14785. Chenango Valley Savings Bank (Binghamton, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: January 24, 1895
Location: Binghamton, New York (42.099, -75.918)

Metadata

Model: gpt-5-mini
Short Digest: af58dc21

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

Treasurer Tracy R. (Tracey) Morgan confessed embezzlement; State examiner closed the Chenango Valley Savings Bank and the Broome County National Bank in the same offices suspended. Heavy withdrawals (runs) occurred. Closure appears permanent (wrecking of institutions referenced later).

Events (2)

1. January 24, 1895 Run

Cause: Bank Specific Adverse Info
Cause Details: Runs triggered by discovery/confession of defalcation/embezzlement by Treasurer Tracy R. Morgan and disclosure of badly kept books
Measures: Bank officers kept large amounts of cash on hand; telegrams received from metropolitan banks offering support
Newspaper Excerpt: The run on the Binghamton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours
Source: newspapers

2. January 24, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by State Bank Examiner after confession of embezzlement by Treasurer Tracy R. Morgan and discovery of unreconciled, badly kept books; examiner ordered doors closed and notified Superintendent/Comptroller as appropriate.
Newspaper Excerpt: Have closed the Chenango Valley Savings Bank; defalcation by Treasurer Morgan; books in bad condition; defalcation confessed.
Source: newspapers

Newspaper Articles (16)

1. January 25, 1895 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, January 25, 1895

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ANOTHER BANKING CRASH. One Bank Closed and One Suspends at Birmingham, N. Y.-Defalcation by Treasurer. Albany, N. Y., Jan. 24.-The following dispatch from State Bank Examiner Backus at Binghamton, was received at the state banking department, this afternoon: "Have closed the Chenango Valley Savings Bank; defalcation by Treasurer Morgan; the cause and full extent not known. Books in bad condition; not written or posted; defalcation confessed. Broome County National Bank, in the same rooms, has suspended, Morgan was cashier. A burglary of the vault was attempted about 3 A. M. by Cashier Morgan and President Brownson of the National Bank, but was prevented by a detective I had engaged."

