First National Bank (Garnett, KS)

View Charter #2973 on SPMC View balance sheet

Episode Information

Episode UID
297301163
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
29730 national
Charter Number
2973
Start Date
November 4, 1896
Location
Garnett, Kansas (38.281, -95.242)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bf153e9a127a6cbc

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1896-11-09
Date receivership terminated
1898-03-29
OCC cause of failure
Losses
Share of assets assessed as good
29.3%
Share of assets assessed as doubtful
64.9%
Share of assets assessed as worthless
5.8%

Description

Contemporaneous accounts attribute the failure to an organized, politically motivated withdrawal of deposits.

Events (5)
1. June 11, 1883 Chartered
Source
historical_nic
2. November 4, 1896 Run
Cause Details
Organized, politically motivated withdrawal of deposits (alleged Republican concerted action against president Foster).
Measures
Bank posted notice that it had been turned over to the comptroller of the currency; stopped payments/closed doors.
Newspaper Excerpt
About two weeks ago, the Republicans of Anderson county decided ... to secretly make a run on the First National bank of Garnett... On Wednesday, the bank was compelled to close its doors, and it was found that every Republican patron of the bank had withdrawn his business and his deposits.
Source
newspapers
3. November 5, 1896 Suspension
Cause
Government Action
Cause Details
Bank turned over to the Comptroller of the Currency and examiner/receiver placed in charge after closure following heavy withdrawals.
Newspaper Excerpt
First National Bank Closes Its Doors. Last Wednesday morning, a notice was posted on the door of the First National Bank, stating that the bank had been turned over to the comptroller of the currency, in whose charge it now is.
Source
newspapers
4. November 9, 1896 Receivership
Source
historical_nic
5. November 9, 1896 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed receivers of national banks as follows: ... First National bank of Garnet[t], Kan.; R. E. Spangler.
Source
newspapers

Newspaper Articles (13)
1. November 5, 1896 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, November 5, 1896

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Article Text

CONDENSED NEWS Gathered From All Parts of the Globe by Telegraph. It is estimated that $500,000 in bets has been placed in London on the result of the election in the United States. Premier Canovas del Castillo is suf!ering from a catarrhal affection which confines him to his house, and cabinet councils are suspended pending his recovery. A. L. Snook, a railroad man, shot and killed his wife and committed suicide at the entrance to the Hotel Belnont, Kansas City, Wednesday. Jealbusy was the cause. The First national bank of Garrett, Kan., capital $50,000, failed Wednesday. The liabilities are $96,000; assets, nominal. Examiner Stainby has been placed in charge of the bank. News has been received in Lima, Peru, from Sucre, Bolivia, that the commission of foreign affairs of the senate has presented a motion in that body for the recognition by Bolivia of the Cuban patriots as belligerents. Capt. Hatfield, of Hatfield-McCoy lame, killed Headerson Chambers and John and Elliott Rutherford, of Matevan, W. Va., Tuesday night during a quarrel over politics. Hatfield escaped and 200 men are in pursuit. Wilburt Fox, aged 20, while showing his nerve in handling a revolver in the presence of his friends at Oakdale, Ill., pointed the weapon at his head and pulled the trigger. He is dead. He was a member of one of the best known families in the county. Frederick I. Marcy, one of the best known manufacturing jewelers in the country, was found dead in his office in Providence, R. L, Wednesday morning. Four gas jets were found turned on at full force. Business despondency caused him to commit suicide. M. L. Navera, a well known merchant and insurance agent, of New Orleans, whose name was recently mentioned in connection with the Union bank scandal, killed himself Wednesday. Navera is a brother-inlaw of J. N. Wolfson, who is charged with looting the bank. Private Secretary Thurber said Wednesday that the president has commenced the preparation of his annual message, and as has always been the custom, would be obliged to deny himself to the public until it was completed. The month of November is usually devoted to this task. In an election row at Tenth street and Cass avenue, St. Louis, John Kerley, aged 30, was shot and fatally wounded by John Eagan, a republican ward politician, at 2 o'clock Tuesday afternoon. After the shooting Eagan attempted to escape, but he was pursued and nearly lynched before the police rescued him. O. F. Hall, the confidental man of the Stockman's Commission Co., at the Chicago stockyards, has disappeared. A shortage has been discovered amounting to about the entire assets of the firm-about $24,000 in money and securities. James H. Campbell, the head of the Stockman's Co., said that he would be compelled to go out of business.

2. November 6, 1896 Kansas Agitator Garnett, Greeley, Topeka, KS
Article from Kansas Agitator, November 6, 1896

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Article Text

First National Bank Closes Its Doors. Last Wednesday morning, a notice was posted on the door of the First National Bank, stating that the bank had been turned over to the comptroller of the currency, in whose charge it now is. This is only one of the thousands of banks that will close their doors if we continue on a gold basis two years, or one year, longer, and our people may as well understand it now as later. The First National Bank was es. tablished in 1870 as the Anderson County Savings Bank, and it has enjoyed a goood business during the years following, until the panic of 1893, since which time it has been on the down grade, because it was crippled in that panic and was not able to fully recover from the shock We are informed that there has been a concerted action on the part of certain men in this city to break the bank, because its president, Capt. John R. Foster, was an active advocate of free silver. We do not doubt that the bank will be able to pay off its entire indebtedness, and that without much delay. The First National was a county depository, and it has several thous and dollars of the county's money, which is amply secured by bonds men who are able to make the amount good.

