central with Southern Pacific opened for business. 8. Discovery of graveyard insurance scheme, Charleston, S. C. 4. Erastus J. Jones, ex treasurer of Dauphin county, Pa., defaulter in $61,000. 11. 12,13. Famous blizzard along the Atlantic coast. Great damage done, railroads blocked, many frozen to death, many shipwrecks. 16. Gen. Adam Badeau brought suit against Mrs. Grant for compensation for assistance in preparing Gen. Grant's Memoirs. Settled late in the year. 17. 19 killed on Savannah, Florida and Western railroad, near Blakshear, Ga. 18. Confession by a member of the Missouri Bald Knobbers. 20. State Treasurer Tate, Ky defaulter in $250,000. 22. Blizzard in the northwest. 25. Tornado destroys town of Ninnescab, Kan. 27 Terrible floods in Germany and Hungary: floods in many parts of the United States: many lives lost and much damage done. President Close and Cashier White of the State National bank of Raleigh, N. C., defaulted in $73,000. 29. 30 miners killed by explosion at Rich Hill, Mo. Capt. Pau! Boyton adrift all day in the ice of Lake Michigan. APRIL. 1. Diss Debar Marsh spiritualistic sensation, New York, in full blast. Secretary Bayard expressed dissatisfaction with the conduct of Germany in Samoa. 5. Twelve killed in railroad accident at Newhamp ton, Ohio. 6. Gen George Crook nominated for major general in place of Gen. Terry. Col. John R. Brooks made brigadier general in Crook's place. 13. Failure of the American exchange in London; Henry F. Gillig general manager; liabilities, $4,000,000. 18. Eighteen burned to death at Celaya, Mex., by the burning of a stand for spectators of a bull fight. Senator Stanford's racing stables burned at Palo Alto, Cal. 23. Thos. Tunstall of Mobile, Ala., made United States consul to San Salvador. 24. John H. Murphy, confidential clerk of Dr. Daniel Gray of Holmesburg, Pa., defaulted in $27,000. 27. Gen. Joseph E. Johnston admitted to contributory membership by Gen. E. D. Baker Post, G. A.R. 29 Ship Smyrna sunk in collision with steamer Moto off Isle of Wight. Thirteen drowned. MAY. 1. Assistant Cashier De Baun, of the Park Na tional bank, New York, defaulted in $95,000. 2. Ten thousand dollars stolen from registered letters near Harrisburg, Pa. 3. Fifteen banks failed in Buenos Ayres. 6. Cloud burst near Maize, Kan., causing flood which swept the house and entire family to a watery death. Explosion of a carload of dynamite at Locust Gap, Pa. Eight killed. 12. Train robbery at Aguazarca, A. T. 13. High water along the Missouri and Red rivers. Several lives lost. 18. Methodist general conference created an order of deaconess for charitable work. 22. Rev. John H. Vincent and Rev. James M. Fitzgerald made bishops by the general Methodist conference. 23. Rev. J.C. Joyce made bishop by the general Methodist conference. Randall L. Gibson elected senator from Louisiana. 24. Dr. John T. Newman and Rev. Dr. Goodsell made bishops by the general Methodist conference. Corner stone of the now Roman Catholic university laid at Washington. 25. Rev. J. M. Thoburn elected bishop of India by the general Methodist conference. Exciting discussion of the negro question at the general assembly of the Preshyterian church in Philadelphia. 26. The southern assembly of the Presbyterian church decided against Dr. Woodrow and his evolution theory. 23 Destructive storms throughout the United States. Enormous losses. 29. General assembly of the southern Presby terian church decided against organic union. 30. E. D. White elected senator from Louisiana. JUNE. 3. White Cap outrages in Indiana. 4. Gen. William B. Francklyn named commissioner of the United States to the Paris exposition; Somerville B. Tuck, assistant commissioner. Eighteen killed in a railroad accident near Tampico, Mexico. Eleven burned to death at Rockdale, Tex. 6. E. L. Lichtenstein, Wilmington, Del., defaulted in $33,250. 8. Steam yacht Gleam run down in the Patapace river by steamer Joppa; M. T. Harrison Garrett, of Baltimore, drowned. Rev. Dr. Layton Coleman made Protestant bishop of Delaware 16. Train robbery at Muscogee, L T. 17. Train robbery near Junction City, M.T. 18. Mme. and Gen. Diss Debar sentenced to the penitentiary for six months. 22. Disastrous floods in Mexico. Many hundreds drowned. 21. Holbrook, A. T. nearly destroyed by fire.