2. January 25, 1895 New-York Tribune New York, NY

Article from New-York Tribune, January 25, 1895

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TWO INSTITUTIONS WRECKED BINGHAMTON DEPOSITORS IN A PANIC. THE BROOME COUNTY NATIONAL BANK AND THE CHENANGO VALLEY SAVINGS BANK CLOSE THEIR DOORS TRACY R. MORGAN. CASHIER OF EACH BANK. CONFESSES STEALING $100,000. [BY TELEGRAPH TO THE TRIBUNE.] Binghamton, N. Y., Jan. 24.-Binghamton Folis confronted with a grave financial crisis. lowing upon the sensational failure of the Ross family of bankers and the Merchants' State Bank, on Monday. this morning was announced the suspension of the Broome County National Bank and the Chenango Valley Savings Bank, both in the same building. D. L. Brownson R. is president of the savings bank and Tracy Morgan treasurer. This morning before daylight they were seen to enter the bank by a side door, and a few minutes later emerged with a big basket full of papers and books. Detective Stephenson and Policeman Heath had been instructed the night before by Bank Examiner and Backus to watch the bank from the outside. when they saw Messrs. Morgan and Brownson come out with the basket they followed them. of As both bank officials were well-known men. high standing. the policemen were loath to deal arbitrarily with them. and allowed them to go several blocks with their burden. Then Stephenson spoke to Mr. Morgan, requesting that he return the books and papers. A heated argument followed. and the policemen were finally obliged to force Morgan and Brownson to return at the the muzzle of a revolver. They returned to bank. and then one of the policemen informed 9:15 Examiner Backus of the occurrence. At the o'clock, shortly after the time for opening bank. the examiner declared the institution The insolvent. and ordered the doors closed. Broome County National Bank also closed up. Mor- as the officials feared a run.. Brownson and gan are also president and cashier. respectively. of this bank. The news of the suspension spread like wildwhen the news of the books was noised abroad a panic was All fire the the and besteged attempt with to created steal other city banks were de- for positors all day long and, although prepared the run, it is a question of how long their cash on hand will hold out. The Broome County and National Bank was the repository for the city county funds. amounting in all to nearly $300,000. But the sensation of the day. however, was reserved until this afternoon when Treasurer Morgan's confession to Examiner Backus was made public. The Tribune correspondent saw Mr. Backus and learned that Morgan had confessed to embezzling nearly $100,000. and also to forgery on several occasions. He has changed the bank his made false entries and erasures, had caused the wreck bank Examiner Backus said he embezzlement records, ings of had that the and hardly savinto the books before he saw crooked work. He of but he denied it. Later on had looked defaulting been accused Morgan forced when there more proof came up the bank official was to acknowledge his guilt He made a written confession to the Examiner last night, and this morning his evident intention, when removing the books. was to cover up the traces of his guilt. When the Examiner discovered the true state of affairs he forbade Morgan and Brownson 40 be at the bank. Their entrance this morning is nothing short of burglary. and this with Morgan's confession of stealing gives sufficient ground for a criminal action against them both. Mr. Morgan is seventy-nine years old and has been one of the most respected citizens of Binghamton. He is one of the trustees of Christ Episcopal Church He served the city one term as Mayor. Mr. Morgan was also a prominent Odd Fellow. and, indeed, was custodian of the of a Binghamton Lodge's funds to the building amount $20,000. The lodge contemplated chapter-house with this, but it is feared that his peculations have been extended to this sum. Morgan refuses to see any one. These bank failures are the first in the business history of the city, and the effect will be $600,000 that of defor years will be paralyzed. Over money is tied up in the savings bank. positors' and as most of it belongs to the poorer classes, times will be still harder for them. deThe the hard four defunct banks carried $2,500,000 in posits. The run upon the Binghamton Savings depositors Bank heavy, and the crowd of anxious was increased was with the hours: but the bank pale, prepared for the emergency The officers, heavy but cool and composed, stood behind the plate glass windows surrounded by protected piles of gold and silver They had shining themselves with a large amount of cash, from and the day telegrams were Ived metropolitan during banking institutions to the banks effect that they would support the Binghamton for unlimited after amounts. the opening of the National Broome Soon County Bank to-day there were first heavy of demands upon its funds. One of the was for $1,000 made by George Pierce. these Soon after. E M. Tierney withdrew deposit for $2,000 and this was followed by draft $11,000 of made by General E. F. Jones. Then the were closed. doors The last statement made by the bank shows the following figures: Liabilities Deposits, $397,500; rediscounts. $18,087; total, $415,588. customers' paper, $414,000; cash, $61,000; $14,500; overdrafts, Assets $19,000; due from other banks, total, $511,500 Tracy R. Morgan was cashier of both banks, which were virtually in one, except that regulated separate books were kept each, one being by the National banking la and the other was regulated by the State Banking Department. the Brownson is president of both banks, and Loomis is son-in-law of Mr. Morgan. Bentamin N. is vice-president of the savings bank. Albany, Jan. 24.-The following dispatch from State Bank Examiner Philo H. Backus, at Binghamton, was received at the State Banking Department this afternoon: Have closed Chenango Valley Savings Bank: and def full Treasurer Morgan: the cause alcation by known; books in bad condition: not Broome written extent not or posted: defalcation confessed. has sus County National Bank, in same room, wired Supering Morgan Is cashier Have pended; New-York, and notified tendent Preston in full from Controller of t the Currency Received replies Burglary of vault attempted About Na. both Cashier Morgan and President Brownson, of I had tional Bank; prevented by detective whom engaged. Washington, Jan. 24.-Controller Eckels has ordered Bank Examiner Vanvraken to assume charge of the National Broome County Bank of Binghamton, New-York, which closed its doors to business this morning. The bank has a capital ofof $100,000 and had a reserve of $20,000. No ficial statement of its condition has been received here. A PROVIDENCE FIRM IN DIFFICULTIES Providence, Jan. 24.-The Kent & Stanley Company. a large manufacturing corporation here, has anaddressed a circular letter to its creditors nouncing present inability to meet maturing payortension of time The

