Chenango Valley Savings Bank (Binghamton, NY)

Episode Information

Episode UID
5791568091141
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
579156809 hash
Start Date
January 24, 1895
Location
Binghamton, New York (42.099, -75.918)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5f025b32fe2c1e94

Response Measures

None

Description

Closure ordered by state banking examiner after cashier's confessed defalcation; permanent failure inferred from insolvency and criminal proceedings.

Events (2)
1. January 24, 1895 Run
Cause
Bank Specific Adverse Info
Cause Details
Public revelation of Treasurer Tracy R. Morgan's defalcation and ensuing panic produced heavy withdrawals
Measures
Officers posted sixty-days' notice for withdrawal of deposits; large cash on hand and support promised by New York banks
Newspaper Excerpt
The run on the Binghampton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours
Source
newspapers
2. January 24, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State bank examiner closed the institution after discovering extensive defalcation by Treasurer Tracy R. Morgan
Newspaper Excerpt
Have closed Chenango Valley Savings Bank: defalcation by Treasurer Morgan; books in bad condition; defalcation confessed.
Source
newspapers

Newspaper Articles (16)
1. January 25, 1895 New-York Tribune New York, NY
Article from New-York Tribune, January 25, 1895

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TWO INSTITUTIONS WRECKED BINGHAMTON DEPOSITORS IN A PANIC. THE BROOME COUNTY NATIONAL BANK AND THE CHENANGO VALLEY SAVINGS BANK CLOSE THEIR DOORS TRACY R. MORGAN. CASHIER OF EACH BANK. CONFESSES STEALING $100,000. [BY TELEGRAPH TO THE TRIBUNE.] Binghamton, N. Y., Jan. 24.-Binghamton Folis confronted with a grave financial crisis. lowing upon the sensational failure of the Ross family of bankers and the Merchants' State Bank, on Monday. this morning was announced the suspension of the Broome County National Bank and the Chenango Valley Savings Bank, both in the same building. D. L. Brownson R. is president of the savings bank and Tracy Morgan treasurer. This morning before daylight they were seen to enter the bank by a side door, and a few minutes later emerged with a big basket full of papers and books. Detective Stephenson and Policeman Heath had been instructed the night before by Bank Examiner and Backus to watch the bank from the outside. when they saw Messrs. Morgan and Brownson come out with the basket they followed them. of As both bank officials were well-known men. high standing. the policemen were loath to deal arbitrarily with them. and allowed them to go several blocks with their burden. Then Stephenson spoke to Mr. Morgan, requesting that he return the books and papers. A heated argument followed. and the policemen were finally obliged to force Morgan and Brownson to return at the the muzzle of a revolver. They returned to bank. and then one of the policemen informed 9:15 Examiner Backus of the occurrence. At the o'clock, shortly after the time for opening bank. the examiner declared the institution The insolvent. and ordered the doors closed. Broome County National Bank also closed up. Mor- as the officials feared a run.. Brownson and gan are also president and cashier. respectively. of this bank. The news of the suspension spread like wildwhen the news of the books was noised abroad a panic was All fire the the and besteged attempt with to created steal other city banks were de- for positors all day long and, although prepared the run, it is a question of how long their cash on hand will hold out. The Broome County and National Bank was the repository for the city county funds. amounting in all to nearly $300,000. But the sensation of the day. however, was reserved until this afternoon when Treasurer Morgan's confession to Examiner Backus was made public. The Tribune correspondent saw Mr. Backus and learned that Morgan had confessed to embezzling nearly $100,000. and also to forgery on several occasions. He has changed the bank his made false entries and erasures, had caused the wreck bank Examiner Backus said he embezzlement records, ings of had that the and hardly savinto the books before he saw crooked work. He of but he denied it. Later on had looked defaulting been accused Morgan forced when there more proof came up the bank official was to acknowledge his guilt He made a written confession to the Examiner last night, and this morning his evident intention, when removing the books. was to cover up the traces of his guilt. When the Examiner discovered the true state of affairs he forbade Morgan and Brownson 40 be at the bank. Their