National Broome County Bank (Binghamton, NY)

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Episode Information

Episode UID
151301141
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
15130 national
Charter Number
1513
Start Date
January 24, 1895
Location
Binghamton, New York (42.099, -75.918)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
24ed599a5a46fac2

Response Measures

None

Receivership Details

Depositor recovery rate
51.8%
Date receivership started
1895-01-28
Date receivership terminated
1905-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
42.0%
Share of assets assessed as doubtful
28.9%
Share of assets assessed as worthless
29.1%

Description

Suspension followed discovery of a large defalcation at the co-located Chenango Valley Savings Bank; receivership appointed days later.

Events (5)
1. August 9, 1865 Chartered
Source
historical_nic
2. January 24, 1895 Other
Newspaper Excerpt
There was a heavy run on the Binghamton Savings Bank ... 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.
Source
newspapers
3. January 24, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed discovery of a large defalcation by Tracy R. (T. R.) Morgan at the co-located Chenango Valley Savings Bank and attempted removal of books; examiners closed the savings bank and the national bank suspended (officials feared a run).
Newspaper Excerpt
Broome County National Bank, in the same rooms, has suspended, Morgan was cashier.
Source
newspapers
4. January 28, 1895 Receivership
Source
historical_nic
5. January 29, 1895 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed Orris U. Kellogg receiver of the National Broome County bank of Binghamton, N. Y., which suspended payment on the 24th inst.
Source
newspapers

Newspaper Articles (23)
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 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.

3. 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."

4. 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.'

5. January 25, 1895 Evening Journal Wilmington, DE
Article from Evening Journal, January 25, 1895

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BINGHAMTON'S BANKS. Another One Closed by State Inspector Backus. CASHIER MORGAN A DEFAULTER. The Amount Missing Is Not Known Yet, but Irregularities Have Existed For Thirty Years-Heavy Runs on Other Savings Banks Met by Cash From New York, BINGHAMTON, N. Y., Jan. 25.-The announcement of the defalcation of Cashier Tracy R. Morgan of the Chenango Valley Savings bank 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 79 years old, and though he has been a close attendant to business his bodily vigor is unimpaired. Philo H. Backus, the bank examiner, had been in the city but one day when he discovered that something was wrong at the Chenango Valley bank. He entered the bank on Wednesday morning and at noon had discovered sufficient evidence to warrant him in charging Morgan with being a defaulter. He found that during the past 80 years a correct trial balance had never been taken in that bank, and that the cash 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. Mr. Backus told a reporter that he had no idea how much had been taken, and that he would not be able to tell until he had posted up the books, called in 7,000 passbooks, and, as he expressed it, discovered where we are at.' Run on Other Banks. There has been a heavy run on the other savings banks in the city all day, but money is coming in on every train, and the New York banks say they will put $1,000,000 into this city if necessary. The Broome County National bank was the depository of the city and county funds. The city had on deposit $101,036.85. The county's funds in the bank were be tween $95,000 and $100,000. They were placed there by County Treasurer Rider, The bank did not give the county security, as it did the city. Mr. Rider and his bondsmen-Messrs T. R. Morgan, D. Brownson, A. S. Miner, Erastus Ross, W. P. Hallook and Frederick P. Ockermanare therefore said to be responsible to the county for the amount of the bond-$75, 000-1f the bank cannot pay its indebtedness. Mr. Backus. who is now in charge of the Chenango Valley Savings bank. was interviewed in regard to the affairs of the bank. He was asked, "Why did you close : this bank?' Because I found that there had been a defalcation here,' he replied. 'Who is the defaulter?' $ "Tracy R. Morgan.' t "Does he admit i r "Yes, sir. He admitted it to me Thurs 1 day night in my room at the Hotel Arling I ton.' 0 Mr. Backus then continued: "I have f found the books of this bank in horrible a condition, and I cannot now tell how the in affairs stand. It will be a long time before w the books are straightened out. My men a are now at work. t Shortly after I came here last week f discovered that things were in very bad t shape, and it did not take me long to find out that some one had been defaulting. intimated to Mr. Morgan in a mild way H that he was to blame, and resaid nothing 0 Later I took the bull by the horns and di r rectly charged him with it. ) Morgan Made a Confession.

