National Ulster County Bank (Kingston, NY)

View Charter #1050 on SPMC View balance sheet

Episode Information

Episode UID
105001102
Episode Type
Run Only
Bank Type
national
Bank ID
10500 national
Charter Number
1050
Start Date
October 6, 1891
Location
Kingston, New York

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fc78cc90b34096da

Response Measures

None

Description

Articles name Ulster County Savings Institution (a different bank) whose failure triggered runs on savings banks in Kingston and surrounding villages.

Events (3)
1. April 25, 1865 Chartered
Source
historical_nic
2. October 6, 1891 Run
Cause
Local Banks
Cause Details
Failure/wrecking of the Ulster County Savings Institution in Kingston triggered runs on other local savings banks and villages.
Newspaper Excerpt
The wrecking of the Ulster County Savings institution, at Kingston, N. Y., has caused a run on all the savings banks in that and surrounding villages.
Source
newspapers
3. December 15, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
1. October 4, 1873 National Republican Washington, DC
Article from National Republican, October 4, 1873

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Article Text

# SHALL THE BANK SUSPENSION CONTINUE It is very much to be feared that the banks will over-do the "financial business" in main-taining themselves in a state of slege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the con-sequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feel-ing is now rapidly gaining ground that no real necessity exists for the banks maintain-ing closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not ar-rived when the banks should manifest a dis-position to return to the normal condition of affairs. In a case of this kind a mere doubt in the public mind becomes a positive and threaten-ing danger, a danger as pregnant with dire-ful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situ-ation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institu-tions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some re-laxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a mag-nanimous public indulgence to speculate upon the people. Every day this suspension is maintained adds to the danger of the situation. Mechan-ical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings in-stitutions for their savings against an emer-gency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to per-mit this state of affairs to continue. If the banks fail to meet the emergency the emer-gency may overwhelm the banks in the com-mon disaster that is threatened. In connec-tion with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely: "Resumption is the sure refuge of the banks; it will save them from the disasters of the whole-sale depreciation of securities and products which a protracted suspension would almost cer-tainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may over-whelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplasterinundation. We say nothing here about the bankruptcy act further than this: that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."

2. October 6, 1891 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, October 6, 1891

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Article Text

ABBREVIATED TELEGRAMS. Jacob Turney, a Pennsylvania ex-congressman, is dead. Another strike is in progress among the dock laborers of London. Three persons lost their lives in a tenement house fire in New York. General Patrick Kirby died suddenly at his residence in New York yesterday morning. The Standard Oil company is reported to be behind a scheme to combine the southern rice mills. The directors of the Milwaukee exposition will try the experiment of keeping open Sunday, Oct. 11. A small boy and a cigarette caused a $10,000 fire at the Belton, Tex., cotton compress. About 400 bales were burned. Mrs. Hannah Evans, aged 42, was burned to death at Wilmington, Del. Her cloth. ing caught fire while she was lighting a pipe. The Chicago Journal proposes the following ticket: For president, Baby McKee: for vice president, Miss - Cleveland. An unknown Scandinavian was found dead in tne street at Republic, Mich. He had been shot in the back, and the coroner is investigating A party has left Black Foot, Idaho, to exhume the remains of Robert Ray Hamilton in order to ascertain whether he was drowned or murdered. The wrecking of the Ulster County Savings institution, at Kingston, N. Y., has caused a run on all the savings banks in that and surrounding villages. A bomb with a lighted fuse was found in the bishop's palace at Trieste, Austria. It was discovered by a servant and the fuse removed before it exploded. Governor Fifer has appointed Jonathan C. Willis, of Metropolis, Massac county, as railroad and warehouse commissioner, in place of Jno. R. Tanner resigned. The editor of Der Herold, the leading German daily of Wisconsin, throws cold water on the recently inaugurated "German Day," and says that Fourth of July is good enough for American citizens. Captain Eli Foster, a veteran of the Mexican and civil wars and one of the famous thirteen who dug the now historic tunnel at Libby prison, died Sunday morning at his home in Chicago, aged 64. Prince Albert Victor, eldest son of the Prince of Wales, is said to be mixed up very much in the scandal caused by the suicide of a beautiful Gaiety girl named Lydia Miller, and an accommodating London coroner is suppressing the evidence in the case. A crowd of roughs prevented George Francis Train from speaking at the Grand Opera house New York, whereupon, the erratic orator, justly indignant at such conduct in "the land of the free," etc., declared he would never speak in public again, closing with the forcible, if inelegant, expression, "D-n the American people, anyhow."

