13477. Ulster County Savings Institution (Kingston, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
September 19, 1891
Location
Kingston, New York (41.927, -73.997)

Metadata

Model
gpt-5-mini
Short Digest
f455fc2fb9696446

Response Measures

None

Description

Articles document an initial run in Sept 1891 after discovery of large embezzlement by the treasurer, subsequent suspension/closure under the state banking superintendent and appointment of a receiver in early October 1891, and a court-approved plan leading to resumption of business Feb 9, 1892 (paying 25% on demand). OCR errors in some articles corrected (e.g., 'U1ster' -> Ulster). Causes are bank-specific embezzlement; no evidence of misinformation or purely correspondent/macro causes.

Events (5)
1. September 19, 1891 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery/revelation of embezzlement by Treasurer James E. Ostrander (and later assistant treasurer Trumpbour) prompted depositors to withdraw funds.
Measures
Bank officials kept the bank open extended hours and paid out deposits; other local banks provided funds (e.g., Rondout National gave $30,000) and trustees issued reassuring statements.
Newspaper Excerpt
Long before the time for opening the bank this morning a small army of depositors was massed in front of the main entrance... the run continued steadily throughout the morning, and the bank officials were kept busy paying out the money.
Source
newspapers
2. October 3, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examiners found large-scale embezzlement (initially reported ~$463,000; later estimates larger) leading the superintendent to close the bank and take charge for examination and protection of assets.
Newspaper Excerpt
The Ulster county savings institution has closed its doors and is in charge of Bank Superintendent Preston.
Source
newspapers
3. October 5, 1891 Receivership
Newspaper Excerpt
Nicholas E. Broadhead of Kingston, today was appointed temporary receiver of the Ulster County Saving bank at Kingston... Injunction restraining creditors and depositors from bringing attachments against bank assets was granted by the court.
Source
newspapers
4. October 24, 1891 Other
Newspaper Excerpt
Superintendent Preston proposed a plan to induce depositors to leave their money for two years without interest... I am confident... the bank can resume the transaction of business within the next few days (statement).
Source
newspapers
5. February 9, 1892 Reopening
Newspaper Excerpt
The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected.
Source
newspapers

Newspaper Articles (24)
1. September 19, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, September 19, 1891

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CONDENSED TELEGRAMS. SAVANNAH (Ga.), Sept. 18.-Albert Morea, alias Grant Kitchen, a negro wife-murderer, was hanged in the County Jall this morning. BERLIN, Sept. 18.-At the experiment today at the Juterbogk, near this city, with a new style field piece, a shell exploded and seriously injured six persons. BERLIN, Sept. 18.-Dispatches from Zanzibar state that Lieutenant Lettenborn and sixty-five survivors of the Zalewski expedition have arrived at Bagamoyo. GAINSVILLE (Tex.), Sept. 18.-It is said there will probably be a general strike on the Santa Fe because of the laying off of conductors and brakemen without cause. GUTHRIE (O. T.), Sept. 18.-The Cherokees have given notice of an appeal from the decision of Judge Green, and will carry the case to the Supreme Court of the United States. DULUTH (Minn.), Sept. 18.-Mrs. Robert Kennedy. her son and her daughter, Mrs. R. W. Armstrong, are said to have fallen heir to a fortune in England valued at $9,000,000. BERLIN, Sept. 18.-The German press generally views the "Lohengrin" incident with indifference, some persons remarking the firmness of the French Government as reassuring. CINCINNATI, Sept. 18.-In consequence of revelations by Burglar Anderson. L. M. Hadden, an attorney, a d Cal Tucker, night watchman at the jail, have been arrested on the charge of aiding the prisoner to escape. CITY OF MEXICO, Sept. 18.-The Mexican Government has declared the concession granted Messrs. Ellis and Ferguson for the colonization of negroes in Mexico forfeited, on account of non-compliance with the contract. NEW YORK, Sept. 18.-The attachment granted by the Supreme Court in the suit of the Mexican National Railroad Company was dismissed to-day by Justice Pratt of Brooklyn upon filing an undertaking for $170,000 by the company. KANSAS CITY, April 18.-A Star special from Topeka, Kans., says the United States Savings Bank, which failed last March, was again placed in the hands of a receiver this morning. William Sims, ex-State Treasurer, is appointed receiver. PHILADELPHIA, Sept. 18.-Lincoln PerSOD, a noted desperado, one of a number of prisoners being taken to the Penitentiary, picked the lock on his handcuffs and then escaped by jumping from the train, which was going at the rate of forty miles an hour. ROME, Sept. 18.-The Pope's health is said to be better than for a long time. Nevertheless, his physicians insist more vigorously than ever that he observe their hygienic prescriptions in order that he may be strong enough to receive the various piigrimages now being organized. CHARDON (Ohio), Sept. 18.-The report has reached this city of the killing of three men at Montville, ten miles from here, by the explosion this morning of a boiler in a jelly factory. The entire building was demolished. It was reported later that two little girls were among the killel. EAGLE PASS (Tex.), Sept. 18.-R. H. Duncan was hanged here at 11:25 o'clock his morning. The crime for which He WAS xecuted was the murder, in February, 1889, of the Williamson family of four persons of Sansaba County, Tex. The motive for the murder will never perhaps be discovered. KINGSTON (N. Y.). Sept. 18.-The Trustees of the Ulster County Savings Institution have removed James E. Ostrander from the office of Treasurer. The amount misappropria ed is between $60,000 and $80,000. Ostrander is under arrest at his house, and will turn over real estate to cover his shortage.

