16996. National Bank (Troy, NY)

View Charter #2873 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2873
Charter Number
2873
Start Date
September 19, 1896
Location
Troy, New York (42.728, -73.692)

Metadata

Model
gpt-5-mini
Short Digest
19bc7c2d

Response Measures

Full suspension, Books examined

Other: Receiver appointed per one dispatch; later proceeds from sale of securities paid depositors in full (not reorganized).

Description

Multiple contemporaneous papers report a run beginning after a prominent citizen fell dead near the bank and a rumor that the crowd was making a run precipitated heavy withdrawals. Examiner Graham closed the bank Sept 19, 1896 and placed it in charge (receivership/examiner). Depositors were later paid in full (Mar 10, 1897) but the bank will not be re-organized, indicating permanent closure.

Events (6)
1. February 7, 1883 Chartered
Source
historical_nic
2. September 19, 1896 Receivership
Newspaper Excerpt
placed its affairs in the hands of a national bank receiver. The closing of the bank was due to the fact that the depositors withdrew nearly $45,000 yesterday, exhausting all the available cash.
Source
newspapers
3. September 19, 1896 Run
Cause
Rumor Or Misinformation
Cause Details
A prominent citizen collapsed/died near the bank entrance; a rumor circulated that the crowd was making a run on the bank, precipitating withdrawals.
Measures
Bank closed and placed in charge of United States Bank Examiner M. (Edward) Graham; attempted to obtain assistance from other banks and New York (unsuccessful).
Newspaper Excerpt
the run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated ... precipitated an actual run.
Source
newspapers
4. September 19, 1896 Suspension
Cause
Government Action
Cause Details
Examiner Graham ordered the bank closed and took charge as he judged closure in best interests amid the run.
Newspaper Excerpt
closed its doors this morning because of a run on the bank, and is now in charge of United States Bank Examiner Graham.
Source
newspapers
5. November 16, 1896 Voluntary Liquidation
Source
historical_nic
6. March 10, 1897 Other
Newspaper Excerpt
Depositors in a Suspended Bank Receive Their Money. ... The National Bank of Troy ... began, this morning, paying depositors in full with interest to date. ... The bank will not be re-organized.
Source
newspapers

Newspaper Articles (17)
1. September 19, 1896 The Evening Times Washington, DC
Article from The Evening Times, September 19, 1896

Click image to open full size in new tab

Article Text

BANK DOORS CLOSED. National Bank of Troy in Hands of Examiner. Troy, N .Y., Sept. 19.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning because of a run on the bank. and isnow in charge of United States Bank Examiner Graham. The tank's others state that it will be able to pay depositors in full and from seventy-five to ninety cents on the dollar to stockholders. The capital is $200,000. The bank succeeded the First National Bank in 1583, the latter having been organized in 1863. The run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated that the crowd that assembled was making a runon the bank, precipitated an actual run.

2. September 19, 1896 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, September 19, 1896

Click image to open full size in new tab

Article Text

A National Bank Goes Up. TROY, N. Y., September 19.-The National Bank of Troy, formerly the First National bank, of this city, closed its doors this morning, because of a run on the bank. It is now in charge of United States Bank Examiner Caa. ham. The bank's officers state that it will be able to pay depositors in full and from seventy five to ninety cents on the dollar to stockholders. Its cap. ital was $200,000. The last report of its condition was made July 14th, last, and showed surplus profits of $25,000; liabilities to individual depositors, $449,000; borrowed money, $45,000.

