16915. Central National Bank (Rome, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1376
Charter Number
1376
Start Date
December 20, 1894
Location
Rome, New York (43.227, -75.492)

Metadata

Model
gpt-5-mini
Short Digest
2f6fcddd

Response Measures

None

Receivership Details

Depositor recovery rate
87.4%
Date receivership started
1895-01-02
Date receivership terminated
1899-06-20
OCC cause of failure
Fraud
Share of assets assessed as good
55.0%
Share of assets assessed as doubtful
20.5%
Share of assets assessed as worthless
24.5%

Description

Articles describe an internal defalcation (cashier embezzlement) that led the Central National Bank to remain closed (Dec 20, 1894). The Comptroller appointed a receiver on Jan 2, 1895, indicating the bank entered receivership and did not simply reopen. No contemporaneous article describes a depositor run; the cause is bank-specific adverse info (embezzlement).

Events (4)

1. July 1, 1865 Chartered
Source
historical_nic
2. December 20, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large defalcation/embezzlement by cashier John E. Bielby (shortage reported about $37,000; confessed embezzlement ~ $30,000).
Newspaper Excerpt
The defalcation in the Central National Bank of this city... The bank still remains closed, but the prospects for the resumption of business are now quite bright.
Source
newspapers
3. January 2, 1895 Receivership
Source
historical_nic
4. January 2, 1895 Receivership
Newspaper Excerpt
The controller of the currency has appointed Hon. Jim Stevens receiver of the Central National Bank of Rome, N. Y.
Source
newspapers

Newspaper Articles (4)

Article from The Sun, December 21, 1894

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Article Text

CASHIER BIELBY'S DEFALCATION The Net Loss to the Rome Bank Will Not Exceed 89,000-Mayor Gillett Still Missing. ROME, N. Y., Dec. 20.-The defalcation in the Central National Bank of this city, the arrest and confession of the cashier, John E. Bielby, and the flight of the teller. Samuel Gillett. who is Mayor of the city, are still causing much excitement here. The bank still remains closed, but the prospects for the resumption of business are now quite bright. The defalcation. which promised yesterday to run up to $50,000 or $60,000, will, it is believed, not execed $40,000. To-day Mr. Bielby was arraigned before United States Commissioner E. A. Rowland. United States District Attorney Poucher of Oswego appeared for the prosecution. and C. T. Titus of Rome for the defendant. Mr. Bielby pleaded not guilty to the charge of embezzlement and waived examination. The Government decided to prove a prima facie case, and Bank Examiner Van Vranken was sworn. He testified that he had found an apparent shortage in the bank accounts aggregating. as far as the defendant was concerned, about $40,000. but the defendant had stated that he could account for about $8,000 of this discrepancy satisfactorily. He further testified that the defendant had forged three notes. one of $3,000, purporting to be signed by James Evans, another of $6,000. bearing the signature of A. Ethridge, and one of $1,000," bearing the name of W. A. Bielby. He also swore that he found that the ledger account with the National Park Bank of New York overstates the account charged to that bank to the extent of $55,000. At the conclusion of Mr. Van Vranken's testimony Commissioner Rowland decided to hold the defendant for the United States Grand Jury, which sits in Albany on the third Wednesday in January. The defendant was admitted to bail in the sum of $7,000. It has been fully determined that the bank's loss is only about $40,000. The surplus of the institution is $20,000. and the bond of the cashier is $20,000. In addition to this Bielby has $8,000 in securities to turn over to the bank. There is an item of $3,000 put on the pass book of the City Chamberlain which has not been credited. and the shortage of which is attributed to the teller. There is also in the total shortage an item in doubt of $5,500 in the National Park Bank which Bielby denies any knowledge of, and which may or may not be chargeable to the teller. These items are figured in the total shortage, which is now given at $37,000. Deducting from this the $8,000 turned back into the bank by Bielby leaves the actual shortage $29,000; deducting from this the amount of Bielby's bond leaves the net loss to the bank $9,000. Mayor Gfilett. who left town at the first signal of danger on Monday, has not returned and there is no trace of his whereabouts. He is about 35 years old and has a wife and four children. As there is no official head to thecity. the Common Council has been called to meet to-morrow evening and elect a Mayor pro tem.