2. September 20, 1891 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1891

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SUNDAY, SEPTEMBER 20, 1891. TWENTY-FOURPAGES THE NEWS THIS MORNING. Foreign.-Twenty-nine miners lost their lives by an explosion in a Belgian colliery. Proposals will be submitted to the Upper Chamber in New-Zealand for a legislative body to be comThe Pope received posed entirely of women. a deputation of French workingmen to whom From he made an address on the labor question. the Bank of England £90,000 were withdrawn for New-York yesterday. Domestic.-A family of six persons perished in an early morning fire in a Chicago tenement. Five men were killed in a collision on the The run on Union Pacific road in Idaho. the Ulster County Savings Bank in Kingston continued, but all depositors were promptly paid. Prairie fires are raging in the Northwest. Much damage was done by lightning in The St. Clair tunnel was opened; Maine. speeches were made by Erastus Wiman, Sir Henry Tyler, president of the Grand Trunk road; and The city of Hamilton, Ohio, celeothers. brated its centennial; among those present were Major McKinley and Governor Campbell. The Pennsylvania Legislative Investigating Committee examined Auditor-General McCammant on the Bardsley defalcation. City and Suburban.-A reception was given to J. Sloat Fassett by the Lincoln Club of Brooklyn. The Manhattan Athletic Club formally opened its new grounds with a fine carnival of sports at which several records were broken. Chesapeake, Yorkville Belle, Tenny, Actor, St. Charles and Sir George won at Gravesend, but Madstone and Homer ran a dead heat in the second race. The New-York baseball team defeated the Chicago nine and the Bridegrooms, Cleveland. == James Harriman made an assignment. Stocks active and higher, closing buoyant at the highest points on further large shipments of gold from Europe. The Weather.-Indications for to-day: Fair and cooler. Temperature yesterday: Highest, 80 degrees; lowest. 69: average. 74 2-8.

3. September 20, 1891 The Sun New York, NY
Article from The Sun, September 20, 1891

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THE KINGSTON BANK DEFAULTER. He Makes an Assignment, Making His Bondsmen Preferred Creditors. KINGSTON. Sept. 19.-The defalcation of Treasurer Ostrander of the Ulster County Savings Institution has been the absorbing topic of conversation here to-day. Long before the time for opening the bank this morning a small army of depositors was massed in front of the main entrance. waiting to present their books and receive their deposits. The news of the embezzlement had reached the country towns. and farmers and others hastened to the city to withdraw their money. Many. upon learning that the stability of the bank was unquestioned. and that the surplus was far in excess of any possible amount that Ostrander had taken. did not attempt to draw their deposits. The run continued steadily throughout the morning. and the bank officials were kent busy paying out the money. The bank on Saturday closes at noon. but large posters conspienously displayed in front of the building announced that. in order to accommodate the depositors. the bank would be kept open until 6 o'clock or later. During the afternoon the excitement was somewhat allayed. Ostrander is at his home in custody of Chief of Police Hood and Detective Cahili. Ha has nothing to say regarding the charges. He is by no means so nonchalant as he was when taken before the Recorder yesterday. Intimate friends who have seen him to-day say that he is 8 mental and physical wreck. Judge Edwards of the Supreme Court of this district, who was expected here to-day to hold Special Term. and before whom application was to be made to admit the prisoner to bail. sent word that he could not come. Judge Sanderson of Athens. the county Judge of Greene county. was telegraphed to. asking that he he present at the opening at the Court of Sessions. this city. next Monday. to admit Ostrander to bail. District Attorney Vandertyn arrived here to-day to take charge of the case on behalf of the people. He had an interview with Chief Hood. which resulted in his leaving the prisoner in his custody until Monday. Dr. E. H. Goughran is-ued a certificate stating that he had examined Mr. Ostrander and that in his opinion it would be hazardous to confine the prisoner in jail, or even compel him to he taken out of town before a Judge to make application for bail. Mr. Ostrander made A general assignment of his property to-day to Cap. Jacob H. Tremper of the Romer and Tremper Steamboat Company. who is his son-in-law. making preferences of his bondsmen. It is impossible ns vet to tell the exact amount of money Ostrander appropriated to his own use. The peculations cover a period of ten or twelve years. and were taken in sums ranging from $100 to $4.000. County Judge Clearwater is noting as his legal adviser. The bank is amply provided with funds to Day all demands upon it. Outside speculators are purchasing the books of depositors in order to make the three months' interest. which is about due. Cashier Alliger of the Rondout National Bank gave the savings bank $30.000 this afternoon. and will aid it in any possible way. The other local national banks offer 10 come to its assistance if necessary.

4. September 22, 1891 Evening Journal Wilmington, DE
Article from Evening Journal, September 22, 1891

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Ostrander Goes to Jail. KINGSTON, N. Y., Sept. 22.-James E. Ostrander, the defaulting treasurer of the Ulster County Savings institution, charged with embezzlement, waived examination. He declined to make any statement and was committed to jail to await the action of the grand jury. The run on the bank is practically over. About $200,000 was paid out to excited depositors on Friday and Saturday.

