15083. Elmira Bank (Elmira, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 23, 1893
Location
Elmira, New York (42.090, -76.808)

Metadata

Model
gpt-5-mini
Short Digest
e56590a8

Response Measures

None

Description

Newspapers from May 1893 report the Elmira bank closed its doors (May 24–25) and an assignment/receiver was later involved; later trial (1896) discusses massive overdrafts and a receiver. There is mention that the suspension caused runs on other local banks, but the sources do not describe a depositor run on the Elmira Bank prior to suspension. Classified as suspension_closure (suspension followed by permanent closure/receivership) and cause attributed to bank-specific adverse information (large overdrafts/insolvency). OCR errors corrected (e.g., garbled phrasing in Article 1).

Events (3)

1. May 23, 1893 Other
Newspaper Excerpt
suspension of the Elmira the (N.Y.) ElTHE bank caused a run on Deposmira National Savings bank on the 23d. will be paid in full.
Source
newspapers
2. May 24, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed/assigned after heavy losses and insolvency indicated by overdrafts and concealed bad paper (massive overdrafts by D. C. Robinson and worthless notes).
Newspaper Excerpt
ELMIRA, N. Y., May 25.-Mayor Robinson to-day made an assignment. The Elmira bank, that closed its doors yesterday, is a preferred creditor.
Source
newspapers
3. * Receivership
Newspaper Excerpt
TESTIMONY AT THE TRIAL OF CASHIER BUSH, OF THE WRECKED ELMIRA BANK... Charles F. Gale, receiver of the defunct bank, was the next witness.
Source
newspapers

Newspaper Articles (3)