3. November 7, 1896 Kansas City Daily Journal Kansas City, MO
Article from Kansas City Daily Journal, November 7, 1896

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Article Text

S. S. Reynolds Recommended. Washington, Nov. 6.-(Special.) The comptroller of the currency has been advised that S. S. Reynolds, of Grainfield, Kas., would be a good man to appoint receiver of the First National bank, of Garnett, Kas., which failed Wednesday last.

4. November 10, 1896 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 10, 1896

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Article Text

Garnett Bank's Receiver. Washington, Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates County National bank of Pen Yan,\N. Y.; First National bank of Garnet. Kan.; R. E. Spangler, First National bank of Eddy, N. M., Isaac Rodgers; Second National bank of Rockford, Ill., H. H. Waldo.

5. November 11, 1896 The Providence News Providence, RI
Article from The Providence News, November 11, 1896

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Article Text

Three Receivers Appointed. Washington, Nov. 11.-The comptroller of the currency has appointed receivers of national banks as follows: Yates County National bank of Penn Yan, N. Y., Simon Kinne; First National bank of Garrett, Kan., R. E. Spangler; First National bank of Eddy, N. M., Isaac W. Rogers; Second National bank of Rockford, Ills., H. H. Waldo.

6. November 12, 1896 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, November 12, 1896

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Article Text

RECEIVERS APPOINTED. Washington, Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: State National bank of Pennyan, Simon Kinne; First National bank of Garnett, Kas., R. E. Spangler: First National bank of Eddy, N. M., Isaac W. Rogers; Second National bank of Rockford, III., H. Waldo.

7. November 13, 1896 Kansas Agitator Garnett, Greeley, Topeka, KS
Article from Kansas Agitator, November 13, 1896

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Article Text

A Sample of Republican Venom. About two weeks ago, the Republicans of Anderson county de. cided through their organization to secretly make a run on the First National Bank of Garnett. in re. taliation for the work Mr. Foster, the president of the bank, was doing for the cause of free silver. On Wednesday, the bank was competted to close its doors, and it was found that every Republican patron of the bank had withdrawΔ… his business and his deposits. The Republican party is the only organization that ever existed in this coun ry that would use the influence of its members to destroy the business of men who did not endorsa their principles. - Blue Mound Searchlight,

8. November 17, 1896 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, November 17, 1896

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Washington, D. C. Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates county national bank of Penn Yan, N. Y., Simon Kinney; First national bank of Garrett, Kas., R. E Spangler; First national bank of Eddy, N. M., Isaac W. Rogers; Second national bank of Rockford, Ill.. M. H. Waldo.

9. November 17, 1896 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, November 17, 1896

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'AON 'SLAA 'RUSHUAN Paper Mill company assigned today for the benefit of its creditors, Assets $100,000; liabilitles, $50,000, The concern lost heavily by Chicago and Minneapolis failures. Grand Rapids, Mich., Nov. 10.John E. Wilkes, ene of the oldest dry goods merchants in this city, has filed chattel mortgages aggregating $33,000 for the benefit of his ereditors. Washington, Nov. 10. Comptroller Eckels has closed the First national bank of Decorah, la.. capital $75,000 and placed bank examiner Stone in charge. The bank is in bad shape being unable to realize on its assets. Sioux City, Iowa, Nov. 10.-Oa application of L. T. Richardson, W. T. Manley was this morning appointed receiver of the Iowa savings bank of this place. Washington, D. C. Nov. 10.-The comptroller of the currency has appointed receivers of national banks as follows: Yates county national bank of Penn Yan, N. Y., Simon Kinney; First national bank of Garrett, Kas., R. E Spangler; First national bank of Eddy, N. M., Isaac W. Rogers; Second national bank of Rockford, Ill.. M. H. Waldo. New York, Nov. 10.-Edward J. Ross has been appointed ancilliary receiver of the assets and property in this state of the Ross & Baker company, a New Jersey corporation, manufacturers of silk. The liabilities are reported to be over $140,000. Providence, R. I., Nov. 11.-Writs were issued Wednesday for the arrest of the two partners in the private banking house of Miller & Vaughn, who failed a week ago with about $200,000 liabilities and no assets. It is said that two customers will prefer criminal charges. Decorah, Iowa, Nov. 11.-The Beard Bros. have made an assignment. Assets at face value slightly in excess of liabilities. Grand Rapids, Mich., Nov. 10-The Detroit, Lansing and Northern rail road's entire equipment was sold under mortgage foreclosure to-day. The property was bid in for $48,000 subject to other mortgages by F. A. Nims, of Muskegan, and J. W. Champlin, of this city, who acted as committee in the interest of the bondholders. Amesbury, Mass., Nov. 11.-F. T. Choate and Phillip H. Lunt, of New bury, have been appointed assignee of the Lewis & Gross Shoe company. The company will not resume business. New York, Nov. 11.-Clapp & Co , dealers in stocks and grains, have failed. Last might the firm made an assignment to William T. Davis, Jr. The failure occasioned some surprise as the firm has been credited with doing a very large business during the last five years of its existence in this city. The attorneys for the assignee say that it is assumed from all indications that the liabilities will amount somewhere in the neighborhood of $150,000. Ridgway, Pa., Nov., 12.-The Mc. Ewen Manufacturing company manufacturers of machinery, made an assignment Thursday morning. Allentown, Pa., Nov. 12.-Two exe cutions for $100,000 each were Thurs day afternoon entered against the Catasaqua Manufacturing company with clause of scire facias to show cause by December 7 why the company's chartered rights, rolling mills etc., should not be sold. The cold weather has brought & 'arge influx of tramps to the city and pplications for lodgings have be