3. September 19, 1896 The Jersey City News Jersey City, NJ
Article from The Jersey City News, September 19, 1896

Click image to open full size in new tab

Article Text

BROKEN BY A SCARE Troy National Bank the Vietim of the Bryanite Panicky Feeling. TROY, N. Y., Sept. 19, 1896.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning, because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full, and' from 75 to 90 cents on the dollar to stockholders. The capital stock is $200,000. The bank succeeded the First National Bank in 1883, the latter having been organized in 1863. The run on the bank began several days ago, when a prominent citizen fell dead near the bank's door, and the rumor which was circulated that the crowd that assembled was making a run on the bank precipitated an actual run. Daniel Klock, Jr., president of the National Bank of Troy, said today that the depositors of the bank would be paid in full and that if the assets were properly managed the stockholders would not suffer loss. He said that the bank was in better condition than at any time since 1893, and that the closing of the bank was occasioned solely by the depositors drawing out their money on account of a rumor which had been circulated that the bank had failed.

4. September 19, 1896 Evening Star Washington, DC
Article from Evening Star, September 19, 1896

Click image to open full size in new tab

Article Text

A Troy Bank Closed. Mr. Coffin, the acting controller of the currency, has received information that the National Bank of Troy, N. Y., was today closed by order of Bank Examiner Graham. A run on the bank was in progress, and the examiner was of opinion that the best interests of all concerned would be subserved by closing. The bank has a capital of $200,000; surplus and profits, $25,000; liabilities to depositors, $449,000; borrowed money, $15,000. The only reason given for the failure is the bank's Inability to convert its assets into money to meet its obligations.

5. September 19, 1896 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 19, 1896

Click image to open full size in new tab

Article Text

The National Bank of Troy, N. V., formerly the First National Bank of that city, closed its doors this morning because of a run on the bank. It had a capital of $200,000. It is said the de. 1 be paid in full. positors

6. September 20, 1896 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1896

Click image to open full size in new tab

Article Text

BANK IN TROY CLOSED. ITS MISFORTUNE CAUSED BY THE CIRCULATION OF AN IDLE RUMOR. Troy, Sept. 19.-The National Bank of Troy, formerly the First National Bank, closed its doors this morning because of a run, and is now in charge of the United States Bank Examiner, M. Graham. The capital is $200,000. The bank succeeded the First National Bank in 1883, the latter having been organized in 1863. The trouble began several days ago, when a prominent citizen fell dead near the bank's door, and a rumor which was circulated that the crowd that assembled was making a run on the bank precipitated an actual run. Daniel Klock, jr., president of the bank. said to-day that the depositors would be paid in full, and that if the assets were properly managed the stockholders would not suffer loss. He said that the bank was in better condition than at any time since 1893. and that the closing of it was occasioned solely by the depositors drawing out their money on account of a rumor which had been circulated that the bank had failed. Washington, Sept. 19.-The capital of the National Bank, of Troy, N. Y., which failed to-day, was $200,000. The last report of its condition. made on July 14 last, showed the surplus and profits to be $25.000; liabilities to individual depositors, $449,000, and borrowed money, $45,000.

7. September 20, 1896 Arizona Republican Phoenix, AZ
Article from Arizona Republican, September 20, 1896

Click image to open full size in new tab

Article Text

BANK SUSPENDS. TROY, N. Y., Sept. 19.-The National bank of Troy closed its doors today and was placed in charge of a National bank examiner. Heavy withdrawals is the cause.

8. September 20, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 20, 1896

Click image to open full size in new tab

Article Text

National Bank of Troy Fails. TROY, N. Y., September 19.-The Na tional Bank, of Troy, formerly the First National Bank of this city, closed its doors this morning, because of a run on the bank. and is now in charge of United States Bank-Examiner Graham. The bank officers say that it will be able to pay deposits in full, and from 75 to 90 cents on the dollar to stockholders.

9. September 20, 1896 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, September 20, 1896

Click image to open full size in new tab

Article Text

National Bank of Troy Suspends. TROY, N. Y., Sept. 19.-The National Bank of Troy, formerly the First National Bank of this city, closed its doors this morning because of a run on the bank. It is now in charge of United States Bank Commissioner Graham. The bank's officers say that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. Its capital is $ 00,000.