6. January 25, 1895 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 25, 1895

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BINGHAMTON'S BANKS. Another One Closed by State Inspector Backus. CASHIER MORGAN A DEFAULTER. The Amount Missing Is Not Known Yet, but Irregularities Have Existed For Thirty Years-Heavy Runs on Other Savings Banks Met by. Cash From New York, BINGHAMTON, N. Y., Jan. The announcement of th defalcation of Cashier Tracy R. Morgan of the Chenango Valley Saving bank has created much ex citement. 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 19 years old. and though he has been a close attendant to business bodily vigor is unim aired. Philo H. Ba kus, the bank examiner, had been in the city but one day when he discovered that something was wrong at the Chenango Valley bank He entered the bank on Wednesday morning and at noon had discovered sufficient evidence to warrant him in charging Morgan with being a defaulter He found hat during the past 30 years a correct trial balance had never been taken in that bank. and that the cash refused to balance almo t invariably In spice 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 Mr. Backus told a reporter that he had no idea how much had been taken, and that he would not be able to tell until he had posted up the books, called in 7,000 passbooks. and as he expressed it, "discovered where we are at Run on Other Banks, There has been a heavy run on the other savings banks in the city all day. but money is coming in on every train, and the New York banks say they will put $1,000,000 into this city if necessary. The Bro me County National bank was the depository of the city and county funds Theci had on deposit $101,036.85. The county's funds in the bank were be tween $95,000 and $100,000. They were placed there by County Treasurer Rider. The bank did not give the county security, as it did the city. Mr. Rider and his bondsmen-Messrs T. R Morgan. D. L. Brownson, Miner. Erastus Ross, W. P. Hallock and Frederick P. Ockermanare said to be responsible to the county for the amount of the bond000-if the bank cannot pay its indebtedness. Mr. Backus who is now in charge of the Chenango Valley Savings bank. was interviewed in regard to the affairs of the bank lie was asked, Why did you close this bank Because I found that there had been a defalcation here he replied Who is the defaulter Tracy R Morgan. Does he admit it Yes sir He admitted it to me Thursday night in my room at the Hotel Arlington Mr. Backus then continued: I have found the books of this bank in horrible condition. and 1 cannot now tell how the affairs stand It will be a long time before the books straightened out My men are now at work Shortly after I came here last week I discovered that things were in very bad shape. and it did not take me long to find I out that some one had been defaulting. intimated to Mr Morgan in a mild way that he was to blame, and he said nothing. Later too the bull by the borns and di rectly charged him with it. Morgan Made a Confession, 'He admitted he had taken the funds of the bank. 1 was taken sick at the ho tel. and Morgan and Mr. Lrownson came to sco me fina Iv got Morgan to admit that he had taken the funds of the bank. but am not at rty to tell all that he told me I then cautioned both men not to go near the bash and against touching one of the books or papers. Mr. Morgan promised to keep away, but subse juent events preved that wa- justified in taking the savings bank funds and securities to the Binghamton Savings bank Messrs organ and Brownson are liable for burg ary in entering is bank and taking out the books If I had not set the directors watching the building, I should have no books here today to work on. 1 certainly never found a bank in such condition. can't say how the affairs of the Na tional Broome County bank stand, and I do not know whether or not the funds from the savings bank have been trans ferred to the national bank. It will be some time before the books here are posted up sufficiently to show how the finances of the bank stand. I cannot say how heavy the defalcation has been. I hope it has not been sufficiently large to break the bank It became absolutely necessary to close this lank until we can find out how its finances stand Kept the Books Alone. The great question here is, What bas 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 fortune. 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. Not one of the emp eyees know anything of his accounts, with the exception of a young girl who has for several years been Morgan chief helper Today a watchman is in the bank to prevent any one from tampering with the books The atement that all the other banks are in a turry-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

7. 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.

8. January 25, 1895 Evening Star Washington, DC
Article from Evening Star, January 25, 1895

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AN AGED BANKER'S CRIME. T. R. Morgan of Binghamton, N. Y., Confesses His Dishonesty. The news of the suspension of the two banks at Binghamton, N. Y., yesterday spread rapidly, and when the news of the attempt to steal the books was noised abroad a panic was created. All the other city banks were beseiged with depositors all day long. The Broome County National Bank was the repository for the city and county funds, amounting in all to nearly $300,000. But the sensation of the day, however, was reserved until the afternoon, when the confession of Treasurer T. R. Morgan of the banks to Examiner Backus was made public. The New York 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 records, made false entries and erasures, and his embezzlement had caused the wreck of the savings bank. Examiner Backus said he had hardly looked into the books before he saw that there had been crooked work. He accused Morgan of defaulting, but he denied it. Later on, when more proof came up, the bank official was forced to acknowledge his guilt. He made a written confession to the examiner later, and yesterday 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 to be at the bank. Their entrance yesterday 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 Binghamton Lodge's funds to the amount of $20,000. The lodge contemplated building a chapter house with this, but it is feared that his peculations have been extended to this sum. Morgan refuses to see any one.

