15182. Ulster County Savings Institution (Kingston, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: September 19, 1891
Location: Kingston, New York (41.927, -73.997)

Metadata

Model: gpt-5-mini
Short Digest: dcb5fc8f

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: Receiver appointed and court-ordered scaling of deposits and later plan to resume on reduced basis.

Description

Treasurer James E. Ostrander's embezzlement triggered depositor runs in Sept 1891. The bank later closed and a receiver (N. E. Brodhead) was appointed in early October 1891. After examination and restructuring (scaling deposits ~15%, limits on payouts), the court permitted resumption and the institution resumed business (allowed to pay 25% on demand) in Feb 1892. Dates taken from the newspaper reports; no foreign events. Cause throughout is bank-specific embezzlement.

Events (4)

1. September 19, 1891 Run

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement/defalcation by treasurer James E. Ostrander (and later assistant Trumpbour) discovered; caused panic and heavy withdrawals.
Measures: Bank met every demand initially; officers and trustees brought cash from New York and other banks offered assistance; trustees issued statements of resources to reassure depositors and paid out large withdrawals.
Newspaper Excerpt: THE RUN ON THE ULSTER COUNTY BANK DEPOSITORS PAID PROMPTLY IN FULL-...The run on the Ulster County Savings Institution caused by the embezzlement of its treasurer continued all day to-day. Long before the bank opened this morning a crowd of anxious depositors gathered in front of the building.
Source: newspapers

2. October 3, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examination revealed massive additional embezzlement (hundreds of thousands), leading to closure and appointment of a receiver; public runs and threats followed closure; receiver N. E. Brodhead appointed Oct 6, 1891 and injunction restraining attachments issued.
Newspaper Excerpt: A WRECKED BANK. ...The Ulster County Savings institution has closed its doors and is in charge of Bank Superintendent Charles M. Preston. Expert examiners have been at work since Tuesday and have found already that the enormous sum of $463,000 has been stolen by Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer.
Source: newspapers

3. October 6, 1891 Receivership

Newspaper Excerpt: THE WRECKED KINGSTON BANK. A Receiver Appointed...N. E. Brodhead of Kingston temporary receiver of the Ulster County Savings Institution. The Union Trust Company of New York, and the Manufacturers' National Bank of Troy, were appointed depositories for the funds of the institution as they shall come into the receiver's hands. The receiver's bond is $250,000. (Oct. 6, 1891).
Source: newspapers

4. February 9, 1892 Reopening

Newspaper Excerpt: The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. (KINGSTON, N. Y., Feb. 9.) (Feb. 9, 1892).
Source: newspapers

Newspaper Articles (25)

1. September 19, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, September 19, 1891

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CONDENSED TELEGRAMS. SAVANNAH (Ga.), Sept. 18.-Albert Morea, alias Grant Kitchen, a negro wife-murderer, was hanged in the County Jall this morning. BERLIN, Sept. 18.-At the experiment today at the Juterbogk, near this city, with a new style field piece, a shell exploded and seriously injured six persons. BERLIN, Sept. 18.-Dispatches from Zanzibar state that Lieutenant Lettenborn and sixty-five survivors of the Zalewski expedition have arrived at Bagamoyo. GAINSVILLE (Tex.), Sept. 18.-It is said there will probably be a general strike on the Santa Fe because of the laying off of conductors and brakemen without cause. GUTHRIE (O. T.), Sept. 18.-The Cherokees have given notice of an appeal from the decision of Judge Green, and will carry the case to the Supreme Court of the United States. DULUTH (Minn.), Sept. 18.-Mrs. Robert Kennedy. her son and her daughter, Mrs. R. W. Armstrong, are said to have fallen heir to a fortune in England valued at $9,000,000. BERLIN, Sept. 18.-The German press generally views the "Lohengrin" incident with indifference, some persons remarking the firmness of the French Government as reassuring. CINCINNATI, Sept. 18.-In consequence of revelations by Burglar Anderson. L. M. Hadden, an attorney, a d Cal Tucker, night watchman at the jail, have been arrested on the charge of aiding the prisoner to escape. CITY OF MEXICO, Sept. 18.-The Mexican Government has declared the concession granted Messrs. Ellis and Ferguson for the colonization of negroes in Mexico forfeited, on account of non-compliance with the contract. NEW YORK, Sept. 18.-The attachment granted by the Supreme Court in the suit of the Mexican National Railroad Company was dismissed to-day by Justice Pratt of Brooklyn upon filing an undertaking for $170,000 by the company. KANSAS CITY, April 18.-A Star special from Topeka, Kans., says the United States Savings Bank, which failed last March, was again placed in the hands of a receiver this morning. William Sims, ex-State Treasurer, is appointed receiver. PHILADELPHIA, Sept. 18.-Lincoln PerSOD, a noted desperado, one of a number of prisoners being taken to the Penitentiary, picked the lock on his handcuffs and then escaped by jumping from the train, which was going at the rate of forty miles an hour. ROME, Sept. 18.-The Pope's health is said to be better than for a long time. Nevertheless, his physicians insist more vigorously than ever that he observe their hygienic prescriptions in order that he may be strong enough to receive the various piigrimages now being organized. CHARDON (Ohio), Sept. 18.-The report has reached this city of the killing of three men at Montville, ten miles from here, by the explosion this morning of a boiler in a jelly factory. The entire building was demolished. It was reported later that two little girls were among the killel. EAGLE PASS (Tex.), Sept. 18.-R. H. Duncan was hanged here at 11:25 o'clock his morning. The crime for which He WAS xecuted was the murder, in February, 1889, of the Williamson family of four persons of Sansaba County, Tex. The motive for the murder will never perhaps be discovered. KINGSTON (N. Y.). Sept. 18.-The Trustees of the Ulster County Savings Institution have removed James E. Ostrander from the office of Treasurer. The amount misappropria ed is between $60,000 and $80,000. Ostrander is under arrest at his house, and will turn over real estate to cover his shortage.

