16934. Commercial Bank (Saratoga, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 13, 1878
Location: Saratoga, New York (43.067, -73.617)

Metadata

Model: gpt-5-mini
Short Digest: ac94d75a

Response Measures

Full suspension, Books examined

Other: Receiver appointed by Comptroller of the Currency (government action). Notes: OCR variations of receiver name (Price/Prince).

Description

Depositors ran on the Commercial Bank after publication of the county treasurer's defalcation (Dec 1878); directors 'stopped business' (suspension) and a receiver was later appointed by the Comptroller (Feb 15, 1879). OCR shows variant spelling of receiver name (L. M. Price / Prince).

Events (3)

1. December 13, 1878 Run

Cause: Local Shock
Cause Details: Run triggered by public revelation of the defalcation of county treasurer James H. Wright and reports of losses/complications implicating local banks.
Measures: Directors returned incoming telegram funds and 'stopped business' (ceased payments).
Newspaper Excerpt: A run began on the Commercial Bank as soon as the First National stopped, and now that has also stopped.
Source: newspapers

2. December 13, 1878 Suspension

Cause: Local Shock
Cause Details: Directors suspended operations amid increasing excitement following the county treasurer's defalcation and runs on local banks.
Newspaper Excerpt: After an examination ... the directors concluded to return them and stop business. A run began on the Commercial Bank as soon as the First National stopped, and now that has also stopped.
Source: newspapers

3. February 15, 1879 Receivership

Newspaper Excerpt: The Commercial bank is in charge of L. M. Price, as receiver, by order of the comptroller of the currency.
Source: newspapers

Newspaper Articles (8)

1. December 13, 1878 Evening Star Washington, DC

Article from Evening Star, December 13, 1878

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Article Text

Defalcation of a County Treasurer and Consequent Run on Banks. SARATOGA. N. Y.. Dec. 3.-The suspension and defaleation of Jame H. Wright, county treasurer, was made public last Monday. There have been serious reports of loss on the part or the banks and others growing out of complications with Mr. Wright as his bondsmen and endorsers. A run began on the First National Bank on Friday, and continued until $50,000 had been drawn out. After an examination of the assets by the directors, they decided them more than sufficient to meet all liabilities and leave a surplus. Telegrams were sent and funds came this morning in response thereto, bat as the excitement was increasing the directors concluded to return them and stop basiness. It is possible the bank may now go into liquidation. The shrinkage in the value or real estate hereduring the past five years has left a proportion of overdue paper, which has rendered this course advisable, A run began on the Commerclal Bank as soon as the First Nath II il stopped, and now that has also stopped.

2. December 14, 1878 New-York Tribune New York, NY

Article from New-York Tribune, December 14, 1878

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Article Text

TWO BANK SUSPENSIONS AT SARATOGA. SARATOGA, N.Y., Dec. 13. -The defalcation of James H. Wright, County Treasurer, was made public last Monday. There have been various reports of losses on the part of the banks. and others, growing out of complication with Mr. Wright. A run began on the First National Bank on Tuesday by the depositors, who drew out $10,000. On Wednesday they drew out $40,000 more. It was decided that the assets of the bank were more than sufficient to meet all liabilities. Telegrams were sent out and funds came this morning in response thereto, but, as the excirement was increasing, the directors concluded to return the funds and stop business. It 18 possible the bank may nov go into liquidation. The B rinkage in the value of real estate be Le during the past five years has left n proportion of overdue paper, which has rendered this course advisable. A run began on the Commercial Bank as soon as the First National stopped, and now that has also sropped.

3. December 14, 1878 The New York Herald New York, NY

Article from The New York Herald, December 14, 1878

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Article Text

MORE CRIPPLED BANKS. SARATOGA, N. Y., Dec. 13, 1878. The suspension and defalcation of James H. Wright, County Treasurer, was made public last Monday. There have been various reports of loss on the part of the banks and others growing out of complications with Mr. Wright as his bondsmen and indorsers. A run began on the First National Bank on Tuesday and $10,000 were drawn out. On Wednesday it continued until altogether $50,000 had been drawn out. In the meantime Cashier Leake sent for his brother, for many years cashier of a bank in Troy, and had him make n thorough examination of the assets with the directors. They decided that the assets of the bank were more than sufficient to meet all liabilities and leave a surplus. Telegrams were sent and funds came this morning in response thereto, but as the excitement was increasing the directors concluded to return them and stop business. It is possible the bank may now go into liquidation. The shrinkage in the value of real estate here during the past five years has left a proportion of overdue paper, which has rendered this course advisable. A run began on the Commercial Bank as soon as the First National stopped, and now that bank has also stopped.

