16922. Rondout Savings Bank (Rondout, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: October 5, 1891
Location: Rondout, New York (41.921, -73.985)

Metadata

Model: gpt-5-mini
Short Digest: de10c40b

Response Measures

Partial suspension, Books examined

Description

Multiple news items describe depositors forming lines and trustees requiring the statutory sixty-days' notice (a partial suspension under the 30/60/90 rule) after runs in Oct 1891 and July 1892. No articles report a receivership or permanent closure; the bank continued operating and was examined by the State Banking Department, so classify as run → suspension → reopening/continued operation.

Events (2)

1. October 5, 1891 Run

Cause: Local Banks
Cause Details: Run precipitated by the embezzlement/wrecking of the Ulster County Savings Institution in nearby Kingston, which sparked runs on other local savings banks.
Measures: Trustees required depositors to give the statutory sixty days' notice (posted 60-day notice; no immediate payments).
Newspaper Excerpt: The Kingston Savings Bank and the Rondout Savings Bank will have to wait sixty days to find out whether they can draw their money ... Crowds of depositors are in line at each bank, with passbooks in hand, waiting their turn to give notice of withdrawal.
Source: newspapers

2. July 6, 1892 Run

Cause: Local Banks
Cause Details: Articles cite both the failure of the Buffalo Bank intensifying uneasiness and local controversy (Coykendall-Cornell/First National Bank connections) as triggers for the July 1892 run.
Measures: Trustees required depositors to give the statutory sixty days' notice; state superintendent later sent examiners and suggested moving deposits but trustees refused.
Newspaper Excerpt: For some unknown reason a run was started on the Rondout Savings Institution this afternoon ... the trustees met and decided that sixty days' notice must be given by the depositors who demanded their money.
Source: newspapers

Newspaper Articles (10)

1. 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.

2. October 6, 1891 New-York Tribune New York, NY

Article from New-York Tribune, October 6, 1891

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BLOCKED THE STREETS ALL DAY. [BY TELEGRAPH TO THE TRIBUNE. f Kingston, N. Y., Oct. 5.-Another day of great excitement in this city has passed, and without any astounding new developments In the broken bank affair. No new arrests have been made, nobody lynched and none of the stolen booty recovered. The streets have been thronged with excited people all day, and all manner of violent threats have been made against the robbers and those responsible for their official acts. Hundreds more came to get in line to demand their money from the Kingston Savings Bank, which is directly across the street from the broken Ulster County Savings Institution. The Court House, near by, was to be the scene of the examination of the robbers at 10 o'clock. The yard and corridors of this building were jammed with people. All this time the men who caused all the excitement and ruin sat in a cell of the jail peering through the iron bars upon this multitude of their victims. A large force of special police was in attendance and Sheriff Dill had wisely ordered the 14th Separate Company of State militia under arms at the armory ready to march at the first tap of the Court House bell, as it was expected an attempt to lynch the prisoners would be made when brought before the Recorder. Threats were heard against the trustees of the bank and there was talk of destroying the building itself, a large and handsome brick structure containing several stores and business offices, including the chambers of the County Judge. But it proved an orderly crowd, and when the prisoners Ostrander and Trumpbour were led from the cells into the bar before the Recorder, about noon, the crowd was hushed. It had been decided, in view of the danger attending a hearing, to postpone the examination. Thus counsel for the prisoners withdrew the previous request for examination and waived inquiry now. Recorder Hussey said, as the offences were not bailable in his court, he would commit the prisoners to jail to await the action of the Grand Jury, which will be in session next week. Then the bankwreckers were led away. Albert C. Judson, the chief bank examiner. and his assistants, are steadily poring over the huge ledgers of the bank in the trustees' room behind intricate locks and guards. Mr. Judson said that no further statement of the amount of the embezzlements would be made until the examination was completed. a time which be was unable to fix. Mr. Brodhead was appointed temporary receiver of the broken bank by Judge Fursman, of Troy, to-day. Considerable opposition to his appointment has been developed on the ground of his connection with the bank. The additional assets or resources of the bank. about $100,000, mentioned in The Tribune exclusively this morning, served to reassure many to some extent. The run upon the Kingston Savings and the Rondout Savings Bank lasted only an hour or two. No money was paid out, only notices of withdrawal being received. The Union Trust Company of New-York and the Manufacturers' National Bank of Troy are selected as depositories of the bank's funds as they come into the receiver's hands. The law gives the receiver eighteen months to close up the trust. It is still thought that depositors will receive 75 or 80 cents on a dollar at least. Should the robbery reach $550.000, as is now rumored. the foreclosure of the mortgages will still be avoided if possible. Some talk is heard among legal authorities that the trustees can be held individually liable for these losses. In the attachment of one depositor for $2,200 the sheriff is said to have levied on the funds to cover it and taken the amount away in defiance of Superintendent Preston, who forbade the act. The books show that Ostrander overdrew his account $7,800, and Trumpbour by $2,100. There is some reason to believe the culprits have already made or are about to make a confession. Newburg. Oct. 5 (Special).-There are several losers in Newburg by the wrecked Ulster County Savings Institation and there is uneasiness all along the river. Several Rondout and Kingston people who came here years ago with the Pennsylvania Coal Company have continued to keep an account in it. One of the heaviest depositors here is J. K. Ackerman. an overTowing R. bank Other seer druggist. E. at not Burger. losers Line: the Ira long coal are Caldwell. formerly John ago George company's for S. safe-keeping Groves. Newburg who Kraft. deposited docks. recently a agent shoe for Another of $3,200 a dealer of the short Rondout: Cornell in is here: time. the the George Barber. chief engineer of the coal company. and John Caplies. chief engineer on the tugboat Hercules.

