16951. City Bank (Schenectady, NY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
February 13, 1884
Location
Schenectady, New York (42.814, -73.940)

Metadata

Model
gpt-5-mini
Short Digest
d31e2f5e

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Directors attempted private subscription to cover deficit; state superintendent ordered assessment.

Description

A heavy withdrawal/run occurred Feb 12-13, 1884 after the Jones Car Works failure (bank had large judgment/claim). Later the City Bank suspended on Dec 15, 1884 due to impaired capital tied to losses on the Jones Car Works and stockholders' failure to make good the deficit. Sources through Oct 1885 still list it as suspended; no article explicitly reports reopening or formal receivership/takeover, so final status is unclear.

Events (2)
1. February 13, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed failure of the Jones Car Company/Car Works; bank held large judgment and sustained heavy losses when the car works failed.
Measures
Other banks tendered aid; depositors were paid in full and confidence was restored by noon.
Newspaper Excerpt
A heavy run was made on the bank when the car works suspended... Over $50,000 was paid out. The run continued till noon.
Source
newspapers
2. December 15, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Capital impairment from losses (judgment against Jones Car Works not recognized as asset) and failure of shareholders to subscribe/meet the required assessment led to suspension on Dec 15, 1884.
Newspaper Excerpt
The City Bank of Schenectady suspended this afternoon... the capital of the bank was impaired to the extent of $40,078.02. The superintendent directed that the deficiency be made good in ninety days; many stockholders declined to pay the assessment.
Source
newspapers

Newspaper Articles (12)
1. February 14, 1884 New-York Tribune New York, NY
Article from New-York Tribune, February 14, 1884

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4 RUN ON A SCHENECTADY BANK. SCHENECTADY, Feb. 13. - Excitement was caused to-day by a run on the City Bank. Over $50,000 was paid out. The bank is a creditor, to the extent of $100,000, of the Jones Car Company, which suspended payment. The run continued till noon. Other banks tendered aid, but all depositors were paid in full, and it is believed that confidence has been restored. The bank organized under the State law with $100,000 capital, and has deposits of $400,000. Its directors are some of the wealthiest men in Schenectady. It is hoped the worst is now over.

2. December 16, 1884 Grand Rapids Morning Telegram Grand Rapids, MI
Article from Grand Rapids Morning Telegram, December 16, 1884

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Those Who Can't Pay Their Debts. SCHENECTADY, N. Y., Dec. 15.-The City Bank of Schenectady suspended this afternoon. The bank had a paid-up capital of $100,000, and its last statement showed a surplus of $15,000, and undivided profits of $27,091. NEW YORK, Dec. 15.-A Levy & Son, importers and manufacturers of goods, 477 Broadway and 50 Mercer street, have made assignment, giving preferences for $65,644. Their total liabilities, as near as can be estimated, are $200,000, and it is thought there will be enough assets to pay their creditors in full. The failure was unexpected as the firm hoped to get an extension.

3. December 16, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, December 16, 1884

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RUIN OF A BIG BANK. The Embarrassment of the Jones Car Company Drags Down its Credit. SCHENECTADY, N. Y., Dec. 15.-The City bank of Schenectady suspended this afternoon. The bank had a paid up capital of $100,000, and its last statement showed a surplus of $15,000 and undivided profits of $27,091. Charles G. Ellis is President and E. N. Schoonmaker cashier. The City Bank sustained heavy losses by the failure of the Jones Car Works Feb. 12, 1884. On Sept. 20 Bank Superintendent Paine directed the stockholders to make good in 90 days the deficit of $49,000 in the capital stock. The bank had a judgment of $49,000 against the Jones Car Works, which the bank department would not recognize as assets. The deficit was nearly subscribed on Saturday, when the directors at a meeting failed to agree, one director refusing to make good his share. The depositors will probably not lose. Deposits were made within an hour before the suspension. A heavy run was made on the bank when the car works suspended, and the bank has since been under a cloud. Hon. Charles G. Ellis, President of the Schnectady LocomotiveWorks. wasin March elected President. succeeding W. McComus, resigned, and his administration revived hope for the bank. There is a conviction that the best has been done for the bank and that the suspension was unavoidable. IMPORTERS FAIL. NEW YORK, Dec. 15.-The firm of Henry Levy & Son, importers and manufacturers of fancy goods, at No. 477 Broadway, filed an assignment to-day for the benefit of their creditors to William H. Gelshner with preferences amounting to $65,644. The firm was established in 1844. The failure is said to be the result of business depression. The liabilities are about $300,000, and the assets $325,000 to $330,000. A SUGAR FACTORY FAILS. VIENNA, Dec. 15.-The sugar factory of Messrs. Megritsch has failed. The liabilities are $600,000. The failure was caused by the stoppage of the Bohemian land mortgage bank. THE CASE PLOW COMPANY'S ASSETS. RACINE, WIS., Dec. 15.-The inventory in the J. I. Case Plow Company, completed todav, shows the assets to be $440,000 and the liabilities $740,000.