3. January 25, 1895 The Daily Morning Journal and Courier New Haven, CT

Article from The Daily Morning Journal and Courier, January 25, 1895

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CLOSED THE BANK. It Was Caused by the Defalcation of the Treasurer. Albany, Jan. 24.-The following dispatch from State Bank Examiner Backus, at Binghamton, was received at the state banking department this afternoon: "Have closed Chenango Valley bank. Defalewation by treasurer. The cause and full extent not known. Books in bad condition. Not written or posted. Defalcation confessed. Broome County National bank, in same rooms, has suspended. Morgan is cashier. Burglary of vault attempted about 3 a. m. by Cashier Morgan and President Browne of the national bank; prevented by detective whom I had engaged." The trouble inthese banks, occupying quarters in the same rooms of the one building, will, it is thought, be a strong argument in favor of the bill pending in the senate to compel savings banks to occupy separate rooms.

4. January 25, 1895 The Times Richmond, VA

Article from The Times, January 25, 1895

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NOTHER CASHIER GOES WRONG. T. R. Morgan, of a Binghampton Savings Bank, a Defaulter. BINGHAMPTON, N. Y., Jan. 24.-Detective Stevenson, of the local police force, was ordered by Bank Examiner Clark yesterday afternoon to watch the Chenango Valley Savings Bank, which has its offices in the Phelps Bank Building. In company with Officer Heath, the detective remained in the vicinity all night. About 4 o'clock this morning Tracey R. Morgan, the treasurer of the bank, was seen to enter the bank. He came out again in a few minutes and went to the grocery store of D. T. Brownson, who is the president of the bank. A few minutes later he came out with a basket, followed by Mr. Brownson, and both of them returned to the bank. Half an hour later the two men came out with the basket full of books and papers. They went up Chenango street, followed by Detective Stevenson and Officer Heath. Stevenson requested Morgan and Brownson to return the books and papers to the bank. Morgan refused, claiming that they were his private property. The detective insisted, and the bank officials returned to the bank with the books and papers. This morning the bank was closed by Bank Examiner Clark on an order from State Superintendent of Banking Preston. Citizens had recovered from the shock following the suspension of the Merchants and the Ross private bank, and affairs were assuming their normal aspect. when the rumor was circulated that the mango Valley Bank had drawn its curtains. On the heels of this startling report came the announcement that the National Broome County Bank had also closed. Citizens were fairly paralyzed with astonishment, and the apprehension of small depositors was magnified by exaggerated stories which were circulated to the injury of other local banking institutions. The news regarding the failure spread rapidly, and as each messenger enlarged upon the conditions, panic seized the populace, and It became apparent that a run upon the bank would be inevitable. It became evident that nothing could' Just prevent the abnormal pressure. such a movement had been anticipated, however, and the solid institutions were prepared for the rush. The run on the Binghampton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergency. The officers, pale, but cool and composed, stood behind the heavy plate-glass windows surrounded by piles of shining gold and silver. They had protected themselves with a large amount of cash, and during the day telegrams were received from Metropolitan banking institutions to the effect that they would support the Binghampton banks for unlimited amounts. Runs were also made upon the other banks of the city, but all depositors were promptly paid. and when the doors were closed at 3 o'clock it was evident that the rush and fright was over. ALBANY, N. Y., Jan. 24.-The following dispatch from State Bank Examiner Philo H. Backus, at Binghampton, was received at the State Banking Department this afternoon: Have closed Chenango Valley Savings Bank: defalcation by Treasurer Morgan the cause and full extent not known; books in bad condition-not written or posted; defalcation confessed: Broome County National Bank, in same room, has suspended: Morgan is cashier. Have wired Superintendent Preston in full to notified the of vault M. Currency. Burglary New by York Cashier and Received Morgan attempted replies Comptroller and from about President of both. 3 A. Brownson, of National Bank; prevented by detective whom I had engaged."

