15036. Carthage Savings Bank (Carthage, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
May 3, 1898
Location
Carthage, New York (43.978, -75.609)

Metadata

Model
gpt-5-mini
Short Digest
048e977d

Response Measures

Partial suspension, Books examined

Other: Run was triggered by defalcation at the connected First National Bank (absconding president).

Description

News reports (May 3–4, 1898) describe the president of the First National Bank of Carthage absconding after an estimated $110,000 defalcation. That failure triggered a run on the Carthage Savings Bank; the savings bank invoked the 30-day withholding privilege to prevent panic and was expected to pay depositors in full (i.e., temporary suspension with reopening). Also note First National closed by directors after discovering the defalcation.

Events (3)
1. May 3, 1898 Other
Newspaper Excerpt
The First National Bank of Carthage closed its doors this morning. The president of the bank has absconded, and an investigation of his accounts is being made.
Source
newspapers
2. May 3, 1898 Run
Cause
Bank Specific Adverse Info
Cause Details
Run was triggered by news that First National's president E. H. Myers had absconded after allegedly defrauding the bank of ~$110,000.
Measures
Invoked the thirty days' withholding privilege (30-day rule) to prevent further withdrawals.
Newspaper Excerpt
The news of the defalcation ... caused a run on the Carthage Savings Bank
Source
newspapers
3. May 4, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Savings bank temporarily withheld payments (30-day privilege) in response to run caused by the First National's defalcation.
Newspaper Excerpt
The savings bank ... has taken advantage of the thirty days' privilege of withholding deposits to prevent a possible run.
Source
newspapers

Newspaper Articles (10)
1. May 4, 1898 New-York Tribune New York, NY
Article from New-York Tribune, May 4, 1898

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Article Text

BANK PRESIDENT ABSCONDS. FIRST NATIONAL OF CARTHAGE ROBEED OF OVER A HUNDRED THOUSAND DOLLARS. Watertown, N. Y., May 3. - The First National Bank of Carthage closed its doors this morning. The president of the bank has absconded, and an investigation of his accounts is being made. A dispatch to "The Standard" from Carthage says: "The following notice appeared on the doors of the First National Bank this morning Notice to depositors: The president of this bank. E. H. Myers, has abseconded. and the directors ascertained last night that his accounts are short They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. By order of the Board of Directors. The news of the defalcation of Myers, who was a leading citizen, spread rapidly, and great excite. ment prevailed. A run on the Carthage Savings Bank ensued, which may cause It to close its doors, although the institution is unquestionably sound, and is said to have enough money on hand to meet all demands. Mr. Myers has been defrauding the bank for eight years, it is discovered on investigation The amount of the defalcation is estimated at $110,000. His whereabouts are unkonwn. E. H. Myers, the defaulting president. was born in Oneida County, coming to Carthage in 1874. The First National Bank was organized on January 1, 1880. with a capital of $50,000. and has always paid regular semi-annual dividends. In 1894 the capital was increased to $100,000. with surplus and profits of $31,695.56 About 1874 Mr. Myers married a daughter of Dr. H. G. P. Spencer, of Watertown, one of the most widely known physicians in Northern New-York Mr. Myers has always been identified with the best interests of the village, serving several terms as village president. It seems that a depositor notified to the bank last week that he would draw $3,000 yesterday Mr. Myers has not been seen since but the books do not show any such deposit. It is claimed that Myers placed fictitious names on the coupons, and only deposited small amounts. It is also said that on Saturday a deposit coupon was presented caliting for $3,000. On looking on the books it was found that there was no such name, but that on that day there was a record of $100 deposited, a fictitious name being used.

2. May 4, 1898 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 4, 1898

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Article Text

BANKER ABSCONDS. E. H. Meyers Charged with Stealing $110,000 in Eight Years. CARTHAGE, N. Y., May 3.-A notice to depositors appeared on the doors of the First National Bank this morning, informing them that "The president of this bank, E. H. Myers, has absconded, and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers has been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers's whereabouts are unknown.

3. May 4, 1898 The Morning News Savannah, GA
Article from The Morning News, May 4, 1898

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Article Text

BANK PRESIDENT ABSCONDS. Shortage in His Accounts Supposed to Be $110,000. Watertown, N. Y., May 3.-A special to the Standard from Carthage says: "The following notice appeared on the doors of the First National Bank this morning: "Notice: To depositors: The president of this bank, E. H. Myers, has absconded and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. " By order of the board of directors.' "The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. "Myers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are unknown."