3. October 6, 1891 The Morning News Savannah, GA

Article from The Morning News, October 6, 1891

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KINGSTON'S BANK CRASH. THE CITY CROWDED WITH EXCITED DEPOSITOES. Other Banks Demand Sixty Days' No. tice of an Intention to Withdraw Funds-Indignation at White Heat Against the Trustees Who Signed the Misleading Report. KINGSTON, N. Y., Oct. 5.-As was expected, the city was crowded to-day with people from all over the county who are depositors in the three city savings banks. Business was at a stand still and crowds stood all over the streets discussing the wrecking of the Uister County Savings Institution. The Kingston Savings Bank and Rondout Savings Bank posted notices on their banking house doors notifying depositors that the sixty days' notice required by law must be given. Large crowds of depositors with their bank books in hand stood in frout of these institutions. Iti said that the Saugerties and New Palta savings banks will demand sixty days' no+ tice should there be any indication of a run. CITY DEPOSITORS QUIETER. The city depositors in the broken savings bank are becoming quieter, but as the news spread in the distant rural districts fresh crowds from the country kept up the noisy demonstrations. Depositors continued to arrive in the city in large numbers this morning, and by noon that block of Wall street wherein the Ulster County Savings Institution, the Kingston Savings Bank, and the court house and jail are situated, were filled with people. The indignation against the trustees who signed the misleading report two weeks ago is still at white heat. The depositors in the other savings banks were giving notice of withdrawal all day, being formed in line by the police and taking turn. Ostrander and Trumpbouer were arraigned before Recorder Hussey this morn ing and waived examination and were hound over to await the action of the grand jury next week. Nicholas E. Broadhead of Kingston has been appointed temporary receiver, giving a bond of $250,000. An injunction restraining creditors and depositors from serving attachments on the bank's assets was also granted.

4. October 6, 1891 San Antonio Daily Light San Antonio, TX

Article from San Antonio Daily Light, October 6, 1891

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LATE TELEGRAMS BOILED DOWN FROM PRIVATE, SPECIAL AND OTHER SOURCES. Gen. Patrick Kirby drops dead in New York, aged 64. Salvador representative at City of Mexico denies all reported disturbance in Central America. Yucatan is arranging a $1,000,000 loan in Berlin. Midland reports cattle and horses chilled to death by a wet norther. Last span of wagon bridge over Red River at Denison is in place. Insane asylum of Creek Nation at Muscogee, I. T., burned; loss $14,000. October term federal court opens in El Paso. Governor Hogg will open the Dallas fair. Taylor is making earnest preparation for her fair Oct. 13-16. Pearsall shipped 22 cars cattle and 6 cars hogs in September. The reply of the Chili Junta to Uncle Sam's note is awaited with interest. Liverpool's advance of cotton quotations was not met at New York or New Orleans. Stocks of cotton in sight increase rapidly over those held same date last year. Official accounts of Ayala's death show that he was not assassinated but died of natural causes' President Ezeta telegraphs City of Mexico that all is quiet, no disturbance with Guatumala. Central American lies are manufactured by parties sore over denied concessions. The finding of a tomb in the Episcopal palace Trieste, is considered a hoax. New York Presbytery has the Briggs' heresy trial under consideration. Dr. Alexander tries to secure judgment against Dr. Briggs by clamor instead of trial, but fails. Business in Kingston, N. Y., is sus. pended and depositors in the busted banks throng the city. Kingston and Rondout savings banks demand 60 days notice of with. drawal of deposits. All Ulster county banks will demand the 60 days grace if runs are made on them. Militia are ordered ready at a mcment's notice in case of trouble at Kingston, N. Y. Over 50,000 persons are present at opening of St. Louis Fair, Agricultural and Mechanical Association. There are $40,000 in premiums and $15,000 in racing purses hung up at St. Louis fair. The Veiled Prophet makes his ninth anuual entry into St. Louis today. Report of railway trainmen at Galesburg, III., shows a membership of 21,000; gain, 6,000. Mexican government grants General Oliverez a concession for bank at Monterey. Merchants of Mexico will erect a statue to late minister of finance Dub. lan. Mexican government will increase vigilance and double forces on the frontiers. General Cortenas now imprisoned in City of Mexico denies any connection with Garza's plot. N. Y. Ball. Fort Worth, pleads insanity as excuse for bigamy, but gets 5 years in the pen. Heavy grain shipments east are like to demoralize freight rates at the northwest. Smugglers continue their work at Rio Grande City, and United States marshals continue to arrest. Prospects for a fair fall crop of cotton are good in Frio and in all coast counties. Taylor receives 1,527 bales in three days, her largest receipts for that time on record. Survey of Taylor and Bryan road fluished and estimates and maps are being prepared. Ex-Governor Cheney, of New Hampshire, goes to Washington to accept the war portfolio; 80 reported. Indian commissioners annual report filed; pupils enrolled for the year 17,276; increase of 1,549. Indian commissioner considers the reservation system doomed to destruction. Fair rains have fallen in Uvalde, Kinney, Val Verde and Pecos counties. Nick Harris arrested at Hempstead for murder of Kell, at Hanley, Tarrant county, in 1888. Indignation is expressed in London over the suppressing of evidence in the chorus girl's suicide, in order to shield the Wales set

