First National Bank (Palatka, FL)

Episode Information

Episode UID
322301099
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
32230 national
Charter Number
3223
Start Date
July 17, 1891
Location
Palatka, Florida (29.649, -81.638)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2779e180729d2d43

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Receivership Details

Depositor recovery rate
50.3%
Date receivership started
1891-08-07
Date receivership terminated
1900-10-01
OCC cause of failure
Fraud
Share of assets assessed as good
32.5%
Share of assets assessed as doubtful
44.3%
Share of assets assessed as worthless
23.2%

Events (5)

1. July 15, 1884 Chartered
Source
historical_nic
2. July 17, 1891 Run
Cause
Local Banks
Cause Details
Run followed recent failure of the Lake City bank and involvement of Palatka's president; also inability to obtain temporary loans in New York.
Newspaper Excerpt
The First National Bank of Palatka suspended payment to-day, owing to the heavy run.
Source
newspapers
3. July 17, 1891 Suspension
Cause
Local Banks
Cause Details
Suspension attributed to heavy run and inability to obtain temporary loans in New York; linked to Lake City bank failure and involvement of bank president.
Newspaper Excerpt
The First National Bank of Palatka suspended payment to-day owing to the heavy run.
Source
newspapers
4. August 7, 1891 Receivership
Source
historical_nic
5. August 7, 1891 Receivership
Newspaper Excerpt
The controller of the currency today appointed Mr. Timothy B. Merrill receiver of the First National Bank of Palatka, Fla., now in charge of a national bank examiner.
Source
newspapers

Newspaper Articles (23)

Article from The Record-Union, July 18, 1891

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Bank Suspension. PALATKA (Fla.), July 17.-The First National Bank of Palatka suspended payment to-day, owing to the heavy run. The liabilities are about $200,000, and the assets will undoubtedly reach that figure, but cannot be realized immediately.


Article from The Portland Daily Press, July 18, 1891

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GENERAL NEWS. The trouble among the Navajo Indians is reported at an end. The First National Bank of Palatka, Fla., has suspended payment owing to a neavy run and inability to make temporary loans in New York. Assistant Secretary Spaulding has directed the Chinamen arrested at El Paso, Texas, for unlawfully entering this country by way of Mexico, to be sent to San Francisco for deportation to China. Attorney General Miller says that persons coming to the United States in good faith for the sole purpose of working for foreign exhibitors at the world's fair are not subject co the contract labor laws of this country. It is thought that the building of the "link" line between Skowhegan and Norridgewock will have a detrimental effect on the Somerset road, as most up river people would prefer to travel West via Skowhegan and Waterville, rather than by Oakland. The Michigan of the Warren line on her last western trip brought 232 emmigrants to Boston, arriving Thursday. Of these, 28 were, in the judgment of the immigration commissioner, unfit for citizenship and liable to become a burden upon the community in which they settled; accordingly they were refused the opportunity to land, and unless something turns up will be returned to Europe. Eleven of the 28 were Rassian Jews.


Article from Los Angeles Herald, July 18, 1891

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A Florida Bank Fails. PALATKA, Fla., July 17.-The First national bank of Palatka suspended payment today, owing to a heavy run. Its liabilities are about $200,000 and the assets will undoubtedly reach that figure, but cannot be realized immediately.


Article from The Indianapolis Journal, July 18, 1891

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Other Business Troubles. Palatka, Fla., July 17.-The First National Bank of Palatka suspended to-day, owing to a heavy run made and its inability to make temporary loans in New York. Liabilities are about $200,000, and the assets will undoubtedly reach that figure, but cannot be realized on immediately at their full value. The capital stock of the bank is $150,000. WILMINGTON, Del.. July 17.-Execution was issued for $100,000, to-day. against the Cobb Vuleanite Wire Company, of thiscity, by William Weightman, of Philadelphia. The business of the compony was manufacturing telegraph cables for underground service. It has been operating an extensive plant on the Brandy wine for four years past.


Article from Morning Journal and Courier, July 18, 1891

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Another Bank in Trouble. PALATKA, Fla., July 17.-The First National bank of Palatka suspended payment to-day owing to a heavy run made upon it and its inability to make temporary loans in New York. This run was due to the recent failure of the Lake City bank, W. J. Winegar, president of the Palatka bank, having been involved to some extent in the Lake City failure. The liabilities are about $200,000 and the assets will undoubtedly reach that figure, but cannot be realized on immediately at their full value. The capital stock of the bank is $150,000.