5. January 25, 1895 The Jersey City News Jersey City, NJ

Article from The Jersey City News, January 25, 1895

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BROOME'S BANK TROUBLES. BINGHAMTON, N. Y., Jan. 25, 1895.Late yesterday afternoon it was learned that the following sensational dispatch had been sent by State Bank Examiner Philo H. Backus to the State Banking Department at Albany:"Have closed Chenango Valley Savings Bank; defalcation by Treasurer Morgan; the cause and full extent not known. Books in bad condition; not written or posted: defalcation confessed. "Broome County National Bank in same room has suspended; Morgan is cashier. Have wired Supt. Preston in full in New York. Burglary of vault attempted about 3 A. M. by Cashier Morgan and President Brownson of National Bank; prevented by detective whom I have engaged." The truth of these charges is questioned by citizens, and there is considerable criticism regarding the action of Examiner Backus for indulging in such extraordinary statements. It is believed that the action of the bankers and the condition of the bank's affairs will not justify the charges. D. L. Brownson last evening made the following statement:-"The books and papers that Mr. Morgan and myself attempted to remove to his house on Thursday morning were entirely of a private nature, belonging to Mr. Morgan individually, and were in no way connected with either the Broome County National or the Chenango Valley Savings Bank.'

6. January 25, 1895 Evening Star Washington, DC

Article from Evening Star, January 25, 1895

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GENERAL NEWS NOTES. At the city election of Wheeling, W. Va., yesterday, the republicans made a clean sweep of the city for the first time in many years. Majorities for mayor, chief of police and city clerk range from 400 to 1,000. The city council is almost solidly republican. There was a lull yesterday in the storm which has prevailed in California for eight days. Labor riots occurred in the streets of Budapesth, Hungary, yesterday. Reports from Lake Michigan leave no doubt of the loss of the steamer Chicora with the twenty-five persons on board. The loss of the vessel, exclusive of the cargo, amounts to $150,000, and the cargo of thirty-eight carloads of flour was valued at $20,000. The Argentine congress yesterday voted general amnesty to political offenders, and the session was then closed. The attempt to introduce Chinese labor into the mines of Idaho Springs has been abandoned, owing to the fear of violence to the Chinamen. The Brazilian minister to Uruguay has been recalled by his government owing to his attitude on the frontier incidents. Justin McCarthy has issued a manifesto to the Irish parliamentary party upon its duty in the coming session of parlfament. Every passenger and all the crew of the steamer State of Missouri, which was sunk in the Ohio river on Saturday last, have been accounted for and no lives were lost. It is reported from Toronto that if the United States does not assent to the landing of the Australian cable on the Hawaiian Islands, it will be built via Faning Island. A mass meeting of North Carolina temperance workers, held at Raleigh, indorsed a bill based upon the Mississippi temperance law. One proviso is that dealers who give credit for drinks lose the debt. Beecher, Schenck & Co. of New York have been indicted for issuing a doctored statement of the financial affairs of the defunct American Casualty Insurance and Security Company of Baltimore. The Chenango Valley and the National Broome County Banks of Binghamton, N. Y., have been closed by the bank examiner. A run on the other banks followed. The Oregon legislature met yesterday in joint session to vote for United States Senator. The ballot resulted as follows: Dolph, 44; Moore, 19; Lord, 2; Bennett, 8; Hare, 10; Moody, 4; Williams, 1; Kinkaid, 1. Necessary to an election, 45. There was no choice. Seven votes for United States Senator were taken yesterday by the Washington legislature without resulting in a choice. The last ballot taken resulted: Ankeny, 25; Wilson, 7; Allen, 24; Turney, 19; McMillan, 5; Rogers, 23; Wallace, 6; Manning, 1. In the Missouri house yesterday Mr. Johnson of St. Louis introduced a bill to legalize pool selling and book making on events either within or without the state if sold on the premises of a race course. This is intended to freeze out the smaller pool rooms.

