14706. Saratoga Savings Bank (Saratoga Springs, NY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
September 18, 1877
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini
Short Digest
f30c8e18d8f67ebd

Response Measures

None

Description

Newspaper accounts report the Saratoga Savings Bank was examined and an injunction issued on Sept 18, 1877, stopping payments due to deficient/illiquid securities. Trustees initially remedied the deficiency and the bank was reported to resume (Sept 19), but later accounts (October 1877) state the bank was unable to convert assets to cash and was compelled into liquidation/receivership. No article describes a depositor run; the cause of suspension is deficiency in securities / illiquidity. OCR in source articles had minor spacing errors; dates inferred from publication datelines.

Events (4)

1. September 18, 1877 Suspension
Cause Details
Examination found deficiency in securities; injunction issued to stop payments (liquidity/asset quality problem).
Newspaper Excerpt
Bank Superintendent Lamb having examined the Saratoga Savings Bank and found a deficiency in the securities, reported to the Attorney General to-day and had an injunction issued to stop the bank.
Source
newspapers
2. September 19, 1877 Reopening
Newspaper Excerpt
Trustees of the Saratoga Savings Bank have complied with the requirements of the bank supervisor and made up the deficiency in its assets. The bank will resume business.
Source
newspapers
3. October 21, 1877 Other
Newspaper Excerpt
The difficulty in the Saratoga savings bank, which was closed on Saturday is in the conversion of assets into money fast enough to pay the depositors on demand... the bank was compelled to go into liquidation by the receivership. No deposits have been taken since the bank was examined by the bank superintendent in September.
Source
newspapers
4. October 22, 1877 Receivership
Newspaper Excerpt
The assets as now stated will be sufficient to pay the depositors, but they cannot be turned into cash for this reason, the bank was compelled to go into liquidation by the receivership.
Source
newspapers

Newspaper Articles (6)