5. October 6, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, October 6, 1891

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BANKING DISASTERS. Another Suspension Caused by Withdrawal of Deposits-Excitement in Kingston. PHILLIPSBURG (Pa.), Oct. 5.-The Phillipsburg Bank closed its doors to-day, announcing that on account of continued demand from depositors it was deemed best to suspend payment and go into liquidation. The cashier stated that he believed all deposits will be paid in full. Phillipsburg is only a short distance from Clearfield and Houtzdale. Ever since the Clearfield Bank closed and the Houtzdale Bank failed the Phillipsburg institution has experienced an unprecedented run. Miners and their friends first took the alarm from reports from Houtzdale and began an open onslaught on the local bank, gathering there in line and steadily drawing deposits of from $500 to $1000 without a word of comment from either side. The bank stood the pressure easily, and paid out thousands of dollars within the last three banking days. Then heavy depositors took fright, and the result was the announcement to-day. The President of the bank is Jonathan Berinton, father-in-law of President DIII of the Houtzdale and Clearfield banks. EXCITED DEPOSITORS. KINGSTON (N. Y.), Oct. 5. - As expected the city is rapidly filling up with people from all over the county, who are depositors in the three city savings banks. Business is at a standstill, and crowds stand all over the streets discussing the wrecking of the Ulster County Savings Institution. The Kingston Savings Bank and the Rondout Savings Bank each has posted notices, notifying depositors that the 60-day notice required by law must be given. Large crowds of depositors, with bank-books in hand, stand in front of tie institutions. By noon the block wherein the banks, Court-house and jail are situated was filled with depositors. There is a report that a large number of mea are coming from Creek Locks, and for this reason the Fourteenth, a separate company. has been ordered to be held in readiness for service. Ostrander and Trampbour were arraigned this morning. They waived an examination and were bound over to await the action of the Grand Jury next week. A RECEIVER APPOINTED. TROY (N. Y.), Oct. 5.-Nicholas E. Brodhead of Kingston was to-day appointed temporary receiver of the Ulster County Savings Institution at Kingston. The receiver's bonds are $250,000. An injunction restraining the creditors and depositors from bringing attachments against the bank's assets was also granted by the court.

6. October 6, 1891 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 6, 1891

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Kingsten and Rondout, N. Y., banks are experiencing runs and have posted the "60 days notice" "Here's to the maiden of bashful filteen, And here's to the wi ow of forty!"

7. July 7, 1892 New-York Tribune New York, NY

Article from New-York Tribune, July 7, 1892

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RUN ON A RONDOUT BANK. Rondout, N. Y., July 6.-For some unknown reason a run was started on the Rondout Savings Institution this afternoon. The crowd of ignorant depositors got 10 large and so nolsy that the trustees met and deeided that sixty days' notice must be given by the depositors who demanded their money. The bank 16 considered by the business men to be in first-class condition, and the last examination by the State Bank ing Department, on February 16, 1892, showed the following figures: "Deposits, 8920,929; assets, $1,045,821: surplus, $120,576. It is thought that the excitement will die out before the end of the week.

