eb1825b6Full suspension, Books examined
Other: Bank telegraphed for an examiner and wrote to the Controller; suspension followed run.
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The Schoharie Bank Failure. TROY, N. Y., March 21.-Franklin Krum, Jr., of the firm of Wilbur, Krum & Wilbur, of this city, and son of President Krum, of the Schoharie County bank, which suspended yesterday, denies the report that the bank was embarrassed by the heavy indorsements of the president for the Troy firm. The firm say such indorsements will not reach $5,000.
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THROUGH NEW-YORK STATE. AFFAIRS OF THE SCHOHARIE BANK. TROY, March 21.-Franklin Krum, jr., of the firm of Wilbur, Krum & Wilbur, of this city, and son of President Krum, of the Schoharie County Bank, which suspended yesterday, denies the report that the bank was embarrassed by the heavy indorsements of the president for the Troy firm. The firm say that such indorsements will not reach $5,000 and as they have always met their obligations and are perfectly solvent, their aftairs could in no way the bank. ALBANY. March 21.-The excitement in Schoharie Village over the failure of the National Bank was unabated to-day. The streets were scenes of animated discussions, in which all classes of citizens participate. The failure was immediately occasioned by a quiet run on Thursday. which was probably the result of a rumor that the Middleburg Paper Mill Company, of Middleburg. composed of Franklin Krum and J. O. Williams, had made an assignment to the bank. There was no excitement, and the fact that a run was being made would have been unobserved by outsiders under other circumstances. By night $20,000 had been drawn out, and the indications that there would be a continuation of the run on the following day convinced the bank officers of their inability to resume. Consequently the cashier, Mr. Williams, wrote to the Controller at 5 p. m., and telegraphed again yesterday for an examiner. President Krum states that the cause of the suspension was a depression in real estate, in which large investments had been made, and his Inability to realize on the notes of farmers and others when they became due. He said that he belleved that depositors would be paid every cent if they were lenient and would wait for the collection of investments, $80,000 of which are individual notes.
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The Suspended Schoharie Bank. TROY, N. Y., March 21.-Franklin Krum, Jr., of the firm of Wilbur, Krum & Wilbur, of this city, and son of President Krum, of the suspended Schoharie County Bank, denies that the bank was embarrassed by the indorsement of its president for the Troy firm. Such indorsements will not reach $5,000.