7. January 25, 1895 The Norfolk Virginian Norfolk, VA

Article from The Norfolk Virginian, January 25, 1895

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and President Brownson of National bank. Prevented by detective whom [ bad engaged." BINGHAMTON, N. Y., January 24.- Citizens had recovered from the shock following the suspension of the Merchants' Ross private bank, and affairs were taking on their nor. mal aspect when the rumor was circulated that the Chenango Valley Bank had drawn its ourtains. On the beels of this startling report came the aunouncement that the National Broome County Bank had also closed. Citizens were fairly paralyzed with astonishment and the apprehension of small depostors was magnified by exaggerated stories which were circulated. A heavy run on the Binghamton Savings Bank was begun and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergenoy. The officers stood behind the heavy plate glass windows, sur rounded by piles of shining gold and silver. Runs were also made upon the other banks of the city, but all de. positors were promptly paid, and when the doors were closed at 3 o'clock it was evident that the rusues were over.

8. January 25, 1895 The Providence News Providence, RI

Article from The Providence News, January 25, 1895

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ONE MORE. Cashier Morgan Causes Suspension of Banks. Was Held in High Esteem-What Became of Missing Funds. BINGHAMTON, N. Y., Jan. 25.-A notice posted on the doors of the Chenango Valley Savings bank says the bank has been losed by order of Superintendent Preston of the state banking department. The National Broome County bank, which conducts business in the same offices, with nearly the same officers ns the Chenango Valley bank, is also closed. Cashier Tracey R. Morgan of the savings bank is a defaulter. The announcement of the defalcation of Cashier Morgan has created much excitement. He has been. mayor of the city, and during his 30 years' residence here has been looked upon as an upright citizen. He is about 70 years old, and though he has been a close applicant to business his bodily vigor is unimpaired. Bank Examiner Backus had been in the city but one day when he discovered that during the past 30 years a correct trial balance had never been taken in that bank and that the cashier refused to balance almost invariably. In spite of the fact that the number of the bank's depositors had increased daily, the amount on deposit had declined, showing that something was wrong. Where Did the Money Go? The great question here is, What has Morgan done with the money? It is not known that be was extravagant to any extent, or that he had any particular vices which would aid him in getting rid of a fertune. He lived quietly and has devoted apparently most of his time to business. He has kept the books of the savings bank almost entirely alone. None one of the employes knew anything of his accounts, with the exception of a young girl, who has for several years been Morgan's chief helper. Last night a watchman slept in the bank to prevent any one from tampering with the books. The statement that all the other banks are in a flurry, a report that early in the day gained some credence here, is not borne out by the facts. Each bank is prepared for a bad run, and there is fully $1,000,000 more in the city than the total amount of the deposits in all the banks. It was reported about the city that Harry Ross, of the defunct Merchants' bank and the private bank of Ross & Sons, was missing, but the report is not true. Morgan has not been arrested. His ago is such that it is believed that he is not able to leave the city. Nevertheless, he is now under police surveillance.