10. September 20, 1896 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, September 20, 1896

Click image to open full size in new tab

Article Text

A Bank Fails at Troy. TROY, N. Y., Sept. 19.-The National Bank of Troy closed its doors today and placed its affairs in the hands of a national bank receiver. The closing of the bank was due to the fact that the depositors withdrew nearly $45,000 yesterday, exhausting all the available cash. Other banks here refused to furnish any assistance, and an effort to secure money in New York was also unsuccessful. The president of the bank, Daniel Clock, Jr., stated the affairs of the bank were never in better condition since 1893, but they were unable to realize cash on their paper. Every depositor, he said, would be paid in full. The capital stock was $200,000 and the deposits amounted to $439,000.

11. September 20, 1896 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1896

Click image to open full size in new tab

Article Text

THIRTY-SIX PAGES. THE NEWS THIS MORNING. FOREIGN.-Lord Salisbury and Mr. Balfour are said to be preparing a plan of Irish local government to be submitted to Parliament. The French Government has received a formal demand from Great Britain for the extradition of P. J. Tynan, the alleged dynamiter. The Khalifa and his Dervishes have evacuated Kerma on the Nile, which is now occupied by the Anglo-Egyptian expedition. DOMESTIC.-Delegations numbering 10,000 men visited Canton and were addressed by Major McKinley; the largest party of the campaign SO far came from Chicago, and was Terrific composed of 5,000 railway employes. storms occurred in Fall River and New-Bedford, Mass., Providence, R. I., and other parts The National Bank of of New-England. Troy was closed, owing to a run caused by a *Mr. Bryan left Frederbaseless rumor. icksburg for Washington, and made a speech The cricket match between in each place. the Australians and Gentlemen of Philadelphia was continued, with the former in the lead. CITY AND SUBURBAN.-It was learned that letters urging support of the Republican candidates had been sent out by the Association of Shipping Men, of which Arthur Sewall is president, his name as head of the organization beJohn S. Robinson, ing on the letter-sheets. a real estate broker. committed suicide at No. 4 West Forty-seventh-st., by inhaling gas. The Commercial Travellers' Honest Money League presented to Garret A. Hobart a handsome clock, with an appropriate address. Winners at Gravesend: Christmas, Billali, Peep o' Day, Sunny Slope, The Winner, Zanone, McThe American Yacht Club's fall reKee. gatta was sailed: the Colonia won the Hearst Boston defeated Brooklyn at basecup. Two world's records were ball by 3 to 1. broken at games of the Knickerbocker AthThe stock market was stronger. letic Club. THE WEATHER.-Forecst for to-day: Fair and much cooler. The temperature yesterday: Highest, 84 degrees: lowest, 64; average, 711/4.

12. September 20, 1896 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1896

Click image to open full size in new tab

Article Text

At time of increasing sales a newsdealer or train boy metimes runs short of a sufficient supply of The Tribune. Readers always confer a favor by reporting such cases to the Business Office of The Tribune, No. 154 Nassau-st. The Tribune is the original McKinley and Hobart paper, and the lead ng one. For the best news and the most news, political and otherwise, order The Tribune. It is conceded by contemporaries that the display of New-Jersey, Brooklyn and Westchester County news in The Tribune is without an equal in the metropolitan press; and, as the special news of those localities appears alsoin the regular city and mail editions of The Tribune. suburban residents can, while travelling, depend upon The Tribune, absolutely for their home news. So long a period has elapsed since the work of transforming the old Castle Garden Building, which is one of the landmarks of New-York, into an aquarium that the project of endowing our city with an institution of this kind has almost been forgotten by the public. It would appear, however, from an article upon the subject which we publish to-day, that the aquarium is at length approaching completion, and that there is every reason to hope that by Christmas time it will have become one of the most popular features of entertainment and instruction in New-York. Sensitive even in the days of our greatest prosperity, popular confidence in the banks and financial institutions is exceptionally SO at the present moment, when the vagaries and wild ravings of Mr. Bryan and of his Democratic friends have done so much to unsettle the public mind. Had it not been for this abnormal condition of affairs, which will terminate with the election of Major McKinley a few weeks hence, the doors of the National Bank of Troy, which were shut yesterday, might still be open. For the run which resulted in their close seems to have been brought about solely by the fact that a prominent citizen fell dead at the door, a dense crowd immediately gathering about the entrance. Inasmuch as it is announced that the depositors will be paid in full, and the stockholders receive at least 90 cents on the dollar, there seems to have been no valid cause whatsoever for the run that did the mischief, save unreasoning panic. Truant schools constituting a logical and indispensable link in our system of compulsory education, it is satisfactory to learn from an article published elsewhere in our columns to-day that the Board of Education has at length withdrawn its opposition to the organization of establishments of this character. and has applied for an appropriation for the purpose. Until now the Board has been in the habit of securing the magisterial commitment of truants to criminal institutions-such as, for instance, the Juvenile Asylum. This is not only contrary to common-