5. October 3, 1891 The Dalles Daily Chronicle Dalles, OR
Article from The Dalles Daily Chronicle, October 3, 1891

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ANOTHER BANK CLOSES A Systematic Plan of Plundering the Bank Carried on for Twenty Years. A Number of California Senators to Appear Before his Honor---Gen. Boulanger's Funeral. Bounty on Beet Sugar---Another Short Treasury Report---Other Short Mention. KINGSTON, Oct. 3.-The Ulster county savings institution has closed its doors and is in charge of Bank Superintendent Preston. The examiners, who have been at work since Tuesday, have already found that $463,000 has been stolen by Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer. It is feared the stealings will reach over that amount. At midnight last night Superintendent Preston swore to a complaint charging Trumpbour with.perjury in swearing to false statements contained in the July report of the bank to the banking department, and Trumpbour was arrested as he was just preparing to flee from the town. Ostrander was arrested about two weeks ago for embezzling $75,000, and was under bonds of $20,000. His bondsmen last night turned him over to Sheriff Dill, and he was locked in jail. The system adopted by Ostrander and Trumpbour was most ingenious, and for 20 years has baffled the skill of the expert examiners in the employ of the state. Carrying it out, deceit and perjury were frequently and effectually einployed. The statement of the bank showed their resources to be $2,135,000; due depositors, $1,888,000; surplus, $247,000. It is impossible to tell or even conjecture the effect the closing of the bank will have on the people of Ulster county. The majority of the depositors are poor people. The Ulster county banking institution was incorporated by an act of the legislature of April 12, 1851. The people had great confidence in the institution. It is said the number of bonds mentioned in the statement of the trustees were hypothecated in New York by Ostrander and Trumpbour. Another method mentioned was that deposits in many cases were entered on the bank register for only a half and a third of the amount received, while the entries in depositors' books were for the full amount, the difference being taken by the thieves. The streets of Kingston are filled with people, and depositors are arriving on every train and by all manner of vehicles. Occasionally some of the excited farmers threaten to break into the bank building and get their money, while others suggest lynching. Business is virtually suspended. One man who had $700 on deposit has developed symptoms of insanity and it is feared it will be necessary to take him to the asylum. The city officials, fearing the threats to burn the jail where Ostrander and Trumpbour are confined would be carried into execution, summoned the firedepartment, the members of which are now watching the bank building, court house and jail opposite. The prisoners were arraigned this afternoon. It is stated on the street today that after the affairs are wound up, the

6. October 4, 1891 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, October 4, 1891

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A WRECKED BANK. KINGSTON, N. Y., Oct. 3.-The Ulster County Savings institution has closed its doors and is in charge of Bank Superintendent Charles M. Preston. Expert examiners have been at work since Tuesday and have found already that the enormous sum of $463,000 has been stolen by Treasurer Ostrander and Matthew T, Trumpbour, assistant treasurer. It is feared that the stealings will reach over that amount. At midnight last night Superintendent Preston swore to a complaint against Trumpbour. He was arrested at his house by Chief of Police Hood. He had his clothes all packed up and was preparing to flee from town. It is hard to tell what effect the failure will have upon the people of this county, as the depositors are mostly poor people, many of whom are old persons dependent upon the interest of a few thousand dollars which they had deposited in the bank. The people had great confidence in the institution and the deposits, from $586,456.14 in 1867 run up to $2,196,070.33 in 1873. No matter what the state of the money market might be, it was always conceded by every one that the Ulster County Savings institution was sound. Superintendent Preston says he will give a statement at 2 o'clock this afternoou to the papers. The streets of Kingston are filled with people and depositors are arriving on every train and by all manner of vehicles. Business is virtually suspended, and nothing else is talked about. The city officials, fearing that the threats to burn the jail where Ostrander and Trumpbour are confined would be executed, summoned the fire department, who are watching the bank building and the court house and jail opposite. ANOTHER BRACE. CHRISMAN, Ills., Oct. 3.-This town is in a furore of excitement over the absconding of the Standiford brothers, the bankers. Tooay the county offered a reward of $500 for the arrest of the brothers. People here believe that the bankers left the county with not less than $150,000, and possibly twice that amount. New developments make the bank wrecking of the Standiford brothers worse. A month ago the bank building burned and the Standifords opened for business the next morning on the east side of the square. They went toa few of their largest depositors and told them that their safe was so hot that they could not open it without destroying everything it contained, and asked these parties to go on their notes for $10,000 each for thirty days, and they could get them discounted and get ahead with their business. The Standifords secured $50,000 in all. If the signers of these notes are compelled to pay them it will break them up. This fact has been kept a secret until today. This makes the Standifords' liabilities over two hundred tho usand dollars. The safe was opened today and all it contained was $70. CLEARFIELD. Pa., Oct. -United States District Attorney Lyon arrived today and pronounced the proceedings against President Dill, made by Bank Examiner Miller, illegal. A new information for false entry was made and Dill was held under $20,000 bail for a hearing on next Friday. Public sentiment has changed greatly since yesterday, many believing that the prosecution has developed into persecution, and that both sides of the story should be heard before a final judgment is given by Dill's former friends and neighbors,