entrance this morning is nothing short of burglary. and this with Morgan's confession of stealing gives sufficient ground for a criminal action against them both. Mr. Morgan is seventy-nine years old and has been one of the most respected citizens of Binghamton. He is one of the trustees of Christ Episcopal Church He served the city one term as Mayor. Mr. Morgan was also a prominent Odd Fellow. and, indeed, was custodian of the of a Binghamton Lodge's funds to the building amount $20,000. The lodge contemplated chapter-house with this, but it is feared that his peculations have been extended to this sum. Morgan refuses to see any one. These bank failures are the first in the business history of the city, and the effect will be $600,000 that of defor years will be paralyzed. Over money is tied up in the savings bank. positors' and as most of it belongs to the poorer classes, times will be still harder for them. deThe the hard four defunct banks carried $2,500,000 in posits. The run upon the Binghamton Savings depositors Bank heavy, and the crowd of anxious was increased was with the hours: but the bank pale, prepared for the emergency The officers, heavy but cool and composed, stood behind the plate glass windows surrounded by protected piles of gold and silver They had shining themselves with a large amount of cash, from and the day telegrams were Ived metropolitan during banking institutions to the banks effect that they would support the Binghamton for unlimited after amounts. the opening of the National Broome Soon County Bank to-day there were first heavy of demands upon its funds. One of the was for $1,000 made by George Pierce. these Soon after. E M. Tierney withdrew deposit for $2,000 and this was followed by draft $11,000 of made by General E. F. Jones. Then the were closed. doors The last statement made by the bank shows the following figures: Liabilities Deposits, $397,500; rediscounts. $18,087; total, $415,588. customers' paper, $414,000; cash, $61,000; $14,500; overdrafts, Assets $19,000; due from other banks, total, $511,500 Tracy R. Morgan was cashier of both banks, which were virtually in one, except that regulated separate books were kept each, one being by the National banking la and the other was regulated by the State Banking Department. the Brownson is president of both banks, and Loomis is son-in-law of Mr. Morgan. Bentamin N. is vice-president of the savings bank. Albany, Jan. 24.-The following dispatch from State Bank Examiner Philo H. Backus, at Binghamton, was received at the State Banking Department this afternoon: Have closed Chenango Valley Savings Bank: and def full Treasurer Morgan: the cause alcation by known; books in bad condition: not Broome written extent not or posted: defalcation confessed. has sus County National Bank, in same room, wired Supering Morgan Is cashier Have pended; New-York, and notified tendent Preston in full from Controller of t the Currency Received replies Burglary of vault attempted About Na. both Cashier Morgan and President Brownson, of I had tional Bank; prevented by detective whom engaged. Washington, Jan. 24.-Controller Eckels has ordered Bank Examiner Vanvraken to assume charge of the National Broome County Bank of Binghamton, New-York, which closed its doors to business this morning. The bank has a capital ofof $100,000 and had a reserve of $20,000. No ficial statement of its condition has been received here. A PROVIDENCE FIRM IN DIFFICULTIES Providence, Jan. 24.-The Kent & Stanley Company. a large manufacturing corporation here, has anaddressed a circular letter to its creditors nouncing present inability to meet maturing payortension of time The

2. January 25, 1895 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, January 25, 1895

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CLOSED THE BANK. It Was Caused by the Defalcation of the Treasurer. Albany, Jan. 24.-The following dispatch from State Bank Examiner Backus, at Binghamton, was received at the state banking department this afternoon: "Have closed Chenango Valley bank. Defalewation by treasurer. The cause and full extent not known. Books in bad condition. Not written or posted. Defalcation confessed. Broome County National bank, in same rooms, has suspended. Morgan is cashier. Burglary of vault attempted about 3 a. m. by Cashier Morgan and President Browne of the national bank; prevented by detective whom I had engaged." The trouble inthese banks, occupying quarters in the same rooms of the one building, will, it is thought, be a strong argument in favor of the bill pending in the senate to compel savings banks to occupy separate rooms.

