Other: Comptroller/Examiner action: the national bank examiner took charge and the Comptroller later caused sale of securities and turned over proceeds (about $330,000) so depositors could be paid in full.
Description
Multiple contemporaneous articles report a run beginning several days earlier (precipitated by a prominent citizen's death and ensuing rumor), the bank was closed/placed in charge of a U.S. bank examiner on 1896-09-19, and subsequently was not reorganized though depositors were paid in full by March 1897. Some reports mention a receiver was also placed in charge. Classification: run -> suspension -> permanent closure (receivership). OCR minor corrections: '1583' corrected to 1883 in some OCR lines.
Events (6)
1.February 7, 1883Chartered
Source
historical_nic
2.September 19, 1896Receivership
Newspaper Excerpt
The National Bank of Troy closed its doors today and placed its affairs in the hands of a national bank receiver.
Source
newspapers
3.September 19, 1896Run
Cause
Rumor Or Misinformation
Cause Details
A prominent citizen fell dead near the bank's door; a rumor circulated that the crowd was making a run on the bank, which precipitated actual heavy withdrawals.
Measures
Heavy withdrawals occurred; bank closed and placed in charge of U.S. bank examiner.
Newspaper Excerpt
The run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated ... precipitated an actual run.
Source
newspapers
4.September 19, 1896Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed by bank examiner due to inability to convert assets to cash to meet obligations after heavy withdrawals triggered by rumor; examiner took charge and suspended payments/operations.
Newspaper Excerpt
The National Bank of Troy ... closed its doors this morning because of a run on the bank, and is now in charge of United States Bank Examiner Graham.
Source
newspapers
5.November 16, 1896Voluntary Liquidation
Source
historical_nic
6.March 10, 1897Other
Newspaper Excerpt
The National Bank of Troy ... began, this morning, paying depositors in full with interest to date ... The bank will not be re-organized.
Source
newspapers
Newspaper Articles (18)
1.September 19, 1896The Evening TimesWashington, DC
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Article Text
BANK DOORS CLOSED. National Bank of Troy in Hands of Examiner. Troy, N .Y., Sept. 19.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning because of a run on the bank. and isnow in charge of United States Bank Examiner Graham. The tank's others state that it will be able to pay depositors in full and from seventy-five to ninety cents on the dollar to stockholders. The capital is $200,000. The bank succeeded the First National Bank in 1583, the latter having been organized in 1863. The run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated that the crowd that assembled was making a runon the bank, precipitated an actual run.
A National Bank Goes Up. TROY, N. Y., September 19.-The National Bank of Troy, formerly the First National bank, of this city, closed its doors this morning, because of a run on the bank. It is now in charge of United States Bank Examiner Caa. ham. The bank's officers state that it will be able to pay depositors in full and from seventy five to ninety cents on the dollar to stockholders. Its cap. ital was $200,000. The last report of its condition was made July 14th, last, and showed surplus profits of $25,000; liabilities to individual depositors, $449,000; borrowed money, $45,000.
3.September 19, 1896The Jersey City NewsJersey City, NJ
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BROKEN BY A SCARE Troy National Bank the Vietim of the Bryanite Panicky Feeling. TROY, N. Y., Sept. 19, 1896.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning, because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full, and' from 75 to 90 cents on the dollar to stockholders. The capital stock is $200,000. The bank succeeded the First National Bank in 1883, the latter having been organized in 1863. The run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated that the crowd that assembled was making a run on the bank precipitated an actual run. Daniel Klock, Jr., president of the National Bank of Troy, said today that the depositors of the bank would be paid in full and that if the assets were properly managed the stockholders would not suffer loss. He said that the bank was in better condition than at any time since 1893, and that the closing of the bank was occasioned solely by the depositors drawing out their money on account of a rumor which had been circulated that the bank had failed.
4.September 19, 1896Evening StarWashington, DC
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Article Text
A Troy Bank Closed. Mr. Coffin, the acting controller of the currency, has received information that the National Bank of Troy, N. Y., was today closed by order of Bank Examiner Graham. A run on the bank was in progress, and the examiner was of opinion that the best interests of all concerned would be subserved by closing. The bank has a capital of $200,000; surplus and profits, $25,000; liabilities to depositors, $449,000; borrowed money, $15,000. The only reason given for the failure is the bank's Inability to convert its assets into money to meet its obligations.