Article from The Enterprise, May 31, 1893

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Article Text

NEWS OF THE WEEK. Gathered from All Quarters. DOMESTIC. Garza's FIFTEEN of the most prominent revolutionary bers party, of who Catarina the were neutrality recently convicted laws, on were the violating at San Antonio, Tex., ranging sentenced terms of imprisonment years 24th from to thirty days in jail to two the penitentiary. the 24th Lawrence Devinney, Well Supply oiler ON employed at the mill Oil at Pittsburgh, limb oiling was killed. He beCompany's Pa., instantly literally rolling torn imb clothing was from and when his came entangled the machinery in a swiftly revolving 24th shaft. AT Muskegon, Mich., and on the Thomas aged 18, in MusHarry Dood, 17, were drowned small boat Slager, aged while out in a hundred kegon which Lake capsized within one feet of shore. NETTLESON, of Scandinavia, the N. A. his way home on who set upon by two behind, 24th, Wis., was while on from men his wagon hands jumped upon him and tied his in bills chloroformed him of $1,200 feet, robbed road. Gus and him beside the 24th, and left Scranton, Pa., on the and his Fitzpatrick, AT aged aged 16 20, years, quarreled over brother the ownership James, of a revolver and James Colin the received a fatal wound. working THE Chinamen canneries received umbia river salmon "Six Companies" from the not to regisa message advising them would on ter the and 24th, that the Geary law changed. Santa Fe California express ar the THE engine collided on Smith freight Boston, Ia. Engineer Stephens, overturned and near a Fireman New of the the express, pinned underneath after were and Stephens died shortly Smith from engine his injuries. Engineer seriously injured. fires for many THE on the 24th in 800 acres were raging worst Conn. forest Already Staffordville can and have Union, been burned and the loss hardly be estimated. the 24th the AT Corunna, Mich., on inquest in the William Sullivan, The coroner's case of the jury night held previous. an who to ver- was lynched was that he came whatdiet rendered suicide. No mention of the ever was death by made in the verdict lynching. suspension of the Elmira the (N.Y.) ElTHE bank caused a run on Deposmira National Savings bank on the 23d. will be paid in full. itors recent report that the Standard the TideTHE had absorbed deOil Company Oil Company is emphatically the Tidewater nied by President Brown, of water company. most fabulous gold strike reported ever THE in the northwest mine is on the made Grand Summit mo untains in the Washington. found ing from Palmer district, the gold was Okagan Almost minsolid body of pure A seven-pound piece depth of of pure of ore assayed to $175,000 to the ton. is valued 200 feet. two pounds the same gold, which It is said there is plenty of ore in sight. has been made for Manu- a reAPPLICATION for the National Electric Claire, Wis. ceiver Company at Eau facturing $560,000 liabilities $400,000. Assets, McBRIDE, one of the best oil SAMUEL men in the Pennsylvania the 24th. known died at Kane, Pa., on disfield, sufferer from a nervous habit, He was a by the which ease and on caused morphine powder in an that day took a anonyhad been mailed to him Soon after letter from Bradford. died. mous was seized with cramps and he It is believed he was poisoned. 25th commuted president on the THE imprisonment for life the full-blooded death to of Edward Pickens, recently tence Indian, who was of Chickasaw of murder in the district convicted Kansas. The court officers all recommended AT Chicago elemency. at on Garfield the 25th park, 500 together feet of stable three sheds camels and seven blooded The with horses, were destroyed by of fire. Arabs was used by a band to those park performances simila $15,000. giving wild west show. Loss the 25th of AT the Indianapolis, Ind., on arrested Wagner, a domestic, was family Anna five persons in the on of for poisoning William Koesters with "rough rats." OWING to the small amount of gold exdeposited and the heavy States bullion coinage at the United pense at of Carson City, Nev., Secretary of mint has directed the suspension from coinage Carlisle operations at that mint and after June PINKNEY, 1. sentenced to be of WILLIAM June 30 for the murder Francis hanged M. Bowie, escaped from jaif Marlboro, Md., on the 25th. cashier of the defunct Green- was THE (Ind.) bank, L. D. Walden, at town eastbound train taken from an the 24th and placed unGreentown arrest for on embezzlement. He was der his way to his home Pennsylvania. whose on long distance telephone, Bell THE is owned by the American declared its stock Telephone Company, dividend has of 1 1/4 per cent. first quarterly Yale corporation has authorized THE appointment of Prof. Bernadotte university, the of Western Reserve the Perrin, professor of Greek in S. to be department, and Dr. instruc- J. academical Robinson, of Pittsburgh, to be Fifteen in Latin for two years. The tor were made in the faculty. rhetoric changes professorships are those of new belles lettres, analytical chemistry school, and metallurgy in the scientific and Christian ethics in the divinity Prof. school, McLaughlin, Assistant Prof. Wells and to be filled respectively by and


