Albany City National Bank (Albany, NY)

View Charter #1291 on SPMC View balance sheet

Episode Information

Episode UID
129101085
Episode Type
Run Only
Bank Type
national
Bank ID
12910 national
Charter Number
1291
Start Date
May 11, 1890
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bb6520be57a91367

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Books examined

Description

State examiner planned to 'take possession' for investigation but no suspension or closure is reported.

Events (4)
1. June 16, 1865 Chartered
Source
historical_nic
2. May 11, 1890 Run
Cause
Bank Specific Adverse Info
Cause Details
Large embezzlement by bookkeeper George P. Whitney (estimates $80,000โ€“$100,000+) undermined confidence and prompted expected withdrawals.
Measures
Other local banks offered liquidity support; Albany City Savings Institution placed $250,000 at disposal to meet demands.
Newspaper Excerpt
They believe that the confidence of the people is shaken, and there is no telling what turn affairs will take. . . . run is expected by the directors of the discount bank.
Source
newspapers
3. May 12, 1890 Other
Newspaper Excerpt
The State Bank Examiner, Mr. Groesbeck, was in consultation here ... Mr. Groesbeck will take possession of the bank to morrow ... and will begin an investigation to cover a year back . . . . (May 11/12 reports).
Source
newspapers
4. February 5, 1902 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. May 12, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 12, 1890

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Article Text

He Lived High. ALBANY, N. Y., May 10.-The profoundest sensation was caused in business and social circles today by the announcement that George P. Whitney, individual bookkeeper of the Albany City National Bank, was an en bezzler of the bank's funds to the amount of nearly $80,000. The defalcations have been going on at least two and a half years. Whitney was accused of the crime, and made a confession which may result in implicating a prominent business firm here. Bank officials are reticent. but it is generally understood the defalcation is the result of a conspiracy between Whitney and the firm referred to. For the past two days he has been engaged in assisting experts in unravelling his accounts, and showed no disposition to evade the law. If the defalcation reaches $80,000 the capital of the bank is impaired, as by the last re. port the surplus and individual profits amount to only $50,000. Whitney was arrested late this afternoon at the instigation of his bondsmen and arraigned before United States Commissioner King. Much sympathy is expressed for Whitney, who was evidently instigated to the crime by the demands of the parties whic derived benefit from the theft. Though he has been employed by the bank 24 years his salary until recently has only been $1500 per year. It is thought he has been living beyond his means, and speculation is assigned as one of the causes. ALBANY, N. Y., May 11.-The whole clerical force of the Albany City Bank, from which Bookkeeper Whitney embezzled, has been at work on the books. It is stated the sum will be $100,000 or over. The bank is perfectly solvent, and is prepared for a run in the morning. William Gould, of the firm said to have been in collusion with Whitney, said tonight that the statement was false, and asserted individual members of the firm had been culprits. Several other firms are mentioned as having crooked transactions. One of the directors of the bank, Amsdell, the head of a large brewing firm, paid in $10,000 last night to cover worthless paper his son made in collusion with Whltney. Burglars in Canton. CANTON, May 10.--Burglars raided several places in town Friday night. Tools were taken from a blacksmith shop with which the front doors of Houghton's hardware store were pried open. His safe was cracked but encountering a steel chest which contained all the money, nothing was secured here. The station office of the Rumford Falls & Buckfield railroad was entered, the safe cracked and the money drawer carried off with about $6. Coburn's grain store was entered and a bag of oats taken. Entrance was attempted at Taylor & Griffith's store, but the burglars were unsuccessful. Fresh wagon tracks after the rain showed the manner and direction of the approach and departure of the burglars. Two men seen on the street at a late hour are supposed to have been the thieves.

2. May 12, 1890 New-York Tribune New York, NY
Article from New-York Tribune, May 12, 1890

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Article Text

HELPING THE CRIPPLED ALBANY BANK. Albany, May 11 (Special).-The State Bank Exam. iner. Mr. Groesbeck, was in consultation here this afternoon with the officers of the Albany City National Bank, whose individual bookkeeper is a tofaulter to a large sum. Mr. Groesbeck will take possession of the bank to morrow. it is understood, and will begin an investigation to cover a year back. which will include the three large losses this bank has suffered. There have been meetings of directors of several banks to day, and it was the sense of all that each had better prepare for any emergency. They believe that the confidence of the people is shaken. and there is no telling what turn affairs will take. They also prof fered aid in sams ranging from $30,000 to #200,000 to the unfortunate bank. The Albany City savings Institution, which occupies the same building with the crippled bank, has placed at the disposal of the discount bank a quarter of a million of dollars, which, A it thinks, will be sufficient to meet all demands. run is expected by the directors of the discount bank. but they assert that they are prepared for it, and that they are able to meet all obligations.

