Article Text
BANK SUSPENDS. New York, Dec. 19.-The First National bank of Port Jervis, N. Y., has suspended business.
First National Bank (Port Jervis, NY)
Episode Information
- Episode UID
9401200- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
940national - Charter Number
- 94
- Start Date
- December 19, 1899
- Location
- Port Jervis, New York (41.375, -74.693)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6681ff7ddc541c40
Response Measures
None
Description
Articles report a suspension due to assistant cashier's defalcation but give no reopening or receivership details; further sources could clarify ultimate disposition.
Events (2)
1.
September 30, 1863
Chartered
- Source
- historical_nic
2.
December 19, 1899
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Temporary suspension attributed to the defalcation of L. E. Goldsmith, the assistant cashier.
- Newspaper Excerpt
- The First National bank of Port Jervis, N. Y., has suspended business.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
as to invite considerable profit-taking by the traders in the final dealings, but the undertone continued strong until the close, which showed substantial net gains all through the list. The early hours of the trading witnessed very heavy liquidation in continuance of yesterday's process of recuperation, but there was no approach to the panic conditions of yesterday at any time. The extensive and elaborate preparations made to meet the crisis were evident at the opening, and prices were opened at large advances all through the list. This result was helped by the higher quotations sent over from London, where the Stock Exchange had a false rumor of a partial retrieval by General Buller of his recent disaster. The high prices for Americans in the London market were doubtless due in part to manipulation orders cabled from this side, in furtherance of the general plan to sustain and protect the market. The opening advance was met by an avalanche of liquidating sales, which promptly drove down prices. in spite of the utmost efforts to sustain them. Not a few stocks showed evidences of positive weakness, and the first two hours of trading were given up to furious activity and indescribable c/nfusion of sentiment. The steady absorptive power of the buying was bound to have a reassuring effect, and the manner in which the liquidation was brought to a standstill was highly impressive. Even before noon sufficient stability had been established to face the report of a failure by a brokerage house in Boston, which would have been sufficient to demoralize yesterday's market. With the subsidence of the panic conditions a saner and quieter view developed. A study of the facts in connection with the trust company which came to grief yesterday, and of the securities with which it was involved, showed them to be unique, and not to be taken as justifying the wholesale fear and distrust which was felt yesterday, not only of all trust companies, but all industrial securities. Nevertheless, there was abundance of precaution and discrimination shown to-day against many of the industrials, and especially in the placing of loans. They were not acceptable as collateral, and money was not easily procured for the purpose of supporting them in the market. It was reported that the financial powers concerting measures of relief were not altogether in agreement as to the length it was desired to go, some of them holding the opinion that no real benefit would accrue from sustaining some of the industrial securities. But the danger disclosed by yesterday's events on the whole fabric of values carried the day in favor of the relief measures. The decision of-the banks was to place all their available resources at the disposal of borrowers, without regard to the effect on the surplus reserve. The knowledge of this determination had much to do with allaying the apprehension. The higher rates for money made during the day were due to discrimination on account of the charter collateral where industrials were included. The clearing house commission was in session during the day, but by the time the market closed had come to the conclusion not to call a meeting for to-morrow, though further sessions can be had at need. Yesterday's unprecedented events on the Stock Exchange attracted immense throngs to the financial district this morning. The galleries were inadequate to meet the demands on them, and great crowds of all sorts and conditions of men and women surrounded the approaches. The strain upon the brokers and operators was a severe one, and the scramble and turmoil upon the floor of the exchange made scenes of inextricable confusion. A FAILURE AT BOSTON. BOSTON, Dec. 19.-Dillaway & Starr, bankers and brokers of this city have assigned. The assets and liabilities have not yet been computed. The firm is one of the most prominent in the city, and is composed of Charles W. Dillaway, George H. Flint and A. W. Lawrence. The firm, it is understood, with two other houses, carried a large quantity of mining stocks. The embarrassment of the Globe National Bank and the subsequent flurry in the stock market is said to have been the reason for the assignment, as the firm was a heavy loser. Assignee Hovey at noon said that no statement would be given out to-day. ANOTHER AT PORT JARVIS. NEW YORK, Dec. 19.-The (First National Bank of Port Jarvis, N. Y., did not open its doors for business today. A notice signed by President Francis Marvin and Vice President Sharp was posted, saying that temporary suspension was necessitated by the stringency in the New York money market. The suspension is attributed primarily to the recent defalcation of L. E. Goldsmith, the Assistant Cashier.
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Article Text
FINANCIAL BILL HOTLY DENOUNCED Senator Clarke of Arkansas Hits Several Fierce Blows ALDRICH ATTEMPTS REPLY Investigation of Causes of the Panic Is Demanded by Senator Clarke, Who Also Denounces New York Stock Exchange. Washington, March 11.-Senator Clarke of Arkansas denounced the pending currency bill in a speech in the Senate today, declaring that no currency legislation should be enacted until an investigation is held as to the causes of the panic. "No such legislation is necessary now, said Mr. Clarke. "It is not only not necesI sary, but it may become dangerous. am not disposed to tolerate the idea of giving any support to the committee bill, nor the substitute proposed by the minority members of the Senate." If emergency currency is to be provided, Mr. Clarke said, the benefits should be extended all persons whose legitimate business demands cause them to need it. Mr. Clarke denounced the operations of stock exchanges and said the American people would not be satisfied with the proposed currency legislation without a complete knowledge of causes of the panic. "The time has arrived," he said, "when the affairs of the New .York stock exchange and other stock exchanges must be looked into." Mr. Clarke's reference to the stoppage of the payments by the New York banks called Mr. Aldrich to his feet with the remark that he did not believe the people would permit that course again to be pursued. "I trust the senator from Rhode Island as a historian," retorted Mr. Clarke, "but I do not trust him as a prophet." Mr. Clarke expressed the opinion that the majority would not pass the bill allowing the emergency circulation to be retired without limitation. Mr. Clarke said he would not only require a restriction of reserves, but he would deny to a national bank the right to pay interest on checking accounts. Senator Nelson suggested that the national banks should pay interest on the $250,000,000 of government deposits. Mr. Aldrich said that five years ago he had introduced a bill providing for the payment of interest on such deposits at the rate of 1 1/2 per cent, but, he added, senators had opposed that bill on the ground that it changed the nature of the loan. Former Senator Spooner and the late Senator Morgan, he said, opposed the bill. If that objection could be overcome he declared his willingness to again bring in such a measure. He did not know any reason unless it should be a legal one, of the kind suggested, why interest should not be charged on these deposits. Mr. Culberson, he said, had introduced a bill to require payment of interest on government deposits and it was now before the committee on finance. Mr. Bailey spoke at some length suggesting that the main purpose of his substitute was to favor the principle of government money instead of bank money He explained that he had provided for a distribution of the emergency currency in accordance with population, although he realized that business necessity was a greater measure of the amount they should have. But it was not possible to make sure of the business needs of the several sections and it was a simple matter to ascertain the population. An extended argument was made by Mr. Newlands of Nevada in favor of his view that the sending of a check from one state to another makes the business of banking interstate commerce.