2. September 20, 1891 New-York Tribune New York, NY

Article from New-York Tribune, September 20, 1891

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THE RUN ON THE ULSTER COUNTY BANK DEPOSITORS PAID PROMPTLY IN FULL-OSTRANDER, THE DEFAULTER, TOO ILL TO LEAVE HIS HOUSE. Kingston, N. Y., Sept. 19 (Special).-The run on the Ulster County Savings Institution caused by the embezzlement of its treasurer continued all day to-day. Long before the bank opened this morning a crowd of anxious depositors gathered in front of the building. Most of them took their money in exchange for the book, though some took counsel from friends about them, changed their minds and left their money. Every demand was promptly met by the bank, as it is declared all future ones will be. Although it was a half-holiday, the officers kept handing out money until 6 o'clock. At the close of business they reported that $118,000 had been paid out yesterday and somewhat less to-day. The rush is now believed to be practically over. James L. Ostrander, the defaulter. is still in charge of the police, who guard him at his residence on Mainst. On Monday his application for bail will be heard. A physician certified this morning that his state of health would make it dangerous to confine him in jall. He assigned all his property to-day to Captain J. H. Tremper. his son-in-law, giving preference to his bondsmen. Augustus H. Bruyn and the estate of Jansen-Hasbrouck. In addition to his surety of $25,000, the bank expects to recover something from his assets. Just how he succeeded in abstracting his stealings from time to time for two years without the knowledge or suspicion of the other bank officials is yet a mystery. That he used the money in extravagant family expenses mainly is generally conceded. A dramatic incident was presented this afternoon when the bank was crowded with clamoring depositors. General George H. Sharpe and Judge Parker. trustees of the bank, entered between the lines, each carrying a good-sized hand-bag. Going in behind the rail, Judge Parker mounted the cashier's desk with his gripsack in his hand. After making a brief speech assuring the people of the bank's solidity and the foolish course they were pursuing. he began to take out currency from the bag, continuing until the desk was piled high with the packages of money. Then General Sharpe passed up h's handbag and the Judge filled another desk with its valuable contents. This had a quieting effect and the crowd soon diminished. General Sharpe told how he obtained this $150,000, which was brought up from New-York this morning, showing also the credit in which this bank is held. He said that Judge Parker and himself called at the Mercantile Trust Company, where much of the savings bank's funds are deposited, but they were told that General Fitzgerald, the president, would not be in during the day. They hardly knew how to get the money SO much needed here. Finally they called at the American Exchange Bank, upon Vice-President Dumont Clark, whom the General knew, but with which bank they had no business relations. After they explained matters, Mr. Clark learning how much money was wanted and inquiring closely as to the bank's condition, called a subordinate." Can you get the money in those two bags be said: No sir," was the reply.

3. September 20, 1891 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, September 20, 1891

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Excitement Over Ostrander's Defalcations. KINGSTON, N. Y., Sept. 19.-The excitement occasined by the defalcation of Treasurer Ostrander, of the Ulster County Savings institution, is intensified somewhat by the continuous run on the bank by the anxious depositors. The bank was prepared for athe emergency, and all deposits were paid on demand. All "the local national banks offered assistance in case of necessity. The defaulting treasurer is a prisoner at his home in the custody of the chief of police. Ostrander to-day made a general assignment of his property, giving preferences to his bondsmen.

4. September 21, 1891 New-York Tribune New York, NY

Article from New-York Tribune, September 21, 1891

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IN GOOD SHAPE TO MEET THE RUN. Kingston, N. Y., Sept. 20 (Special).-The trustees of the Ulster County Savings Institution at the close of business last night made a thorough investigation of the present condition of the bank, after the two days run of the depositors caused by its being robbed by its treasurer, James E. Ostrander. By this statement, which will be published in the morning, the resources are said to be as follows: Bonds and mortgages, $1,259,590 48 ; stocks and bonds, $514,835.24 real estate, $124,783 91 loans on collateral, $15,200; interest due July 1, $15,031 84; cash on hand, $205,539.55: total, $2,134,984 02. There is due depositors, $1,887,731 26 surplus, $247,253.76. This does not include the interest on bonds and mortgages, on securities and stocks since July 1. Accorapanying this statement is a resolution of thanks to all the bank officers of this city for courtesy and confidence expressed, and for valuable personal assistance rendered during the run. So far, the trustees say, every demand upon the bank has been met without the loan of a dollar. The run of depositors, especially from the country, is expected to continue yet for a day or two.

5. September 22, 1891 Evening Journal Wilmington, DE

Article from Evening Journal, September 22, 1891

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Ostrander Goes to Jail. KINGSTON, N. Y., Sept. 22.-James E. Ostrander, the defaulting treasurer of the Ulster County Savings institution, charged with embezzlement, waived examination. He declined to make any statement and was committed to jail to await the action of the grand jury. The run on the bank is practically over. About $200,000 was paid out to excited depositors on Friday and Saturday.