3. January 25, 1895 The Times Richmond, VA
Article from The Times, January 25, 1895

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NOTHER CASHIER GOES WRONG. T. R. Morgan, of a Binghampton Savings Bank, a Defaulter. BINGHAMPTON, N. Y., Jan. 24.-Detective Stevenson, of the local police force, was ordered by Bank Examiner Clark yesterday afternoon to watch the Chenango Valley Savings Bank, which has its offices in the Phelps Bank Building. In company with Officer Heath, the detective remained in the vicinity all night. About 4 o'clock this morning Tracey R. Morgan, the treasurer of the bank, was seen to enter the bank. He came out again in a few minutes and went to the grocery store of D. T. Brownson, who is the president of the bank. A few minutes later he came out with a basket, followed by Mr. Brownson, and both of them returned to the bank. Half an hour later the two men came out with the basket full of books and papers. They went up Chenango street, followed by Detective Stevenson and Officer Heath. Stevenson requested Morgan and Brownson to return the books and papers to the bank. Morgan refused, claiming that they were his private property. The detective insisted, and the bank officials returned to the bank with the books and papers. This morning the bank was closed by Bank Examiner Clark on an order from State Superintendent of Banking Preston. Citizens had recovered from the shock following the suspension of the Merchants and the Ross private bank, and affairs were assuming their normal aspect. when the rumor was circulated that the mango Valley Bank had drawn its curtains. On the heels of this startling report came the announcement that the National Broome County Bank had also closed. Citizens were fairly paralyzed with astonishment, and the apprehension of small depositors was magnified by exaggerated stories which were circulated to the injury of other local banking institutions. The news regarding the failure spread rapidly, and as each messenger enlarged upon the conditions, panic seized the populace, and It became apparent that a run upon the bank would be inevitable. It became evident that nothing could' Just prevent the abnormal pressure. such a movement had been anticipated, however, and the solid institutions were prepared for the rush. The run on the Binghampton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergency. The officers, pale, but cool and composed, stood behind the heavy plate-glass windows surrounded by piles of shining gold and silver. They had protected themselves with a large amount of cash, and during the day telegrams were received from Metropolitan banking institutions to the effect that they would support the Binghampton banks for unlimited amounts. Runs were also made upon the other banks of the city, but all depositors were promptly paid. and when the doors were closed at 3 o'clock it was evident that the rush and fright was over. ALBANY, N. Y., Jan. 24.-The following dispatch from State Bank Examiner Philo H. Backus, at Binghampton, was received at the State Banking Department this afternoon: Have closed Chenango Valley Savings Bank: defalcation by Treasurer Morgan the cause and full extent not known; books in bad condition-not written or posted; defalcation confessed: Broome County National Bank, in same room, has suspended: Morgan is cashier. Have wired Superintendent Preston in full to notified the of vault M. Currency. Burglary New by York Cashier and Received Morgan attempted replies Comptroller and from about President of both. 3 A. Brownson, of National Bank; prevented by detective whom I had engaged."

4. January 25, 1895 The Jersey City News Jersey City, NJ
Article from The Jersey City News, January 25, 1895

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BROOME'S BANK TROUBLES. BINGHAMTON, N. Y., Jan. 25, 1895.Late yesterday afternoon it was learned that the following sensational dispatch had been sent by State Bank Examiner Philo H. Backus to the State Banking Department at Albany:"Have closed Chenango Valley Savings Bank; defalcation by Treasurer Morgan; the cause and full extent not known. Books in bad condition; not written or posted: defalcation confessed. "Broome County National Bank in same room has suspended; Morgan is cashier. Have wired Supt. Preston in full in New York. Burglary of vault attempted about 3 A. M. by Cashier Morgan and President Brownson of National Bank; prevented by detective whom I have engaged." The truth of these charges is questioned by citizens, and there is considerable criticism regarding the action of Examiner Backus for indulging in such extraordinary statements. It is believed that the action of the bankers and the condition of the bank's affairs will not justify the charges. D. L. Brownson last evening made the following statement:-"The books and papers that Mr. Morgan and myself attempted to remove to his house on Thursday morning were entirely of a private nature, belonging to Mr. Morgan individually, and were in no way connected with either the Broome County National or the Chenango Valley Savings Bank.'

