Bank of Albion - Albion, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 14, 1888
Location: Albion, New York (43.246, -78.194)

Metadata

Model: gpt-5-mini
Short Digest: cace7e26

Response Measures

None

Description

Article reports the Bank of Albion was ruined by its cashier's speculative losses and a receiver (Henry J. Anderson) was appointed. No run is mentioned; this is a bank-specific failure (embezzlement/speculation) leading to receivership and permanent closure.

Events (2)

1. August 14, 1888 Receivership

Newspaper Excerpt: Judge Wallace ... denied the motion for a new trial in the suit of Henry J. Anderson, the receiver of the Bank of Albion, of Albion, N. Y., against Kissam, Whitney & Co.... A. J. Warner ... lost $300,000, ruined the bank, and became a fugitive.
Source: newspapers

2. August 14, 1888 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier A. J. Warner speculated with brokers, lost about $300,000, used bank funds, ruined the bank and became a fugitive.
Newspaper Excerpt: Henry J. Anderson, the receiver of the Bank of Albion, of Albion, N. Y.
Source: newspapers

Newspaper Articles (1)

1. August 14, 1888 New-York Tribune New York, NY

Article from New-York Tribune, August 14, 1888

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Article Text

HIS BROKERS MUST ALSO SUFFER. Judge Wallace, of the United States Circuit Court, yesterday denied the motion for a new trial in the suit of Henry J. Anderson, the receiver of the Bank of Albion, of Albion, N. Y., against Kissam, Whitney & Co., brokers, for $147,729. A. J. Warner, the cashier of the bank, speculated with Kissam, Whitney & Co., and in some cases paid losses with drafts signed in his official capacity. He lost $300.000, ruined the bank, and became a fugitive. Judge Wallace says that the brokers probably followed the custom of Wall Street, and may not have been guilty of moral wrong, but they were legally responsible for knowledge that the funds of the bank were wrongfully used.