6. October 4, 1891 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, October 4, 1891

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A WRECKED BANK. KINGSTON, N. Y., Oct. 3.-The Ulster County Savings institution has closed its doors and is in charge of Bank Superintendent Charles M. Preston. Expert examiners have been at work since Tuesday and have found already that the enormous sum of $463,000 has been stolen by Treasurer Ostrander and Matthew T, Trumpbour, assistant treasurer. It is feared that the stealings will reach over that amount. At midnight last night Superintendent Preston swore to a complaint against Trumpbour. He was arrested at his house by Chief of Police Hood. He had his clothes all packed up and was preparing to flee from town. It is hard to tell what effect the failure will have upon the people of this county, as the depositors are mostly poor people, many of whom are old persons dependent upon the interest of a few thousand dollars which they had deposited in the bank. The people had great confidence in the institution and the deposits, from $586,456.14 in 1867 run up to $2,196,070.33 in 1873. No matter what the state of the money market might be, it was always conceded by every one that the Ulster County Savings institution was sound. Superintendent Preston says he will give a statement at 2 o'clock this afternoou to the papers. The streets of Kingston are filled with people and depositors are arriving on every train and by all manner of vehicles. Business is virtually suspended, and nothing else is talked about. The city officials, fearing that the threats to burn the jail where Ostrander and Trumpbour are confined would be executed, summoned the fire department, who are watching the bank building and the court house and jail opposite. ANOTHER BRACE. CHRISMAN, Ills., Oct. 3.-This town is in a furore of excitement over the absconding of the Standiford brothers, the bankers. Tooay the county offered a reward of $500 for the arrest of the brothers. People here believe that the bankers left the county with not less than $150,000, and possibly twice that amount. New developments make the bank wrecking of the Standiford brothers worse. A month ago the bank building burned and the Standifords opened for business the next morning on the east side of the square. They went toa few of their largest depositors and told them that their safe was so hot that they could not open it without destroying everything it contained, and asked these parties to go on their notes for $10,000 each for thirty days, and they could get them discounted and get ahead with their business. The Standifords secured $50,000 in all. If the signers of these notes are compelled to pay them it will break them up. This fact has been kept a secret until today. This makes the Standifords' liabilities over two hundred tho usand dollars. The safe was opened today and all it contained was $70. CLEARFIELD. Pa., Oct. -United States District Attorney Lyon arrived today and pronounced the proceedings against President Dill, made by Bank Examiner Miller, illegal. A new information for false entry was made and Dill was held under $20,000 bail for a hearing on next Friday. Public sentiment has changed greatly since yesterday, many believing that the prosecution has developed into persecution, and that both sides of the story should be heard before a final judgment is given by Dill's former friends and neighbors,

7. October 5, 1891 The Evening Herald Shenandoah, PA

Article from The Evening Herald, October 5, 1891

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STOLE HALF A MILLION. The Defalcation at the Kingston Bank Much Greater Than Supposed. KINGSTON, N. Y., Oct. 5.-All Ulster County is in the greatest excitement over the closing of the doors of the U1ster County Savings Institution. Expert examiners have been at work since Tuesday, and have found already that the enormous sum of $468,000 has been stolen by Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer, and it is feared that the stealings will reach over that amount. Superintendent Preston swore to a complaint charging Trumpbour with perjury in swearing to false statements contained in the July report of the bank to the Banking Department, and Trumpbour was arrested at his house by Chief of Police Hood. He had his clothes all packed up and was preparing to flee from town. He was locked up in jail and there he remains. Ostrander was arrested about two weeks ago for embezzling $75,000 and was under bonds of $20,000. His bondsmen Friday night turned him over to Sheriff Dill, and he was also locked up in jail. When Ostrander was arrested there was a great run on the bank for three days, but the other banks came to the rescue of the Ulster County Savings Institution, and the trustees made, a statement showing that there was a surplus of $245,000. The statement being signed by such well known men as Judge Alton B. Parker, Gen. George H. Sharpe, Judge William S Kenyon, Postmaster Noah Wolven, John W. Searing ef the Kingston "Leader," and other reputable citizens, had a reassuring effect, and the depositors who drew out their money brought it back again. The system adopted by James E. Os. trander and Matthew W. Trumpbour, the latter being fully cognizant of the stealing and assisting in concealing it, for the purpose of swindling the depositors and hiding the theft, which grew by degrees, was most ingenious, and for twenty years has baffled the skill of expert examiners in the employ of the State. In carrying it out, deceit and perjury have been frequently and effecS tively employed. 1 The people had great confidence in the f institution, and the deposits, from S $546,873 in 1867, ran up to $2,196,070 in 1873. No matter what the state of the money market might be, it was always t conceded by every one that the Ulster County Savings Institution was sound. 8

8. October 5, 1891 Evening Star Washington, DC

Article from Evening Star, October 5, 1891

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ANXIOUS ABOUT THEIR DEPOSITS. The Kingston Bank Officials Hope to Withstand the Run. KINGSTON, N. Y., Oct. 5.-Many people came into town by railand wagon this morning from all directions to see about their deposits in the three savings banks. Those having money in the Ulster county institution, which has been plundered by its managers. have little hope of recovering their money. Those having deposits in the Kingston Savings Bank and the Rondout Savings Bank will have to wait sixty days to find out whether they can draw their money or not, as both those concerns have posted notices taking advantage of the law in that respect. Crowds of depositors are in line ateach bank, with passbooks in hand, waiting their turn to give notice of withdrawal. The managers hope, however, to be able to restore confidence by showing the sound condition of the institutions. They have received remittances from Albany and elsewhere, which they rely on to carry them through the day at least. It is reported from Newpaltz and Saugerties that runs are threatened on the savings banks at those places. The sixty days' notice will be demanded if runs occur there. Ostrander and Trumpbeur were arraigned today and withdrew their demand for an examination of the charges of wrecking the Ulster County Savings Institution. They were remanded to jaii to await the action of the grand jury. TROY, N.Y., Oct. 5.-N. E. Brodhead of Kingston has been appointed temporary receiver of the Ulster County Savings Institution with a bond of $250,000. An injunction has also been granted restraining depositors and creditors from attaching the assets of the bank.

