First National Bank (Watkins Glen, NY)

Episode Information

Episode UID
304701130
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
30470 national
Charter Number
3047
Start Date
February 9, 1894
Location
Watkins Glen, New York (42.381, -76.873)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
59d589e30bc3082e

Response Measures

None

Receivership Details

Depositor recovery rate
37.9%
Date receivership started
1894-02-26
Date receivership terminated
1901-01-24
OCC cause of failure
Fraud
Share of assets assessed as good
42.9%
Share of assets assessed as doubtful
30.5%
Share of assets assessed as worthless
26.6%

Description

Contemporary reports refer to the place as 'Watkins' (Watkins Glen).

Events (4)

1. September 14, 1883 Chartered
Source
historical_nic
2. February 9, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier John W. Love absconded with reported $50,000 (embezzlement/defalcation).
Newspaper Excerpt
The First National bank of Watkins suspended today. The failure was caused by the absconding of the cashier, John W. Love.
Source
newspapers
3. February 26, 1894 Receivership
Source
historical_nic
4. February 26, 1894 Receivership
Newspaper Excerpt
The controller of the currency today appointed John W. Warner ... receiver of the First National Bank of Watkins, N. Y., which suspended payment on the 9th instant.
Source
newspapers

Newspaper Articles (13)

Article from Deseret Evening News, February 9, 1894

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Article Text

A Bank Suspends. ELMIRA, N.Y., Feb. 9.-The First National bank of Watkins suspended today. The failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000, all the bank's cash. He left a letter eaying that he is insane.


Article from The Wilmington Daily Republican, February 10, 1894

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Article Text

Failure Caused by a Dishonest Cashier. ELMIRA, N. Y., Feb. 10.-The First National bank of Watkins suspended yesterday. The bank failure was caused by the absconding of the cashier, John W. Love. He took $50,000. all the bank's cash. He left a letter saying he was insane.


Article from The Daily Morning Astorian, February 10, 1894

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Article Text

AN ELMIRA BANK EURSTS. Elmira, N. Y., Feb. 9.-The First National bank, of Watkins, suspended today. The failure was caused by the absconding of Cashier John W. Love. lie is said to have taken $50,000, all the bank's cash. He left a letter saying he was insane.


Article from The Houston Daily Post, February 10, 1894

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Article Text

Said He Was Insane. Elmira, N. Y., February 9.-The First National bank of Watkins suspended today, The bank failure was caused by the absconding of Cashier John W. Lowe. H: is said to have taken $50,000, all the bank's cash, and left a letter saying he was insane.


Article from Fort Worth Gazette, February 10, 1894

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Article Text

By Associated Press. Elmira, N. Y., Feb. 9.-The First national bank of Watkins suspended today The bank's failure was caused by the absconding of Cashier John W. Lowe. He is said to have taken $50,000, all of the bank's cash, and left a letter saying he was insane.


Article from Barbour County Index, February 14, 1894

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Article Text

Not So Crazy as He Said. ELMIRA, N. Y., Feb.10-The First National bank of Watkins suspended to-day. The bank failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000-all the bank's cash. He left a letter saying he was insane.


Article from The Austin Weekly Statesman, February 15, 1894

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Article Text

Knew He Was Crazy. ELMIRA, Feb. 9.-The First National bank of Watkins suspended today The bank failure was caused by the absconding of Cashier John W. Lowe. He is said to have taken $50,000, all the bank's cash, and left a letter saying he was insane.


Article from People's Voice, February 16, 1894

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Article Text

Not So Crazy as He Said. ELMIRA, N. Y., Feb.10-The First National bank of Watkins suspended to-day. The bank failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000-all the bank's cash. He left a letter saying he was insane.


Article from Idaho County Free Press, February 16, 1894

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Article Text

A National Bank Suspends. ELMIRA, N. Y., Feb. 9.-The First National Bank of Watkins suspended today. The failure was caused by the absconding of Cashier John W. Love, who is said to have taken $50,000, alìthe bank's cash. He left a letter saying he was insane.


Article from Evening Star, February 26, 1894

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Article Text

Bank Receiver Appointed. The controller of the currency today appointed John W. Warner of Reading Center, N. Y., receiver of the First National Bank of Watkins, N. Y., which suspended payment on the 9th instant. -


Article from The Olneyville Tribune, March 3, 1894

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Article Text

Receiver for Watkins Bank. W ASHINGTON, Feb. 27.-The comptroller of the currency has appointed Dr. John W. Warner, of Reading Centre, N. Y., receiver of the First National bank of Watkins, N. Y., which suspended on the 9th inst.


Article from The Herald, August 1, 1894

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Article Text

APPREHENDED. DEFAULTER Cashier Love, After Much Wandering, Caught in Chicago. WATKINS, N. Y., July 31.-Officer White, who arreated John W. Love, the defaulting cashier of the First National bank, states that he received definite word on June 20th that Love was in Chicago, having arrived there on June 15 from Memphis, Tenn., and he at once had a conference with Receiver John W. Warner of the bank and District Attorney E. O. Berlin. Mr. White left here on July 22 for Chicago. Arriving there he located his man and telegraphed home. Deputy Sheriff J. W. Kameman at once went to Albany after the requisition papers and secured them, got Governor Altgeld's indorsement and arrived in Chicago Friday morning. Officer White arrived there Monday evening and asked the sheriff of Cook county for help, which was refused him. Hoswore out a warrant before Police Magistrate Kellogg Tuesday afternoon. Then, of course, Borrow and White located their man at the Hawthorne racetrack. They placed him under arrest. He told White that he went from here to Burdett, to Philadel phia, New Orleans and to Memphie, and took the name of John W. Williams. registering at Memphis, Tenn., as from the Hotel Waldorf in New York. Love has been turned over to the United States authorities by District Attorney Beolin. He is charged with embezzling money belonging to the bank, obtained by the issuing of certificates of deposit. Bail was fixed at $25,000, and the prisouer committed to the charge of the county jail at Elmira, where he will be taken unless bail is given. He will be taken before the grand jury at Buffalo on September 17th, and if indicted there will probably be tried at Auburn in November. His shortage is now fixed at $70,000. Leve claims that he had no accomplices and the money was lost in speculation.


Article from New-York Tribune, December 17, 1899

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Article Text

DEFAULTER RELEASED FROM PRISON. Watkins, N. Y., Dec. 16.-John W. Love, the defaulting cashier of the defunct First National Bank of this village, has been released from Auburn Prison, having completed his five years' sentence. The time served was about three years and a half. The bank is still in the receiver's hands. Dividends amounting to 35 per cent have been paid.