4. December 18, 1878 The Sun New York, NY

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Article Text

Saratoga's Suspended Banks. SARATOGA, Dec. 17.-Bank Examiner Williams is here to-day making an investigation of the Saratoga banks. A committee from the Commercial Bank has gone to New York to advise with bankers as to the nd. visability of going on as a national bank or under the State banking S.Y stem.

5. December 19, 1878 The Democratic Press Ravenna, OH

Article from The Democratic Press, December 19, 1878

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Article Text

HE DEMOCRATIC PRESS. SAMUEL D. HARRIS EDITOR AND PUBLISHER. RAVENNA, THURSDAY, DEC. 19, 1878, The Press for $1.50 a Year, in advance. THE Blaine resolution with the Thurman amendment, passed the Senate. The First National Bank and the Commercial Bank of Saratoga, New York suspended on the 13th inst. SOME of the Republican papers notice the absence of any remarks about Civil Service Reform in Hayes' message. THE Republican party is in a minority in every State in the Union except three, and, yet they boast that the financial policy of the Administration has been approved by the people. GILBERT O. SHOVE, the Greenback candidate in the Cuyahoga District has backed out of the contest of the seat of Amos Townsend and withdrawn his charges and specifications. THE Stark County Democrat suggests Major McKinley as a suitable candidate for King of Bulgaria in case Grant declines the honor. Why not? Isn't he a bigger man than old Grant? THE name of Hon. E. B. Eshelman, of the Wayne County Democratic, is mentioned as a candidate for State Auditor in the contest next fall. No more capable man could be selected for the place. A MAINE Republican Congressman now in Washington, says Ladd and Murch, the two Greenback Congressmen elected in that State in September, will act with the Democrats in the next Congress. GOVERNOR Wade Hampton had his leg amputated below the knee on the 10th inst.; and on the same day the Legislature of South Carolina elected him U. S. Senator from that State. The vote for him at the Senate was unanimous and only two against him in the House. CONGRESS will adjourn on Friday till the 6th of January to enable the members to enjoy the holidays. What a pity it is the people can not all take a recess, abandon all wordly care and enjoy themselves for a couple of weeks about this season, as well as their "servants."

6. February 15, 1879 Daily Press and Dakotaian Yankton, SD

Article from Daily Press and Dakotaian, February 15, 1879

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Article Text

AGAINST JONES' BILL. Washington, Feb. 15.-The senate committee on railways to-day heard the conclusion of argument of the counsel for the Western Union Telegraph company against Jones' telegraph bill. TELEGRAPHIC BREVITIES. IN THE HANDS OF A RECEIVER. Saratoga, Feb. 15.-The Commercial bank is in charge of L. M. Price, as receiner, by order of the comptroller of the currency. WEEKLY STATEMENT. New York, Feb. 15.-Bank statement: Reserve deorease, $2,081,375. CHICAGO CONTRADICTS A.RUMOR. Chicago, Feb. 15-A dispatch to the Tribune this morning from Washington says private information there is to the effect that pleuro pneumonia has appeared among the cattle in Chicago. The American Stockman to-day denies the rumor in most positive terms; and BayH Delmark has inspected thousand of cattle here and has not found a trace of the disease. ABOUT CATTLE. New York. Feb. 15.-The - state commis, sioner directs owners and vetrinary surgeons to report promptly all cases of cattle disease, and forbids persons in charge of well cattle entering upon premises where disease exist, and that infected cartle must be quarentined or slaughtered. The steamship Huron today for Liverpool takes out 88 head of cale tle six hundred tons of dead beef, and the Germanic carries one hundred tons of dead beef. Shipowners say the restrictions placed upon trade; by the : English privy council would soon be removed when it was fonnd that no pluro pneumonia exists among western cattle.

7. February 17, 1879 New-York Tribune New York, NY

Article from New-York Tribune, February 17, 1879

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Article Text

BARATOGA BANKS. SARATOGA, N. Y., Feb. 16.-The Commercial Bank 18 in charge of L. M. Price, as receiver. The First National Bank will probably resume business with new capital next week.

8. February 17, 1879 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, February 17, 1879

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Article Text

FINANCIAL. SABATOGA, Feb. 15.-The Commercial Bank is in charge of L. M. Prince, as Receiver, by order of the Comptroller of the Currency. Sr. LOUIS, Mo., Feb. 15.-The afticers of the Lucas Bank, this city, will announce to-morrow morning that the stockholders of that in. stitution have decided to wind up its business. The reason given is that the profits on business do not pay a fair interest on the capital invested. The business of the pank has heen transforred to the Mechanics' Bank of St. Louis, where the desposits will be paid in full on do mand, and all liabilities at maturier.