9. October 6, 1891 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, October 6, 1891

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Kingston Banks Preparing For Runs. KINGSTON, N. Y. Oct., 5.-[Special]As was expected the city is rapidly filling up with people from all over the county who are depositors in three city savings banks. Business is at a stand still and the crowds are discussing the wrecking of the Ulster County Savings Institution. Kingston Savings Bank and Roundout Savings have fixed notices on their banks house doors notifying depositors that sixty days' notice, as required by law, must be given. Large crowds of depositors with bank books in hand stand in front of hese institutions. It is said Saugerties and New Paltz Savings Banks will demand sixty days' notice should there be any indication of a run.

10. October 6, 1891 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, October 6, 1891

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THE WRECKED KINGSTON BANK. A Receiver Appointed--Exciting -- Scenes at the Examination of the Wreckers. KINGSTON, N. Y., Oct. 6.-At Justice Fursman's Special Term in Troy yesterday an order was granted on a motion of Deputy Attorney-General Hogan, appointing Nicholas E. Brodhead of Kingston temporary receiver of the Ulster County Savings Institution. The Union Trust Company of New York, and the Manufacturers' National Bank of Troy, were appointed depositories for the funds of the institution as they shall come into the receiver's hands. The receiver's bond is $250,000. Crowds of people flocked in from the surrounding country yesterday to see if there was any chance of getting their money back, and also to see the preliminary examination of Ostrander and Trumpbour. Threats were made of an attempt to seize the culprits when they were taken from the jail, and Sheriff Dill had taken the precaution to summon a posse of twenty deputies. Chief of Police Hood also had all the available men of his force on hand. The Fourteenth Separate Company was also notified to hold itself in readiness. At 11:20 o'clock the assembled people were admitted to the court-room, which in a few minutes was filled with more than a thousand curious and excited men. Defaulting Treasurer Ostrander and his accomplice Trumpbour, were then brought from the jailinto court The former leaned on the arm of the Chief of Police and looked even more like a physical wreck than he did on Saturday morning. Recorder Hussey stated that he had been informed that the prisoners desired to withdraw their demand for an examination and asked them if they did SO. Counsellor Vanburen replied that they did. The prisoners were then committed to jail to await the action of the Grand Jury which meets next week.

11. October 6, 1891 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, October 6, 1891

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MADISON, SOUTH DAKOTA. TUESDAY, OCTOBER 6, 1891. HE RUSH, ROBBED BY OFFICERS. THE CAPERS OF CUPID e to Behring Sea The Ulster County Savings Institution at eachers. Kingston, N. Y., Falls. RESS.] KINGSTON, N. Y., Oct. 6.-The Ulster Strange Conditions Under Which Two 5.-Orders were Savings Institution has closed its doors Well Known Americans Embark treasury departand is in charge of Benk Superintendent utter Rush, now on Matrimonial Seas. Charles M. Preston. Expert examiners return at once to have been busy since Tuesday, and have to remain there found already that the enormous sum of ush has returned $463,000 have been stolen by Treasurer Colonel Forsythe and Dr. Bache Each last week, reportOstrander and Mathew T. Trumpbour, Will Wed the Daughter of the last Friday. Inassistant treasurer, and it is feared the MA Other. the Rush during stealings will reach over that amount. ust to remain at At midnight Superintendent Preston urther orders but swore to a complaint charging Trumpders were not deMrs. Frank Leslie Married to a bour with perjury in swearing to false t there are many statements contained in the July report Brother of Oscar Wilde-A Quiet bring sea awaitof the bank to the banking department, Wedding. to seal, is well and Trumpbour was arrested at his house SUMMER department. The by Chief of Police Hood. He had his 3 now at the seal clothes all packed up and was preparing PHILADELPHIA, Oct. 6.-News comes effectually police to flee from town. He was locked up in OF S from the West that Colonel Forsythe, II take the Rush jail. The majority of the depositors are formerly of General Sheridan's staff, has h the seal islands. poor people, many of them old men and just succeeded in winning the hand of women dependent on the interest on the O DROP 'EM. the daughter of his old friend, Dr. Dallas few thousands of dollars they had in the Bache, a physician, and that Miss ForMADIS bank, and such men and women, with yes Up His Pulpit syth, the colonel's daughter, has become tears in their eyes, can be seen everyFast Horses. engaged to Dr. Bache. Each of the men The Street where about the city, bewailing the loss . 6.-The name of is 60 years old, and each has been a of their savings. abula, has been widower about the same length of time. THE MOST 0 Appointed Temporary Receiver. pper Iowa conferNeither of the young women is much O the Rev. Mr. TROY, N. Y., Oct. 6.-N. E. Broadover 20 years of age. Dr. Bache is a for $150. He had head, of Kingston, has been appointed direct descendant of Benjamin Franklin, temporary receiver of the Ulster County d and it developed and is connected with the family of the Savings institution, with a bonus of lity that he sold late Vice President George M. Dallas. $250,000. An injunction has also been part of this money MRS. LESLIE MARRIED. granted restraining depositors and cred THE State d horse and placed entered in some itors from attaching the assets of the The New York Woman Journalist Weds bank. me money. It is A ann