13. September 21, 1896 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 21, 1896

Click image to open full size in new tab

Article Text

Run on a Bauk. Troy, N. Y.,Sept. 19.-The National Bank of Troy, formerly the First National bank of this city, closed its doors this morning because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank's officers state it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. The capital is $200,000. The bank succeeded the First National bank in 1883, the latter having been organized in 1863. The run on the bank began several days ago when a prominent citizen fell dead nea r the bank's door and the rumor which was circulated that the crowd was making a run on the bank, precipitated an actual run.

14. September 21, 1896 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, September 21, 1896

Click image to open full size in new tab

Article Text

CONDENSED NEWS Gathered From All Parts of the Country by Telegraph. The steamship New York, sailing Saturday for Europe, took 458,000 ounces of silver. The steamship St. Louis, which arrived from Europe Saturday, brought $665,000 in gold. Total arrivals to date, $27,836,550. The democratic congressional conferees for the Fourteenth Pennsyvania district have nominated J. F. Klugh, of Dauphin, for congress. James Swimmer, a full-blood Cherokee Indian, and Henry Williams, a colored youth of 18, were hanged at Talequah, I. T., for murder. By the collision of a freight and coal train on the Delaware, Lackawanna & Western railroad near Halstead, Pa., Friday morning, Engineer Coddington, of the former train was killed. The banking house of S. H. Watson & Sons, Tinton, Ia., established for 40 years, made a general assignment Friday afternoon to Mat Gaasch for the benefit of their creditors. Liabilities $250,000; assets $350,000. Depositors and creditors will be paid in full. Four mills of the Hazardville Powder Co., Hazardville, Ct., blew up at 6 o'clock Saturday morning, the shock being strongly felt for a region of 20 miles about. No one was killed or injured so far as known, as the workmen had not yet entered the mills. The explosion was caused by lightning. Benj. Harrison will make some campaign speeches in October and the fears of the republican national executive committeemen at Chicago headquarters were set at rest Friday by the welcome intelligence. It was received Friday afternoon in the form of a personal letter from the ex-president. Richard Cobb, son of ex-Gov. R. W. Cobb, was shot and probably fatally wounded. He was walking across a bridge when he stumbled and discharged a rifle he was carrying in his hand. When the gun struck the bridge it was discharged, the ball passing through Mr. Cobb's lungs and ranging into the shoulder. The National Bank of Troy, formerly the First national bank, of Troy, N. Y., closed its doors Saturday morning, because of a run on the bank, and is now in charge of United States Bank Examiner Graham. The bank officers state that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. The capital is $200,000. A dispatch from Constantinople states that a number of softas (theological students) and members of the young Turkey party had a desperate fight in Galata on Wednesday. Fifteen of the combatants were killed. The dispatch adds that many of the archives of the British embassy have been placed for safety on the British guardship on the Bosporus. Albert George Whitehead, recently released from Portland prison, arrived in, New York Friday night on the Cunard line steamship Lucania, which reached her dock at 6:45 o'clock Friday night. Gen. James R. O'Beirne, chairman of the conference committee, Whitehead's brother and others who were permitted to converse with Whitehead, said that he was sane. Pratt, Simmons & Krausnick, whole-