7. October 4, 1891 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, October 4, 1891

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A BANK TREASURER Up in New York State Catches the Stealing Craze AND HE IS NOW SHORT $463,000 In His Accounts-The Money Was the Hard-Earned Savings of Poor People and the Failure Leaves Many Destitute-The Treasurer and His Assistant Under Arrest. KINGSTON, N. Y., October 3.-The U1ster County Savings Institution has closed its doors and is in charge of Bank Superintendent Charles M. Preston. Expert examiners have been at work since Tuesday, and have found already that the enormous sum of $463,000 has been stolen by OTreasurer Ostrander and Assistant Treasurer Matthew Trumpbour. It is feared that the stealings will reach over that amount. At midnight Superintendent Preston swore to a complaint charging Trumpbour with perjury in swearing to false statements contained in the July report of the bank to the banking department, and Trumpbour was arrested at his house by the Chief of Police. He had his clothesall packed and was preparing to fly from town. Ostrander was arrested about two weeks ago for embezzling $75,000, and was under bonds for $20,000, and bis bondsmen last night turned him over to Sheriff Dill, and he was also locked up in jail. When Ostraneer was arrested there was a great run on the bank for three days, but the other- banks came to the rescue, and the Trustees made a statement showing that there was a surplus of $247,000. This statement was signed by several well-known men, and had a reassuring effect, and the depositors who drew out their money brought it back. It is impossible to tell or even conjecture the effect that the closing of the bank will have on the people of Ulster county. The majority of depositors are poor people, many of them old men and women dependent on the interest on the few thousands of dollars they had in the bank, and such men and women, with tears in their eyes, can be seen everywhere about the city, fearing the loss of their savings. The feeling against the trustees who signed the statement is bitter in the extreme, and some of them are characterized as thieves for making the depositors believe the bank was solvent when they should have known its condition. They were guilty of criminal negligence, there is no question. There are two other banks in the city, the Rondout and the Kingston, and the trustees of these, after consultation, decided to demand the sixty days' notice from depositors should there be a run of any consequence. The people had great confidence in the institution, and the deposits from $546,864.14 in 1867, run up to $2,106,070.38 in 1873. No matter what the state of the money market might be, it was always conceded by everyone that the Ulster Company Savings Institution was sound. Superintendent Preston says he will give a statement at 2 o'clock this afternoon to the newspapers. The streets of Kingston are filled with people, and depositors are arriving on every train and by all manner of vehicles. The men and women wander aimlessly about and occasionally some of the excited farmers threaten to break into the bank building and get their money, while others suggest that a lynching party be formed to hang Ostrander and Trumbour. The city officials, fearing that threats to burn the jail where they are confined would be executed, summoned the fire department, who are now watching the court house and jail. The prisoners were arraigned before Recorder Hussey at 1:45 o'clock this afternoon. They asked for an examination, which was set down for Monday morning at 10 o'clock. It was stated that on the streets to-day after his affairs were wound up, the bank will pay seventy-five cents on the dollar.

8. October 4, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, October 4, 1891

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WRECKED BY RASCALS A Kingston, N. J., Bank Is Robbed of Nearly Half a Million. Highly Trusted Officials Had Been Stealing Very Freely for Years. The Standiford Bank Looters Get Safe Away With $200,000. Banker Dill Lives in Nice Style in Jail, and Will Not Suffer. KINGSTON, N. Y., Oct. 3-The Ulster -County Savings institution has closed its doors and is in charge of Bank Superintendent Charles M. Preston. Expert examiners have been at work since Tuesday, and have found already that the enormous sum of $463,000 has been stolen by Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer, and it is feared that the stealings will reach over that amount. At midnight Supt. Preston swore to a complaint charging Trumpbour with perjury in swearing to statements contained in the July report of the bank to the banking department, and Trumpbour was arrested at his house just as he had his clothes all packed up and was preparing to flee from town. Ostrander was arrested about two weeks ago for embezzling $75,000, and was under bonds for $20,000, and his bondsmen last night turned him over to the sheriff and he was locked up in jail. When Ostrander was arrested there was a great run on the bank for three days, but the other banks came to the rescue of the Ulster County Savings institution, and the trustees made a statement showing that there was Surplus of $247,000. The statement, being signed by such well-known men as Judge Atton B. Parker, Gen. George H. Sharpe, Judge William S. Kenyon, Postmaster Noah Wolven, John W. Searing, of the Kingston Leader, and other reputable citizens, had a reassuring effect, and the depositors who drew out their money brought it back. The system adopted by James E. Ostrander and Matthew T. Trumpbour, the latter being thoroughly cognizant of the steal and assisting in concealing it for the purpose of swindling the depositors and hiding the theft, which grew by degrees, was most ingenious, and for twenty years has baffled the skill of expert examiners in the employ of the state. In carrying it out deceit and perjury have been frequently and effectively employed. It is impossible to tell or even conjecture the effect the closing of the bank will have on the people of Ulster county. The majority of the depositors are poor people, many of them old men and women dependent on the interest on the few thousands of dollars they had in the bank, and such men and women, with tears in their eyes, can be seen everywhere about the city bewailing the loss of their savings. The feeling against the trustees who signed the statement is bitter in the extreme, and they are characterized as thieves for making the depositors believe the bank was solvent, when they should have known its condition. That they were guilty of Gross Criminal Negligence there is no question. First Vice President N. E. Broadhead, who was in executive charge of the bank, also comes in for his share of censure in signing the statement and allowing the people to re-deposit their money. Broadhead was one of the most popular young men in the county, being elected county treasurer last fall, which position he now holds, and every one in the county had the most implicit faith in his trustworthiness, all of which is now scattered by the unfortunate turn in the affairs in the bank. The Ulster bank was incorporated by an act of the legislature April 12, 1851. James E. Ostrander was appointed treasurer in 1867, and held the office from that time until his defalcation became known, about two weeks ago, when he was dismissed, and is now in jail. Matthew T. Trumpbour was made assistant treasurer about the time Ostrander became treasurer, and continued in that position until his arrest last night. The people had great confidence in the institution and the deposits, from $546,873.14 in 1867, went up to $2,196,070.33 in 1873. No matter what the state of the money market might be, it was always conceded by every one that the Ulster County Savings institution was sound. It is said a number of the bonds

9. October 5, 1891 Evening Capital Journal Salem, OR
Article from Evening Capital Journal, October 5, 1891

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TROY, N. Y. Oct. 5.-Nicholas E. Broadhead of Kingston, today was appointed temporary receiver of the Ulster County Saving bank at Kingston, the receiver's bonds are $250,000. Injunction restraining creditors and depositors from bringing attachments against bank assetts was granted by the court. By neon the block wherethe banks, courthouse and jail are situated was filled with depositers. There is a report a large number of men are coming from Creek Locks and for this reason to milita company are ordered to be held in readiness for service.