8. July 7, 1892 The Providence News Providence, RI

Article from The Providence News, July 7, 1892

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DEMANDED THEIR MONEY. Depositors Made a Run on a Savings Bank at Rondout. RONDOUT, N. Y., July 7.-For some unknown reason a run was started on th Rondout Savings Institution yesterday afternoon. The crowd of depositors got so large that the trustees decided that 66 days' notice must be given by the depositors who demanded their money. The bank is considered to be in firs class condition by the business men. The last examination made by the state banking department on February 16, 1892, showed: Deposits $920,939; assets $104,821; surplus $120,576. It is thought the excitement will die out before the end of the week. The enemies of S. D. Coykandall, a trustee of the bank and Edwin Young, are alleged to be at the bottom of the run.

9. July 8, 1892 The Sun New York, NY

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THE RONDOUT SAVINGS BANK. A Slight Run Continues and the Sixty Days Notice Required. RONDOUT. July 7.-A slight run continues on the Rondout Savings Bank to-day. but all persons who presented their passbooks were required to give the statutory sixty days' notice. and the excitement has abated. ExMayor Lindsley said the run was not produced by any misconduct of the bank's officers or the inner workings of the institution. as he was confident of its solvent condition. In his opinion it was precipitated by the failure of the Buffalo Bank. which intensified the general uneasiness of depositors of banking institutions, but was more particularly caused by the published statements regarding the Coykendale-CorneliYoung controversy. in which the First National Bank is more or less interested. The difficulty was not. he said. in getting currency to meet the demand but in being able to pay it out: and as it was rapidly nearing 3 o'clock and the rush continued. it was apparent the time had come to demand the sixty days' notice. He said that he was positive that 80 far as the savings 1 ank was concerned there was no cause for alarm. as its surplus when the last examination was made on Feb. 19 was $120.570.52. This was more than enough to cover its deposits in the First National Bank or other banks. The Bondout Savings Bank was founded about twenty-one years ngo, and has always been looked upon as a strong institution. Immediately upon the death SChomas Cornell Mr. Lindsley was chosen his successor as President of the bank. The savings bank is the depository of the First National Bank. of which Edwin Young. the executor of the Cornell estate, is President.

10. July 23, 1892 The Sun New York, NY

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TO BANK SUPERINTENDENT PRESTON. Trustees of n Savings Bank Refuse to Comply With His Suggestion. RONDOUT. July 22.-On Monday last Charles M. Preston. Superintendent of the State Banking Department. sent a letter to the officers of the Rondout Savings Bank suggesting that. in view of certain facts that had come to his notice concerning the First National Bank of Rondout. the whole amount of money belonging to the savings bank on deposit in the National Bank be withdrawn. The trustees of the bank held a meeting. and in reply to Superintendent Preston refuse to comply with his suggestion for the following reasons: First-Because we are advised that. under the circumstances of the case, you are absolutely destitute of power to make such an order. Second-For the reason that we do not believe it would be for the best interests of this bank to comply with your command. Third-For the reason that we do not believe that your order is made in good faith or from good motives, but. on the contrary. we believe that it is made solely to gratify your personal and political animosities. Fourth-For the reason that the trustees of this bank have known you for many years, having for years been residents of the same community with yourself. and are perfectly conversant with the extent of your capacity and with the limit of weight to be given to your opinion. and no one in this community would for an instant dream that his judgment as to the proper management of this bank was inferior to your own. The past conduct of this bank. the extent of its deposits considered. has been quite equal to any in this State, as will fully appear from the official reports of your own department. and it now is, as you perfectly well know. in an unquestionably sound financial condition. with a surplus exceeding $120,000. We are advised that we are responsible for its management, and so long as we conform to the law it is beyond your power to dietate where we shall make our deposits. We are perfectly conversant with the status of the First National Bank of Rondout. and are entirely satisfied to intrust to its keeping the moneys which you demand we should withdraw. So far as you are clothed with authority as Superintendent of the Banking Department of the State, we will. as we heretofore have done. comply with any proper request, regulation. or suggestion you may make: but in all matters where we are responsible we prefer to act upon our own judgment. and will not submit to your unauthorized and malicious dictation. In thus replying to your order we are not unaware of the claim put forth in your behalf that, by reason of your position in the councils of your party. your personal relations with certain judicial officers. and your friendship with the Attorney-General of the State, you are in a position to reward your friends and punish those who decline to submit to your dictation. Conscious of the rectitude of our conduct. confident of the correctness of our judgment. assured of the soundness of our bank, we believe that the courts of this State will fully protect the interests of this bank and its depositors, We are, sir. your obedient servants. By order of the Board of Trustees. JAS. G. LINDSLEY, President. J. E. DERRENBACHER, Secretary. Owing to a recent run on the savings bank the sixty days' notice was taken and payment refused depositors. Superintendent Preston then sent examiners to look into the affairs of the bank. and a report has not yet been submitted. The affidavits of the widow of the late Thomas Cornell and his daughter. Mrs. Nellie Carpenter of New York. allege that the First National Bank has more discount paper than is advisable to carry.