4. December 16, 1884 New-York Tribune New York, NY
Article from New-York Tribune, December 16, 1884

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SUSPENSION OF A BANK. PEOPLE OF SCHENECTADY SURPRISED ADVERSITIES OF THE CITY BANK-HOW ITS CAPITAL WAS IMPAIRED. (BY TELEGRAPH TO THE TRIBUNE.I SCHENECTADY, Dec. 15.-Men walked into the City Bank and made deposits to-day at 11:30 a. m. At 12:30 o'clock people who passed by the bank saw a rough white pasteboard fastened to the door. The board bora the simple inscription "suspended" in irregular black characters. Most of the men who were met on the street aud spoken to in regard to the broken bank said that they had expected. the crash to come sooner or later. and had withdrawn their money. Ii is stated that large sums were paid out this morning. On Saturday afternoon the directors of the bank held a meeting in the directors' room. Strenuous efforts were made to raise the amount necessary to save the bank from suspension, but in vain. One director said that he would subscribe $12,000, and others subscribed smaller amounts. No other banks in the city will be injured by the fall of the City Bank. In the past three months many of the stockholders have endeavored to dispose of stock. but there was no sale whatever for it. The City Bank was organized in 1874 by T. W: McCamus with a capital of $100,000 and was supposed to be in a sound condition up to the first of the present year, when the stock sold for $130 a share. On January 1, 1884, a committee of the Board of Directors was appointed to examine into its condition. The committee, after an investigation, reported in January to the full Board of Directors that the bank was sound. On February 12 the Jones Car Works failed, and on the next day it became known that the City Bank had obtained a judgment for $108,000 against the car company. On the next morning, when the bank was opened, a run began. About $60,000 was drawn out. The bank received many offers of assistance, but these were declined on the ground that the bank was perfectly solvent and able to pay all its indebtedness. The promptness with which depositors were paid brought back confidence in the bank, and toward noon the run was nearly ended. On March 29 the people of Schenectady were surprised to hear that T. W. McCamus, who had been the president of the bank for six years, had resigned. No reason for this act was made public. Two days afterward it became known that Mr. McCamus had transferred all his property to the City Bank. On the day when Mr. McCamus resigned Charles G. Ellis, president of the Schenectady Locomotive Works Company, was elected president, and E. Nott Schermerhorn was made cashier. Mr. McCamus remained in the bank as a director. Confidence in the bank was renewed by these appointments. After the reorganization of the bank its business revived somewhat, and there was hope that it would weather the storm. Confidence was shaken in September, when the shareholders received a notice from Superintendent Willis S. Paine, of the State Banking Department, that an examination by him. filed on September 20, showed that the capital of the bank was impaired to the extent of $40,078 02. The superintendent directed that the deficiency be made good in ninety days from September 20. Many of the shareholders declined to pay the assessment, and this is the reason of the bauk's downfall. The stockholders say that the depositers will be paid in full. À meeting of the directors was held this afternoon, but President Ellis and Cashier Schermerborn refused to make any statement about the bank.

5. December 16, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, December 16, 1884

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WIRE WHISPERS. The Dakota bill and Spanish treaty still hanging fire. No clue to the perpetrators of the London bridge outrage. Henry Levy & Son, importers of fancy goods, New York, failed. Liabilities, mostly foreign, $300,000. Telegraph operators in Boston have formed a protective association. The Galveston operators object to the reduction because of the cost of living there. Schenectady, N. Y., City Bank BUSpended yesterday. Paid up capital $100,000. Last statement showed a surplus of $15,000 and undivided profits of $27,000.