Article from The Portland Daily Press, September 19, 1877

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NEW YORK. Tweed Continues His Revelations. NEW YORK, Sept. 18.-William M. Tweed resumed his revelations this afternoon before the aldermanic investigating committee. He said some of the bills passed by the supervisors were just and others were fraudulent. The percentage was not less than fifteen, and often larger. His recollection of the Brooklyn bridge matters was not very clear. Sweeney was most of the time City Chamberlain, and his friends paid $60,000 for his confirmation. Witness did not know who got the money, but said Mr. Morrlssey was likely to know if the committee called him. Hugh Smith was likely to receive some of it. John J. Bradley was not confirmed, as that was not necessary, but was merely appointed. The common council had nothing to do with it. It was the same with Francis Palmer. Witness never heard of money being paid by these men or their friends. Did not know of any money being paid for the appointment of Charles G. Cornell as street commissioner, and did not believe there had been a dollar paid. Knew of no money having been paid for the appointment of any street commissioner from that time, except in the case of Sweeney. He knew of no money having been paid for the appointment of chamberlin except in the case of Mr. Platt, President of the Artisan's bank, and he only heard then that a small amount had been paid. He did not know of any person high in Tammany Hall who had received money for the passage of the New York Central railroad bill. Did pot know of John Kelley having received any money in the matter. Did not know of any one in Tammany Hall having received money for the passage of the Erie classification bill. Did not know who were now in Tammany. Witness never had any transaction whatever with Augustus Schell. Tweed produced a check for $20,000 given to Hugh J. Hastings, and also a check for $5500 given to Mr. Hastings in 1865 for lobby work All the transactions the wit. ness ever had with Hastings were in connection with lobbying at Albany. Witness said that the day after he gave Hastings the $29,000 he was in New York and met Hastings who told him he had not long to wait for money. Tweed then read a somewhat lengthy reply to John Morrissey's statement published in the Sun, which gave details of Morrissey's career from 1848, including indictments for burglary, for assault and breach of the peace and a sentence to confinement in the Albany penitentiaries. "During the whole of that time and up to a few years past," said Tweed, "he has been a professional prize fighter and public gambler, proprietor and owner of the worst places in this city." The paper concluded by saying, "Perhaps one of the worst faults which can fairly be attributed to me is having been the means of keeping his gambling house protected from the police. As an organizer of repeaters he had no superior, and at the time when the ring was in power such capacity was always fully recognized." Being questioned about the Brooklyn bridge, Tweed said, in 1868 or 1869, when he was in the Senate, Senator Murphy asked him if the common council of this city could not be induced to pass a resolution directing the Comptroller to issue bonds amounting to $1,500,000 for the Brooklyn bridge. Witness replied that he would inquire about the matter, and he subsequently saw a number of the board of aldermen who told him that the thing could be done if paid for. He told that to Senator Murphy and the latter said "Go ahead.' Witness then said that he paid Alderman Thomas Cowan $50,000 or $60,000 to pass the resolution. Witness was a trustee of the bridge and a stockholder to the amount of 420 shares, for which he Egave 20 per cent. Gave his shares to his son, who sold them to Mr. Devlin; expected that when the bridge was built the stock would pay well; the directors agreed to give Mr. Kingsley 15 per cent. for his connection with the project. Tweed was asked if he ever suggested to any person to falsify the results of the ballots and he answered that he gave instructions looking to that end to different men who controlled the wards, but it would be impossible to name them at this time. Nearly all were connected with Tammany Hall from 1868 until the ring broke up. Had more or less to do with that business. In regard to the reported meeting of the board of audit at which claims amounting to a million dollars were passed, Tweed said the meeting was never held but the claims were paid notwithstanding. Adjourned to Friday. Bank Suspended. SARATOGA, Sept. 18.-Bank Superintendent Lamb having examined the Saratoga Savings Bank and found a deficiency in the securities, reported to the Attorney General to-day and had an injunction issued to stop the bank. The trustees are preparing securities to replace the objectionable ones. Miscellaneous. The annual meeting of the U. S. Veterinary Medical Association was held to-day. The Commercial Advertiser has a report that Messrs. Jay Gould and Sidney Dillon, of the Union Pacific railroad, have secured the control of the Hannibal & St. Joseph railroad, that Mr. Dillon goes into the presidency of the road November 11th, and that they are offered the control of the Toledo and Wabash road, and have broken up negotiations with Vanderbilt for the control of the Canada Southern and turned oves that interest to the Erie road, with whose receiver they are in close accord. It is reported from Washington that the order for the removal of the four deputy collectors of internal revenue in Brooklyn has been suspended. The steamer Gilsland, from Havana, has two cases of yellow fever at the lower quarantine. More cases have appeared on the Clyde and Niagara, also at the lower quarantine. All the patients in the hospital are progressing favorably. Commissioner of charities, John Rober of Brooklyn, has been arrested and held to bail on the charge of beating a defenceless woman with a club. It is said that a resolution will be introduced at the meeting of the aldermen tomorrow for a committee to investigate the management of the deck


Article from New-York Tribune, September 19, 1877

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THE SARATOGA SAVINGS BANK SUSPENDED. SARATOGA, N. Y., Sept. 18.-Bank Superintendent Lamb, having examined the Saratoga Savings