Article from Arizona Republican, July 19, 1891

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Suspends Payment. Palatka, Fla., July 18.-The First National Bank of Palatka suspended payment today owing to the heavy erain. Liabilties about $200,000 and assets will undoubtedly reach that figure, but cannot be realized immediately.


Article from The State Chronicle, July 19, 1891

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A Palatka Bank Suspends. (By the United Press.) PALATKA, Fla., 18.-The First National bank of this city suspended payment yesterday owing to a heavy run and its inability to obtain temporary loans in New York. The liabilities are about $200,000.


Article from Daily Tobacco Leaf-Chronicle, July 20, 1891

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Bank Suspends Payment. PALATKA, Fla.. 113 20.-The First National bank of this city -has suspended payment, owing to a heavy run and its inability to obtain temporary loans in New York. The liabilities are about $200,000. The capital stock if the bank is $150,000.


Article from Evening Star, July 20, 1891

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Adam Allison, a banker and grain buyer, at Belmont, Ont., has suddenly left town, owing, it is alleged, sums of money to various persons. The amounts aggregate $15,000 to $20,000. The whereabouts of Allison is unknown. Saturday morning at Comanche, Iowa, the rails spread on the Chicago and Northwestern track, ditching a working train. The engineer, Stulser, was killed, and his fireman badly injured. Both belong in Clinton. The First National Bank of Palatka, Fla. has suspended payment owing to a heavy run and its inability to obtain temporary loans in New York. The liabilities are about $200,000. The capital stock of the bank is $150,000.


Article from Telegram-Herald, July 20, 1891

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A Florida Bank Fails. PALATRA, Fla., July 18.-The First national bank of Palatka suspended payment Friday owing to a heavy run made upon it and its inability to make temporary loans in New York. The liabilities are about $200,000 and the assets undoubtedly reach that figure, but cannot be realized on immediately at their full value. The capital stock of the bank is $150,000.


Article from Echo De L'ouest, July 30, 1891

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- La "First National Bank" de Palataka, Ili., 8 suspendu ses paiements. Passif 200,000 dollars.


Article from The Morning News, July 30, 1891

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FLORIDA. The troops broke camp at St. Augustine Tuesday and returned home. The confederate reunion at Dade City Saturday promises to be a big thing. A tax of $7,500 is to be levied in Citrus county for the purpose of erecting a jail and court house. E. F. Canova drew $40 from the bank at Jacksonville Saturday, and lost it in A few minutes on the streets. A number of carrier pigeons were released at Pensacola Monday to return to their home in Washington city. It is reported that the Rev. Mr. Lee of the Episcopal church of Palatka will shortly sever his connection with that parish. A large rattlesnake was killed in Mr. Bevill's house at Fort Pierce a few days ago. It measured over six feet, and had seven rattles and a button. The general merchandise store of William Allen at Sorrento has recently been made an alliance store. His trade has increased 50 per cent., and he is doing a good business. At a meeting of the stockholders of the First National Bank of Palatka, Monday. a proposition was made and sent on to the authoritiesin Washington by their examiner here. It is the opinion of many that the bank will resume business. Orlando Record: A Florida farmer who is an accomplished lady and whose husband is a prominent practicing physician in Jacksonville is Mrs. Matthews. She sings and plays, reads well, talks and dresses well and the potatoes she raises can't be beat-that is, if they are all like those she sent the editor of the Record. Her place near this city she calls Glen Ilda. Mr. McAlister of Palatka was severely cut with a razor by a negro in St. Augustine, Monday night. It seems that he engaged the negro to drive him to the encampment. The negro charged the oxoΞ“bitant price of $3. He refused to pay it, which brought on an altercation. Mr. McAllster was out under the left shoulder, the gash being about two inches deep and five inches long. A young white boy about 12 or 14 years of age, named Lowe, was carrying shingles up to where they were shingling the roof of the conveyer at the elevator in Fernandina Friday, and when about the low part of the roof, lost his footing and fell about thirty feet, and was caught by the chin on the conveyor chain. The blow made a gaping wound under the chin, aud brought his jaws together with such concussion as to split several of his teeth. Palatka Herald: The home of Peter Petermann, on the Heights, one mile west of town, contains five acres with a handsome residence, stables and outhouses. There is also an orange grove of four acres. From this grove there was shipped last year over 1,000 boxes of oranges, and this year the crop will be much larger. There has never been a year yet that there wasn't an offer of from $1 per box on the trees and upward. With proper attention a grove can be made remunerative in six years, a tiller of the soil can in the meantime make his living by cultivating between the rows. Gainesville Sun: Report was brought up from Micanopy Monday that Harmon Murray had been shot. It seems that McKinney, the man Murray shot at the other day, has been hunting for the negro ever since the day Murray shot at him. McKinney located his man Saturday night in a house on the outskirts of the town of Micanopy. Being alone, he was afraid to tackle the outlaw single-handed, as hemight get away again. So he blew his horn for two hours for help. The people in Micanopy heard the blowing, but did not know what it meant. Finally Murray came out of the house, about daylight, when McKinney at once fired upon him, and says he thinks he hit him. Murray, however, made good his escape. Noyes S. Collins, president of the Lake City Bank, recently suspended, has been arrested on two counts, the warrants being issued by Justice Frank D'Ferro on affidavits filed by James E. Young, the one charging him with the receiving of certain money and defaulting as to the same; the other with obtaining money under false pretenses. Both affect the county funds, and the latter involves W. J. Winegar of