5. January 25, 1895 Evening Journal Wilmington, DE
Article from Evening Journal, January 25, 1895

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BINGHAMTON'S BANKS. Another One Closed by State Inspector Backus. CASHIER MORGAN A DEFAULTER. The Amount Missing Is Not Known Yet, but Irregularities Have Existed For Thirty Years-Heavy Runs on Other Savings Banks Met by Cash From New York, BINGHAMTON, N. Y., Jan. 25.-The announcement of the defalcation of Cashier Tracy R. Morgan of the Chenango Valley Savings bank has created much excitement. He has been mayor of the city, and during his 30 years' residence here has been looked upon as an upright citizen. He is about 79 years old, and though he has been a close attendant to business his bodily vigor is unimpaired. Philo H. Backus, the bank examiner, had been in the city but one day when he discovered that something was wrong at the Chenango Valley bank. He entered the bank on Wednesday morning and at noon had discovered sufficient evidence to warrant him in charging Morgan with being a defaulter. He found that during the past 80 years a correct trial balance had never been taken in that bank, and that the cash refused to balance almost invariably. In spite of the fact that the number of the bank's depositors had increased daily, the amount on deposit had declined, showing that something was wrong. Mr. Backus told a reporter that he had no idea how much had been taken, and that he would not be able to tell until he had posted up the books, called in 7,000 passbooks, and, as he expressed it, discovered where we are at.' Run on Other Banks. There has been a heavy run on the other savings banks in the city all day, but money is coming in on every train, and the New York banks say they will put $1,000,000 into this city if necessary. The Broome County National bank was the depository of the city and county funds. The city had on deposit $101,036.85. The county's funds in the bank were be tween $95,000 and $100,000. They were placed there by County Treasurer Rider, The bank did not give the county security, as it did the city. Mr. Rider and his bondsmen-Messrs T. R. Morgan, D. Brownson, A. S. Miner, Erastus Ross, W. P. Hallook and Frederick P. Ockermanare therefore said to be responsible to the county for the amount of the bond-$75, 000-1f the bank cannot pay its indebtedness. Mr. Backus. who is now in charge of the Chenango Valley Savings bank. was interviewed in regard to the affairs of the bank. He was asked, "Why did you close : this bank?' Because I found that there had been a defalcation here,' he replied. 'Who is the defaulter?' $ "Tracy R. Morgan.' t "Does he admit i r "Yes, sir. He admitted it to me Thurs 1 day night in my room at the Hotel Arling I ton.' 0 Mr. Backus then continued: "I have f found the books of this bank in horrible a condition, and I cannot now tell how the in affairs stand. It will be a long time before w the books are straightened out. My men a are now at work. t Shortly after I came here last week f discovered that things were in very bad t shape, and it did not take me long to find out that some one had been defaulting. intimated to Mr. Morgan in a mild way H that he was to blame, and resaid nothing 0 Later I took the bull by the horns and di r rectly charged him with it. ) Morgan Made a Confession.

6. January 25, 1895 Birmingham Age-Herald Birmingham, AL
Article from Birmingham Age-Herald, January 25, 1895

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BADLY TANGLED BOOKS CAUSED THE CLOSING DOWN OF A BINGHAMPTON, N. Y., BANK. BINGHAMPION, N. Y., Jan. 24.-At noon the comptroller of the currency assumed charge of the National Broom County bank. This bank was voluntarily closed by its officials this morning. They feared a run, which the bank was totally unprepared so meet. It is asserted th the Chenango Valley bank (state bar which was also closed, has securities sited with the Bingbank ufficient to meet hampton Savin all obligations. The bank examiners have been at work on the books of the savings tank for three days. ey refused to divulge the result of tb vestigations, but it is evident that affairs of the bank are badly tangle The witho deposits at the Bingbampton Savings bank continued throughout the day. There was a run on the Binghampton Trust company. At both banks the officials say they have sufficient funds to pay every depositor in full and more currency on the way. A meeting of the directors of the Chenango Valley bank was held at 11 o' clock, and it was decided to post the regular sixty day notice for the withdrawal of deposits. Officers of the bank state that they have sufficient securities in the hands of the bank examiner to pay every depositor in full and leave a good surplus. The only trouble appears to be that the books are badly mixed up and need a thorough straightening.

