First National Bank (Carlsbad, NM)

Episode Information

Episode UID
445501162
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
44550 national
Charter Number
4455
Start Date
October 19, 1896
Location
Carlsbad, New Mexico (32.421, -104.229)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e424239f7cb6a42a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1896-11-10
Date receivership terminated
1899-10-09
OCC cause of failure
Excessive lending
Share of assets assessed as good
35.6%
Share of assets assessed as doubtful
49.6%
Share of assets assessed as worthless
14.8%

Description

Articles refer to the First National Bank of Eddy (Eddy is the historical name for Carlsbad).

Events (4)

1. October 31, 1890 Chartered
Source
historical_nic
2. October 19, 1896 Suspension
Cause
Correspondent
Cause Details
Eastern banks refused to handle western paper amid election-related money uncertainties, precipitating lack of available deposits.
Newspaper Excerpt
On Monday morning the patrons of the First National bank of Eddy were somewhat astonished to find a notice on the front door to the effect that owing to lack of deposits the directors had decided to suspend.
Source
newspapers
3. November 10, 1896 Receivership
Source
historical_nic
4. November 10, 1896 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed Isaac W. Rogers receiver of the First National bank, at Eddy.
Source
newspapers

Newspaper Articles (16)

Article from The Indianapolis Journal, October 13, 1896

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Business Embarrassments. BOSTON, Oct. 12.-The Union Loan and Trust Company was not open for business this morning. This is the company for which the savings bank commissioners petitioned the court for a receiver last week, claiming its reserve is 5 per cent. below the legal requirements. The court made the order returnable Tuesday. The savings bank commissicners were in consultation with President Clark regarding the matter this afternoon. MIDDLETOWN, Conn., Oct. 12.-By the assignment of E. F. Bigelow, of Portland, the printer, the following papers which were printed in his establishment are compelled to suspend: The Middletown Tribune, the Middletown County Record, the Wesleyan College Argus and the Colchester Advocate. Of these the Tribune is a daily, the others weekly. CHARLESTON, W. Va., Oct. 12.-Colonel J. T. McLain, a large lumber dealer of Putnam county. assigned last Saturday. To-day Orcult & McLain, of this city, of which firm McLain was a member. assigned. McLain's liabilities are said to be $100,000 and those of the firm much less. WASHINGTON, Oct. 12.-The Controller of the Currency has received a telegram announcing the failure of the First National Bank of Eddy, N. M. The bank had a capital of $50,000 and its last report showed an indebtedness to depositors of about $75,000. BRIDGEPORT, Conn., Oct. 12.--The directors of the Morning Union (newspaper) have decided to ask for a receiver. The plant will be sold at auction.


Article from Marietta Daily Leader, October 14, 1896

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CONDENSED NEWS Gathered From All Parts of the Country by Telegraph. A hurricane prevailed at Nantucket, Mass., Sunday night. The wind blew 60 miles an hour. The treasury gold reserve declined Monday to $123,906,116, the withdrawals being $318,100. In the Wolcott-Scaldy fight at Maspeth Monday night, Wolcott was given the decision in the seventeenth round. A dispatch from Havana says the sick and wounded among the Spanish soldiers on the island of Cuba number 4,200. A cable dispatch from Vienna announces the death of Herr Anton Bruckner, the celebrated musical composer. The fight Monday night between Palmer and Murphy, at the National Sporting club, London, was won by Palmer. Controller Eckels received a dispatch Monday afternoon stating that the First national bank of Eddy, N. M., has suspended. The Dominion government has decided to proclaim the last Thursday in November, the 26th inst., as Thanksgiving day throughout Canada. The Paris Figaro says that the council of state has decided to refuse the extradition of P. J. P. Tynan, the alleged dynamite conspirator, to England. The 25th annual convention of the national board of steam navigation began at the Southern hotel, St. Louis, Tuesday afternoon, with about 200 delegates in attendance. At Claremont N. H., Walter P. Hunt, aged 27, shot and killed Irving Smith, aged 19, and then committed suicide by shooting himself. The men were farmers and had quarreled. William Barnie, at one time manager of the Baltimore team, and exmanager of the Hartford club, in the Atlantic league, has been appointed manager of the Brooklyn club in Dave Foutz's place. General Superintendent Robert Neilson, of the Philadelphia & Erie and Northern Central railroads, both of which are parts of the Pennsylvania railroad system, died at his home in Williamsport, Pa. The Wabash railway Monday announced a cut in rates on anthracite coal from Toledo to Kansas City and intermediate points of $2 per car. The Central Traffic association will likely meet the cut, which is likely to prove an entering wedge to a rate war. The cigarmakers Monday adopted a resolution prohibiting local unions from paying per capita tax to Central Labor unions which have professional politicians among the members, Lo. cal unions were instructed to affiliate with central bodies of the American Federation of Labor. The Braddock wire works of the Consolidated Steel and Iron Co., at Braddock, Pa., which have closed for four months except for several weeks when special orders were filled in the galvanizing department. will resume in all departments the latter part of the week, employing 1,000 men.