6. December 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, December 16, 1884

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Failure of a Schenectady Bank. SCHENECTADY, N. Y., Dec. 15.-The City Bank of Schenectady suspended this afternoon. The bank had a paid-up capital of $100,000, and its last statements showed a surplus of $15,000; undivided profits of $27,000. Charles G. Ellis, president. and E. N. Shoonmaker, cashier. The bank sustained heavy losses by the failure of the Jones car works, Feb. 12, 1884. When the bank superintendent directed the stockholders to make goodin ninety days a deficit of $49,000 in the capital stock, the bank hada judgment of $49,000 against the Jones car works. which the Bank Department would not recognize as assets. The deficit was nearly subscribed on Saturday, when the directors, at a meeting, failed to agree, one director refusing to give his share. The depositors will probably not lose anything. Deposits were made within an hour of the suspension.

7. December 16, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 16, 1884

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NEWS OF THE DAY Henry W. Blair died while en route to the New Orleans exposition to take charge of the coast and geodetic exhibit. Dr. Andrew Hartman, a prominent physician of Baltimore, died yesterday morning from softening of the brain, in his sixtyseventh year. By the blowing down of a bridge during a terrific gale at St. Hyaciuth, Ont., yester. day three men were killed and fifteen others seriously injured. General Hazen has preferred charges against Lieutenant Garlington for disobedience of orders in connection with the Lady Franklin Bay expedition. Mayor Edson, of New York, sent in yesterday to the board of aldermen the nominations of Fitz John Porter for commissioner of public works, and Morgan J. O'Brien for corporation counsel. The latter nomination was defeated. The Edgar Thompson Steel Works, at Braddock, Pa., have shut down for an indefinite period. About sixteen hundred men and hoys are thrown out of employment. A number of other factories yesterday announced reduction in wages. A large and enthusiastic mass meeting of the Young Business Men's Cleveland and Hendricks Association, of Baltimore, was held last night to celebrate the election of Cleveland and Hendricks. Speeches were made by Speaker Carlisle, Hon. Z. B. Vance, of North Carolina; Hon. J. Randolph Tucker. Hon. E. John E!lis aud Gen. Rosecrans. The main point of all the speeches Was in favor of a reduction of federal taxation and a gradual wiping out of the internal revenue system. The House yesterday, by a two thirds vote, set aside Thursday next for the con sideration of the McPherson bill to authorize the issue of national bank notes to the par value of the bonds deposited for their security; and also the Dingly bill, which furnishes another plan for increasing the volume of money in circulation by author zing the treasury to invest the lawful money deposited by the banks for the redemption of their notes in United States bonds. A motion to suspend the rules and pass a bill to create a "department of agriculture" was adopted ; ayes 166, nays 69. When Senator Thomas F. Bayard went to Albany and paid his respects to President-elect Cleveland, it is understood he left for home with the assurance that be could make choice of any position in the Cabinet. It is said on good authority that. after deliberating over the matter, Senator Bayard has sent a note to Gov. Cleveland, which was received yesterday, indicating his preference for the portfolio of Secretary of the Treasury Department. It is rumor ed that he will accordingly be appointed to the position. Phillis Ivory, a young girl residing at Northeast, Maryland, shot and instantly killed Emeline Davis, a rival, yesterday afternoon, at the residence of the murderess. It appears that Miss Ivory fell in love with a young farmer living a few miles from the town. Not long ago the young farmer met Miss Davis, and, becoming infatuated, cast off the old love for the new. Miss Ivory, becoming jealous, determined to get rid of her rival, and finally did so by shooting her with a navy revolver, which she placed against her rival's head, sending a bullet through the brain. The City bank of Schenectady suspended yesterday. The bank had a paid-up capital of $100,000, and its last statement showed a surplus of $15,000 and undivided profits of $27,091. The bank sustained heavy losses by the failure of the Jones Car Works on February 12, 1884. On September 20, Bank Superintendent Paine directed the stockholders to make good in ninety days a deficit of $49,000 in the capital stock. The bank had a judgment of $49,000 against the Jones Car Works, which the Bank Depart ment would not recognize as assets. The deficit was nearly subscribed on Saturday, when the dieectors, at a meeting, failed to agree, one director refusing to make good his share. The trial of Irene Newman, a bright mu. latto girl, for the murder of Martha E. Gordon, was commenced in the criminal court of Baltimore yesterday. The murder was the result of jealousy. On the 2d of May last Martha Gordon was seated at the breakfast table by the side of George Bry. an, the reputed lover of the girl Newman, when the latter entered the room, and drawing a pistol, without a moment's no-