7. January 25, 1895 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, January 25, 1895

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and President Brownson of National bank. Prevented by detective whom [ bad engaged." BINGHAMTON, N. Y., January 24.- Citizens had recovered from the shock following the suspension of the Merchants' Ross private bank, and affairs were taking on their nor. mal aspect when the rumor was circulated that the Chenango Valley Bank had drawn its ourtains. On the beels of this startling report came the aunouncement that the National Broome County Bank had also closed. Citizens were fairly paralyzed with astonishment and the apprehension of small depostors was magnified by exaggerated stories which were circulated. A heavy run on the Binghamton Savings Bank was begun and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergenoy. The officers stood behind the heavy plate glass windows, sur rounded by piles of shining gold and silver. Runs were also made upon the other banks of the city, but all de. positors were promptly paid, and when the doors were closed at 3 o'clock it was evident that the rusues were over.

8. January 25, 1895 The Providence News Providence, RI
Article from The Providence News, January 25, 1895

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ONE MORE. Cashier Morgan Causes Suspension of Banks. Was Held in High Esteem-What Became of Missing Funds. BINGHAMTON, N. Y., Jan. 25.-A notice posted on the doors of the Chenango Valley Savings bank says the bank has been losed by order of Superintendent Preston of the state banking department. The National Broome County bank, which conducts business in the same offices, with nearly the same officers ns the Chenango Valley bank, is also closed. Cashier Tracey R. Morgan of the savings bank is a defaulter. The announcement of the defalcation of Cashier Morgan has created much excitement. He has been. mayor of the city, and during his 30 years' residence here has been looked upon as an upright citizen. He is about 70 years old, and though he has been a close applicant to business his bodily vigor is unimpaired. Bank Examiner Backus had been in the city but one day when he discovered that during the past 30 years a correct trial balance had never been taken in that bank and that the cashier refused to balance almost invariably. In spite of the fact that the number of the bank's depositors had increased daily, the amount on deposit had declined, showing that something was wrong. Where Did the Money Go? The great question here is, What has Morgan done with the money? It is not known that be was extravagant to any extent, or that he had any particular vices which would aid him in getting rid of a fertune. He lived quietly and has devoted apparently most of his time to business. He has kept the books of the savings bank almost entirely alone. None one of the employes knew anything of his accounts, with the exception of a young girl, who has for several years been Morgan's chief helper. Last night a watchman slept in the bank to prevent any one from tampering with the books. The statement that all the other banks are in a flurry, a report that early in the day gained some credence here, is not borne out by the facts. Each bank is prepared for a bad run, and there is fully $1,000,000 more in the city than the total amount of the deposits in all the banks. It was reported about the city that Harry Ross, of the defunct Merchants' bank and the private bank of Ross & Sons, was missing, but the report is not true. Morgan has not been arrested. His ago is such that it is believed that he is not able to leave the city. Nevertheless, he is now under police surveillance.

9. January 26, 1895 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 26, 1895

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MORE BANKS INVOLVED. Binghampton, New York Surprised by the Defalcation Of Cashier Morgan of the Chenango Val ley Savings Bank Who is Also Treasurer of the Broome County National Bank. Binghampton, N. Y., January 25.-It is learned that the following sensational dispatch yesterday was sent mb State Bank Examiner Philo B. Backus. to the State Banking Department at Albany: Have closed the Chenango Valley Savings bank: defalcation by Treasurer Morgan the cause and its full extent is not known. The books are in bad condition: not written or posted. The defalcation is confessed. The Broome County National bank, in the same room, has suspended. Morgan is cashier. I have wired Superintendent Preston in full in New York. Burglary of the vault was attempted about three this morning by Cashier Morgan and President Brownson of the National bank, but was prevented by a detective engaged. The truth of these charges is questioned by citizens. and there is considerable criticism regarding the action of Examiner Backus for indulging in such extraordinary statements. It is believed the action of the bankers and the condition of the bank's affairs do not justify the charges. D.L. Brownson says the papers that Mr. Morgan and he attempted to remove Thursday morning are entirely of a private nature, belonging to Mr. Morgan individually, and in no way connected with either the Broome County National or Cherango Valley Savings bank. At noon today J. Va Vranken, National bank examiner, reached the city from Washington, and immediately took charge of the affairs of the National Broome County bank. Should it be found insolvent, an application will be made for the appointment of a receiver. Col. George W. Dunn will be appointed receiver of the Merchants bank which closed today. Depositors in the latter bank will probably receive about 50 per cent of their deposits if the present securities hold good.