Article from The Advocate and Topeka Tribune, May 31, 1893

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Article Text

and was liable to upward or $500,000 as indorser upon various notes which it had discounted, which fact was willfully concealed. NEW YORK, May 24.-The suspension of the National Bank of Deposit, the failure of a house which has been prominent in the toy trade with liabilities not far from $300,000, and the attachments which have been issued against the Domestic Sewing Machine Company are, it is believed here, only the beginning of a series of financial embarrassments which will be made public one after another, and will probably last all summer. There are two, and perhaps three, large banks which have loaned large amounts of money to institutions which have failed. NEW YORK, May 24.-The Van Wagner & Williams Company, wholesale dealers in hardware, has failed, caused by an attachment for $13,000. A receiver has been appointed. No statement has been made, but it is not believed the creditors will sustain a very heavy loss. Slow payments is said to be the cause. ELMIRA, N. Y., May 25.-Mayor Robinson to-day made an assignment. The Elmira bank, that closed its doors yesterday, is a preferred creditor. The 88sets and liabilities are not known, but may reach $100,000. DULUTH, MINN., May 25.-The Minnesota Blast Furnace Company, composed of Chicago people, with Charles Himrod at the helm, assigned yesterday to W.1 H. Stowell, president of the Duluth Iron and Steel Company, from whom the Blast Furnace Company leased the plant at Duluth nine days ago. The Standard Ore Company attached the pig iron on hand to secure a claim for ore sold. NEW YORK, May 26.-The Fostoria Banking Company, of Fostoria, O., which assigned this morning, according to the last issue of the Bankers' Almanac, had capital of only $40,000, surplus of $2,000, and undivided profits of $9,000. The New York correspondent of the Fostoria Banking Company 18 the National Shoe and Leather bank. FOSTORIA, O., May 26.-The affairs of the Mambory Crockery Colored Glass Company, and Brass and Iron Works, and the Fostoria Light and Power Company are 80 involved in the failure that they will be put in the hands of an assignee at once. Everything is in such chaotic condition at present that facts and figures cannot be obtained. The bank of Foster & Co. carried several hundred thousand dollars of deposits. The bank had negotiated loans for the brass works and the glass house, being compelled to give its own endorsement, and it was this fact that caused the crash. FINDLAY, O., May 26. - President Weisel, of the People's bank, of North Baltimore, was here this evening to endeavor to procure aid. Failing to secure this, he announced the bank would close its doors in the. morning, having been dragged down by the Foster failure. It was heavily involved in another recent failure, and this second blow caused the collapse. Mr. Foster was a stockholder in the bank.


Article from New-York Tribune, September 24, 1896

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EX-MAYOR ROBINSON'S OVERDRAFTS. TESTIMONY AT THE TRIAL OF CASHIER BUSH, OF THE WRECKED ELMIRA BANK. Buffalo, Sept. 23.-In the Bush trial to-day W. J. Hayes, an expert accountant and assistant cashier of the Niagara Bank, of Buffalo, who worked up the evidence in the case for the Government, testified that D. C. Robinson's account at the Elmira Bank, on May 3, 1893. was overdrawn $35,460. Three notes for $17, $18 and $19, made by different persons were shown to the witness. He turned to the bank's discount ledgers and swore that the entries appeared therein. The ledgers showed that the notes were deposited on May 4. They were credited to D. C. Robinson. District-Attorney Mackey attempted to show that the notes were really deposited on May 5, and the witness testified that there had been erasures on the date margin in the ledger. This, it was charged, was done to cover up Mr. Robinson's overdraft, when the Controller of the Currency called for a statement of the bank's financial condition. It is also said that the three notes were absolutely worthless, and that they were made by three errand-boys in a New-York bank, George M. Israel. H. S. Roll and T. H. Mullenhauer. The paper was known to be worthless when it was deposited. Mr. Mackey asked the witness if on May 5 there was a credit to Mr. Robinson of $39,000. He replied that there was. "Does there appear to be an erasure there?" asked the District-Attorney. Mr. Hayes replied in the affirmative. "Were the figures $39,000 written all over it?" "It appears to be so.' The witness was asked in regard to the condition of Mr. Robinson's account on May 7. "The books show an overdraft of $39,500," he replied. "On May 8 what was it?" "Overdrawn $77,482 82." "On May 10?" "It was $19,497 overdrawn." "What was the condition of the account on May 11?" "It was overdrawn $50,490." " "Go back to May 9 and see what the condition of the account was." "Mr. Robinson's account was overdrawn $98,482 82." "How was it on May 14?" "Overdrawn $92,986 20." A dozen other questions were asked and received similar replies. "Do you know that Mr. Robinson claimed to the receiver that the bank owed him $15,000." "Yes." "Do you know that a check for $1,000,000 went through the Elmira Bank for Mr. Robinson?" "I do." "Is not a man's ability to overdraw commensurate with his financial stability?" Mr. Hayes replied in the affirmative and explained that sometimes depositors were allowed to overdraw small sums as a favor from the bank. Charles F. Gale, receiver of the defunct bank, was the next witness. "What was the capital stock of the bank?" "It was $200,000." "What was Mr. Robinson's indebtedness to the bank when it failed?" "It was $300,000."