15. September 26, 1896 The Kimball Graphic Kimball, SD
Article from The Kimball Graphic, September 26, 1896

Click image to open full size in new tab

Article Text

A Troy Bank Fails. Troy, N. Y., Sept. 19.-The National Bank of Troy, formerly the First National bank of this city, closed its doors this morning because of a run on the bank and is now in charge of United States Bank Examiner Graham. The bank's officers state that it will be able to pay depositors in full and from 75 to 90 cents on the dollar to stockholders. The capital is $200,000. The last report of its condition, made July 14 last, showed surplus and profits to be $25,000; liabilities to individual depositors, $449,000, and borrowed money, $45,000.

16. September 28, 1896 The Evening Herald Shenandoah, PA
Article from The Evening Herald, September 28, 1896

Click image to open full size in new tab

Article Text

THE COUNTY BANKRUPT. A Dishonest New York County Treasurer's Clean Sweep. STOLE OVER A QUARTER MILLION. The Official Was a Reckless Investor, and Used the County Funds in His Schemes. No Money to Pay County Officials-Work on New Court House Suspended. TROY, N. Y., Sept. 28.-County Treasurer George H. Morrison, of Rensselaer county, is short in his accounts, the amount of the defalcation ranging from $200,000 to $300,000, and he was arrrsted late Saturday afternoon by Chief Detective Condon. He has been county treasurer only two years. One of Morrison's bondsmen said today that the shortage would be about $300,000. The treasurer, prior to his arrest, turned over a big batch of local securities to his bondsmen. Their face value is above $300,000, but their actual worth, at a charitable estimate, is not more than $125,000. Rumors relative to the financial soundness of the county treasurer first gained strength when the National Bank of Troy, of which Mr. Morrison was formerly cashier, suspended payment last Saturday. Mr. Morrison then stated that he had on deposit $40,000 of the county's money in that bank. Then came the demand by the city officials upon Mr. Morrison for $36,000 due to the city on payments for licenses under the Raines excise law. or the sum due $10,000 was paid Thursday. The county has practically not a dollar to its credit, and if the money obtained from Mr. Morrison is tied up by legal action the county will have to issue bonds to defray its current expenses. Mr. Morrison's whole trouble is laid to speculation. He was reckless in his investments, and used the county's funds. He has been heels over head in wildcat schemes for a long time. Morrison's defalcation is the all absorbing topic in this city and its vicinity, and the hopes that a more thorough investigation of the treasury books would show that the shortage was not as bad as was at first reported were shattered when the finance committee of the board of supervisors announced that the only money available to the county at the present time was $68. On account of the lack of money work on the new court house will have to be stopped. No county officer, from grand jurors to the county judge will receive their salaries, and no bills against the county can be satisfied until the county can raise the money on bonds. Justice Furstman late Saturday night granted to the county officers a writ of attachment against Morrison's property. While Morrison was waiting for his bond to be made out he made a significant remark to the effect that no matter what happened he would take all the blame on his shoulders. He is out on $40,000 bail.

17. March 10, 1897 The Providence News Providence, RI
Article from The Providence News, March 10, 1897

Click image to open full size in new tab

Article Text

PAID IN FULL, Depositors in a Suspended Bank Receive Their Money. Over $300,000 Received From the Sale of Its Securities. Troy, N. Y., March, 10.-The National Bank of Troy which failed several months ago, began, this morning, paying depositors in full with interest to date. National Bank Examiner Edward J. Graham, who has had charge of the establishment since it was closed, yesterday received $330,000 from comptroller Eckles as the proceeds of the sale of securities. A large crowd gathered in the vicinity of the bank this morning before the opening hour and police were stationed there to preserve order. The bank will not be re-organized.