Article from Perrysburg Journal, October 17, 1896

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Albert Bray, aged 39, a farmer living Noblesville, Ind., cut the throats ot his near wife, his 9-year-old son, Carl, his 2year-old daughter, Edna, and then killed himself. No cause is known for the deed. Mrs. Henry Grundy. a rich widow aged died nt Youngstown, O., as the result 50, of starvation. Her husband recently died and she afterward refused all food. The Jasper county jail at Paulding, was burned and two prisoners, a Miss., E. A. Strickland and Mollie Daniels, negro woman. were cremated. George Sanders fatally assaulted Fisher with a club a piano tuner named at La Grange, Ind., and then hanged himself to a rafter in a deserted house. Corning, Ia., was visited by a busi- fire which destroyed one-third of the ness houses. the loss being $200,000. Dr. Andrew J. Purdy, aged 50. pasof the Asbury Methodist church at in Buffalo, tor dropped dead on the street Corning, N. Y. For spitting in his son's face Temple J. Houston shot and fatally wounded B. Jenkins at Woodward, O.T. Fred Pratt, the companion of John Sair in the bank robbery and double armurder D. at Sherburne, Minn., was rested at Albert Lea, in that state. James Anderson and Henry Cyat, a colored, were shot to death by both mob near Taylor's Ferry, Ala. They and were accused of having murdered robbed Randolph Falls, a farmer. hurricane caused immense damage A property on the New England coast and to the loss of several lives. At Garfield park, Chicago, James seconds Michael, the Welchman, clipped 18 the American five-mile bicycle was record. off His time for the distance 9:20. Mrs. G. Walsdorfer, of Leo, O., child was playing with her baby. when the with its struck its mother in the eyes finger nails, rendering her hopelessly a blind. The Security Trust company. banking concern at Nashua, N.H., failed for $300,000. Charles Hadworth and Henry Welsh for were executed at Wewoka, O. T., murder. The exports of specie from the port the New York for the week ended on and 10th of amounted to $1,000 in gold $873,740 in silver. The imports were: Gold, $2,213,296 silver, $57,907. Prof. J. A. Blaisdell, aged 69 years. Beloit college. committed suicide at of Kenosha, Wis. Sickness was the cause. Snow fell in portions of Nebraska with a temperature of only ten degrees above zero. After a four months' recess the United in States supreme court reconvened The Washington for the October term. court docket contains 615 cases. against Oc751 at the beginning of last year's tober term. An unknown man jumped into the at Prospect point, Niagara Falls, the and water was immediately swept over American falls. The visible supply of grain in the United States on the 12th was: Wheat, bush434,000 bushels; corn. 14,468,000 els; 52, oats. 9,533,000 bushels: rye, bushels. 2,032. 000 bushels: barley, 2,920,000 The effect of the political agitation business throughout the country upon indicated by the falling off in postal endreceipts is of $63,000 for the quarter ing September 30. The forty-third session of the International Typographical union convened at Colorado Springs. Col. The First national bank of Eddy, N. of M., closed its doors with liabilities $75.000. By the assignment of Printer follow- E. F. Bigelow, of Portland, Conn., the in his papers, which were printed to susestablishment, ing are compelled the The Middletown Tribune, Wespend: Middletown County Record, Colchester the leyan College Argus and the Advocate. Col. J. R. McLain. a large lumber asdealer of Putnam county. W. Va., signed with liabilities of $100,000. Because his sweetheart, Miss Tillie Dietzman. would not consent to marry Philip Zimmer shot and fatally then wounded him. the girl in St. Louis and killed himself Epping, N. H., was visited by a busi- fire destroyed six of its principal $100, that ness houses and caused a loss of 000. While Preserved Grant was Chardon, coma patent medicine at a Mrs. pounding the mixture exploded and in Perry O., and her child were fataMy jured. The Atlantic coast in both directions with New York was strewn from wrecks of bathhouses, piers and yachts, broke result of a high tide which the records. At many resorts summer moorhotels all were plucked from their and floated out to sea. ings Fire destroyed business buildings at at Great Barrington, Mass.. valued $200,000. Bufford Overton was executed at Har- 1895. Ky., for the murder, June 21, Jewish lan, of Gustave and Julia Loeb, two peddlers. PERSONAL AND POLITICAL. Y. Atkinson was reelected gover by a ( W. of Georgia by the democrats 35,000. majority nor of not less than once Gen. George A. Sheridan, political of speaker Louisfamous