Article from Evening Star, August 7, 1891

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A RECEIVER APPOINTED.-The controller of the currency today appointed Mr. Timothy B. Merrill receiver of the First National Bank of Palatka, Fla., now in charge of a national bank examiner. It is expected that Mr. Merrill will assume the duties of the receivership on or about the 15th instant.


Article from Asheville Daily Citizen, August 7, 1891

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Receiver Appointed. WASHINGTON, Aug. 7.-The comptroller of the currency today appointed Timothy B. Merritt, receiver of the first national bank of Palatka, Fla., now in charge of the national bank examiner. It is expected that Merritt will assume his duties of receivership on or about the 15th inst.


Article from Richmond Dispatch, August 8, 1891

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Receiver of Palatka's Broken Bank. (By telegraph to the Dispatch.] WASHINGTON, D. C., August 7.-The Comptroller of the Currency to-day appointed Timothy B. Merrill receiver of the First National Bank of Palatka. Fla., now in charge of a national-bank examiner. It is expected that Mr. Merrill will assume the duties of the receivership on or about the 15th instant.


Article from The Morning News, August 8, 1891

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Palatka's Bank Receiver. WASHINGTON, Aug. - -The controller of the currency to-day appointed Timothy B. Merrill receiver of the First National Bank of Palatka, Fla., now in charge of the national bank examiner. It is expected Mr. Merrill will assume the duties of the receivership on or about Aug. 15.


Article from The Roanoke Times, August 8, 1891

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A Bank Receiver Appointed. WASHINGTON, Aug.7.-[Special|-The comptroller of the currency to-day appointed Timothy B. Merrill receiver of the First National Bank, of Palatka, Florida, now in charge of the National Bank Examiner. It is expected that Merrill will assume the duties of the receivership on or about the 15th instant.


Article from The State Chronicle, August 8, 1891

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Two Washington Items, (By the United Press.) ASHINGTON, Aug. 7.-Capt. Healy, of the revenue cutter Bear, informs the Treasury Department unner date of Ounalaska, June 29th that he will leave for the Arctic ocean on June 30th. The comptroller of the currency has to-day appointed Mr. Timothy B. Merrill receiver of the First National Bank of Palatka, Fla., now in charge of a national bank examiner. It is expected that Mr. Merrill will assume the duties of the receivership on or about the 15th inst.