12. October 6, 1891 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, October 6, 1891

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ABBREVIATED TELEGRAMS. Jacob Turney, a Pennsylvania ex-congressman, is dead. Another strike is in progress among the dock laborers of London. Three persons lost their lives in a tenement house fire in New York. General Patrick Kirby died suddenly at his residence in New York yesterday morning. The Standard Oil company is reported to be behind a scheme to combine the southern rice mills. The directors of the Milwaukee exposition will try the experiment of keeping open Sunday, Oct. 11. A small boy and a cigarette caused a $10,000 fire at the Belton, Tex., cotton compress. About 400 bales were burned. Mrs. Hannah Evans, aged 42, was burned to death at Wilmington, Del. Her cloth. ing caught fire while she was lighting a pipe. The Chicago Journal proposes the following ticket: For president, Baby McKee: for vice president, Miss - Cleveland. An unknown Scandinavian was found dead in tne street at Republic, Mich. He had been shot in the back, and the coroner is investigating A party has left Black Foot, Idaho, to exhume the remains of Robert Ray Hamilton in order to ascertain whether he was drowned or murdered. The wrecking of the Ulster County Savings institution, at Kingston, N. Y., has caused a run on all the savings banks in that and surrounding villages. A bomb with a lighted fuse was found in the bishop's palace at Trieste, Austria. It was discovered by a servant and the fuse removed before it exploded. Governor Fifer has appointed Jonathan C. Willis, of Metropolis, Massac county, as railroad and warehouse commissioner, in place of Jno. R. Tanner resigned. The editor of Der Herold, the leading German daily of Wisconsin, throws cold water on the recently inaugurated "German Day," and says that Fourth of July is good enough for American citizens. Captain Eli Foster, a veteran of the Mexican and civil wars and one of the famous thirteen who dug the now historic tunnel at Libby prison, died Sunday morning at his home in Chicago, aged 64. Prince Albert Victor, eldest son of the Prince of Wales, is said to be mixed up very much in the scandal caused by the suicide of a beautiful Gaiety girl named Lydia Miller, and an accommodating London coroner is suppressing the evidence in the case. A crowd of roughs prevented George Francis Train from speaking at the Grand Opera house New York, whereupon, the erratic orator, justly indignant at such conduct in "the land of the free," etc., declared he would never speak in public again, closing with the forcible, if inelegant, expression, "D-n the American people, anyhow."

13. October 7, 1891 The Enterprise Wellington, OH

Article from The Enterprise, October 7, 1891

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STOLE $468,000. Two Bank Officials Prove False to Their Trust. PEOPLE AT KINGSTON, N. Y., Victimized by the Operations of Messrs. Ostrander and Trumpbour. ULSTER COUNTY SAVINGS Institution Completely Wrecked by a System of Dishonesty Which Extended Over a Period of Twenty Years. KINGSTON, N. Y., Oct. 5.-As a result of an examination carried on for several days by bank examiners, the Ulster County Savings Institution of Kingston did not open for business Saturday. Treasurer Ostrander of the bank was recently arrested, charged with misappropriating $75,000 of the funds, and this caused a run, but the flurry ceased on the announcement being made by men in a position to know, that the bank was sound. The examination of the bank's affairs shows Ostrander and Assistant Treasurer Matthew Trumpbour to be $468,000 short in their accounts. Trumpbour has also been arrested and Ostrander's bondsmen have given him up. Bank Superintendent Preston is in charge of the institution. The examiners have not completed their work, and further stealings are expected to be unearthed. Trumpbour had his clothes packed up and was preparing to leave town when arrested. He is in jail, as is also Ostrander. When the arrest of Ostrander resulted in a run on the bank the other banks came to the rescue, and the trustees of the Ulster County Savings Institution made a statement showing resource of $2,134,985.02; liabilities due depositors, $1,887,731.26; surplus, $247,253.76. They declared that they knew of no safer place in the county to deposit money. The loss by Ostrander's operations had been partly made good and they hoped to secure the remainder, but in any event the loss could not affect depositors. This was also signed by Judge Parker, Gen. Sharpe, Judge Kenyon, Postmaster Wolven, Editor Searing, of the Kingston Leader, and other reputable citizens. and it had such a reassuring effect that depositors who drew out their money during the run redeposited it. The feeling against the men who signed the statement is bitter. Most of the depositors are poor people, many of them old men and women dependent on the interest on the small amounts they had in the bank, and these can be seen weeping over their loss in all parts of the city. First Vice President Broadhead, who was in executive charge of the bank, is also severely censured for signing the statement, Broadhead has been one of the most popular young men in the county, having been recently elected county treasurer and enjoying general confidence. The system by which Ostrander and Trumpbour carried out their embezzlement was a very ingenolus one, so much so as to baffle for twenty years the skill of expert examiners in the employ of the state. The two other savings banks in the city, the Rondout and Kingston, have decided that should there be a run of any consequence they will demand the legal notice of sixty days from depositors. Application will be made to place the bank in the hands of a receiver.