9. January 25, 1895 Birmingham Age-Herald Birmingham, AL
Article from Birmingham Age-Herald, January 25, 1895

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BADLY TANGLED BOOKS CAUSED THE CLOSING DOWN OF A BINGHAMPTON, N. Y., BANK. BINGHAMPION, N. Y., Jan. 24.-At noon the comptroller of the currency assumed charge of the National Broom County bank. This bank was voluntarily closed by its officials this morning. They feared a run, which the bank was totally unprepared so meet. It is asserted th the Chenango Valley bank (state bar which was also closed, has securities sited with the Bingbank ufficient to meet hampton Savin all obligations. The bank examiners have been at work on the books of the savings tank for three days. ey refused to divulge the result of tb vestigations, but it is evident that affairs of the bank are badly tangle The witho deposits at the Bingbampton Savings bank continued throughout the day. There was a run on the Binghampton Trust company. At both banks the officials say they have sufficient funds to pay every depositor in full and more currency on the way. 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 day notice for the withdrawal of deposits. Officers of the bank state that they have sufficient securities in the hands of the bank examiner to pay every depositor in full and leave a good surplus. The only trouble appears to be that the books are badly mixed up and need a thorough straightening.

10. January 25, 1895 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, January 25, 1895

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HEAVY BANK RUNS. Series of Examinations and Startling Disclosures. By Southern Associated Press ALBANY, N. Y., Jenuary 24.-The following dispatch from State Bank Examiner Philo H, Backus, at Binghamton, was received at the State banking department thisafternoon: "Have closed Chenango Valley Savings Bank; defalcation by Treasurer Morgan; the cause and full ex tent not known; books in bad condi tion; 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 New York and notified Comptroller of Currency. Received replies from both. Burglary of vault attempted about 3 a, m. by Cashier Morgan

11. 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.

12. January 26, 1895 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 26, 1895

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Protect the Deposito rs. The people of New York State and city, and indeed we might say of the whole country, had on Thursday the advantage of an object-lesson well calculated to teach them that depositors in banks ought to have the same perfect protection which moteholders already possess. The circulating notes of the National Broome County Bank of New York are as good and as current to-day as they were last week, but the deposits in that bank are not considered safe by the owners. Read yesterday's telegrams on this subject: "This bank was voluntarily closed by its officials this morning. They feared a run, which the bank was totally unprepared to meet." "They feared a run." What sort of run? Why, they expected the depositors to come to the bank and demand their money. Read again: "The withdrawal of deposits at the Dinghamten Savings Bank continued throughout the day. There was a run on the Binghamton Trust Company. At both banks the officials say they have sufficient funds to pay every depositor in full and more currency on the way." "Whidrawal of deposits" is # eughe-

13. January 29, 1895 New-York Tribune New York, NY
Article from New-York Tribune, January 29, 1895

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THE PLIGHT OF BINGHAMTON. NO MONEY TO PAY ITS EMPLOYES AND OFFICIALS-BROOME COUNTY ALSO HARD UP. Binghamton, Jan. 28 (Special).-This city is bankrupt. The public funds were on deposit in the National Broome County Bank, which closed its doors in last week's panic and is now in the hands of Examiner Van Vranken. The total amount of the funds in the bank was $101,026 85, and this is needed February 1 to pay policemen, teachers and other employes and public officers. The matter seemed so serious that this evening the Board of Aldermen held a special meeting and decided to borrow money enough for current expenses. The Binghamton Trust Company, one of the banking-houses that survived the panic, has offered to advance any amount the city needs. Broome County is almost in as bad shape, as all the county funds were on deposit in the defunct bank, amounting to about $100,000. They were deposited there by County Treasurer John A. Rider, and his bondsmen. T. R. Morgan, D. L. Brownson, A. S. Miner, Erastus Ross, W. P. Hallock and Frederick P. Ockerman, are responsible to the county to the amount of the treasurer's bond, $75,000. if the bank falls to pay off its depositors. Messrs. Brownson and Morgan were officers of the bank. The doors of the bank were opened this afternoon by the examiner for the payment of notes held by the bank which are about due. Examiner Van Vranken says he does not think the bank will open for regular business for some time, but that a receiver will be appointed. The depositors In this city have no use for a receiver for any of the defunct institutions, as they say it only means a large expenditure of their money. Justice Parker, of the Supreme Court, will appoint a receiver for the Merchants' Bank to-morrow. State Senator Edmund O'Connor, who has returned from Albany, said that the Superintendent of Banking, Mr. Preston, has decided that a receiver is not necessary for the Chenango Valley Savings Bank. Cashier Morgan. whom State Examiner Backus charges with embezzlement has outlined his defence. His attorney said that it would be "carelessness and old age." Morgan had been in charge of the bank nearly fifty years. and grew to think he could do as he pleased with the depositors' funds. He was also very careless in keeping books. It is not thought that the savings bank will be in condition to reopen for some months yet. The examiners are not hurrying. and as a consequence many of the poorer depositors are selling their bankbooks at heavy discounts to unscrupulous speculators. The banks closed at just the worst time in the year for the poor. as the winter is at its most severe point, and fuel and provisions are high. The charitable organizations are having all they can do to look out for these unfortunates. All business in the city is practically paralyzed. Cashier Morgan is still at large, and Examiner Backus does not show any great inclination to arrest him. Examiner Van Vranken to-night announced the appointment of O. U. Kellogg, of Cortland, N. Y., as receiver of the Broome County National Bank.