Article from The Diamond Drill, October 17, 1896

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United States on the 12th was: Wheat, 434,000 bushels; corn, 14,468,000 bushoats, 9,533,000 bushels: rye, 2,032,bushels: barley, 2,920,000 bushels. The effect of the political agitation upon business throughout the country indicated by the falling off in postal receipts of $63,000 for the quarter endSeptember 30. The forty-third session of the International Typographical union convered Colorado Springs, Col. The First national bank of Eddy, N. M., closed its doors with liabilities of $75,000. By the assignment of Printer E. F. Bigelow, of Portland, Conn., the followpapers, which were printed in his establishment, are compelled to suspend: The Middletown Tribune, the Middletown County Record, the Wasleyan College Argus and the Colehester Advocate. Col. J. R. McLain, a large lumber dealer of Putnam county, W. Va., assigned with liabilities of $100,000. Because his sweetheart, Miss Tillie Dietzman, would not consent to marry him, Philip Zimmer shot and fatally wounded the girl in St. Louis and then killed bimself. Epping, N. H., was visited by a fire that destroyed six of its principal busihouses and caused a loss of $100,000. While Preserved Grant was compounding a patent medicine at Charden, O., the mixture exploded and a Mrs. Perry and her child were fatally injured. The Atlantic coast in both directions from New York was strewn with wrecks of bathhouses, piers and yachts, the result of a high tide which broke records. At many resorts summer hotels were plucked from their moorings and floated out to sea. Fire destroyed business buildings at Great Barrington, Mass.. valued at $200,000. Bufford Overton was executed at HarKy., for the murder, June 21, 1895, of Gustave and Julia Loeb, two Jewish peddlers. Gen. Edward S. Bragg, of Wisconsin. been appointed by Attorney-GenHarmon especial assistant to the United States district attorney for the eastern district of Wisconsin. The Union Veteran Legion began its eleventh annual encampment in Washington. For the first time in the history of New York state courts women were appointed receivers in supplementary proceedings of insolvency in New York city. A statement prepared by the bureau of mints shows that during the month of September last the mints of the United States coined 2,700,100 silver dolars. The Cooperative Fruit company of New Castle, Call, failed for $100,000. The notorious Bill Green gang of desperadoes, composed of Bill, Edward and Arthur Green, was found near Oologah. T., and Bill and Edward were killed the officers. The barkentine Thomas J. Stewart. of Boston. was lost at sea with her crew of 11 men. An organized effort is being made in South Dakota to boycott the hard coal combine throughout the northwest by inducing as many consumers as possito substitute corn for fuel. Later advices from the storm on the Atlantic coast say that the property damage at Coney Island and other places in the vicinity will amount to $500,000. Six lives were also lost. The Sherburne (Minn.) bank robbers have been identified as Lu Kellihan and brother Hans, the latter, who was killed by his captors, being only 18 years old. Knights of the Golden Engle from nearly every part of the United States at Reading. Pa., in annual conven-