14. October 7, 1891 The Sun New York, NY

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KINGSTON'S PLUNDERED BANK. No Further Fear of Mob Violence Toward Ostrander and Trumpbour, KINGSTON. Oct. 6.-The usual quiet of this old colonial town has been restored. A stranger to-day would scarcely Imagine that less than twenty-four hours ago the utmost excitement prevailed. and that there were fears of riot and bloodshed in consequence of the looting of the Ulster County Savings Institution. The deputy sheriffs. police. and militia have, been called off. and the regular business of the other banks is going on as before. save that the sixty days' notice is required at the Kingston and Bondout Savings Banks. The rumors about the alleged discovery of increased stealings reaching from two to three hundred thousand dollars have proved erroneous. Every dollar of the bank's assets is safe and under the management of Receiver Broadhead it is likely that the depositors will receive a large proportion of their money. Every effort will be made to wind up the affairs of the institution speedily and in such a manner that the interests of none concerned will be jeopardized. There are. however. indications of a bitter legal fight over the appointment of a permanent receiver, but the popular tido in favor of retaining Mr. Broadhead swells hourly. Two petitions were presented to Judge Fursman favoring his appointment. one of which contained the name of nearly all the leading merchants and bankers of the city, many of whom have known Mr. Broadhead from boyhood, and have never doubted his integrity. Speaking of his appointment to-night the Freeman, which is opposed to him politically, says: There is no question as to his ability to administer the trust capably and efficiently." Bank Examiner Judson said to-day that it would take about two weeks to finish the investigation. It is his opinion that the stated amount of the thefts. $463,000. will not be materially increased. This afternoon the defaulters, Ostrander and Trumpbour. sent word to Alfred Van Nostrand, the bookkeeper of the bank. that they would like to see him. He went to the jall this afternoon and had a brief interview with the prisoners. Ostrandor asked Van Nostrand how the examiners reached the amounts of the defalcation that had been published. Van Nostrand replied. From the books." Both Ostrander and Trumpbour appeared to be surprised and Trumpbour said: There was no such deficiency.' The examination to-day revealed the fact that one of the balance sheets prepared by Van Nostrand had been tampered with. It was found that the flgures did not agree with the books by several thousand dollars. and Van Nostrand's attention was called to the discrepaney. It took him by surprise, but when a glass was placed over the items it was readily discovered that erasures had been made. Bank Superintendent Preston at the request of the trustees of the Kingston Savings Bank has employed expert examiners to make a thorough examination of the bank's affairs and report its condition. In an interview to-day Attorney-General Augustus Schoonmaker said: Had the officers of the Ulster County Savings Institution. when they first discovered the defalcation of Ostrander. required sixty days' notice and placed their bank in the hands of the Superintendent of Banking. the result would have been far different. A great part of the later excitement would have been prevented, and as the loss would have been divided among all of the depositors, the percentage of loss would have been lighter than it is now after $300.000 had been withdrawn by those fortunate enough to have taken out their deposits before the bank closed."

15. October 8, 1891 The Prison Mirror Stillwater, MN

Article from The Prison Mirror, October 8, 1891

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NEWS OF A WEEK. September 30. Dr. C. B. Jordan, an old Minnesota pioneer, diesat Anoka. (The Thirty-seventh annual session of the Minnesota Methodist conference begins at Red Wing. Gen. Boulanger, of France, commits suicide by shooting at the tomb of his late mistress in Brussels. Three persons lose their lives in a collision on the New York, Pennsylvania & Ohio railroad near Kent, Ohio. The schooner Frank Perew. of Cleveland, Ohio, sinks in Lake Michigan with seven. persons on board, only one of whom is rescued. The cruiser San Francisco, on her way home from Chili, is ordered to return to Valparaiso to await the settlement of affairs between that country and this. October 1. The public debt decreased over $15,000,000 in September. At Red Lodge, Mont., snow falls to the depth of three feet on the level. Ten thousand coal miners and 1,000 job printers go out on a strike at Pittsburg, Pa. An important meeting of the Irish National Land League of America begun in Chicago. Nine negro cotton pickers are lynched in Lee county, Arkansas. They belonged to a party of strikers. All through passenger trains between Vancouver and Montreal, on the Canadian Pacific, are to run through St. Paul. Dynamiters make an attempt upon the life of the emperor of Austria by blowing up a railroad bridge just before his train arrived at it. October. 2. Jay Gould is in a very critical state of health. A. B. Turner & Bro., Boston bankers, fail for $350.000. Six boxes of dynamite explode in Butte, Mont., wrecking. more or less, over fifty houses. The governor refuses to commute the death sentence of Rose, the Redwood Falls murderer. William Eisenbrand, a wealthy retired merchant of Red Wing, is killed by the accidental discharge of his gun. An immense audience listen to Mr. Gladstone's address at Newcastle. Eng. At a meeting of the Liberal Federation a resolution favoring the abolition of the House of Lords was adopted. October 3. Heavy snowfall in South Dakota. The steamer Winslow is burned at Duluth. A daughter is born to ex-President Cleveland and wife. A child is born at Oregon City, Or., with four arms, four legs and four ears. The Boston clubs win the pennants in both the American Association and the National League. At Pottsville, Pa., seven men are entombed by an explosion in a coal mine. One has been taken out dead. Treasurer Ostrander and Matthew T. Trumpbour, assistant treasurer, rob the Ulster County Savings Bank of Kingston, N. Y., of half a million dollars. They are in jail. October 4. Mrs. Frank Leslie marries W. C.K. Wilde, brother of Oscar Wilde. In Chicago a boiler explodes aboard the tug C. W. Parker and kills eight persons. At East Grand Forks, Minn., Justice of the Peace Robert Woods is murdered by unknown parties. Nearly two hundred men, women and children are massacred in Tulamengo, Mexico, the result of an Indian outbreak. October 5. Fort Bennett, South Dakota. is abandoned as a military post: Dr. Briggs' trial for hersey begins before the New York presbytery. The Mille Lac Indians will be removed from the White Earth reservation. By a runaway at a funeral at Altoona, Iowa, one man is killed, four persons are fatally and many others slightly injured. The Standard Oil company and English capitalists are buying up all the rice mills of the South and will throw them into a trust. Indian Commissioner Morgan's annual report is out in which he recommends several important changes in the treatment of the Indians. October 6. A Chinaman is naturalized in St. Paul. Karl I., King of Wurtemberg, dies after a long illness. People are dying by thousands in the famine stricken districts of Russia. William Henry Smith, conservative leader in the British house of commons, is dead. Thomas Edison has invented a system by which street cars may be propelled by underground electric wires. An Indian is sentenced to be hanged in the Northwest Territory for the murder of a Chinaman twenty years ago. It ssaid that General Land Commissioner Carter will be appointed secretary of the interior to succeed Secretary Noble. The report of the murder of four American miners at Cajamarquilla, Peru, is incorrect. An attack was made on them by Indians, but all the miners escaped with the loss of their property. Diligence is the mother of good luck, and success is the grandchild.-Texas Siftings.