8. December 16, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 16, 1884

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Bank Suspends. Schenectady, N.Y., December 15The City Bank of Schenectady suspended this afternoon. The bank had a paid up capital of $100,000. Its last statement showed a surplus of $15,000, undivided profits $27,000. Charles G. Geis, ier. president, and E. N. Shoenmaker, cash-

9. December 17, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 17, 1884

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NEWS BRIEF. The City Bank of Schenectady, N.Y., has suspended. The Boston Independents have voted to continue their organization. The schooner Turtle capsized in Trinity Bay, and the crew pérished. The total Democratic majority in Texas by Congressional districts is 192,451. A fire in Houlton, Me., destroyed a block of business houses. Loss, $100,000. Tom Welsh was seriously cut by his cousin, John Tracy, in a quarrel in Cincinnati yesterday. Henry Levy & Son, importers of fancy goods, New York, assigned. Liabilities $300,000, Peter Louis Otto, who shot his wife in Buffalo, was convicted of murder in the first degree. The residence and barn of S. W. Hutchinson, near Miamiville, 0., were destroyed by fire. Loss $10,000, A new Democratic club is in progress of development in Cincinnati, to be composed of "reform Democrats." Frederick Weigmann, a German, living in Cincinnati, is in his 106th year, having been born in Germany October 26, 1779. The Miller Company's shops at Canton and Crestline, O., were closed by the sheriffon an execution upon judgments aggregating $10,000. Marshall H. McGreary, of Pittsburgh, and Daniel McGinnis, of Bellefontaine, O., committed suicido in Cincinnati by shooting themselves through the head. George Grant, after four trials and being twice convicted of murder and sentenced to death, was allowed to plead guilty to manslaughter. Ho killed a po. lido officer in Kansas City, in 1882,

10. December 17, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, December 17, 1884

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THE NEWS IN BRIEF. Henry Levy & Son., N. Y., importers, failed Monday for $300,000. 807 There are in the whole country farms, the value of which is $10,197,096,770 Telegraț h operators are said to be or ganizing prote: tive unions throughout the country. Mr. Blaine says that all re] orts of interviews with him since his arrival in Washing .gton are pure fabrications It is estimated that the mother-of-pearl fisheries in Lower California will net $1,705,000 during the year that will close this month. The French chamber of deputies abolished the grant for Catholic theological colleges. The grant was supported by the government. Gen. Sheridan has accepted the position of marshal of the day for the celebration of the completion of the Washington monument, on Feb. 21. The average number of deaths, as between married and single men, according to a London physician, is in the ratio of 10 to 6 in favor of the former. Beginning Jan. 1, the Chicago, Burlington & Quincy road will run a direct train from Des Moines to Kansas City, the route being almost an air line. Mrs. John B. Ruh committed suicide at Peoria, Ills., Monday, by first hacking her wrists with a dull knife, and then cutting her throat from ear to ear. Mr. Charles H. Lee, assignee of the J. I. Case Plow company of Racine, Wis., says that the liabilities of the firm are about $740,000 and the assets $440,000. Chief Justice Waite is ill and confined to his bed. He was Monday absent from his place on the supreme bench for the first time since assuming the duties of his office. The City bank, of Schenectady, N. Y., failed Monday afternoon, but received deposits within an hour of suspension. There is a feeling that depositors will be paid in full. Harry A. Garfield, son of the late president, is appointed class-day operator at Williams college. The other son, J. R., is to be one of the marshals on the same occasion. A stylish widow of Philadelphia, who has already had three husbands, instituted a breach of promise recently, in which her claim for damages was $10,000. The jury, after twelve hours' deliberation, awarded her $25. Mayor Edson of New York city nominated Fitz John Porter for commissioner of public works and Morgan J. O'Brien for corporation counsel. The board of aldermen refused to confirm O'Brien and laid Porter's appointment upon the table. At Erie, Pa., Monday, the Polish Catholic church was leveled by the storm, which ruffled the lake, and destroyed thousands of dollars' worth of fishermen's nets. Freight cars were blown from the track, and forest and orchard trees were torn up by the roots. Iowa farmers indulge bitter feelings toward the railways, which charge them freightage of 17 cents a bushel on corn to Chicago, while the value of the grain is but 13 to 15 cents. The railway commission has taken the matter in hand, and if not vested with full powers already, it will ask the regislature to enlarge the scope of their duties. There is soon to be erected a monument over the grave, in Clarendon, Vt., of Theophilus Harrington, who was from 1803 to 1813 a supreme court justice in that state, and died in that office. It was he who first officially refused to return fugitive slaves to their masters, replying to a slave-hunter who asked him what proof of ownership he would require, "I want a bill of sale from God Almighty."