9. January 26, 1895 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, January 26, 1895

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GUATEMALA'S REPLY. CITY OF MEXICO, January 25.-The arrival of Guatemala's reply to Mexico's final demand has caused a considerable war-fever throughout this district. As yet, however, nobody outside the Foreign Office has seen the reply. Rumors of every sort are afloat, most of them to the effect that the Guatemalan Government covets once more the old ground, seeking at once to evade the issue and secure delay. Ignatio Mariscal, Minister of Foreign Affairs, would say nothing of the document to-day, except that it was enormously long and would be laid before the Cabinet meeting to-morrow. A statement is expected from the government soon after this meeting, although Senor Mariscal declined to say that It would be made. BINGHAMTON'S BANK RUN. It Continues. But Is Not So Extensive as on Thursday. BINGHAMTON, N. Y., January 25.The doors of the Binghamton Trust Company and the Binghampton Savings Bank were opened promptly at 9 o'clock this morning. At the former, just as the doors were opened. the express messengers carried a big iron box into the office. It contained $160,000. mostly in currency, all of which came from the Chase Bank, in New York city. At the Binghamton Savings Bank the counter and tables in the rear were covered with greenbacks, and plenty of clerks stood by ready to disburse them when called for. The run continued throughout the morning, although not so extensively as last evening. Most of those withdrawing their funds were women, who had been frightened by the sensational rumors. WILL OCCASION LEGISLATION. ALBANY, January 5.-The closing of the Chenango-Valley Savings Bank, in Binghamton, pending an examination into its affairs, occasioned by the discovery by State-Bank-Examiner Backus of a defalcation on the part of Treasurer Morgan, of the bank, is to be made the occasion undoubtedly for future legislation to provide for the separation of Lavings banks from banks of discount. Superintendent Preston is informed that Morgan confesses to a defalcation of from $15,000 to $20,000. Examiner Backus is uncertain as to the true amount, but thinks it must be more on account of the additional facts constantly coming to light.

10. January 26, 1895 Richmond Dispatch Richmond, VA

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# BANK RUNS mistic expression for "making a run" on the bank. We quote again: "A meeting of the directors of the Chenango-Valley Bank was held at 11 o'clock, and it was decided to post the regular sixty-days' notice for the withdrawal of deposits." This is, or was, a State bank. But its officers tried to make a run on it ineffective by availing themselves of the privilege of having sixty days' notice. But this requirement ruined the bank as a place of deposit. Read again: "The citizens were fairly paralyzed with astonishment, and the apprehension of small depositors was magnified by exaggerated stories which were circulated to the injury of other local banking institutions. "The news regarding the failure spread rapidly, and, as each messenger enlarged upon the conditions, panic seized the populace, and it became apparent that a run upon the banks would be inevitable." "Small depositors" and an "inevitable run" are telling phrases. Once more: "The run on the Binghamton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergency." Finally: "Runs were also made upon the other banks of the city, but all depositors were promptly paid." It is always the depositors that the banks fear. Why? Because the banks lend out their depositors' money and of course cannot be always ready to return it. But enough.

11. January 26, 1895 Evening Journal Wilmington, DE

Article from Evening Journal, January 26, 1895

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NO BANK PANIC. The Runs on the Binghamton (N. Y.) Banks Nipped In the Bud. BINGHAMTON, N. Y., Jan. 26.-The financial situation in Binghamton is unchanged today, although the runs on the five remaining banks have stopped. Over $500,000 in bills, gold and silver was received Friday, and the fact that all banks were promptly paying depositors allayed the fears of all, and at the time of closing the banks everywhere were in splendid order. Defaulting Cashier Morgan has not as yet been placed under arrest, and there is no certainty of its taking place immediately. Bank Examiner Backus reaffirmed the statement that Tracy R. Morgan was a defaulter. Mr. Morgan has repeatedly declined to talk to the press on the subject of the accusation. The investigation of the affairs of the Chenango Valley Savings bank is progressing behind closed doors. and the examiner refuses to give any figures to the press regarding the bank's condition.

12. January 30, 1895 The Vermont Watchman Montpelier, VT

Article from The Vermont Watchman, January 30, 1895

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Savings Bank Embezzler. THE latest bank defalcation comes from Binghamton, N. Y., where the Chenango Valley Savings Bank and the Broome National Bonk, of which Tracy R. Morgan was treasurer and cashier, have closed their doors because of embezzlement by that official. He has confessed the crime. The books of the banks are in a deplorable state. News of the failure caused a run on the Binghamton Savings Bank. The crowd of anxious depositors at that institution was great, but the bank was prepared for the e mergency. The officers, pale but cool and composed, stood behind the heavy plateglass windows surrounded by piles of shining gold and silver. They had protected themselves with a large amount of cash, and during the day telegrams were received from metropolitan banking institutions to the effect that they would support the Binghamton banks for unlimited amounts.