16. October 9, 1891 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, October 9, 1891

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LATEST TELEGRAMS. NEWS IN BRIE THE Itata sailed for Valparaiso from San Diego Sunday. THREE and a half million dollars in gold arrived in New York Monday. A DAUGHTER was born to Mrs. Grover Cleveland Saturday morning. THE Minnesota Supreme Court has decided that dealing in grain futures is illegal. GENERAL ALPHEUS BAKER, a General of Confederate armies, died in Louisville Friday. GENERAL PATRICK KIRBY died suddenly at his residence in New York Monday morning. MRS. FRANK LESLIE was married to W. K. C. Wilde, brother of the famous Oscar, in New York city Sunday night. THE wrecking of the Ulster county Savings' Institution at Kingston, N. Y., has caused a run on all the saving banks in that and surrounding villages. THE four hundred striking miners of the Home and Riverside mines near Leavenworth, Kan, have gone back to work. STOCKS of wheat stored in private elevators of Minneapolis are computed to reach 500,000 bushels. DULUTH physicians are puzzled over the case of a man who has been asleep for a week. Ex SENATOR NORWOOD, of Georgia, makes public a plan which he thinks will cure all financial ills. THE steamship Ems, which arrived at New York Tuesday, has on board $1,259,000 in gold coin. THE French government is reported to hav' purchased large quantities of grain and meats in this country. THE resignation of W. W. Cook as surgeon of the Third Infantry, I. N. G., has been accepted by Adjutant General Reece. GOVERNMENT officials estimate the sugar crop of Kansas, Nebraska, Utah and California this year at 37,000,000 pounds. THE Teutonic has broken the record for the fastest east bound trip across the At lantic. Her time was 5 days, 21 hours and 22 minutes. An endowment association known as the Golden Grail has been placed in the hands of a receiver by the superior court of Boston. SETTLERS in the Calispel Valley, Idaho, are alarmed at the menacing attitude of the Indians and have asked for troops to protect them. COL. W. C. P. BRECKINRIDGE, Senator Blackburn and Hon John. W. Yoakes have accepted invitations to address the National Association of Editors and Publishers at Cincinnati, Oct. 22. THE La Bourgoine, which arrived at New York Tuesday, brought with her $1,770,000 in gold from Paris, making $4,020,000 gold received and $7,255,000 known to be on the way to this country. On Fulto due

17. October 10, 1891 The Cape Girardeau Democrat Cape Girardeau, MO

Article from The Cape Girardeau Democrat, October 10, 1891

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THE EAST. THE National Civil Service Reform League at the convention at Buffalo, N. Y., reelected George William Curtis as president. Two MASKED men robbed an American express car between Little Falls and Utica, N. Y., of $25,000. A package containing $5,000 was overlooked. THE Houtzdale (Pa.) First national bank suspended payment on account of the embezzlement of $45,000 by the teller. THE death of Maj. William McKee Dunn. who was Gen. Grant's personal aid de camp during the war, occurred at Cushings Island, Me. IN the Pittsburgh district 10,000 railroad coal miners struck for increased wages. NEAR Avon, N.J., Andrew Quinlin, aged 80, and the oldest railway conductor in the United States, was killed by a train. THE woolen mills of the Harper Manufacturing Company at Oxford, Me., were burned, causing a loss of $100,000. PRICES in the Connecticut tobacco market have advanced from three to eight cents per pound. THE firm of Turner & Bro., Boston bankers, failed for $300,000. IT was discovered that the Ulster county savings institution at Kingston. N. Y., had been robbed by its treasurer and assistant treasurer of $463,000. IN New York a daughter was born to Mrs. Grover Cleveland. THE marriage of Mrs. Frank Leslie, the well-known publisher of New York, and Mr. William C. K. Wilde of London, Eng., took place in the former city. THE death of Jacob Turney, ex-congressman from the Twenty-first Pennsylvania district. occurred at his home in Greensburg. aged 66 years. IN the Richardson colliery at Glen Carbon, Pa., an explosion of gas killed twelve men.

18. October 24, 1891 Evening Star Washington, DC

Article from Evening Star, October 24, 1891

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THE FAILURES AT KINGSTON. Bank Superintendent Preston on the Ulster County Savings Institution. KINGSTON, N. Y., Oct. 24.-Superintendent of Banking Charles M. Preston has issued a statement regarding the Ulster County Savings Institution. The plan proposed is to induce depositors to leave their money for two years without interest and at the end of that time to get it in full, while those who draw out their deposits will have them scaled down 5 per cent. Superintendent Preston's statement is as follows: To the Trustees and Depositors of the Ulster County Savings Institution and Citizens: The examination of the Ulster County Savings Institution is nearly completed and it has reached the point which justifies me in taking the earliest opportunity to address you. The liabilities of the bank have been ascerfained from the ledgers and there remains still the comparison of the individual pass books with the depositors' ledger balances before we can say with absolute certainty what the liabilities are. While the examiners are making these comparisons as the pass books are presented they are also engaged in examining assets of the bank. & work which we expect will be completed in two or three days. There is very little reason to expect that the result thus far obtained will be materially changed when the examination is made complete. While the deficiency is larger than the amount first reported in the newspapers. nevertheless I am confident, from the examination thus far made, that with the co-operation of the depositors and citizens the bank can resume the transaction of business within the next few days. I think I may say with reasonable certainty that the present assets of the bank are capable of paying at least 85 per cent on the deposits, provided the bank can have a reasonable time in which to bring it about, and that ultimately the present depositors may be paid in full. This estimate is made with due allowance for the shrinkage of any of the assets. If the suggestions meet with favor I will submit, at the time the report of the examination is published, the details of a plan of resumption, which, if approved by the court, will avoid the necessity of a long, tedious and expensive receivership, and which will enable the depositors who desire to do so to demand a certain percentage of their deposits upon the opening of the bank for business.