Article from Evening Star, January 2, 1895

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Article Text

Bank Receiver Appointed. The controller of the currency has appointed Hon. Jim Stevens receiver of the Central National Bank of Rome, N. Y.


Article from New-York Tribune, November 28, 1895

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Article Text

TRIAL OF GILLETT NEARING THE END. Auburn, N. Y., Nov. 27.-The trial of Samuel Glllett, ex-Mayor of Rome, and former teller of the wrecked Central National Bank of that city, is nearing its end in the United States Court here. At 5 o'clock this afternoon the prosecution rested its case. George Raines, of counsel for the defendant, expects to present all the testimony on his side to-morrow, Thanksgiving Day, and the case will probably be given to the jury Friday afternoon. After the examination to-day of W. J. Hayes, the Buffalo banking expert, two witnesses were called to testify that the deficiency of the defunct bank was $60,000. Bielby, the cashier, had confessed under oath to embezzling about $30,000 and the Government charges that the remaining $30,000 was misappropriated by the ex-teller, the defendant in this case. The witnesses were James Stevens, receiver of the wrecked bank, and W. H. Maxam, his clerk.


Article from The Saint Paul Globe, March 9, 1897

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Article Text

NEW YORK MINING STOCKS. Bulwer $0 50, Ontario $9 00 Cholor 80 90 Ophir 15 Crown Point 20 Plymouth Con. Cal. & Va. 1 40 1 00 Quicksilver Deadwood 1 25 10 00 do pfd 30 25 Sierra Nevada Gould & Curry Hale & Norcross. 80 Standard 1 75 Homestake 29 00 25 Union Con Iron Silver 39 20 Yellow Jacket Mexican 25 BOSTON MINING SHARES. Allouez Min. Co.. 1 Franklin 10½ Atlantic 21 181/4 Kearsarge 32 Osceola Boston & Mont 120% 111 Butte & Boston 18½ Quincy Calumet & Hecla.375 120 Tamarack Centennial Wolverine 891/4 97/8 FOREIGN FINANCIAL. NEW YORK, March 8.-Evening Post's London financial cablegram: Nothing is doing in the stock markets, pending Greece's definite reply to the powers, and the course of prices merely reflects local opinion on the situation. That this at the moment is favorable may be gathered from the rise of 1½c in consols and the material gains in all the leading securities. Turkish securities were especially good. Briefly put, London has made up its mind that the powers want peace. Germany is supposed to be the only power really wishing to apply immediate and excessive coercion to Greece. Japan continues to absorb all the arrivals of gold other than sovereigns. Silver is demoralized by Japan's abandonment of the silver standard. Brazils were exceptionally flat on unfavorable reports of that country's finance and on the further fall in exchange. The Berlin market was steady. The Paris bourse was better, the settlements hi ving only forced one failure. INSOLVENT DIVIDENDS. WASHINGTON, March 8.-The comptroller of the currency has declared dividends in favor of the creditors of insolvent national banks, as follows: 10 per cent, the Marine National bank, of Duluth, Minn.; 10 per cent, the American National bank, of New Orleans; 5 per cent, Central National bank, Rome, N. Y. NEW YORK MONEY. NEW YORK. March 8.-Money on call easy, 11/2@1% per cent; last loan, 1½; closed at 1½ @1% per cent. Prime mercantile paper, 3@4 per cent. Sterling exchange strong, with actual business in bankers' bills at $4.87½ for demand and $4.85% for sixty days. Posted rates, $4.861/2 and $4.881/2. Commercial bills, $4.841/2. Silver certificates, 63%@64/c. Bar silver, 63%c. SAVINGS COMPANY FAILS. CINCINNATI, 0., March 8.-Hermann Brockman was this afternoon appointed receiver of the Consolidated Building and Savings company. The shareholders are mostly street railway employes. Liabilities, $230,000; assets, $175,000. BANK CLEARINGS. St. Paul-$448,426.47. Minneapoiis-$1,032.459. New York-Clearings, $63,703,781; balances, $3,878,296. Boston-Clearings, $11,384,010; balances, $1,156,608. TREASURY STATEMENT. WASHINGTON. March 8.-Today's statement of the condition of the treasury shows: Available cash balances, $212,245,324; gold reserve, $150,804,733. CHICAGO MONEY. CHICAGO, March 8.-New York exchange, 55c discount. Foreign exchange firm; demand, $4.871/4; sixty days, $4.851/2.