3. October 9, 1891 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, October 9, 1891

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Article Text

LATEST TELEGRAMS. NEWS IN BRIE THE Itata sailed for Valparaiso from San Diego Sunday. THREE and a half million dollars in gold arrived in New York Monday. A DAUGHTER was born to Mrs. Grover Cleveland Saturday morning. THE Minnesota Supreme Court has decided that dealing in grain futures is illegal. GENERAL ALPHEUS BAKER, a General of Confederate armies, died in Louisville Friday. GENERAL PATRICK KIRBY died suddenly at his residence in New York Monday morning. MRS. FRANK LESLIE was married to W. K. C. Wilde, brother of the famous Oscar, in New York city Sunday night. THE wrecking of the Ulster county Savings' Institution at Kingston, N. Y., has caused a run on all the saving banks in that and surrounding villages. THE four hundred striking miners of the Home and Riverside mines near Leavenworth, Kan, have gone back to work. STOCKS of wheat stored in private elevators of Minneapolis are computed to reach 500,000 bushels. DULUTH physicians are puzzled over the case of a man who has been asleep for a week. Ex SENATOR NORWOOD, of Georgia, makes public a plan which he thinks will cure all financial ills. THE steamship Ems, which arrived at New York Tuesday, has on board $1,259,000 in gold coin. THE French government is reported to hav' purchased large quantities of grain and meats in this country. THE resignation of W. W. Cook as surgeon of the Third Infantry, I. N. G., has been accepted by Adjutant General Reece. GOVERNMENT officials estimate the sugar crop of Kansas, Nebraska, Utah and California this year at 37,000,000 pounds. THE Teutonic has broken the record for the fastest east bound trip across the At lantic. Her time was 5 days, 21 hours and 22 minutes. An endowment association known as the Golden Grail has been placed in the hands of a receiver by the superior court of Boston. SETTLERS in the Calispel Valley, Idaho, are alarmed at the menacing attitude of the Indians and have asked for troops to protect them. COL. W. C. P. BRECKINRIDGE, Senator Blackburn and Hon John. W. Yoakes have accepted invitations to address the National Association of Editors and Publishers at Cincinnati, Oct. 22. THE La Bourgoine, which arrived at New York Tuesday, brought with her $1,770,000 in gold from Paris, making $4,020,000 gold received and $7,255,000 known to be on the way to this country. On Fulto due

4. March 12, 1908 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 12, 1908

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Article Text

FINANCIAL BILL HOTLY DENOUNCED Senator Clarke of Arkansas Hits Several Fierce Blows ALDRICH ATTEMPTS REPLY Investigation of Causes of the Panic Is Demanded by Senator Clarke, Who Also Denounces New York Stock Exchange. Washington, March 11.-Senator Clarke of Arkansas denounced the pending currency bill in a speech in the Senate today, declaring that no currency legislation should be enacted until an investigation is held as to the causes of the panic. "No such legislation is necessary now, said Mr. Clarke. "It is not only not necesI sary, but it may become dangerous. am not disposed to tolerate the idea of giving any support to the committee bill, nor the substitute proposed by the minority members of the Senate." If emergency currency is to be provided, Mr. Clarke said, the benefits should be extended all persons whose legitimate business demands cause them to need it. Mr. Clarke denounced the operations of stock exchanges and said the American people would not be satisfied with the proposed currency legislation without a complete knowledge of causes of the panic. "The time has arrived," he said, "when the affairs of the New .York stock exchange and other stock exchanges must be looked into." Mr. Clarke's reference to the stoppage of the payments by the New York banks called Mr. Aldrich to his feet with the remark that he did not believe the people would permit that course again to be pursued. "I trust the senator from Rhode Island as a historian," retorted Mr. Clarke, "but I do not trust him as a prophet." Mr. Clarke expressed the opinion that the majority would not pass the bill allowing the emergency circulation to be retired without limitation. Mr. Clarke said he would not only require a restriction of reserves, but he would deny to a national bank the right to pay interest on checking accounts. Senator Nelson suggested that the national banks should pay interest on the $250,000,000 of government deposits. Mr. Aldrich said that five years ago he had introduced a bill providing for the payment of interest on such deposits at the rate of 1 1/2 per cent, but, he added, senators had opposed that bill on the ground that it changed the nature of the loan. Former Senator Spooner and the late Senator Morgan, he said, opposed the bill. If that objection could be overcome he declared his willingness to again bring in such a measure. He did not know any reason unless it should be a legal one, of the kind suggested, why interest should not be charged on these deposits. Mr. Culberson, he said, had introduced a bill to require payment of interest on government deposits and it was now before the committee on finance. Mr. Bailey spoke at some length suggesting that the main purpose of his substitute was to favor the principle of government money instead of bank money He explained that he had provided for a distribution of the emergency currency in accordance with population, although he realized that business necessity was a greater measure of the amount they should have. But it was not possible to make sure of the business needs of the several sections and it was a simple matter to ascertain the population. An extended argument was made by Mr. Newlands of Nevada in favor of his view that the sending of a check from one state to another makes the business of banking interstate commerce.