13. February 1, 1895 Fisherman & Farmer Elizabeth City, Edenton, NC

Article from Fisherman & Farmer, February 1, 1895

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BANKS CLOSED. Two Institutions at Binghamton, N. Y., Fall. Bank Examiner Prescott has closed the doors of the Chenango Valley Savings Bank in Binghamton, N. Y., pending an investigation. The Treasurer, Tracy 1. Morgan, has confessed a defalcation of $100,000. His action was precipitated by an effort on the part of Morgan and President Brownson to carry away the books of the bank about midnight. In thesame building and under the same management is the Broome County National Bank, which was examined last month by Bank Examiner Backus and pronounced all right. State Bank Examiner Backus has taken charge of the Broome County National Bank, acting under the orders of the Comptroller of the Currency. The bank had an authorized circulation of $90,000 and was capiItalized at $100,000. All the securities and cash of the savings were in the vaults Bank. bank hamton Savings placed Detective of the Robert BingStevenson was sent to watch the building. About 5.30 next morning he saw Brownson emerge from bushel basket between 'and ing A Morgan the them. bank, It carry. was filled with books and papers, and each man carried a large bank book under his arm. The officer stopped the men and insisted that the property be returned to the bank. After some argument Brownson and Mergan carried the back. Bank Examiners Backus were Immediately and property Mooney Recorder called Roberts. and sent for an attorney, Mr. Morgan was told that he must not take any property away from the bank. Backus said : "I the bank In a books Bank of Examiner this horrible condition. found It will be aiongtimebeforetheyarestratghtlened out. Shortly after I came here last week I found out that some one had been defaulting. I intimated to Mr. Morgan in a mild way that he was to blame, and he said nothing. Later I took the bull by the horns and directly charged him with it. He admitted he had taken the funds of the ban I was taken sick at the hotel, and Morgan and Mr. Brownson came to see me. 1 finally got Morgan to admit that he had taken the funds of the bank, but I am not at liberty to tell all that he told me. I then cautioned both mon not to go noar the bank and touching one of Morgan promised papers. against to the keep books away, I was or but subsequent events proved that justified in taking the savings bank funds and securities to the Binghamton Savings Bank. 'Morgan and Brownson are liable for in entering this bank and taking If I had not burglary out the books. had books the build- here ing watched, I should have no to-day to work on. I certainly never found a bank in such a condition. "I can't say how the affairs of the National Broome County Bank stand and I do not know whether or not funds from the savings have been transferred to the National state how heavy been. I hope it has not bank cation Bank. has Icannot the been defal- BUTficiently large to break the bank. It became absolutely necessary to close this bank until we could find out how its finances stood." The last statement of the savings bank showed a surplus of over 667,000. There was a heavy run on the other savbanks in the city all day, but money in on every train, and the ings came $1,000,000 New York into banks said they would put the city if necessary. Tracy R. Morgan has been Mayor of Binghamton, and, during his thirty years residence, has been looked upon as an upright citizen. Heisabout seventy-nine years old. The bank examiner has found that during the past thirty years a correct trinl balance had never been taken in that bank. The question is what has Morgan done with the money. It is not known that he was exor had any vices. one knew anything employes travagant of Not his girl, accounts, who of has the with the exception of A young for several years been Morgan's chief helper.