10. January 26, 1895 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 26, 1895

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# BANK RUNS mistic expression for "making a run" on the bank. We quote again: "A meeting of the directors of the Chenango-Valley Bank was held at 11 o'clock, and it was decided to post the regular sixty-days' notice for the withdrawal of deposits." This is, or was, a State bank. But its officers tried to make a run on it ineffective by availing themselves of the privilege of having sixty days' notice. But this requirement ruined the bank as a place of deposit. Read again: "The citizens were fairly paralyzed with astonishment, and the apprehension of small depositors was magnified by exaggerated stories which were circulated to the injury of other local banking institutions. "The news regarding the failure spread rapidly, and, as each messenger enlarged upon the conditions, panic seized the populace, and it became apparent that a run upon the banks would be inevitable." "Small depositors" and an "inevitable run" are telling phrases. Once more: "The run on the Binghamton Savings Bank was heavy, and the crowd of anxious depositors increased with the hours, but the bank was prepared for the emergency." Finally: "Runs were also made upon the other banks of the city, but all depositors were promptly paid." It is always the depositors that the banks fear. Why? Because the banks lend out their depositors' money and of course cannot be always ready to return it. But enough.

11. January 26, 1895 Evening Journal Wilmington, DE
Article from Evening Journal, January 26, 1895

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NO BANK PANIC. The Runs on the Binghamton (N. Y.) Banks Nipped In the Bud. BINGHAMTON, N. Y., Jan. 26.-The financial situation in Binghamton is unchanged today, although the runs on the five remaining banks have stopped. Over $500,000 in bills, gold and silver was received Friday, and the fact that all banks were promptly paying depositors allayed the fears of all, and at the time of closing the banks everywhere were in splendid order. Defaulting Cashier Morgan has not as yet been placed under arrest, and there is no certainty of its taking place immediately. Bank Examiner Backus reaffirmed the statement that Tracy R. Morgan was a defaulter. Mr. Morgan has repeatedly declined to talk to the press on the subject of the accusation. The investigation of the affairs of the Chenango Valley Savings bank is progressing behind closed doors. and the examiner refuses to give any figures to the press regarding the bank's condition.

12. January 27, 1895 New-York Tribune New York, NY
Article from New-York Tribune, January 27, 1895

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BINGHAMTON BANK ! MINERS AT ODDS MR. BACKUS CRITICISES MR. VAN VRANKEN'S METHODS-ANOTHER FORGED PAPER IN THE SAVINGS BANK'S EFFECTS. Binghamton, N. Y., Jan. 26 (Special).-There Is a growing unpleasantness between National Bank Examiner J. Van Vranken, of Schenectady, and State Bank Examiner Philo H. Backus, of Albany, who have been in this city all the week, in charge respectively of the Broome County National Bank and the Chenango Valley Savings Bank The cause is some remarks made by Examiner Backus, as to the alleged careless way in which the National examiners do their work of Inspection. It appears that the Broome County National was examined o'. January 17. either by Mr. Van Vranken in person or under his supervision The affairs of the bank were pronounced all right, but just a week afterward the doors were closed. It is asserted that the National bank is in far worse condition than the savings bank, having suffered more than its neighbor from the alleged defalcation of Cashier Morgan. In explaining this, Mr. Backus remarked that the system of examining National banks was exceedingly loose, and that not a National bank had been found insolvent by the National examiners in fifty years. He added that the system of examination Instituted by Mr. Preston, State Superintendent of Banking was far superior to any other. Since then there has been a decided coldness between the two examiners, despite the fact that they formerly had been personal friends. Examiner Van Vranken said In a disgusted tone of voice to-night that Backus might say what he liked about the National examiners, but that didn't make It so. Affairs in financial circles are quiet, the run on the banks being over, and deposits are now being taken in by those Institutions almost as rapidly as they were drawn out a day or two ago. Considerable excitement was caused this afternoon by the announcement of the discovery of another forged paper in the effects of the savings bank. It Is stated that It was a check for $1,200. As Mr. Backus is out of town, further particulars regarding the forgery could not be obtained. The work of examining the books of the two defunct banks is proceeding rather slowly on account of the much-muddled condition of the records. The examiners say that it will be several weeks before the exact condition of the banks can be made public. To-day's interest seemed to centre around the affairs of the Merchants' Bank, which failed first of all, on Monday No one can do more than surmise how much will be saved, but the fact that no figures have yet been given by Examiner Clark would seem to prove that the affairs of that institution are in a tangled condition. While the Ross property is large and the Ross Investments are numerous, the deposits in the bank were also extensive, and the fact that there has been a decided shrinkage in the Investments makes the outlook rather discouraging. although. If it be within Mr. Ross's power, it can be safely said that every depositor will be paid in full.

