City Savings Bank - Albany, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 11, 1890
Location: Albany, New York (42.653, -73.756)

Metadata

Model: gpt-5-mini
Short Digest: 65378b8c

Response Measures

Accommodated withdrawals, Capital injected, Books examined

Description

Article (May 11/12, 1890) reports a large defalcation at City National Bank and says the City Savings Institution (City Savings Bank) 'anticipate[s] a run' and is making preparations and placing funds to assist the crippled bank. The piece describes preparations and assistance but does not state the City Savings Bank suspended or closed, so classified as run_only (anticipated/expected run).

Events (1)

1. May 11, 1890 Run

Cause: Bank Specific Adverse Info
Cause Details: Large defalcation by bookkeeper at the City National Bank (possible over $100,000) causing alarm and expected runs on related local banks.
Measures: City Savings Institution secured a quarter of a million and placed it at the disposal of the crippled bank; directors of other banks proffered assistance.
Newspaper Excerpt: The City Nations Bank and its sister institution, the City Savings Institution, anticipate a run to-morrow, and are making preparations to meet it.
Source: newspapers

Newspaper Articles (1)

1. May 12, 1890 The Sun New York, NY

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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.