3. May 12, 1890 The Sun New York, NY
Article from The Sun, May 12, 1890

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Article Text

THE ALBANY BANK DEFALCATION. It May Amount to Over $100,000-Other Banks Preparing for a Run. ALBANY, May 11.-The clerks of the City National Bank were kept at work on the books all last night and to-day. but without discovering that the defalcation of Bookkeeper Whitney was any less than even the higher flgures of yesterday's estimates. It is even intimated that the aggregate of the overdrawn accounts covered by false entries will amount to over $100.000, and it is now thought that these operations have been going on for nearly. if not quite, ten years. The members of the Gould firm are to-day disclaiming all knowledge of Whitney's transactions, and aver that they are not concerned further than that ex-Recorder Anthony Gould, one of the family. acted as Whitney's counsel. Some comment has been excited by the secrecy with which the examination before United States Commissioner King has been conducted. and by the sureties he accepted. These sureties are Stephen W. Whitney (father of the defaulter). Police Commissioner George L. Thomas, and E. L. Taylor. The further examination on May 16 is therefore looked forward to with interest. The City Nations Bar k and its sister institution, the City Savings Institution. anticipate a run to-morrow. and are making preparations to meet it. The directors of the other banks have held meetings and have proffered all needed assistance. Believing that in the excitement depositors of other banks will become alarmed, there has been a general preparation for a run. United States Bank Examiner Groesbeck is here. and is expected to take possession to-morrow and begin a thorough investigation. The City Savings Institution has thus far been able to secure a quarter of a million. which it has placed at the disposal of the crippled bank.

4. May 13, 1890 Daily Republican Wilmington, DE
Article from Daily Republican, May 13, 1890

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Article Text

A $100,000 Thief. ALBANY, N. Y., May 13.-The stealings of Bookkeeper Whitney from the National City Bank of this city, are now said to exceed $100,000. A run on the bank was expected yesterday, but the deposits are reported to have exceeded the amounts withdrawn.

5. May 15, 1890 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, May 15, 1890

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Article Text

# IN GENERAL. The dwelling of Jacob Kramer, in Donegal township, Pa., was wrecked by a tornado on Saturday night. Kramer and his wife were fatally injured. General Julius White, ex-minister to the Argentine Republic, died on Monday at his residence in Evanston, Ill. He was prominent as a Union soldier during the late war. He was 54 y ars of age. Edward Bennett, a negro convict in Herne, Texas, committed a criminal assault upon a white woman on Saturday. On Sunday he was taken from jail by a mob and was hanged to a tree. The chief of the bureau of statistices reports that the total value of the exports of domestic mineral oils from the United States during the month of April, 1899, was $3,716,263; for April, 1889, the figures were $3,641,490. The stealings of Bookkeeper Whitney from the National City Bank of Albany, N. Y., are now said to exceed $100,000. A run on the band was expected on Monday, but the deposits are reported to have exoseded the amounts withdrawn. The state board of railroad commissioners of Missouri on Monday decided that hereafter the practice must be abandoned of collecting extra fare from passengers who fali to buy tickets, where the extra fare is in excess of the statutory rate. At a meeting of Roman Catholics in Pittsburg on Sunday night, an organization was formed, to be known as the American Federation of Cathode Societies. It is proposed to consolidate all the Catholic organizations in the country under that name. The tor ado which wrecked Akron, Ohio, on Saturday night, visited Limaviile, where a number of house were badiy damaged. At the house of Amos Hart, a giri baby, 18 months old, was killed, and Mrs. Hart and daughter were badly hurt. The loss by the burning of the old engineer storehonse at Willet's Point, Long Island, on Saturday, is now estimated at not more than $45,000, Colone! King, commanding the post, has ordered an investigation of the origin of the fire, incendiar-lem being alleged. Crop reports from 65 counties in Iowa show that the crop outlook is somewhat Improved by the rain fall of last week, and with average temperature and precipitation the remainder of the season, the crop of cereals will be ample, Corn planting is well advanced, and theseed is germinating. Hon. Reuben B. Thrall, said to be the oldest practicing attorney in the Uatted States, died in Rutland, Vt., on Sunday, aged 95 years. He had cases on the docket of the county and supreme court at the time of his death. He was state-attorney in 1836, and an old-time Abolitionist and co-worker with William Lloyd Garrison. Marshal Johnson, with 25 prisoners, charged with filicit distilling, reached Covington, Ky., Monday from Pineville. He was accompanied by seven guards and 75 witnesses. Marshal Johnson had not heard of the reported murder of Captain Hawkins, revenue officer, and 23 men, when he left Pineville, and his judgment is that it is a mistake. The attorney-general of the United States has been informed by Marshal Weeks, of Northern Florida, that he has arrested in Leon county, three men, two for violation of election laws and one for conspiracy. He says that affairs in the state are improving, and that "the President's letter in regard to the enforcement of the laws is gradually causing a change of sentiment among the people." A mortgage has been placed on record in Chippewa Falls, Wis., by the Wisconsin Iron Company. It is given to the Massachusetts Loan and Trust Company. The amount is $1,500,000 and covers 5,986 acres in Ashland county, 206 ะตะทะณะตะฒ in Chippewa, 4.991 in St. Croix, 9,984 in Plerce and 13,320 in Tavior; the right of way through St. Croix county; also, land in Pierce and Dunn countles and the minerals and saw miils on such lands. Edward Reed, a clerk at the southern white lead works, in Chicago, was fatally shot Monday by George Bartley, a striker. Bartley and another striker entered the works somewhat intoxicated and was chaffed by the men in the establishment. Reed, who had taken no part in the talk, was set upon by Bartley. The clerk disarmed the striker and threw the revolver away, but Bart ey immediately recovered the weapon and shot Reed in the brea-t. The United States steamer Essex, now at New York, will probably be sent to the European station and will be the sole representative of this veroment on that station until some of the verseis now under construction are completed. I was originally intended to send this vessel to Brazil, but this will not be done now that the Squadron of Evointion is going there. In case the Easex is sent to Europe she will carry the remains of Inventor Ericsson to Sweden, the land of his birth. The Eater-prise, which was to have performed this service, will be atrached to the North Atlantic station, relieving the Yautic and Galena.