13. February 1, 1895 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, February 1, 1895

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BANKS CLOSED. Two Institutions at Binghamton, N. Y., Fall. Bank Examiner Prescott has closed the doors of the Chenango Valley Savings Bank in Binghamton, N. Y., pending an investigation. The Treasurer, Tracy 1. Morgan, has confessed a defalcation of $100,000. His action was precipitated by an effort on the part of Morgan and President Brownson to carry away the books of the bank about midnight. In thesame building and under the same management is the Broome County National Bank, which was examined last month by Bank Examiner Backus and pronounced all right. State Bank Examiner Backus has taken charge of the Broome County National Bank, acting under the orders of the Comptroller of the Currency. The bank had an authorized circulation of $90,000 and was capiItalized at $100,000. All the securities and cash of the savings were in the vaults Bank. bank hamton Savings placed Detective of the Robert BingStevenson was sent to watch the building. About 5.30 next morning he saw Brownson emerge from bushel basket between 'and ing A Morgan the them. bank, It carry. was filled with books and papers, and each man carried a large bank book under his arm. The officer stopped the men and insisted that the property be returned to the bank. After some argument Brownson and Mergan carried the back. Bank Examiners Backus were Immediately and property Mooney Recorder called Roberts. and sent for an attorney, Mr. Morgan was told that he must not take any property away from the bank. Backus said : "I the bank In a books Bank of Examiner this horrible condition. found It will be aiongtimebeforetheyarestratghtlened out. Shortly after I came here last week I found out that some one had been defaulting. I intimated to Mr. Morgan in a mild way that he was to blame, and he said nothing. Later I took the bull by the horns and directly charged him with it. He admitted he had taken the funds of the ban I was taken sick at the hotel, and Morgan and Mr. Brownson came to see me. 1 finally got Morgan to admit that he had taken the funds of the bank, but I am not at liberty to tell all that he told me. I then cautioned both mon not to go noar the bank and touching one of Morgan promised papers. against to the keep books away, I was or but subsequent events proved that justified in taking the savings bank funds and securities to the Binghamton Savings Bank. 'Morgan and Brownson are liable for in entering this bank and taking If I had not burglary out the books. had books the build- here ing watched, I should have no to-day to work on. I certainly never found a bank in such a condition. "I can't say how the affairs of the National Broome County Bank stand and I do not know whether or not funds from the savings have been transferred to the National state how heavy been. I hope it has not bank cation Bank. has Icannot the been defal- BUTficiently large to break the bank. It became absolutely necessary to close this bank until we could find out how its finances stood." The last statement of the savings bank showed a surplus of over 667,000. There was a heavy run on the other savbanks in the city all day, but money in on every train, and the ings came $1,000,000 New York into banks said they would put the city if necessary. Tracy R. Morgan has been Mayor of Binghamton, and, during his thirty years residence, has been looked upon as an upright citizen. Heisabout seventy-nine years old. The bank examiner has found that during the past thirty years a correct trinl balance had never been taken in that bank. The question is what has Morgan done with the money. It is not known that he was exor had any vices. one knew anything employes travagant of Not his girl, accounts, who of has the with the exception of A young for several years been Morgan's chief helper.