Article from The Morning News, August 25, 1891

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J. H. Humphries of Tampa. lately Braidentown. Fla bas been appointed b the leard of phosphate commissioner state inspector of phosphate Calvin Manning, a young man from tb northern part of Columbia county, B fev days ago, out & bes tree. from which he took sixty pounds of beautiful honey. There is an effort being made to organize 8 yaohting club in St. Augustine. Savera gentlemen met Saturday aight and It wa decided to call e meeting for to-morrov night. Col. R. B. Glann of Chipley has Onally succeeded ID organizing A company to build the long talked of railroad from Mont gomery to Lake St. Joseph via St. Ac drews bay The Alachma.county world's fair conven tion was held in Gainesville Saturday Forty delegates were elected to represen several districts of the county in the coming Orlando convention. The election to decide for or against . pecial tax for schools, and to elect trustee or the Sarasota school district resulted in 'For 8 Special Tax." and the elea of J. Hamilton Gillespie, F. R. Tucker John Helveston, as trustees. Halifax Journal: Above all things we B railroad from Daytona to the inte or to some point on the Gulf coast. A to DeLand or Orlando would answer bepurposes of local travel. but its continu across the state would be a great pub blessing. Columbia County Citizen: We saw E of tobacco taken at random from Prof. B. Moodie's erop. which is pronounced to the best Havana. An offer of $1 a hns been refused, 88 it is believed to worth $250. The professor will market 2,500 pounds. The doors of the First National Bank o Palatka were thrown open Saturday morn for the first time since the suspension The receiver has gone earnestly to work to adjust the affairs of the bank. and deposit will not have much longer to wait for tatements of their accounts. The citizens of Columbia county will in the court house at Lake City nex Saturday to appoint delegates to the Or lando convention. which is called for the purpose of devising ways and means fo having Florida represented in the great Co. lumbian exposition at Chicago. The board of state institutions has finished canvassing the bide for state printing. and awarded the contracts an follows The printing and binding of therevised statute to the Times-Union Printing Company of Jacksonville, the department printing to the Floridian Printing Company, and the legislative printing and supreme court re ports to John G. Collins of the Tallabassee Tallahasseean. Tampa News: A lot of negroes arrived here on Monday from some of the upper counties to work in the phosphate mines Peru, but in consequence of stories told them that the "crackers" on the Alafin would run them off or kill them every time got a chance, they refused to go further. Such stories of course are false, - labor will not be interfered with by people in that section, and persons who currency to it should be severely pun shed. Areadia Arcadian: A dispute arose be ween R. L. Holzendorf and a negro fish lealer, resulting in the vigorous appliance a stick on Holzendorf's head On Mon morning when the parties were ar aigned for trial there appeared about fifty egroes on the street, armed-not SO much the protection of their friends MM to ulidoze the citizens. There was a Win hester or good revolver for each negro, owever, and had they made a crooked there would be none of them now to how it all came about; for, besides a of armed citizens who had them comletely surrounded, we observed several looking weapons protruding through apper-story windows, and each had a dr. ermined countenance looking along the arrel. Monday 8 meeting of citizens was held at he court house at Arcadia, and resolutions astructing Justice Pooser to issue warrants the arrest of all negroes convicted of ambling in the mayor's court were adopted nanimously. Sheriff Dishong with two eputies went after the gamblers, forty in umber, but they had skipped to parts unnown. Ten were arrested Wednesday were bound over to await the action of next grand jury, while eight were sent Bartow jail for safe keeping. The sherif still out hunting the gamblers, and may in another bunch. A great deal o xcitement prevails, and, although the mat has passed off without bloodshed, it i eared matters will assume a different shap when the next crowd of armed negroes visi Arcadia. St. Augustine News: The pine known 8 be "Queen" or Indian river, was brough by D. A. McMilian in 1870 or '71 from Providence, R. I. The plants were give him by Mrs. Kate Chase Sprague laughter of Salmon P. Chase, Secretary o Treasury of the United States unde Ancoln's administration, she being the wif William Sprague, then governor o Rhode Island. They were the pines give her for her pinery at Providence by th Duchess of Devonshire, and were calle "Cleopatra," not "Queen," but as M. ( Burnham (from this it appears Mr. McMilla nust have given them to Mr. Burnbam Canavaral), knew little of the famous Quee Egypt, it was decided to call them b he more easily spoken Queen of Egyp hence our "Queen." Ordnance Sergeant M. H. Wilson, wt arrived in Key West a few days ago to re lieve Ordnance Sergeant Elijah Parker, the United States barracks. received a tel gram from St. Augustine Wednesday ever announcing the sudden death of Serg Parker at Fort Mariou barracks. Ordnand Sergeant Elijah Parker had been in con tinuous vice in the United States arm thirty-one years. and had, only & fe weeks previous to his untimely death, r ceived orders to proceed to Fort Mario near St. Augustine, to await retiremen and would have been placed on the retire in A few days. Sergt. Parker bad be quite III for several days before be left K West with a billons attack, but when left for Fort Marion he was feeling mue better. and bis physician. Dr. J. V Harr believed be was the road to aneed


