Manufacturers National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 721
Charter Number: 721
Start Date: September 16, 1882
Location: Troy, New York (42.728, -73.692)

Metadata

Model: gpt-5-mini
Short Digest: 47b8c2a1

Response Measures

Accommodated withdrawals

Description

September 1882 discovery of cashier Charles M. Wellington's $27,000 defalcation led to rumors of insolvency and a run (nearly $90,000 withdrawn on Sept 16, 1882). Other banks offered aid and the danger passed; no suspension or closure is reported in the articles.

Events (2)

1. January 16, 1865 Chartered

Source: historical_nic

2. September 16, 1882 Run

Cause: Bank Specific Adverse Info
Cause Details: Discovery that cashier Charles M. Wellington was a defaulter for $27,000 (lost in Wall Street) led to rumors of insolvency and withdrawals.
Measures: Aid tendered by other financial institutions to support the bank; cashier replaced (Samuel O. Gleason appointed).
Newspaper Excerpt: Meantime, rumors that the bank was insolvent brought on a run, and nearly $90,000 was withdrawn on the 16th.
Source: newspapers

Newspaper Articles (4)

1. September 20, 1882 Mower County Transcript Austin, Lansing, MN

Article from Mower County Transcript, September 20, 1882

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Article Text

Unfaithful Servants. Charles M. Wellington, cashier of the Manufacturers' National bank of Troy, New York, was recently discoverd to be a defaulter for $27,000, which he had lost in Wall Street. He transferred his entire property to the bank, and thus nearly covered the loss. Samuel O. Gleason, formerly county treasurer, was appointed cashier. Meantime, rumors that the bank was insolvent brought on a run, and nearly $90,000 was withdrawn on the 16th. Aid having been tendered by other financial institutions, the peril is believed to be past. John Starke, superintendent of a paper-box factory at Montreal, who for months has been swindling his employers by false pay-rolls, has joined the colony of Canadian defaulters in Chicago. Dwight S. Lathrop, assistant cashier in the office of the Central Railroad of New Jersey, has absconded with $10,000.

2. September 21, 1882 Brookings County Sentinel Brookings, SD

Article from Brookings County Sentinel, September 21, 1882

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Article Text

Unfaithful Servants. Charles M. Wellington, cashier of the Manufacturers' National bank of Troy, New York, was recently discoverd to be a defaulter for $27, 000, which he had lost in Wall Street. He transferred his entire property to the bank, and thus nearly covered the loss, Samuel O. Gleason, formerly county treasurer, was appointed cashier. Meantime, rumors that the bank was insolvent brought on a run, and nearly $90,000 was withdrawn on the 16th. Aid having been tendered by other financial institutions, the peril is believed to be past. John Starke, superintendent of a paper-box factory at Montreal, who for months has been swindling his employers by false pay-rolls, has joined the colony of Canadian defaulters in Chicago. Dwight 8. Lathrop, assistant cashier in the office of the Central Railroad of New Jersey, has absconded with $10,000.

3. November 27, 1890 New-York Tribune New York, NY

Article from New-York Tribune, November 27, 1890

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Article Text

SIX CENTS DAMAGES FOR LIBEL. Troy, N. Y., Nov. 26.-The jury in the action of Amasa R. Moore, against the proprietors of The Troy Times," in which the plaintiff alleged libel, claiming damages to the amount of $25,000, rendered this morning a verdict of 6 cents damages for the plaintiff. Moore had been a teller in the Manufacturers' National Bank, of this city, On September 15, 1882, when a run was made on the bank. "The Times" published information from the bank officials concerning the cause of the run. Moore alleged that this information was prejudicial to him and a year later he brought suit against The Times." On the first trial the verdict was No cause for action." The Court of Appeals ordered a new trial, which was concluded this morning. The plaintiff's motion for a new trial was denied.

4. December 4, 1890 The Londonderry Sifter South Londonderry, VT

Article from The Londonderry Sifter, December 4, 1890

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Article Text

6 Cents Damage. Springfield Union : The Troy Times has been mulcted in the sum of six cents in a libel suit brought by Amasa R. Moore in 1882. At that time there was a run on the Manufacturers national bank of Troy and in order to allay public apprehension the Times made a thorough investigation of the bank's matters and published a statement in good faith and without malice towards any one. Mr. Moore took exception to the language used and brought suit for libel against the paper, claiming $25,000 damages. The lower courts decided against Mr. Moore, who carried the case to the court of appeals. That court decided that the statement complained of was a libel per se, and the jury was left to assess the damages. The verdict was six cents. This is a victory for the Times and for common sense, but it does not cover the fact that the newspaper has been subject to great expense and trouble to defend itself. Any man who cares more for revenge than for damages can bring suit for libel against a newspaper in New York, and cause its proprietors great annoyance and loss, which no moral victory will compensate for. It is perfectly right for people to be shielded from libelous newspaper attacks, bnt newspapers also should be shielded from malicious attacks in the form of nonnensical libel suits.