14. January 29, 1895 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, January 29, 1895

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Receiver For a Bank. WASHINGTON, Jan. 29.-The comptroller of the currency has appointed Orris U. Kellogg of Cortland, N. Y., receiver of the National Broome County bank of Bing hamton, N. Y., which suspended payment on the 21th inst.

15. January 29, 1895 Evening Star Washington, DC
Article from Evening Star, January 29, 1895

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Broome County Bank Receiver. The controller of the currency has appointed Orris U. Kellogg of Cortland, N. Y., receiver of the National Broome County Bank of Binghamton, N. Y.

16. January 29, 1895 The Providence News Providence, RI
Article from The Providence News, January 29, 1895

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To Straighten Out Accounts. WASHINGTON, Jan. 29.-The comptroller of the currency has appointed Orris U. Kellogg receiver of the National Broome County bank of Binghamton, N. Y., which suspended payment on the 24th lost.

17. January 31, 1895 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, January 31, 1895

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Receiver For a Bank. WASHINGTON, Jan. 29.-Thecomptroller of the currency has appointed Orris U. Kellogg of Cortland, N. Y., receiver of the National Broome County bank of Binghainton. N. Y., which suspended payment on the 24th lust.

18. 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.

19. February 1, 1895 The State Rights Democrat Albany, OR
Article from The State Rights Democrat, February 1, 1895

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At the Editor's old Home BINGHAMTON, N.Y., Jan. 28.-The city is bankrupt. The police funds were on deposit in the National Broome County bank, which closed its doors in last week's panic and is now in the hands of Examiner Van Vranken. The total amount of the city's funds in the bank was $101,036.85, and this is needed February 1 to pay policemen, teachers and other employes and public officers. The board of alderman held a special meeting,and decided to borrow money enough for current expenses. Broome county is in almost as bad shape, as all the county funds were on deposit in the bank, amounting to about $100,000. All business in the city is practically paralyzed.

