14677. Albany City Bank (Albany, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
May 12, 1890
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini
Short Digest
d4101e89

Response Measures

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

Description

Articles (May 11–12, 1890) report discovery of bookkeeper Whitney's embezzlement (~$100k) and state the bank was prepared for the run/prepared to meet a run with aid from other city banks. There is no mention of suspension, closure, or receivership; run is reported or imminent and the bank remained solvent with outside assistance.

Events (1)
1. May 12, 1890 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of bookkeeper Whitney's embezzlement of about $100,000 leading depositors to anticipate withdrawals.
Measures
Secured ready cash and assistance from other city banks; bank examiner in city; prominent local businessman paid in funds to cover worthless paper.
Newspaper Excerpt
The bank is perfectly solvent and was prepared for the run this morning, having plenty ready cash through the courtesy of other city banks.
Source
newspapers

Newspaper Articles (3)
1. May 12, 1890 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 12, 1890

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Article Text

ALBANY CITY BANK. Bookkeeper Whitney's Embessiement Amounts to Over $100,000. ALBANY, N. Y., May 11-The whole clerical force of the Albany City Bank. from which Bookkeeper Whitney embezzled, have been at work on the books continually and stated tonight that the sum would be $100 000 or over. The bank is perfectly solvent, and is prepared for a run in the morning. Wm. Gould of the firm who is said to have been in collusion with Whitney. said tonight that the statement was false. asserted by individual members of the firm who had been culprits. Several other firms are mentioned as having crooked transactions, one of the directors of the bank. Amdell, at the head of a large brewing firm, having paid in $10,000 last night to cover worthiess paper his son made in collusion with Whitney.

2. May 12, 1890 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, May 12, 1890

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Article Text

WHITNEY'S STEAL. The Trusted Rookkeeper Got Away With Over $100,000. ALBANY, N. Y., May 12.-The whole clerical force of the Albany City Bank from which bookkeeper Whitney embezzled sucha large amount have been at work on the books continually yesterday and to-day, and it is stated that the sum will be $107,000 or over. Leonard Groesbeck, bank examiner, is in the city and taking a hand in the investigation. The bank is perfectly solvent and was prepared for the run this morning, having plenty ready cash through the courtesy of other city banks. William Gould, of the firm that is said to have been in collusion with Whitney, said that the statement is false. It is, however, asserted that individual members of the firm have been the culprits. Several other firms are mentioned as having crooked transactions, one of the directors of the bank, Mr. Amsdell, head of the large brewing firm, having paid in $10,000 to cover worthless paper that his son had made in collusion with Whitney.

3. May 15, 1890 Belmont Chronicle Saint Clairsville, OH
Article from Belmont Chronicle, May 15, 1890

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Article Text

Whitney's Defalcation $100,000. ALBANY, N. Y., May 12,-The defalcation of Bookkeeper Whitney, of the Albany City bank, is now thought to reach $100,000. The bank is prepared to meet a run in the morning, other banks having offered it plenty of aid in case of need. It is stated that several members of firms through which Whitney speculated, will be arrested and also that a prominent business man paid the bank $10,000 Saturday night to cover worthless paper that his son had made in collusion with Whitney.