4. May 4, 1898 The Age-Herald Birmingham, AL
Article from The Age-Herald, May 4, 1898

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Article Text

ANOTHER BANK THIEF Has Been Doing Crooked Work for Eight Years. Got $110,000. Watertown, N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on the door of the First National bank this morning: "Notice to Depositors-The president of this bank, E. H. Meyers, has absconded, and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. "By order of the board of directors." The news of the defalcation of Meyers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Meyers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Meyers' whereabouts are unknown.

5. May 4, 1898 The Herald Los Angeles, CA
Article from The Herald, May 4, 1898

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Article Text

A Bank Broken WATERTOWN, N. Y., May 3.-The First National bank at Carthage closed its doors this morning, when the directors posted a note stating that President E. H. Myers had absconded. The defalcation is estimated at $110,000, and is said to cover a period of eight years. Myers' whereabouts are unknown. This suspension caused heavy run on the Carthage Savings bahl

6. May 4, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 4, 1898

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Article Text

BANK PRESIDENT MISSING. Alleged He Is Short One Hundred Thousand Dollars. CARTHAGE, N. Y., May 3.-The following notice appeared on the doors of the First National bank this morning: "Notice to Depositors-The president of this bank, E. H. Myers, has absconded; and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early Cate." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. The amount of the defalcation is estimat ed at $110,000. Myers' whereabouts are unknown.

7. May 4, 1898 The Times Richmond, VA
Article from The Times, May 4, 1898

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Article Text

BANK PRESIDENT ABSCONDS. He Left a Shortage in His Accounts of $110,000, WATERTOWN N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on doors of the First National Bank this morning: "Notice to depositors: The president of this bank, E. H. Myers, has absconded and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Myers had been defrauding the bank for eight years, it is discovered on investigation. His whereabouts is unknown. The amount of the defalcation is estimated at $110,000.

8. May 4, 1898 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, May 4, 1898

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Article Text

BANK PRESIDENT ABSCONDS. He Had Been Defrauding Institution for Years. WATERTOWN, N. Y., May 3.-A special to the Standard from Carthage says: The following notice appeared on doors of the First National Bank this morning: "Notice to Depositors,- The president of this bank, E. H. Myers, has absconded, and the directors ascertained last night that his accounts are short. They have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date. "By order of the Board of Directors." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings Bank, which may be obliged to close its doors, although that institution is unquestionably sound. Myers had been defrauding the bank for eight years, it is discovered on investigation. The amount of the defalcation is estimated at $110,000. Myers's whereabouts are unknown.

9. May 5, 1898 New-York Tribune New York, NY
Article from New-York Tribune, May 5, 1898

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Article Text

RUINED BY A SPENDTHRIFT SON. Utica, May 4 (Special). The closing of the First National Bank of Carthage and the run made by depositors on the Carthage Savings Bank is still uppermost in the talk of the citizens of that town. The savings bank. which was connected with the National Bank. has taken advantage of the thirty days' privilege of withholding deposits to prevent a possible run. It is expected that all depositors will be paid in full. It is also believed that the National Bank will be found still solvent, notwithstanding its president's large defalcation. The financial troubles of President Meyers have been in a measure precipitated by his son Harry, twenty-four years old. Young Meyers has been dissipating the last few years and has spent large amounts of money, secured on checks and drafts of the bank. which were invariably honored Meyers also invested conside rable money in business interests for his son, and his losses in this direction have been large. Young Meyers has also disappeared It is said he has enlisted in, the Naval Reserves and is on a vessel on patrol duty on the Atlantic coast.

10. May 7, 1898 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, May 7, 1898

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Article Text

WRECKED THE BANK. President of a Concern at Carthage, N.Y., Disappears After Stealing $110,000. Carthage, N. Y., May 4.-The following notice appeared on the doors of the First national bank yesterday: "Notice to depositors-The president of this bank, E. H. Myers, has absconded and as the directors ascertained last night that his accounts are short they have ordered the bank closed for a more thorough examination. Depositors will doubtless be paid at an early date." The news of the defalcation of Myers, who was a leading citizen, caused a run on the Carthage Savings bank, which may be obliged to close its doors, although that institution is unquestionably sound. Mr. Myers had been defrauding the bank for eight years. The amount of the defalcation is estimated at $110,000. Myers' whereabouts are unknown.