Article from The Weekly Floridian, August 29, 1891

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will yet surpass other portions of the United States in grape growing. Immediately after:the grape harvest there-at the North -the foliage drops and the vines become dormant and remain so until the following spring. Here the fruit ripens early in July, sometimes in June, while the vines continue to grow until September. Thus they have the benefit of eight to twelve weeks reΓ§uperation and growth after the fruit is harvested. This gives them a store of vitality to throw into the fruit crop of the following season, which will naturally have the effect of increasing the yield and hastening maturity. Orange county in the vicinity of Orlando is setting out the White Niagara forty acres at a time. Ocala Banner: For several days the air has been full ot rumors of the sale of the Peninsular phosphate mine at Anthony, and Tuesday evening all the papers were deposited in the bank for the receipt of the money. Dr. Twiller, general manager of the French company of phosphate, Paris, is the person who will make the purchase, and the price to be paid is $200,000, the amount at which it was capitalized. Those most largely interested in the property are Capt. Thayer, Judge McConathy, Mrs. Milton and Will Sparr and Samuel Anthony of Ocala, Capt. Harter of Sparr, and Mr. Swain of Anthony. The company has been in successful operation for some time, and several cargoes of phosphate have been shipped, for which good prices were realized, The number of acres of land in the tract are 970, of which 385 are at Sparr. There is an effort being made to organize a yachting club in St. Augustine. At Tampa engineers have been at work surveying a five acre plat in the garrison for the purpose of building a United States marine hospital on it. S Columbia County Citizen: We saw a leaf of tobacco taken at random from Prof. F. B. Moodie's crop, which is pronounced n equal to the best Havanna. An offer of $1 a pound has been relused, as it is believed to be worth $2.50. The professor will d market 2,500 pounds. d The doors of the First National Bank of Palatka were thrown open Saturday morning for the first time since the suspension. S The receiver has gone earnestly to work to n adjust the affairs of the bank, and depositors will not have much longer to wait for statements of their accounts. S


Article from The Morning News, July 4, 1892

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Saturday from New Orleans. It is in the case of the Florida Land and Improvement Company V8. T. B. Merrill, receiver for the First National Bank of Palatka, W. J. Winegar and the Florida Land and Improvement Company, tried there in the United States court for the Northern district of Florida on April 13 last. The court of appeals reverses the decision of the lower court and assesses the costs against Merrill et al., amounting to $102 85. Arthur 0. Jackson, Florida's world fair commissioner and honorary commissioner of the world's Columbian exposition has arrived at Jacksonville. He has been ill for a month in Chicago with malarial typhoid fever, and is now back hoping to infuse new life into the world's fair movement. He comes with the assurance of $30,000 from non-resident property owners toward a fund of $50,000, provided the people of the state will contributa $20.000. This $50,000 is needed by the state commission for immediate work upon the Florida state building, for the securing transportation and placing of exhibits and for preliminary work upon the official state gazetteer. He will appeal to the several boards of county commissioners for a plan of action, the legality of which cannot be questioned, and hopes within thirty days to be again on his way to Chicago.


Article from The Ocala Evening Star, October 19, 1895

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JACKSONVILLE BANK. Washington, D. C., Oct. 19.The National Bank of Jacksonville yesterday brought suit against the Comptroller of the Currency to recover $16,103.81 and other moneys from the First National Bank of Palatka which suspended July 7. 1891.


Article from The Morning Times, October 19, 1895

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COMPTROLLER ECKELS SUED. Asked to Discover Assets of a Florida National Bank. The National Bank, of Jacksonville, Fla., yesterday brought suit against Hon. James H. Eckels, Comptroller of the Currency, asking that he be made to discover the amount of assets that came into the hands of Mr. T. B. Merrill, receiver for the First National Bank of Palatka, Fla. The bank suspended operations July 17, 1891, and the comptroller appointed Mr. Merrill receiver. As one of the creditors of the bank, the Jacksonville bank also asks that the comptroller be decreed to allow out of the security in his hands, $16,103.81 claimed to be due and that he pay a dividend of 45 per cent. on $5,596.96.