Article from Santa Fe Daily New Mexican, October 23, 1896

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On Monday morning & the patrons of the First National bank of Eddy were omewhat astonished to find a notice on the front door to the effect that owing to lack of deposits the directors had decided to suspend. On interviewing the president, Mr. R. H. Pierce, he stated that all depositors would be paid in fall, and that the bank would probably resume in sixty days, says the Eddy Current. The assets amount to $105,000 and the deposits $52,000. The assets consist of about $10,000 available cash, $50,000 good notes, $20,000 in lands at sacrifice prices, and the balance in overdrafts, fixtures, etc. The first dividend will probably be paid depositors in thirty days and will be about 25 per cent and the balance as fast as the institution can realize on its collaterals. The showing made by the bank is exceptional and no doubt the bank will shortly be able to resume business. One of the main causes which precipitated the suspension is the fact that eastern banks have recently refused to handle western paper, alleging the uncertanties of money matters pending the election, do not justify the placing of money at


Article from The Topeka State Journal, November 10, 1896

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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.


Article from The Providence News, November 11, 1896

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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.


Article from Las Vegas Daily Optic, November 12, 1896

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Owing to the suspension of the First national bank. of Eddy, the funds belonging to Eddy county will be unavailable for an indefinite time, as they were deposited in this bank. The bank will pay its depositors in full, but it is impossible to say how soon, as it takes a long time to adjust complicated affairs of this kind, but whether it does or not, the county shall loose nothing by the failure of the bank, and parties holding claims against the county shall not be inconvenienced.


Article from The Austin Weekly Statesman, November 12, 1896

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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.


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.


Article from Las Vegas Daily Optic, November 17, 1896

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The comptroller of the currency has appointed Isaac W. Rogers receiver of the First National bank, at Eddy. - A


Article from Las Vegas Daily Optic, January 28, 1897

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Isaac W. Rogers, receiver for the First national bank at Eddy, announces that a dividend of 25 per cent. will be paid on all claims against the bank just as soon as the necessary papers can be made out.


Article from Las Vegas Daily Optic, January 26, 1898

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I. W. Rogers, receiver of the First National bank of Eddy, has received payment at sixty-five cents on the dollar for the $7,000 Eidy county bonds sold in Chicago and the amount has been sent to Washington, so depositors may look for a dividend shortly.


Article from Albuquerque Daily Citizen, March 30, 1898

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Stockholders Will Have to Pay The comptroller of the currency, Charles G. Dawes, has levied an assess ment upon the shareholders of the First National bank of Eddy. The comptroller cites that "upon the proper accounting by the receiver heretofore appointed to collect the assets of the bank. and upon valuation of the uncollected assets remaining in his hands, it appears to my satisfaction that in order to pay the debts of such association. it is necessary to enforce the individual liability of the stockholders, therefore I do hereby make an assessment and requisition upon the shareholders of said bank for $18,000, to be paid by them ratably on or before the 14th day of April 1898; and I hereby make demand upon each and every one of them for $36 upon each and every share of the capital stock of said association held or owned by them at the time of its failure and hereby direct Isaac W. Rogers. the receiver heretofore appointed, to take all necessary proceedings, by suit or otherwise, to enforce to that extent the said individual liability of the said shareholders."


Article from The Eddy Current, June 25, 1898

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The bank fixtures of the busted First National were this week purchased from the receiver by the newly organized Bank of Eddy and the building rented from the P. I. & I, Co. The new bank will open up some time after July 1st.


Article from El Paso Daily Herald, October 4, 1899

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# THE FRANCIS Will be Managed By a Chicago Man. J. W. Rogers, formerly of Chicago, is in the city to take charge of the D. R. Francis. Mr. Rogers was formerly proprietor of the Galt house at Chicago and is an up to date hotel man. Recently he was receiver of the defunct First National bank of Eddy and settled all claims at par. The Francis will be newly equipped throughout, including the new building, and the furniture is now being shipped from the east. It is proposed to make the Francis one of the best hotels in the city. Mr. Rogers is highly pleased with El Paso and says she has a bright future ahead of her. He will place his children in the public school.