Article from The Mankato Free Press, January 4, 1889

Click image to open full size in new tab

Article Text

4. Bark Alfred I. Snow wrecked off Irish coast; lost. 6. English steamer Maude foundered in Black sea; 12 lost 10. Thirteen killed at Haverhill bridge over the Merrimac on Boston and Maine railroad. 12. Blizzard in the northwest. Immense damage done; many frozen to death. 17. E. C. Waltball re-elected senator from Mississippi. 18. Norwegian bark Freidas sunk in collision with British steamer Toronto off Ireland; 13 drowned. Court Clerk Irion, of Birmingham, Ala., defaulted in $20,000. 19. Hatfield McCoy row. 22. Fourteen burned to death at Tower, Minn. 23. Charles O' Brien, cashier, and Elmer E. Morse, bookkeeper, Albany First National bank, defaulted in $200,000. 24. Colliery explosion at Wellington, B. C.; 25 killed. 25. United States Senator Wilson, of Iowa, reelected. 25, 26. Great storm on the Atlantic coast. 27. Deficit of $850,000 alleged in the accounts of the late government of Manitoba. FEBRUARY. 1. Twenty-two drowned in wreck of the British bark Absacom near mouth of the Columbia river. 5. White Cap outbreak in Indiana. 7. Failure of the Metropolitan National bank, Cincinnati, President Means, Cashier Harper and others artested. 8. Murder of Amos J. Snell, Chicago. (Tascott case). Henry Reece, cashier Continental hotel, Philadelphia, defaulter in $60,000. 11. James Albert won six-day go-as-you-please walking match in New York, breaking world's record. 17. Two American ships ordered to Tangiers, Morrocco, to settle row between the sultan and the United States consul. 19. Tornado at Mt. Vernon, Ills.; 21 killed. 21. Twenty-five killed by explosion of boiler of steamer in the United States of Colombia. 22. Mackay and Flood quarrel over losses in wheat and dissolve partnership. 27. Forty lost by explosion of a ferryboat at Vallejo, Cal. MARCH. 1. International railway connecting Mexican Central with Southern Pacific opened for business. 3. Discovery of graveyard insurance scheme, Charleston, S. C. 4. Erastus J. Jones, ex-treasurer of Dauphin county, Pa., defaulter in $61,000. 11, 12, 13. Famous blizzard along the Atlantic coast. Great damage done, railroads blocked, many frozen to death, many shipwrecks. 16. Gen. Adam Badeau brought suit against Mrs. Grant for compensation for assistance in preparing Gen. Grant's Memoirs Settled late in the year. 17. 19 killed on Savannah, Florida and Western railroad, near Blakshear, Ga. 18. Confession by a member of the Missouri Bald Knobbers. 20. State Treasurer Tate, Ky., defaulter in $250,000. 22. Blizzard in the northwest. 25. Tornado destroys town of Ninnescah, Kan. 27. Terrible floods in Germany and Hungary; floods in many parts of the United States: many lives lost and much damage done. President Close and Cashier White of the State National bank of Raleigh, N. C., defaulted in $75,000. 29. 30 miners killed by explosion at Rich Hill, Mo Capt. Paul Boyton adrift all day in the ice of Lake Michigan. APRIL 1. Diss Debar-Marsh spiritualistic sensation, New York, in full blast. Secretary Bayard expressed dissatisfaction with the conduct of Germany in Samoa. 5. Twelve killed in railroad accident at Newhamp ton, Ohio. 6. Gen. George Crook nominated for major general in place of Gen. Terry. Col. John R. Brooks made brigadier general in Crook's place. 13. Failure of the American exchange in London; Henry F. Gillig general manager; liabilities, $4,000,000. 18. Eighteen burned to death at Celaya, Mex., by the burning of a stand for spectators of a bull fight. Senator Stanford's racing stables burned at Palo Alto, Cal. 23. Thos. Tunstall of Mobile, Ala, made United States consul to San Salvador. 24. John H. Murphy, confidential clerk of Dr Daniel Gray of Holmesburg, Pa., defaulted in $27,000. 27. Gen. Joseph E. Johnston admitted to contribu tory membership by Gen. E. D. Baker Post, G. A. R. 29. Ship Smyrna sunk in collision with steamer Moto off Isle of Wight. Thirteen drowned. MAY. 1. Assistant Cashier De Baun, of the Park Na tional bank, New York, defaulted in $95,000 2. Ten thousand dollars stolen from registered letters near Harrisburg, Pa. 3. Fifteen banks failed in Buenos Ayres. 6. Cloud burst near Maize, Kan., causing flood which swept the house and entire family to a watery death. Explosion of a carload of dynamite at Locust Gap, Pa. Eight killed. 12. Train robbery at Aguazarca, A.T. 13. High water along the Missouri and Red rivers Several lives lost. 18. Methodist general conference created an order of deaconesses for charitable work. 22. Rev. John H. Vincent and Rev James M.Fitzgerald made bishops by the general Methodist conference. 23. Rev. J. C. Joyce made bishop by the general Methodist conference. Randall L. Gibson elected senator from Louisiana. 24. Dr. John T. Newman and Rev. Dr. Goodsell made bishops by the general Methodist con ference. Corner stene of the new Roman Catholic university laid at Washington. 25. Rev. J. M. Thoburn elected bishop of India by the general Methodist conference. Exciting discussion of the negro question at the general assembly of the Presbyterian church in Philadelphia. 26. The southern assembly of the Presbyterian church decided against Dr. Woodrow and his evolution theory. 28. Destructive storms throughout the United States. Enormous losses. 29. General assembly of the southern Presby terian church decided against organic union. 30. E. D. White elected senator from Louisiana. JUNE. 3. White Cap outrages in Indiana. 4. Gen. William B. Francklyn named commissioner of the United States to the Paris exposition; Somerville B. Tuck, assistant commis sioner. Eighteen killed in a railroad accident near Tam pico, Mexico. Eleven burned to death at Rockdale, Tex. 6. E. L. Lichtenstein, Wilmington, Del., de-