19. October 25, 1891 New-York Tribune New York, NY

Article from New-York Tribune, October 25, 1891

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THE WRECKED KINGSTON BANK. SUPERINTENDENT PRESTON MAKES A STATEMENT TO THE DEPOSITORS. Kingston, N. Y., Oct. 24 (Special).-The following statement has been issued to the depositors of the Ulster County Savings Institution by Bank Superintendent Preston: The examination of the bank is nearly completed, and it has reached the point which justifies me in taking the earliest opportunity to address you. The liabilities of the bank have been ascertained from the ledgers and there remains still the comparison of the Individual passbooks with the depositors' ledger balances before we can say with absolute certainty what the liabilities are. While the examiners are making this comparison as the passbooks are presented, they are also engaged in examining the assets of the bank, a work which we expect will be completed in two or three days. There is very little reason to expect that the result thus far obtained will be materially changed when the examination le made complete. While the deficiency is larger than the amount first reported in the newspapers, nevertheless I am confident from the examination thus far made that with the co-operation of the depositors and citizens the bank can resume the transaction of business within the next few days. I think I may say with reasonable certainty that the present assets of the bank are capable of paying at least 85 per cent of the deposits, providing the bank can have a reasonable time In which to bring It about, and that ultimately the present depositors may be paid in full. This estimate is made with due allowance for a shrinkage of any of the assets. If these suggestions meet with favor I will submit at the time the report of the examination is published the details of a plan of resumption which, if approved by the court, will avoid the necessity of a long, tedious and expensive receivership. and which will enable the depositors who desire to do so to demand a certain percentage of their deposits upon the opening of the bank for business. CHARLES M. PRESTON. Receiver Broadhead :$ out of town. Senator Linson, who is one of the receiver's counsel. says that Mr. Broadhend has no opinion to express upon this novel proposition of the Bank Superintendent, but the Senator manifested surprise and seemed to look upon the scheme with little favor. "Who will settle the affairs of the bank and where are the deposits to come from in the future?" he remarked, adding significantly: "I thought the bank and its affairs were now in charge of the court."

20. November 3, 1891 The Evening Herald Shenandoah, PA

Article from The Evening Herald, November 3, 1891

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His Mind Said to be Unbalanced. KINGSTON, N. Y., Nov. 2.-Receiver Brodhead of the Ulster County Savings Institution has been out of town for several days, and stories have been circulated to the effect that his mind has become unbalanced owing to worry and excitement incidental to the wrecking of the bank, of which he was executive officer. His friends say he overtaxed himself in performing the duties devolving upon him and that his physicians advised him to take some recreation.

21. November 6, 1891 The Forrest City Times Forrest City, AR

Article from The Forrest City Times, November 6, 1891

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CAUSED BY WORRY. The Ulster County Sayings Bank Receiver Seriously III. KINGSTON, N. Y., Nov. 5.-It is rumored here that the mind of Receiver Brodhead of the Ulster County Savings institution has been affected by worrying over the failure of the bank and the fact that he entirely misled some of his friends in regard to the soundness of the institution. He is out of town and his friends say that he has overtaxed himself and is taking a rest.

22. December 24, 1891 New-York Tribune New York, NY

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THE ULSTER COUNTY BANK MAY RESUME. Troy, N. Y., Dec. 23.-Justice Fursman signed an order to-day allowing the Ulster County Savings Institution of Kingston to resume business. The order permits an increase in the number of trustees and limits the number to twenty-five. Fifteen per cent of the aggregate deposits is credited to the bank. The order also restrains the bank from paying out more than25 per cent of the deposits until further order of the court. The receiver will be discharged after bis accounts have been passed upon. William Shaw. of this city, has been appointed referee to pass upon the receiver's accounts. The order was made on the application of the trustees and was agreed to by the Attorney-General and the Superintendent of the Banking Department.

23. January 11, 1892 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, January 11, 1892

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Kingston's Savings Bank to Resume. TROY, N. Y., Jan. 11.-Referee - Shaw's report on the accounts of Receiver Brodhead of the Ulster County Savings Institutions of Kingston has been confirmed by Justice Fursman. The receiver holds $2,050,787 and the deficit is $365,918. An order was signed directing the receiver to pay the receipts to a new board of directors and permitting the bank to resume on a basis of 85 per cent.

24. February 11, 1892 Connecticut Western News North Canaan, Salisbury, Canaan, CT

Article from Connecticut Western News, February 11, 1892

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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.

25. February 24, 1892 The Sun New York, NY

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THE ULSTER COUNTY SAVINGS BANK. A Depositor Disregards Judge Fursman's Order and Demands His Money. KINGSTON, Feb. 23.-Whon Judge Fursman permitted the Ulster County Savings Institution to resume it was upon & stipulation. which the Attorney-General. Bank Superintendent and Receiver Brodhead agreed, thas all deposits should be scaled 15 per cent. and that a payment of not more than 25 per cont be made to depositors on demand until further order of the court. It also restrained the of depositors from bringing actions against the bank to recover money. Notwithstanding Judge Fursman's Injunetion. Samuel Penniman. superintendent for the Knickorbocker Ice Company. presented his passbook at the bank and demanded the full amount of his de posit. about $1.300. The bank officials refused to give him the money. saying that under the order of the court depositors were allowed to draw only 25 per cent. of deposits. Mr. Penniman then. through D. M. De Witt, brought action against the bank for the full amount of deposit. the papers being served last week. To-day Messrs. Linson and Van Buren. on behalf of the bank. served a printed copy of Judge Fursman's order upon Penniman's counsel. It is rumored that the present suit is merely the preliminary work of a score or more actions that will be begun to give the bank trustees all the trouble possible.