Article describes a run on a Kingston bank but does not give a clear official bank name in the excerpt.
Events (1)
1.September 19, 1891Run
Cause
Bank Specific Adverse Info
Cause Details
Treasurer James E. Ostrander stole $75,000 from the bank, prompting withdrawals.
Measures
Bank met withdrawal demands; paid out funds to depositors.
Newspaper Excerpt
ROBBED BY THE TREASURER. SEVENTY-FIVE THOUSAND DOLLARS STOLEN FROM A KINGSTON BANK. ... A RUN ON THE BANK MET WITH ALL THE MONEY NEEDED.
Source
newspapers
Newspaper Articles (1)
1.September 19, 1891New-York TribuneNew York, NY
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Article Text
ROBBED BY THE TREASURER.
SEVENTY-FIVE THOUSAND DOLLARS STOLEN FROM A KINGSTON BANK.
ARREST OF JAMES E. OSTRANDER, THE GUILTY OFFICIALβA RUN ON THE BANK MET WITH ALL THE MONEY NEEDED.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.