10. October 5, 1891 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, October 5, 1891

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KINGSTON'S BROKEN BANK. DEPOSITORS RUSHING 1N TO LOOK AFTER THEIR MONEY. Many Suspected Persons Are Being Closely Watched by Detectives-Ostrander and Trumpbour Were High Livers-Heavy Runs Expected on Savings Banks. KINGSTON, Oct. 4.-[Speciat.]-The suspension of the Ulster County Savings Institution has been the all absorbing topic on this delightful October Sabbath. Persons against whom a. shadow of suspicion rests are being kept under close surveillance. Their houses are carefully watched day and night, and no positive avenue of escape is left open. Persons acting both in the interest of the bank and its depositors have secured the aid of detectives to assist in ascertaining what has become of the stolen money, and who were directly or indirectly interested in the plundering of the institution. Large numbers of the depositors in more remote towns of this and adjacent counties, who did not learn of the failure until late this afternoon, have been flocking to town to-day. Both Ostrander and Trumpbour have been extravagant and high livers. They feasted on the fat of the land at the expense of the depositors. On all sides it is asserted that wine, women and stock speculation have been their ruin. At a meeting of the Board of Trustees of the Kingston Savings Bank it was decided to take advantage of the 60 days' notice, and that institution will not be open for business to-morrow. This will greatly intensify the excitement, and runs on the savings bank are feared. Meetings were held by bank officials last night, and consultations were had to-day to devise plans of operations should the predictions be verified tomorrow. Messengers have been sent to New York and other places to obtain sufficient cash to meet the prospective run.

11. October 6, 1891 New-York Tribune New York, NY
Article from New-York Tribune, October 6, 1891

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BLOCKED THE STREETS ALL DAY. [BY TELEGRAPH TO THE TRIBUNE. f Kingston, N. Y., Oct. 5.-Another day of great excitement in this city has passed, and without any astounding new developments In the broken bank affair. No new arrests have been made, nobody lynched and none of the stolen booty recovered. The streets have been thronged with excited people all day, and all manner of violent threats have been made against the robbers and those responsible for their official acts. Hundreds more came to get in line to demand their money from the Kingston Savings Bank, which is directly across the street from the broken Ulster County Savings Institution. The Court House, near by, was to be the scene of the examination of the robbers at 10 o'clock. The yard and corridors of this building were jammed with people. All this time the men who caused all the excitement and ruin sat in a cell of the jail peering through the iron bars upon this multitude of their victims. A large force of special police was in attendance and Sheriff Dill had wisely ordered the 14th Separate Company of State militia under arms at the armory ready to march at the first tap of the Court House bell, as it was expected an attempt to lynch the prisoners would be made when brought before the Recorder. Threats were heard against the trustees of the bank and there was talk of destroying the building itself, a large and handsome brick structure containing several stores and business offices, including the chambers of the County Judge. But it proved an orderly crowd, and when the prisoners Ostrander and Trumpbour were led from the cells into the bar before the Recorder, about noon, the crowd was hushed. It had been decided, in view of the danger attending a hearing, to postpone the examination. Thus counsel for the prisoners withdrew the previous request for examination and waived inquiry now. Recorder Hussey said, as the offences were not bailable in his court, he would commit the prisoners to jail to await the action of the Grand Jury, which will be in session next week. Then the bankwreckers were led away. Albert C. Judson, the chief bank examiner. and his assistants, are steadily poring over the huge ledgers of the bank in the trustees' room behind intricate locks and guards. Mr. Judson said that no further statement of the amount of the embezzlements would be made until the examination was completed. a time which be was unable to fix. Mr. Brodhead was appointed temporary receiver of the broken bank by Judge Fursman, of Troy, to-day. Considerable opposition to his appointment has been developed on the ground of his connection with the bank. The additional assets or resources of the bank. about $100,000, mentioned in The Tribune exclusively this morning, served to reassure many to some extent. The run upon the Kingston Savings and the Rondout Savings Bank lasted only an hour or two. No money was paid out, only notices of withdrawal being received. The Union Trust Company of New-York and the Manufacturers' National Bank of Troy are selected as depositories of the bank's funds as they come into the receiver's hands. The law gives the receiver eighteen months to close up the trust. It is still thought that depositors will receive 75 or 80 cents on a dollar at least. Should the robbery reach $550.000, as is now rumored. the foreclosure of the mortgages will still be avoided if possible. Some talk is heard among legal authorities that the trustees can be held individually liable for these losses. In the attachment of one depositor for $2,200 the sheriff is said to have levied on the funds to cover it and taken the amount away in defiance of Superintendent Preston, who forbade the act. The books show that Ostrander overdrew his account $7,800, and Trumpbour by $2,100. There is some reason to believe the culprits have already made or are about to make a confession. Newburg. Oct. 5 (Special).-There are several losers in Newburg by the wrecked Ulster County Savings Institation and there is uneasiness all along the river. Several Rondout and Kingston people who came here years ago with the Pennsylvania Coal Company have continued to keep an account in it. One of the heaviest depositors here is J. K. Ackerman. an overTowing R. bank Other seer druggist. E. at not Burger. losers Line: the Ira long coal are Caldwell. formerly John ago George company's for S. safe-keeping Groves. Newburg who Kraft. deposited docks. recently a agent shoe for Another of $3,200 a dealer of the short Rondout: Cornell in is here: time. the the George Barber. chief engineer of the coal company. and John Caplies. chief engineer on the tugboat Hercules.