20. February 1, 1895 The State Rights Democrat Albany, OR
Article from The State Rights Democrat, February 1, 1895

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them remain there, if the subscriptions were unpaid. The assistant attorney-general has made a search of the statutes, and determined that there is no federal law covering such cases and that newspaper subscriptions are governed by legal laws like other private contracts. Voorhees Bill. WASHINGTON, Jan. 29.-As soon as the finance committee reassembled this afternoon, Representative Voorhees, who had his bill pr nted since the morning adjournment, submitted it to the committee. Separate votes were taken, and it was soon apparent that nothing could be done and an adjournment was taken with nothing accomplished. A Will stolen. SAN FRANCISCO, Jan. 29,-The discovery was made shortly before the office of the county clerk closed yesterday afternoon that the will of the late ex-Senator James G. Fair had been stolen, and that in its place: a lot of worthless papers had been inserted in the envelope that contained the bulky document. At the Editor's old Home BINGHAMTON, N. Y., Jan. 28.-The city is bankrupt. The police funds were on deposit in the National Broome County bank, which closed its doors in last week's panic and is now in the hands of Examiner Van Vranken. The total amount of the city's funds in the bank was $101,036.85, and this is needed February 1 to pay policemen, teachers and other employes and public officers. The board of alderman held a special meeting,and decided to borrow money enough for current expenses. Broome county is in almost as bad shape, as all the county funds were on deposit in the bank, amounting to about $100,000. All business in the city is practically paralyzed. A Substitute Bill. WASHINGTON, Jan. 28.-A substitute for the Reilly Pacific railroads bill has been introduced in the house by Boatner for the members of thecommittee on Pacific roads, who made the minority report against the Reilly bill. The bill provides for a Pacific railroad commission to take charge of the governmentaided roads when they default in payment of their debts, and to control them as representatives of the government until a comprehensive plan can be adopted by congress for settling the relations of the companies with the government. Message. WASHINGTON, Jan. 28.-The president today sent to congress a message in which he advises the selling of bonds abroad, the retirement of greenbacks and the making of duties payable in gold. Not Guilty. BOSTON, Jan. 28.-The jury in the case of Attorney John F. Dore, brought from Seattle, Wash., charged with the embezzlement of $250,000, returned a verdict today finding him not guilty on six counts. On the other three, the jury could not agree. It improbable that the case will come up again. Rebels Routed COLON, Jan. 28.-Rebels and government troops had an engagement Friday at Pradera. The rebels were routed. The inhabitants are depending upon the Americans for protection. The United States cruiser Atlanta is coaling here, and the New York isexpected. A French warship has been ordered to Colon. A Cord Showing WASHINGTON, Jan. 27.-Members of congress who believe that the income tax is an equitable method of raising revenues are gratified at the unexpectedly good showing of the preliminary canvass made by the collectors of the intermal revenue at the direction of Secretary Carlisle. They believe that the greater the amount realized from this tax the more popular it will become,and the more firmly rooted as a part of the policy of the government. From the results of the canvass of the internal revenue bureau, it appears that the income may yield more than $50,000,000. What Shall be Done. WASHINGTON, Jan. 27.-The president and Secretary Carlisle passed several hours together at the White House this afternoon. Mr Carlisle brought with him nancial data bearing on the depleted treasury gold reserve, and with this as a basis the president began the preparation of a message to congress. It is understood that it will treat principally of the continued drain of the gold reserve and remedies for stopping it The message will, it is said, be short and vigorous, and be delivered tomorrow. The Big Strike. BROOKLYN, Jan. 27.-Were it not for the scarcity of cars today one would not have known that one of the biggest strikes in the history of Brooklyn was in progress. Church members had to walk to church in many instances or take chances in the enormous crowds which took possession of the cars. Otherwise there was a perfect calm. Large crowds assembled around the depots, military guards are stationed, but there was no violence there. War Coming CITY OF MEXICO, Jan. 27.-The situation is unchanged today. Both Mexico and Guatemala are going on with their war preparations, and prominent Mexicansthink the outlook is very gloomy for peace, unless Guatemala recedes from the bold stand she has taken. If MexiCO is pushed into the fight over the international boundary, her policy will be as outlined by President Diaz and his cabinet, that this dispute and other little matters will be settled at once and forever, and the necessary means used to that end. Very Cold. ST. PAUL, Minn., Jan. 27.-This was the coldest day of the winter here. At 7 o'clock this morning the thermometer registered 26 degrees below zero. It was excessively cold all day, and at 7 o'clock this evening the mercury was still 10 degress below. The cold wave extends from St. Paul to the Rockies, the register at Helena at 8 o'clock tonight being 10 below. Snow in Texas. DALLAS, Tex., Jan. 27.-Specials from all parts of Texas report a general snow

21. February 13, 1895 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, February 13, 1895

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Made An Assignment. BINGHAMPTON, N. Y., Feb. 13.Last night David Bronson made an assignment to Judge Robertson. Bronson keeps a grocery store and is also president of the Broome county National bank and of the Chenango Valley Savings bank. Besides the employes of the store who have wages due them, the only preferred creditor is Receiver O. V. Kellogg, of the Broome County National bank, the amount named being $4,000. Bronson is the sonin-law of Tracey Morgan, the cashier of both banks, who has been charged with heavy shortages in his accounts.

22. March 15, 1895 Evening Star Washington, DC
Article from Evening Star, March 15, 1895

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A Failed Bank's First Dividend. Mr. Eckels, the controller of the currency, said today that checks were yesterday sent to the receiver of the Broome County National Bank at Binghamton, N. Y., with which to pay a first dividend of 2 per cent to the creditors of the failed bank. Mr. Eckels is now convinced that the bank will pay anywhere from 50 to 75_ per cent and possibly as high as 90 per cent. The amount above 50 or 60 per cent will depend largely upon whether the national bank is eventually held to be liable for certain savings bank deposits.

23. 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.