14. April 10, 1895 New-York Tribune New York, NY
Article from New-York Tribune, April 10, 1895

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MAYOR GREEN'S LETTER. HIS REQUEST FOR ITS PUBLICATION GRANTEDTHE CHENANGO BANK CASE. Binghamton, April 9.-When Mayor Green of this city learned of Superintendent Preston's determination not to make public the letter in his possession regarding Binghamton banks, supposed to have been written by the Mayor to Colonel Dunn, receiver of the Merchants' Bank, a dispatch was sent to Mr. Preston asking him to publish it. When the telegram reached Albany last night Mr. Preston had already left for this city. At 1 o'clock this morning Mr. Preston sent the following, which is marked "copy of letter to Colonel G. W. Dunn," to Colonel Dunn at his house, and the colonel at once gave out the letter for publication: Binghamton, July 2, 1894. My dear Colonel: I have just learned that there is a disposition on the part of certain ones to make trouble concerning the deposit of excise funds. These funds, I understand, are now to the credit of the Excise Board. The city is unable to meet its present obligations, and some one has advised that several thousand dollars excise moneys are on hand and should be to the credit of the city, etc. I have been legally advised that, unless the funds are to the credit of the city, the Excise Board is subject to removal, and, if complaint should be made to me, I should be obliged to remove them or subject myself to removal, etc. It's all a case of "pernicious activity" on the part of meddlesome persons. Is it not well to put the Hon. T. R. Morgan on guard, and he can have the transfer made in effect. if not in fact? Must hustle home, and have a half-dozen things to bother me this evening, and for fear I can't see Mr. Morgan or Bayless I take the liberty of troubling you, Will explain GEORGE E. GREEN. all when I see you. Mayor Green's letter failed to create the sensation which had been anticipated. Mayor Green made a statement this afternoon explaining the circumstances responsible for the letter. Through an error the Excise Board had placed certain funds to its credit in the Chenango Valley Savings Bank, instead of placing them in the National Broome County Bank, to the credit of the city, which, therefore, was deprived of the use of the money. This was a violation of the law. Mayor Green in his statement observes that the foregoing facts had come to the knowledge of persons who were disposed to make capital of the matter. A consultation with the City Attorney, members of the Common Council, and the Excise Commissioners was held. Mayor Green became convinced that, unless the moneys were transferred at once to the credit of the city, opportunity for scandal might arise. He asked Colonel Dunn to act for him in the matter. Mayor Green ends by saying: The conspiracy, If any, on my part, was to secure prompt transfer. No combination or individual, to my knowledge, received the slightest benefit from the excise funds, and so far as the moneys were concerned, the city was well protected against loss by the Board of Excise. The only issue was a question of exact consideration of law and perhaps of the interest on daily balances.. The letter or the excise funds had not the slightest connection with the Chenango Valley Savings Bank, and I do not know how or why the State Banking Department came into possession of the same. The continuation of the preliminary examination in the case of the People against D. L. Brownson and Tracy R. Morgan, charged with burglary in the third degree in connection with the Chenango Valley Savings Bank failure, brought out some interesting testimony this morning. The defence opened its case by calling Bank Examiner Philo B. Backus. "When did you get hold of that celebrated DunnGreen letter?" asked Attorney Wales. Attorney McGown's objection to this question was overruled, and the witness answered: "It was handed to me by Mr. Jackson, my assistant. The letter was first called to my attention three or four weeks after the examination was begun. I refused to give the letter to the press. I have never said the Republican ring wrecked the banks."

15. October 28, 1904 New-York Tribune New York, NY
Article from New-York Tribune, October 28, 1904

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EX-MAYOR TRACY R. MORGAN. Binghamton, N. Y., Oct. 27.-Tracy R. Morgan, a former Mayor of Binghamton. died at his home in this city to-day at the age of 86 years. Mr. Morgan was cashier of the Broome County National Bank and treasurer of the Chenango Valley Savings Bank, the wrecking of which institutions precipitated the bank panie of 1894 in this city. Mr. Morgan had been under indictment since the collapse of these banks, but owing to his age and physical infirmity, the case was never brought to trial.

16. October 30, 1904 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, October 30, 1904

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Indicted Banker Dies. Binghamton, N. Y., Oct. 29.-Tracy R. Morgan, a former mayor of Bing. hamton, died at his home in this city; aged 86 years. Mr. Morgan was the cashier of the Broome County National bank, and treasurer of the Chenango Valley Savings bank, the wrecking of which institutions precipitated the bank panic of 1894 in this city. Mr. Morgan had been under indictment since the collapse of these banks, but owing to his great age and physical infirmity, the case was never brought to trial.