12. October 6, 1891 The Times Richmond, VA
Article from The Times, October 6, 1891

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ANXIOUS ABOUT THEIR DEPOSITS. The Kingston Bank Officials Hope to Withstand the Kun. KINGSTON. N. Y., Oct. 5.-Many people came into town by railroad and wagon this morning from all directions to see about their deposits in the three savings banks. Those having money in the Ulster county institution, which has been plundered by its managers, have little hope of recovering their money. Those having deposits in the Klagston Savings Bank and the Rondout Savings Bank will have to wait sixty days to find out whether they can draw their money or not, as both those concerns have posted notices taking advantage of the law in that respect. Crowds of depositors are in line at each bank, with pass-books in hand, waiting their turn to give notice of withdrawal. The managers hope. however, to be able to restore confidence by showing the sound condition of the institutions. They have received remittances from Albany and elsewhere, which they rely on to carry them through the day at least It is reported from Newpaltz and Saugerties that runs are threatened on the savings banks at those places. The sixty days' notice will be demanded if runs occur there. Ostrander and Trumpb ur were arraigned to-day and withdrew their demand for an examination of the charges of wrecking the Ulster County Savings Institution. They were remanded to jail to await the action of the grand jury. TROY, N. Y., Oct. 5.-N. E. Brodhead, of Kingston, has been appointed temporary receiver of the Ulster County Savings Institution with a bond of $250,000. An injunction has also been granted restraining depositors and creditors from attaching the assets of the bank.

13. October 6, 1891 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, October 6, 1891

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Kingston Banks Preparing For Runs. KINGSTON, N. Y. Oct., 5.-[Special]As was expected the city is rapidly filling up with people from all over the county who are depositors in three city savings banks. Business is at a stand still and the crowds are discussing the wrecking of the Ulster County Savings Institution. Kingston Savings Bank and Roundout Savings have fixed notices on their banks house doors notifying depositors that sixty days' notice, as required by law, must be given. Large crowds of depositors with bank books in hand stand in front of hese institutions. It is said Saugerties and New Paltz Savings Banks will demand sixty days' notice should there be any indication of a run.

14. October 7, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 7, 1891

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BUSINESS TROUBLES. The Phillipsburg Bank's ConditionLess Excitement at Kingston. PHILADELPHIA, Oct. 6.-A Press special from Phillipsburg says: It is unofficially announced that the liabilities of the Phillipsburg bank, which closed yesterday, are $380,000, and the assets $400,000. The Moshannon bank, at Moshannon, Pa., on which there has been something of a run, has paid all demands in full. QUEBEC, Oct. 6.-W. H. Polleya & Son, boot and shoe manufacturers, have closed down, ow. ing to financial difficulties. A large number of employes are thrown out of work. BOSTON, Oct. 6.-D. B. Baker, manufacturer of boots and shoes at Abington, Mass., has assigned. KINGSTON, N. Y., Oct. 6.-The excitement over the Ulster County Savings bank trouble is gradually wearing away and business is getting back to a normal condition. Examiner Judson thinks the stealings will not be materially increased over $463,000, the amount stated by him at first, and says it will require two weeks to complete the investigation.

15. October 8, 1891 The Prison Mirror Stillwater, MN
Article from The Prison Mirror, October 8, 1891

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NEWS OF A WEEK. September 30. Dr. C. B. Jordan, an old Minnesota pioneer, diesat Anoka. (The Thirty-seventh annual session of the Minnesota Methodist conference begins at Red Wing. Gen. Boulanger, of France, commits suicide by shooting at the tomb of his late mistress in Brussels. Three persons lose their lives in a collision on the New York, Pennsylvania & Ohio railroad near Kent, Ohio. The schooner Frank Perew. of Cleveland, Ohio, sinks in Lake Michigan with seven. persons on board, only one of whom is rescued. The cruiser San Francisco, on her way home from Chili, is ordered to return to Valparaiso to await the settlement of affairs between that country and this. October 1. The public debt decreased over $15,000,000 in September. At Red Lodge, Mont., snow falls to the depth of three feet on the level. Ten thousand coal miners and 1,000 job printers go out on a strike at Pittsburg, Pa. An important meeting of the Irish National Land League of America begun in Chicago. Nine negro cotton pickers are lynched in Lee county, Arkansas. They belonged to a party of strikers. All through passenger trains between Vancouver and Montreal, on the Canadian Pacific, are to run through St. Paul. Dynamiters make an attempt upon the life of the emperor of Austria by blowing up a railroad bridge just before his train arrived at it. October. 2. Jay Gould is in a very critical state of health. A. B. Turner & Bro., Boston bankers, fail for $350.000. Six boxes of dynamite explode in Butte, Mont., wrecking. more or less, over fifty houses. The governor refuses to commute the death sentence of Rose, the Redwood Falls murderer. William Eisenbrand, a wealthy retired merchant of Red Wing, is killed by the accidental discharge of his gun. An immense audience listen to Mr. Gladstone's address at Newcastle. Eng. At a meeting of the Liberal Federation a resolution favoring the abolition of the House of Lords was adopted. October 3. Heavy snowfall in South Dakota. The steamer Winslow is burned at Duluth. A daughter is born to ex-President Cleveland and wife. A child is born at Oregon City, Or., with four arms, four legs and four ears. The Boston clubs win the pennants in both the American Association and the National League. At Pottsville, Pa., seven men are entombed by an explosion in a coal mine. One has been taken out dead. Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer, rob the Ulster County Savings Bank of Kingston, N. Y., of half a million dollars. They are in jail. October 4. Mrs. Frank Leslie marries W. C.K. Wilde, brother of Oscar Wilde. In Chicago a boiler explodes aboard the tug C. W. Parker and kills eight persons. At East Grand Forks, Minn., Justice of the Peace Robert Woods is murdered by unknown parties. Nearly two hundred men, women and children are massacred in Tulamengo, Mexico, the result of an Indian outbreak. October 5. Fort Bennett, South Dakota. is abandoned as a military post: Dr. Briggs' trial for hersey begins before the New York presbytery. The Mille Lac Indians will be removed from the White Earth reservation. By a runaway at a funeral at Altoona, Iowa, one man is killed, four persons are fatally and many others slightly injured. The Standard Oil company and English capitalists are buying up all the rice mills of the South and will throw them into a trust. Indian Commissioner Morgan's annual report is out in which he recommends several important changes in the treatment of the Indians. October 6. A Chinaman is naturalized in St. Paul. Karl I., King of Wurtemberg, dies after a long illness. People are dying by thousands in the famine stricken districts of Russia. William Henry Smith, conservative leader in the British house of commons, is dead. Thomas Edison has invented a system by which street cars may be propelled by underground electric wires. An Indian is sentenced to be hanged in the Northwest Territory for the murder of a Chinaman twenty years ago. It ssaid that General Land Commissioner Carter will be appointed secretary of the interior to succeed Secretary Noble. The report of the murder of four American miners at Cajamarquilla, Peru, is incorrect. An attack was made on them by Indians, but all the miners escaped with the loss of their property. Diligence is the mother of good luck, and success is the grandchild.-Texas Siftings.