Article from The Portland Daily Press, September 21, 1877

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MINOR TELEGRAMS. John E. Williams, President of the Metropolitan Bank, is dead. The Presidential party made several short stops at stations while on the way to Nashvil e. The colored people were very anxious to see and shake hands with the President. The San Francisco custom house investigation closed Wednesday. All is quiet at Rocklin, California, the scene of the murders by Chinamen. A French boy was run over by a train at Manchester, N. H., Wednesday night and instantly killed. The New England Conference of Christain workers met at Concord, N. H., yesterday. The stockholders of the Salisbury mills, Boston, which have liabilities of $143,919, and assets of $107,270, have voted to sell the property. At Manchester, N. H., yesterday forenoon, the Manchester base ball club scored 9 runs, 7 base hits, 2 errors, and the Chicage professionals no runs, 3 base hits, 15 errors. The Chicago club left for Boston at the end of the sixth inning. Patrick Donovan, a section hand of the Boston & Maine Railroad at North Andover, was run over by a hand car Wednesday and fatally injured. The Clairmont savings bank of New York is now fundergoing an investigation. Everything is not satisfactory, and several persons of reputed good character are involved. Secretary Schurz will not allow the Interior Department clerks to go to Ohio to vote. Wednesday night the third floor of Whetstone's linseed oil factory in Cincinnati gave way under the weight of 15,000 bushels of flaxseed and carried all the floors below to the cellar. Virgir officials have been unable to obtain a loan of $200,000 either of banks in Richmond or New York, in consequence of the repudiation of their bonds. Hoyt will not take the Indian commissionship at less than $5000 per year, with the assurance that the bureau will not be merged into the War Department. Kingsley says that Tweed is mistaken about the stock and per centage operatives in the Brooklyn bridge matters, and Murphy denies any knowledge of the bribery of aldermen in connection with the bridge affairs. Andrew Jackson, of East Boston, committed suicide yesterday. House of Thomas R. Johnson, at Melrose, was entered by bnrgiars Tuesday night and $650 stolen from a bureau drawer. House of Benjamin F. Nichols, at Keene, N. H,, was burned yesterday. Loss $5000; insur. ance $4000. There is no further news of the Omaha express robbers. Of the money stolen $40,000 were consigned to Wells, Fargo & Co. and $20,000 to the New York National Bank of Commerce. The money stolen from the passengers aggregated nearly $2000. The delegation of the Sioux and Arapahoe Indians is expected in Washington Saturday night or Sunday morning. The council will commence the first of next week in Secretary Schurz's office. Oscar D. Patterson, with several aliases, was sentenced to seventeen and a half years in the Albany penitentiary yesterday for assault on an officer and larceny. The President arrived at Chattanooga at 12 45 o'clock yesterday. Trustees of the Saratoga Savings Bank have complied with the requirements of the bank supervisor and made up the deficiency in its assets. The bank will resume business. Judge Westbrook decided yesterday that the stoppage of the examination of Col. Gessner, the alleged forger, before Justice Duffy was illegal and that It must proceed. Steamer Cyrus P. Smith was burned Wednesday night at the mouth of the Patapsco while coming up loaded with fruit and produce. There were no passengers. The captain and crew took to boats and reached the shore. Toe owners estimate their loss at $12,000; insured $2000. Steamer Great Republic, the largest steamboat in the West, was burned Wednesday night. The Carondelet, another large steamer, was badly damaged. Both were idle. The Great Republic was valued at $150,000; insured for $50,000. The Carondelet, $40,000; insured $17,000. Hildire Belwean, hardware dealer of Montreal, has made an assignment. Liabilities $50,000. The Jacques-Cartier bank is largely interested. A fire in the wool waste loft of Patrick Kenney, in Providence, yesterday caused considerable damage. Insurance $11,000. The New York News says bankruptcy is threatened in the case of the Mt. Clair and Greenwood Lake Railroad Company. whose boats on the Lake have been seized by the sheriff for debt. John L. Hunter, inmate of the Sailor's Home at Quincy, was found dead yesterday with a bullet through his head. It is supposed be was murdered. His real name was M. J. Appleton, theson of a wealthy merchant of London, Eng.


Article from The Portland Daily Press, October 23, 1877

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MINOR TELEGRAMS, Fire Sunday evening in Madison, N. J., destroyed the railraad depot, four stores and a dwelling house. Yesterday morning the wife of Moses B. Noyes of Haverhill, Mass., in a fit of melancholy induced by *ickness, cut her throat with a razor, causing almost instant death. He age was about 50. Judge Peacall, formerly of Texas, now a resident of Washington, is fatally ill with congestion of the lungs. Estimates for carrying the inland mails for the coming fiscal year are $20,889,270. an increase of $2,030,297 over the current year. Patrick Darune of Springfield, Mass., a brakeman on the Boston and Albany road, was killed yesterday morning while coupling cars near Hinsdale. The trial of John Butterworth for the murder of his wife in North Andover, Mass., last August, began in Lawrence yesterdav. Three sons of Wm. Downey of Pittsfield, Mass., loaded an old gun with powder Sunday, and discharged it. The weapon burst, killing two of the boys and tearing off the hand of the other. Sidney McWilliams, receiver, took quiet possession of the Haumbal and St. Joseph railroad and all its general es yesterday. J. C. Baldwin, aged 38 years, was arrested at Patterson, N, J., yesterdav, for the murder of William H. Springstead, Oct. 9. Hon. T. M. Pomeroy has been nominated for the Senate in the 25th New York district in place of Woodin declined. J.C. Bancroft Davis, ex-minister at Berlin, has returned to this country. The Saratoga savings bank is said to have sufficient assets to pay its liabilities, but the suspension was caused by inability to convert its assets into-cash fast enough to pay the demands. The employes of the seven collieries that resumed work at Pittston at an advance of ten per cent have been notified of a reduction io their wages of this amount. There is much dissatistaction on this account and trouble is feared. P. W. Pierce, deputy sheriff of the county of Plymouth, Mass., and for the last two sessions messenger of the House, died Sunday. The bouse and barn of William Ray in Milltown, St. Stephens, was totally burned vesterday morning. Loss $1400; insurance $1100. The rumored unsoundness of the Dime Savings Bank of New York originated in an examination of its affairs which has been going on some months and at present is devoted to the value of its bonds and mortgages. The Democratic members of Congress do not at present contemplate holding a caucus. The steamship Lake Megantic, from Liverpool, which brought ont a quantity of cattle in violation of the Dominion act regarding the importation of cattle from a prohibited country, was obliged to leave them below Quebec at quarantine. She will have to take them back to Europe on her return trip.