11. December 26, 1884 The Middlebury Register and Addison County Journal Middlebury, VT
Article from The Middlebury Register and Addison County Journal, December 26, 1884

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NEWS SUMMARY Eastern and Middle States. THE City bank, of Schenectady, N. Y., has suspended. THE Edgar Thompson Steel works, at Braddock, Penn., employing 1,600 men, have shut down. Lack of orders has caused the closing of this, the largest steel rail mill in the country. MUCH damage to property has been done at Erie, Penn., and vicinity, by a violent storm. Fine forests and extensive orchards were laid waste, and at Erie a Polish Roman Catholic church, just dedicated, was completely demolished. A LAND-SLIDE occurred on the railroad near Highland, N. Y., and an express train was derailed by running into the mass of stone and earth that covered the track. The train caught fire, five cars were burned. and SOVeral persons injured, one-the fireman-with probably fatal result. A HEAVY earthquake shock was felt in Laconia, N. H., and adjoining towns. Doors and dishes were shaken in many houses. A TOUR of the New York candy factories by the health authorities revealed the fact that in thirteen of them candy was being colored by poisonous chemicals. Two tons of the dangerous stuff were seized. SULLIVAN and Greenfield, the two pugilists recently indicted for prize fighting at Madison Square. Garden, New York, have been acquitted by a jury. NEW counterfeit five-dollar treasury notes of the series of 1875, marked letter A, have been extensively circulated in New York and will doubtless soon make their appearance in other parts of the country. Two discharged workmen who were alleged to be engaged in inciting a riot were killed at Oakdale, Penn., a railroad station, by Conductor Hutchinson. THE huge building occupied by the Roman Catholic Orphan asylum of Brooklyn, one of the largest charitable institutions in the city, caught fire and was partly destroyed. The 780 orphan boys who had in it a home were rescued unharmed, except one who was fatally injured, and two who were slightly hurt; but one of the Sisters of Charity who cared for and instructed them lost her life. The other occupants of the building, fifty or sixty in number, escaped. The estimated loss is $200,000, which is covered by insurance. The personal effects of the boys and their teachers were nearly all lost.

12. October 21, 1885 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, October 21, 1885

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NEWS SUMMARY Eastern and Middle States. THE City bank, of Schenectady, N. Y., has suspended. THE Edgar Thompson Steel works, at Braddock, Penn., employing 1,600 men, have shut down. Lack of orders has caused the closing of this, the largest steel rail mill in the country. MUCH damage to property has been done at Erie, Penn., and vicinity, by a violent storm. Fine forests and extensive orchards were laid waste, and at Erie a Polish Roman Catholic church, just dedicated, was completely demolished. A LAND-SLIDE occurred on the railroad near Highland, N. Y., and an express train was derailed by running into the mass of stone and earth that covered the track. The train caught fire, five cars were burned, and several persons injured, one-the fireman-with probably fatal result. A HEAVY earthquake shock was felt in Laconia, N. H., and adjoining towns. Doors and dishes were shaken in many houses. A TOUR of the New York candy factories by the health authorities revealed the fact that in thirte n of them candy was being colored by poisonous chemicals. Two tons of the dangerous stuff were seized. SULLIVAN and Greenfield, the two pugilists recently indicted for prize fighting at Madison Square Garden, New York, have been acquitted by a jury. NEW counterfeit five-dollar treasury notes of the series of 1875, marked letter A, have been extensively circulated in New York and will doubtless soon make their appearance in other parts of the country. Two discharged workmen who were alleged to be engaged in inciting a riot were killed at Oakdale, Penn., a railroad station, by Conductor Hutchinson. THE huge building occupied by the Roman Catholic Orphan asylum of Brooklyn, one of the largest charitable institutions in the city, caught fire and was partly destroyed. The 780 orphan boys who had in it a home were rescued unharmed, except one who was fatally injured, and two who were slightly hurt; but one of the Sisters of Charity who cared for and instructed them lost her life. The other occupants of the building, fifty or sixty in number, escaped. The estimated loss is $200,000, which is covered by insurance. The personal effects of the boys and their teachers were nearly all lost.