5.September 19, 1896Alexandria GazetteAlexandria, VA
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Article Text
The National Bank of Troy, N. V., formerly the First National Bank of that city, closed its doors this morning because of a run on the bank. It had a capital of $200,000. It is said the de. 1 be paid in full. positors
6.September 20, 1896New-York TribuneNew York, NY
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BANK IN TROY CLOSED. ITS MISFORTUNE CAUSED BY THE CIRCULATION OF AN IDLE RUMOR. Troy, Sept. 19.-The National Bank of Troy, formerly the First National Bank, closed its doors this morning because of a run, and is now in charge of the United States Bank Examiner, M. Graham. The capital is $200,000. The bank succeeded the First National Bank in 1883, the latter having been organized in 1863. The trouble began several days ago, when a prominent citizen fell dead near the bank's door, and a rumor which was circulated that the crowd that assembled was making a run on the bank precipitated an actual run. Daniel Klock, jr., president of the bank. said to-day that the depositors would be paid in full, and that if the assets were properly managed the stockholders would not suffer loss. He said that the bank was in better condition than at any time since 1893. and that the closing of it was occasioned solely by the depositors drawing out their money on account of a rumor which had been circulated that the bank had failed. Washington, Sept. 19.-The capital of the National Bank, of Troy, N. Y., which failed to-day, was $200,000. The last report of its condition. made on July 14 last, showed the surplus and profits to be $25.000; liabilities to individual depositors, $449,000, and borrowed money, $45,000.
7.September 20, 1896Arizona RepublicanPhoenix, AZ
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BANK SUSPENDS. TROY, N. Y., Sept. 19.-The National bank of Troy closed its doors today and was placed in charge of a National bank examiner. Heavy withdrawals is the cause.
8.September 20, 1896Richmond DispatchRichmond, VA
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National Bank of Troy Fails. TROY, N. Y., September 19.-The Na tional Bank, of Troy, formerly the First National Bank of this city, closed its doors this morning, because of a run on the bank. and is now in charge of United States Bank-Examiner Graham. The bank officers say that it will be able to pay deposits in full, and from 75 to 90 cents on the dollar to stockholders.
9.September 20, 1896The Morning NewsSavannah, GA
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A BANK CLOSED AT TROY. Depositors to Be Paid in Full and and Stockholders 75 Per Cent. Troy, N. Y., Sept. 19.-The National Bank of Troy, formerly the First National of this city, closed its doors this morning, because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders.
10.September 20, 1896The San Francisco CallSan Francisco, CA
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Article Text
National Bank of Troy Suspends. TROY, N. Y., Sept. 19.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning because of a run on the bank. It is now in charge of United States Bank Commissioner Graham. The bank's officers say that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. Its capital is $ 00,000.
A Bank Fails at Troy. TROY, N. Y., Sept. 19.-The National Bank of Troy closed its doors today and placed its affairs in the hands of a national bank receiver. The closing of the bank was due to the fact that the depositors withdrew nearly $45,000 yesterday, exhausting all the available cash. Other banks here refused to furnish any assistance, and an effort to secure money in New York was also unsuccessful. The president of the bank, Daniel Clock, Jr., stated the affairs of the bank were never in better condition since 1893, but they were unable to realize cash on their paper. Every depositor, he said, would be paid in full. The capital stock was $200,000 and the deposits amounted to $439,000.
12.September 20, 1896The Roanoke Daily TimesRoanoke, VA
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A BANK CLOSED. Washington, Sept. 19.-The acting comptroller of the currency has received information that the National Bank, of Troy, N. Y., was to-day closed by order of Bank Examiner Graham. A run on the bank was in progress and the examiner was of the opinion that the best interests of all concerned would be subserved by closing. The bank has a capital of $200,000; surplus and profits, $25,000; liabilities to depositors, $449,000; borrowed money, $15,000. The only reason given for the failure is the bank's inability to convert its assets into money to meet its obligations.
13.September 20, 1896The Norfolk VirginianNorfolk, VA
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A Bank Closes Its Doors. Troy New York, Sept. 19.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning, because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full, and from 70 to 90 cents on the dollar to stockholders.
