Farmers & Mechanics Bank - Fort Plain, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 25, 1900
Location: Fort Plain, New York (42.931, -74.623)

Metadata

Model: gpt-5-mini
Short Digest: 795d9b95

Response Measures

Accommodated withdrawals

Description

Article (Jan 25, 1900) reports a weak run on the Farmers & Mechanics Bank triggered by the failure/non-opening of the National Bank of Canajoharie and worries about shared president Adelbert G. Richmond. The run was small and amounted to nothing; no suspension or closure is reported.

Events (1)

1. January 25, 1900 Run

Cause: Local Banks
Cause Details: Contagion from the National Bank of Canajoharie failing to open and worries about shared president Adelbert G. Richmond's troubled affairs.
Measures: None reported; bank lost only $2,100 in outflows but the run amounted to nothing.
Newspaper Excerpt: the fear spread and this morning a weak run commenced on the Farmers' and Mechanics'. It amounted to nothing, however.
Source: newspapers

Newspaper Articles (1)

1. January 26, 1900 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, January 26, 1900

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Article Text

ITS AFFAIRS INVOLVED. National Bank of Canajoharie, N. Y., in Bad Financial Condition. FORT PLAIN, N. Y., Jan. 25.-The National Bank of Canajoharie failed to open for business to-day. Adelbert G. Richmond, the president, died three months ago and since then there has been much talk regarding the condition of the bank, resulting in grave suspicions and consequent light deposits and heavy withdrawals. Mr. Richmond had been heavily interested in the Clark Fabric Company, at Sidney, N. Y., now in the hands of a receiver, and against which judgments amounting to a quarter of a million dollars have been filed. Richmond was also president of the Farmers' and Mechanics' Bank, this village, and his affairs at Canajoharie caused worriment. The Fort Plain Bank lost only $2,100, but the fear spread and this morning a weak run commenced on the Farmers' and Mechanics'. It amounted to nothing, however. Mr. Richmond was found dead in bed at the home of his sister, in New Woodstock. His health had been perfect until just before the discovery of his death and there is now a belief that he realized that he was hopelessly involved. Bank Examiner Graham says the Canajoharie Bank's books and papers are in a muddle and that several weeks will be required to straighten them out and get at their real condition. He is afraid that the bank's affairs are in such a condition that/the institution may not be able to resume. Mr. Richmond from 1862 to 1865 was in the Treasury Department at Washington under Gen. Spinner. For twenty-eight years he was cashier for the bank now in distress and he became president in 1893.