10. November 18, 1896 The Advocate Topeka, KS
Article from The Advocate, November 18, 1896

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nedy of the Fredonia Herald County Attorney, and Hugh Farrelly of the Chanute Blade was elected Senator in that district. Salina Union: "Steinberger should not be allowed to remain President of the State Reform Press Association another day. Let us get together and wash our hands of this political scoundrel. He is 8 disgrace to the reform papers of the State and has betrayed the trust reposed in him." It is admitted in Republican circles that Webb McNall did that party more harm than any other man in the fight. Webb has a record 88 8 fighter and he maintained it in the campaign. The Republicans should not underestimate the work of the other silver Republicans. They did their work well. It is alleged that the failure of the First National bank of Garnett was due to a conspiracy on the part of the Republicans. The principal stockholder was a leading silver man. When the run on the bank compelled it to close nearly every Republican depositor had withdrawn his money. A story is going the rounds to the effect that McKinley has long been under obligations to Ingalls for favors shown and that the ex-Senator will intimate that a settlement which would result in his being made the representative of the government at one of the big European courts would be satisfactory. Lyman Naugle of the Wellington Voice is in the fight for State Printer. Mr. Naugle's paper has been power for good for the Populist causein Sumner county for years. He is a safe man, and has been honored by re-election to the position of Secretary of the Reform Press Association almost continuously ever since his membership began. Kansas City Journal: "In the columns of his paper Editor Joe Bristow declares that Kansas is a free silver stronghold, and that so far from being Republican she was not even entitled to 8 position in the doubtful column. This will be consoling to the fellows who bet on Secretary Joe Bristow's claims that the State was safely for McKinley." Morris Cliggitt, who headed the Bryan Electoral ticket in this State, was called to his Illinois home a few days after election on account of the illness of his mother. Although he made all possible haste, she had passed away before he could reach her. The silver men of Kansas have confidence in Mr. Cliggitt and sympathize with him in his bereavement. John S. Parks of the Beloit Call has been announced as a candidate for State Printer. He is the editor of the Beloit Call, Secretary of the Sixth district Populist committee and publisher of the Western Woodman and Royal Neighbor. The Call is one of the best Populist papers in Kansas. Mr. Parks is a practical newspaper man and his service to the party has been of 8 creditable character

11. November 19, 1896 People's Voice Wellington, KS
Article from People's Voice, November 19, 1896

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And then upon that: About two weeks ago, the Republicans of Anderson county decided through their organization to secretly make a run on the First National bank of Garnett, in retaliation for the work Mr. Foster, the president of the bank, was doing for the cause of free silver. On Wednesday, the bank was compelled to close its doors, and it was found that every Republican patron of the bank had withdrawn his business and his deposits. The Republican party is the only organization that ever existed in this country that would use the influence of its members to destroy the business of men who did not endorse their principles.-Garnett Agitator.

12. January 7, 1897 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, January 7, 1897

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County Got the Land. TOPEKA, Kan., Jan. 4.-When the First national bank of Garnett failed the county of Anderson had $18,000 on deposit. The county brought suit in the federal court for the possession of certain lands owned by the bank to satisfy its claim. The case was decided in favor of the county, and Judge Foster has ordered the receiver of the bank to transfer the lands to the county.

13. October 22, 1904 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 22, 1904

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school. In 1885 he was appointed postoffice inspector and served until 1891, being employed most of the time in field work for the free delivery and salary and allowance divisions. After leaving the postal service he became engaged in business in Chicago, and in 1892 he acted as one of the secretaries to the Democratic national committee. serving under Ben T. Cable at the Chicago headquarters. After the election of Mr. Cleveland, Mr. Spangler was the organization candidate for collector of internal revenue for the Chicago district, and had the endorsement of every political organization of the party in the state. The contest was one of the most memorable in the history of Illinois politics. In 1894 Mr. Spangler was chosen a member-at-large of the state commitfee. and in 1896 he became receiver of the First National bank at Garnett. Kan. Returning to Chicago in 1898, he became interested in manufacturing business, and is SO engaged at the pres. ent time.