14.September 20, 1896New-York TribuneNew York, NY
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THIRTY-SIX PAGES. THE NEWS THIS MORNING. FOREIGN.-Lord Salisbury and Mr. Balfour are said to be preparing a plan of Irish local government to be submitted to Parliament. The French Government has received a formal demand from Great Britain for the extradition of P. J. Tynan, the alleged dynamiter. The Khalifa and his Dervishes have evacuated Kerma on the Nile, which is now occupied by the Anglo-Egyptian expedition. DOMESTIC.-Delegations numbering 10,000 men visited Canton and were addressed by Major McKinley; the largest party of the campaign SO far came from Chicago, and was Terrific composed of 5,000 railway employes. storms occurred in Fall River and New-Bedford, Mass., Providence, R. I., and other parts The National Bank of of New-England. Troy was closed, owing to a run caused by a *Mr. Bryan left Frederbaseless rumor. icksburg for Washington, and made a speech The cricket match between in each place. the Australians and Gentlemen of Philadelphia was continued, with the former in the lead. CITY AND SUBURBAN.-It was learned that letters urging support of the Republican candidates had been sent out by the Association of Shipping Men, of which Arthur Sewall is president, his name as head of the organization beJohn S. Robinson, ing on the letter-sheets. a real estate broker. committed suicide at No. 4 West Forty-seventh-st., by inhaling gas. The Commercial Travellers' Honest Money League presented to Garret A. Hobart a handsome clock, with an appropriate address. Winners at Gravesend: Christmas, Billali, Peep o' Day, Sunny Slope, The Winner, Zanone, McThe American Yacht Club's fall reKee. gatta was sailed: the Colonia won the Hearst Boston defeated Brooklyn at basecup. Two world's records were ball by 3 to 1. broken at games of the Knickerbocker AthThe stock market was stronger. letic Club. THE WEATHER.-Forecst for to-day: Fair and much cooler. The temperature yesterday: Highest, 84 degrees: lowest, 64; average, 711/4.
15.September 20, 1896New-York TribuneNew York, NY
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At time of increasing sales a newsdealer or train boy metimes runs short of a sufficient supply of The Tribune. Readers always confer a favor by reporting such cases to the Business Office of The Tribune, No. 154 Nassau-st. The Tribune is the original McKinley and Hobart paper, and the lead ng one. For the best news and the most news, political and otherwise, order The Tribune. It is conceded by contemporaries that the display of New-Jersey, Brooklyn and Westchester County news in The Tribune is without an equal in the metropolitan press; and, as the special news of those localities appears alsoin the regular city and mail editions of The Tribune. suburban residents can, while travelling, depend upon The Tribune, absolutely for their home news. So long a period has elapsed since the work of transforming the old Castle Garden Building, which is one of the landmarks of New-York, into an aquarium that the project of endowing our city with an institution of this kind has almost been forgotten by the public. It would appear, however, from an article upon the subject which we publish to-day, that the aquarium is at length approaching completion, and that there is every reason to hope that by Christmas time it will have become one of the most popular features of entertainment and instruction in New-York. Sensitive even in the days of our greatest prosperity, popular confidence in the banks and financial institutions is exceptionally SO at the present moment, when the vagaries and wild ravings of Mr. Bryan and of his Democratic friends have done so much to unsettle the public mind. Had it not been for this abnormal condition of affairs, which will terminate with the election of Major McKinley a few weeks hence, the doors of the National Bank of Troy, which were shut yesterday, might still be open. For the run which resulted in their close seems to have been brought about solely by the fact that a prominent citizen fell dead at the door, a dense crowd immediately gathering about the entrance. Inasmuch as it is announced that the depositors will be paid in full, and the stockholders receive at least 90 cents on the dollar, there seems to have been no valid cause whatsoever for the run that did the mischief, save unreasoning panic. Truant schools constituting a logical and indispensable link in our system of compulsory education, it is satisfactory to learn from an article published elsewhere in our columns to-day that the Board of Education has at length withdrawn its opposition to the organization of establishments of this character. and has applied for an appropriation for the purpose. Until now the Board has been in the habit of securing the magisterial commitment of truants to criminal institutions-such as, for instance, the Juvenile Asylum. This is not only contrary to common-
16.September 21, 1896The Portland Daily PressPortland, ME
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Run on a Bauk. Troy, N. Y.,Sept. 19.-The National Bank of Troy, formerly the First National bank of this city, closed its doors this morning because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. The capital is $200,000. The bank succeeded the First National bank in 1883, the latter having been organized in 1863. The run on the bank began several days ago when a prominent citizen fell dead nea r the bank's door and the rumor which was circulated that the crowd was making a run on the bank, precipitated an actual run.
A Troy Bank Fails. Troy, N. Y., Sept. 19.-The National Bank of Troy, formerly the First National bank of this city, closed its doors this morning because of a run on the bank and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. The capital is $200,000. The last report of its condition, made July 14 last, showed surplus and profits to be $25,000; liabilities to individual depositors, $449,000, and borrowed money, $45,000.
18.March 10, 1897The Providence NewsProvidence, RI
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PAID IN FULL, Depositors in a Suspended Bank Receive Their Money. Over $300,000 Received From the Sale of Its Securities. Troy, N. Y., March, 10.-The National Bank of Troy which failed several months ago, began, this morning, paying depositors in full with interest to date. National Bank Examiner Edward J. Graham, who has had charge of the establishment since it was closed, yesterday received $330,000 from comptroller Eckles as the proceeds of the sale of securities. A large crowd gathered in the vicinity of the bank this morning before the opening hour and police were stationed there to preserve order. The bank will not be re-organized.