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

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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

17. October 10, 1891 The Cape Girardeau Democrat Cape Girardeau, MO
Article from The Cape Girardeau Democrat, October 10, 1891

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THE EAST. THE National Civil Service Reform League at the convention at Buffalo, N. Y., reelected George William Curtis as president. Two MASKED men robbed an American express car between Little Falls and Utica, N. Y., of $25,000. A package containing $5,000 was overlooked. THE Houtzdale (Pa.) First national bank suspended payment on account of the embezzlement of $45,000 by the teller. THE death of Maj. William McKee Dunn. who was Gen. Grant's personal aid de camp during the war, occurred at Cushings Island, Me. IN the Pittsburgh district 10,000 railroad coal miners struck for increased wages. NEAR Avon, N.J., Andrew Quinlin, aged 80, and the oldest railway conductor in the United States, was killed by a train. THE woolen mills of the Harper Manufacturing Company at Oxford, Me., were burned, causing a loss of $100,000. PRICES in the Connecticut tobacco market have advanced from three to eight cents per pound. THE firm of Turner & Bro., Boston bankers, failed for $300,000. IT was discovered that the Ulster county savings institution at Kingston. N. Y., had been robbed by its treasurer and assistant treasurer of $463,000. IN New York a daughter was born to Mrs. Grover Cleveland. THE marriage of Mrs. Frank Leslie, the well-known publisher of New York, and Mr. William C. K. Wilde of London, Eng., took place in the former city. THE death of Jacob Turney, ex-congressman from the Twenty-first Pennsylvania district. occurred at his home in Greensburg. aged 66 years. IN the Richardson colliery at Glen Carbon, Pa., an explosion of gas killed twelve men.

18. October 24, 1891 Evening Star Washington, DC
Article from Evening Star, October 24, 1891

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THE FAILURES AT KINGSTON. Bank Superintendent Preston on the Ulster County Savings Institution. KINGSTON, N. Y., Oct. 24.-Superintendent of Banking Charles M. Preston has issued a statement regarding the Ulster County Savings Institution. The plan proposed is to induce depositors to leave their money for two years without interest and at the end of that time to get it in full, while those who draw out their deposits will have them scaled down 5 per cent. Superintendent Preston's statement is as follows: To the Trustees and Depositors of the Ulster County Savings Institution and Citizens: The examination of the Ulster County Savings Institution is nearly completed and it has reached the point which justifies me in taking the earliest opportunity to address you. The liabilities of the bank have been ascerfained from the ledgers and there remains still the comparison of the individual pass books with the depositors' ledger balances before we can say with absolute certainty what the liabilities are. While the examiners are making these comparisons as the pass books are presented they are also engaged in examining assets of the bank. & work which we expect will be completed in two or three days. There is very little reason to expect that the result thus far obtained will be materially changed when the examination is made complete. While the deficiency is larger than the amount first reported in the newspapers. nevertheless I am confident, from the examination thus far made, that with the co-operation of the depositors and citizens the bank can resume the transaction of business within the next few days. I think I may say with reasonable certainty that the present assets of the bank are capable of paying at least 85 per cent on the deposits, provided the bank can have a reasonable time in which to bring it about, and that ultimately the present depositors may be paid in full. This estimate is made with due allowance for the shrinkage of any of the assets. If the suggestions meet with favor I will submit, at the time the report of the examination is published, the details of a plan of resumption, which, if approved by the court, will avoid the necessity of a long, tedious and expensive receivership, and which will enable the depositors who desire to do so to demand a certain percentage of their deposits upon the opening of the bank for business.