Article from Daily Kennebec Journal, October 23, 1877

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NEW YORK. Fire. MADISON, October 22. The total loss by the fire bere is about twenty-five thousand dollars: partly insured. Great quantities of goods saved from the flames were stolen. Personal. Ex-Minister Bancroft Davis arrived to-day from Germany. Exports. The report from the American consul at Lyons, France, shows that the exports of silk from that place to the United States this year ending Sept. 30, 1877, were a million and a half less than the year before, a decrease of fifteen per cent. Attempted Suicide. William M. Brook, a western telegrapher, attempted suicide last night in Central Park Lake, but the water was so cold he floundered out and was taken to the station as a vagrant. Bank Matters. TROY, October 21. A special to the Troy Times says that the difficulty in the Saratoga savings bank, which was closed on Saturday is in the conversion of assets into money fast enough to pay the depositors on demand. The assets as now stated will be sufficient to pay the depositors, but they cannot be turned into cash for this reason, the bank was compelled to go into liquidation by the receivership. No deposits have been taken since the bank was examined by the bank superintendent in September. Nomination. Hon. T. M. Pomeroy has been nominated for the Senate in the 25th New York district, in place of Woodin, declined. Resolution. The Kings county, New York, democratic county convention, this afternoon adopted a resolution advocating the impeachment and removal of R. B. Hayes, should he continue to prohibit office holders from the exercise of their rights of citizenship. Strike. It is expected that the strike of the New York cigar makers will prove successful as the packers to-day voted to sustain them in their demands. Arrived. J. Bancrofi Davis, ex-minister to Berlin has arrived per steamer Herman. Investigation. Rumors afloat to-day, as to the soundness of the Union dime savings bank of New York, originated, says the Post, in an examination of its affairs which has been going on some weeks, and at present is devoted to the value of its bonds and mortgages. Forgery. ALBANY, October 22. William S. Taylor, a produce commission merchant of this city has been detected in a seried of forgeries. He forged the names of his father, Justus F. Taylor, and his uncle, William N. Strong, to notes for about $38,000, and obtained the money in various sums from four of our city banks. There is no arrest yet made, and Taylor remains at home awaiting further developments. The cause of his downfall is said to be speculations in stocks.