14. April 10, 1895 New-York Tribune New York, NY

Article from New-York Tribune, April 10, 1895

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MAYOR GREEN'S LETTER. HIS REQUEST FOR ITS PUBLICATION GRANTEDTHE CHENANGO BANK CASE. Binghamton, April 9.-When Mayor Green of this city learned of Superintendent Preston's determination not to make public the letter in his possession regarding Binghamton banks, supposed to have been written by the Mayor to Colonel Dunn, receiver of the Merchants' Bank, a dispatch was sent to Mr. Preston asking him to publish it. When the telegram reached Albany last night Mr. Preston had already left for this city. At 1 o'clock this morning Mr. Preston sent the following, which is marked "copy of letter to Colonel G. W. Dunn," to Colonel Dunn at his house, and the colonel at once gave out the letter for publication: Binghamton, July 2, 1894. My dear Colonel: I have just learned that there is a disposition on the part of certain ones to make trouble concerning the deposit of excise funds. These funds, I understand, are now to the credit of the Excise Board. The city is unable to meet its present obligations, and some one has advised that several thousand dollars excise moneys are on hand and should be to the credit of the city, etc. I have been legally advised that, unless the funds are to the credit of the city, the Excise Board is subject to removal, and, if complaint should be made to me, I should be obliged to remove them or subject myself to removal, etc. It's all a case of "pernicious activity" on the part of meddlesome persons. Is it not well to put the Hon. T. R. Morgan on guard, and he can have the transfer made in effect. if not in fact? Must hustle home, and have a half-dozen things to bother me this evening, and for fear I can't see Mr. Morgan or Bayless I take the liberty of troubling you, Will explain GEORGE E. GREEN. all when I see you. Mayor Green's letter failed to create the sensation which had been anticipated. Mayor Green made a statement this afternoon explaining the circumstances responsible for the letter. Through an error the Excise Board had placed certain funds to its credit in the Chenango Valley Savings Bank, instead of placing them in the National Broome County Bank, to the credit of the city, which, therefore, was deprived of the use of the money. This was a violation of the law. Mayor Green in his statement observes that the foregoing facts had come to the knowledge of persons who were disposed to make capital of the matter. A consultation with the City Attorney, members of the Common Council, and the Excise Commissioners was held. Mayor Green became convinced that, unless the moneys were transferred at once to the credit of the city, opportunity for scandal might arise. He asked Colonel Dunn to act for him in the matter. Mayor Green ends by saying: The conspiracy, If any, on my part, was to secure prompt transfer. No combination or individual, to my knowledge, received the slightest benefit from the excise funds, and so far as the moneys were concerned, the city was well protected against loss by the Board of Excise. The only issue was a question of exact consideration of law and perhaps of the interest on daily balances.. The letter or the excise funds had not the slightest connection with the Chenango Valley Savings Bank, and I do not know how or why the State Banking Department came into possession of the same. The continuation of the preliminary examination in the case of the People against D. L. Brownson and Tracy R. Morgan, charged with burglary in the third degree in connection with the Chenango Valley Savings Bank failure, brought out some interesting testimony this morning. The defence opened its case by calling Bank Examiner Philo B. Backus. "When did you get hold of that celebrated DunnGreen letter?" asked Attorney Wales. Attorney McGown's objection to this question was overruled, and the witness answered: "It was handed to me by Mr. Jackson, my assistant. The letter was first called to my attention three or four weeks after the examination was begun. I refused to give the letter to the press. I have never said the Republican ring wrecked the banks."

15. October 28, 1904 New-York Tribune New York, NY

Article from New-York Tribune, October 28, 1904

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EX-MAYOR TRACY R. MORGAN. Binghamton, N. Y., Oct. 27.-Tracy R. Morgan, a former Mayor of Binghamton. died at his home in this city to-day at the age of 86 years. Mr. Morgan was cashier of the Broome County National Bank and treasurer of the Chenango Valley Savings Bank, the wrecking of which institutions precipitated the bank panie of 1894 in this city. Mr. Morgan had been under indictment since the collapse of these banks, but owing to his age and physical infirmity, the case was never brought to trial.

16. October 30, 1904 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, October 30, 1904

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Indicted Banker Dies. Binghamton, N. Y., Oct. 29.-Tracy R. Morgan, a former mayor of Bing. hamton, died at his home in this city; aged 86 years. Mr. Morgan was the cashier of the Broome County National bank, and treasurer of the Chenango Valley Savings bank, the wrecking of which institutions precipitated the bank panic of 1894 in this city. Mr. Morgan had been under indictment since the collapse of these banks, but owing to his great age and physical infirmity, the case was never brought to trial.