19. October 25, 1891 New-York Tribune New York, NY
Article from New-York Tribune, October 25, 1891

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THE WRECKED KINGSTON BANK. SUPERINTENDENT PRESTON MAKES A STATEMENT TO THE DEPOSITORS. Kingston, N. Y., Oct. 24 (Special).-The following statement has been issued to the depositors of the Ulster County Savings Institution by Bank Superintendent Preston: The examination of the bank is nearly completed, and it has reached the point which justifies me in taking the earliest opportunity to address you. The liabilities of the bank have been ascertained from the ledgers and there remains still the comparison of the Individual passbooks with the depositors' ledger balances before we can say with absolute certainty what the liabilities are. While the examiners are making this comparison as the passbooks are presented, they are also engaged in examining the assets of the bank, a work which we expect will be completed in two or three days. There is very little reason to expect that the result thus far obtained will be materially changed when the examination le made complete. While the deficiency is larger than the amount first reported in the newspapers, nevertheless I am confident from the examination thus far made that with the co-operation of the depositors and citizens the bank can resume the transaction of business within the next few days. I think I may say with reasonable certainty that the present assets of the bank are capable of paying at least 85 per cent of the deposits, providing the bank can have a reasonable time In which to bring It about, and that ultimately the present depositors may be paid in full. This estimate is made with due allowance for a shrinkage of any of the assets. If these suggestions meet with favor I will submit at the time the report of the examination is published the details of a plan of resumption which, if approved by the court, will avoid the necessity of a long, tedious and expensive receivership. and which will enable the depositors who desire to do so to demand a certain percentage of their deposits upon the opening of the bank for business. CHARLES M. PRESTON. Receiver Broadhead :$ out of town. Senator Linson, who is one of the receiver's counsel. says that Mr. Broadhend has no opinion to express upon this novel proposition of the Bank Superintendent, but the Senator manifested surprise and seemed to look upon the scheme with little favor. "Who will settle the affairs of the bank and where are the deposits to come from in the future?" he remarked, adding significantly: "I thought the bank and its affairs were now in charge of the court."

20. December 18, 1891 The Evening Herald Shenandoah, PA
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TRUMPBOUR AND OSTRANDER, Their Applications Regarding Bail Not Granted by the Court, KINGSTON, N. Y., Dec. 18.-An application was made before Judge Edwards of Hudson. yesterday, to admit Mathew T. Trumpbour to bail, and for a reduotion of bail in the case of James E. Ostrander, who are confined in jail here on several indictments, charging them with embezzling the funds of the U1ster County Savings Institution. Little change was noted in the appeerance of the prisoners when they were brought into court. Their wives sat beside them during the entire proceedings, and if looks go for anything, their faces depicted greater anxiety than those of the prisoners. A sensational episode occurred when the Judge announced that the sureties of Trumpbour were not sufficient. His bride of but a few months gave way to her anguish in bitter tears and, rising to her feet, implored the Judge in pitiful tones to be merciful and release her husband. The prisoner was very much affected by this act of devotion on the part of his wife. The examination as to the sureties lasted for several hours. Among those accepted were three sisters and a broth er-in-law of Trumpbour. Objection was made to Mrs. Martha G. Travers, the mother-in-law, who wished to qualify in the sum of $7,000. The judge asked that some one else be obtained to go on the bond for the additional sum of $13,000 necessary in place of Mrs. Travers. This not being forthcoming, the prisoner was returned to jail. Counselor Westbrook then made an application to reduce Ostrander's bail from $40,000 to $30,000. Judge Edwards ordered that this matter be taken before some county judge and dismissed the application. KINGSTON, N. Y., Dec. 18.-On a petition of the old trustees and some depositors Judge Fursman has granted an order that the Attorney-General, the Superintendent of Banking and N. E. Brodhead, receiver of the Ulster County Savings Institution, should show cause before him, at Troy, on Saturday, why the prayers of the petitioners for the resumption of business of the institution should not be granted, the receiver discharged and the trustees increased from 11 to 25.

21. December 20, 1891 The Sun New York, NY
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Kingston's Plundered Bank Wants to Resume Business, TROY. Dec. 19.-Before Justice Fursman at noon to-day application was made for an order allowing the Ulster County Savings Institution of Kingston, which is now in the hands of à receiver. to resume business on a basis of 85 per cent. of the deposits. Judge Schoonmaker. who appeared for the trustees. said that the Attorney-General. Bank Superintendent Preston. the trustees, and nearly all the depositors of the bank that could be reached favored the plan. It is proposed to resume at a loss to depositors of 15 per cent. On the date of resumption 25 per cent. of all accounts will be paid, If depositors desire. The bank will give interest at 3% per cent. on all deposits remaining. Judge Schoonmaker said the indebtedness to depositors amounts to about $2,400,000, and the assets are nearly $2,100,000. The actual deficiency is $365,000. Justice Fursman said he would sign the order if he found that he had the power to take such action. Judge Schoonmaker pointed to the Oswego Bank case. where there was a resumption under similar circumstances. He also said that at least four bank superintendents had favored the plan. Justice Fursman said he would give his decision next week.

22. January 30, 1892 The Sun New York, NY
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The Ulster County Savings Institution May Resume. KINGSTON. Jan. 29.-Ap order was filed in the County Clerk's office to-day discharging the receiver of the Ulster County Savings Institution. . The trustees are in possession of the bank. but are restrained from paying more than twenty-five per cent. of the deposit to any depositor. They are at liberty to do this at any time they see flt. They are not compelled by the order to make any payments whatever. but are prohibited from paying more than that. The only thing that now prevents the bank from resuming is the fact that the work of writing up a new set of books is not yet completed. It is understood that as soon as this work is done the bank will resume.

23. February 9, 1892 Evening Journal Wilmington, DE
Article from Evening Journal, February 9, 1892

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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.

24. February 11, 1892 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, February 11, 1892

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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.