Article from The Forest Republican, April 17, 1878

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NEWS SUMMARY. Eastern and Middle States. Before & commistee of the Pennsylvania Legislature appointed to investigate the Pittsburgh railroad riots, R. A. Ammon, of Pitteburgh, who was at the head of the Trainmen's Union at the time of the strike, testified that the citizens offered the strikers arms to resist the troops two prominent citizens having of fered a hundred stand of arms each one of these citizens went to see him at Allegheny told him that he hoped the men would stand for their rights, and promised them arms and money. The steam chimney of the Hudson river steamer Magenta exploded two miles below Sing Sing, N. Y., and two passengers were killed outright, two were fatally scalded and several others received seriousinjuries. Warren Lane, bookkeeper of the Planet Mills Manufacturing Company, Brooklyn, N. Y., was returning from the company's bank in New York where he had drawn $4,000 with which to pay off the employees. He was ao companied by an assistant, who carried $700 in silver. When in an unfrequented locality they were approached by three men, dressed as laborers, who suddenly attacked the two, knocking them down with blows from sand clubs and relieving them of the money in a twinkling. Before they could gain their feet the thieves were rattling off in a wagon that was waiting in charge of a confederate and made good their escape. Peter McHugh, Patrick Hester and Patrick Tully were hanged at Bloomsburg. Pa., for the murder of mining superinteudent named Rea, in 1868. The town was filled with people from the surrounding country, but only about two hundred persons were admitted to the jail The yard where the execution took place, three men were hanged together, and exhibited little signs of fear. Hester, who was in substantial circumstances and for whom strenuous efforts had been made to obtain an amelioration of the death sentence, protested his innocence to the last. While the men were still hanging a shed on the side of the jail yard gave way with a crash, precipitating about fifty persons to the ground and injuring a little boy 80 severely that he died soon after. Fires Twenty-three buildings were destroyed by fire in Keeseville, N Y., causing a loss aggregating $65,000. Nearly a whole block of large business houses in Philadelphia was burned, the fire being one of the largest that has ever visited the city and causing an estimated loss of over $1,000,000. Comptroller John Kelly, of New York city, has written a letter to the attorney general of the State in favor of the release of William M. Tweed from further confinement. Comptroller Kelly says in his letter " As a public officer I urge his discharge, because I believe his further detention in a debtors' prison is neither beneficial to the State as an example to evildoers, nor in any sense serviceable to the Meanwhile. Tweed has refused to testify further in regard to ring frauds until he is released. The Higgins Building five-story marble structure on Canal street, New York-was almost totally destroyed by fire, and seventeen business firms suffered losses aggregating $645,000. Judge Blatchford, of New York, has rendered an opinion against ex-Governor Samuel J Tilden. in the suit of the United States for the recovery of several years income tax. This snit was instituted during the election campaign in 1876. The effect of the deci-ion will be to bring the case before a jury on the question of the amount of Mr. Tilden's income during the eleven years from 1862 to 1872, during which he made up no return himse'f, but allowed the assessor to make up the return and paid the tax thereon subject to a penalty of five per cent. The recent report of Acting Superintendent Henry L Lamb on the condition of the savings banks in the State of New York shows that nine savings banks were closed during 1877the Long sland. of Brooklyn: Clairmont, Clinton. German, Oriental and Yorkville, of New York Rock and of Nyack, Saratoga, of Saratoga Springs, and the New Rochelle, with a total amount due depositors of $1,601,719.34. In the State, to-day, 186 savings banks are doing business. The total deposits and the number of depositors have decreased during the year. The deposits fell off nearly $6,000,000 the transactions of the year were smaller in their volume than in other recent years more accounts were opened than were closed the average of each deposit declined, and the surplus of the institutions has shrunk. The total resources of the banks. now in operation, was on January 1. 1878, $56,786,336 total liabilities, $51,455,238, leaving a surplus of $5,331,098. From these facts the superintendent finds reason for the belief that the savings banks are coming back to sound rules in administration, are commanding reasonable confidence of depositors, and are sound. The Broadway Savings Bank, of Lawrence, Mass., and the Sixpenuy Savings Bank, of New York city have been enjoined from doing further business. The latter institution was patronized by the remarkably large number of 33.000 depositors, most of them poor people and children with little accounts. Its liabilities are $1,808 269 77, and the deficiency is estimated at #82, 425. Careless management. amounting almost to indifference, is charged against its officers by the bank examiners The trial of Insurance Superintendent Smyth, of New York, charged by the governor with regularities in office, ended in his acquittal by the Senate by & vote of 19 to 12. The Vanderbilt contested will case drag along in the New York surrogate's court. Much of the evidence offered to show that the Commodore wasmentally unsound or unduly influenced in making his will is excluded. The Pennsylvania Republican State convention will be held at Harrisburg, May 15. Thomas P. Fisher was hanged at Mauch Chunk, Pa., for complicity in the murder of Morgan Powell, a mine boss." While on the scaffold Fisher read part of a statement, emphatically averring his innocence. A bill has been introduced in the New York Legislature providing for a Moffet liquor law similar to that which prevails in Virginia. By ts provisions liquor dealers will be compelled to register each drink sold. A receiver has been appointed for the emearrassed Sixpenny Savings Bank, of New York city. Western and Southern States. Rumors of an Indian confederation in the Northwest have been confirmed. Scouts are reported to have found several thousand Cheyennes and Sioux in Northern Montana on the warpath It is said that Big Bear, one of the chiefs of the league demands as an ultimatum hat the buffalo law shall be repealed, and that Indians shall be allowed to settle their troubles among themselves without interference from the mounted police or the Canadian government. Mrs. George Wallace. her infant child and Miss Church, & schoolgirl, were murdered near Wheeling, W Va., by the former's brother-inlaw, John Wallace. After the murder he aocused his brother of the crime and both we re