Goshen National Bank (Goshen, NY)

View Charter #1408 on SPMC View balance sheet

Episode Information

Episode UID
140801110
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
14080 national
Charter Number
1408
Start Date
June 25, 1892
Location
Goshen, New York (41.402, -74.324)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
86bcd9e2bb884663

Response Measures

Capital injected, Full suspension, Books examined

Description

Some articles give reopening as July 11 while a detailed report cites July 18.

Events (4)
1. July 8, 1865 Chartered
Source
historical_nic
2. June 25, 1892 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed discovery of missing cashier, large unsecured loans and alleged shortages; depositors withdrew funds.
Measures
Directors announced temporary suspension of business pending official examination; bank closed its doors.
Newspaper Excerpt
this feeling of distrust increased until Saturday, when there was a small-sized run on the bank. Over $30,000 were withdrawn during the latter hours of the day.
Source
newspapers
3. June 29, 1892 Suspension
Cause
Government Action
Cause Details
Suspended by order of the Comptroller of the Currency pending official examination after discovery of mismanagement and impaired capital.
Newspaper Excerpt
The Goshen National Bank failed to open its doors for business ... By order of the Board of Directors ... pending an examination of the books, securities, and accounts by the bank examiners
Source
newspapers
4. July 18, 1892 Reopening
Newspaper Excerpt
The Goshen National Bank ... reopened its doors today. At a meeting ... new officers were elected ... These officers opened the bank this morning, and they appear to have restored public confidence.
Source
newspapers

Newspaper Articles (7)
1. June 28, 1892 The Sun New York, NY
Article from The Sun, June 28, 1892

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Article Text

CASHIER MURRAY MISSING. 4 BAD STATE OF AFFAIRS IN THE GOSHEN NATIONAL BANK. Saturday's Run Followed Yesterday by the Announcement of the Bank's Suspension -Murray was also County Treasurer. GOSHEN. June 27.-The Goshen National Bank failed to open its doors for business at the usual hour this morning. The following notice was appended on its doors: By order of the Board of Directors of the National Bank, pending an examination of the books, securities. and accounts by the bank examiners, this bank will be closed. The directors desire to say to the depositors and the public that a somewhat hasty examination has been made by them. and nothing has been discovered which renders doubtful speedy payment in full to all the depositors. and it is now expected that the bank will be open for the regular transaction of business in a few days." William M. Murray. the cashier of the bank. is missing. and is said to be in New York. At a special meeting of the directors held on Thursday it was discovered that the bank had been making loans to Mr. Murray and others on insufficient securites, and that its finances were in a very confused and unsatisfactory condition. At another meeting of the directors held on Saturday it was decided that the institution be closed pending an official investigation of its affairs. Bank Examiner E. M. Gettman arrived this morning and began the investigation. Cashier Murray is n son of the late Congressman William Murray. a former President of the bank. Murray is also Treasurer of Orange county. His friends say he has acted strangely of iate. and they believe that his mind is affected. He returned from New York last night. but left again this morning. and his present whereabouts are unknown. It is said that before leaving home this morning he filed his resignation of the post of County Treasurer. All sorts of rumors are current concerning the actual condition of the bank. It is generally reported that there is a shortage of from $50,000 to $60.000. The capital stock of the bank is $110.000. and its surplus about $22,000. The surplus is believed to have been sunk and the capital seriously impaired. The directors are wealthy men. so it is believed that the impairment of the capital will be made good and the bank resume business. The funds of the county in Trensurer Murray's hands are believed to be intact. It is said here that Cashier Murray and his family have been living extravgantly for some years past, and that his expenses have considerably exceeded his income. He recently built a house at a cost of $15,000. and fitted it with expensive furniture. This and other extravagances are mentioned as accounting in a large degree for his present financial troubles. Cashier Murray was out of town several days last week.and his absence caused alarm among depositors when it became known. This feeling of distrust increased until Saturday. when there was a small-sized run on the bank. Over $30,000 were withdrawn during the latter hours of the day. The Hon. Henry Bacon. counsel for the bank. hastened home from Washington when he heard of Murray's disappearance, and took charge of affairs. He foresaw that it would be impracticable to stand a second day's run like that of Saturday, and upon his advice it was decided to announce the temporary suspension of business. The last report of the bank was made on May 17. The resources were then placed at $446,938. including $110,000 capital stock. $22,000 surplus. $10.711 undivided profits, and $254,314 individual profits. Mr. Bacon said to-day that he was of the opinion that the surplus and undivided profits would be wiped out of existence. and it was possible an assessment on stock might be necessary to clear up the deficiency. He thought $40,000 would be a high estimate. This shortage. he did not think. was due to anything the cashier had done. but rather

2. June 29, 1892 The Sun New York, NY
Article from The Sun, June 29, 1892

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Article Text

CASHIER MURRAY STILL MISSING. The Go.hen Bank's Bad Paper Estimated at $70,000 or $50,000. GOSHEN. June 28.-National Bank Examiner E. M. Getman was still engaged to-day in the examination of the funds and securities of the suspended Goshen National Bank. He will be propared to make a preliminary report to-morrow. Meantime all engaged with him in the work are very reticent as to any discoveries they may have made. It is understood. however, that the bank is loaded with worthless or doubtful paper to an estimated extent of $70,000 or $80,000. Cashier William M. Murray's unsecured indebtedness to the bank is said to be about $23,000. in the shape of overdrafts and notes of his own. President William T. Russell's liabilities to the bank, direct and contingent. are said to be more than $30,000. a portion of which is amply secured. Assistant Cashier George Grier is liable to the bank on about $10.000 of paper. which it is said is good or will be made good this week. The rest of the doubtful paper is that of other individuals and corporations. upon which. it is said, at least 50 cents on the dollar will be realized. At a meeting to-day of the directors and others interested steps were taken toward reorganizing the bank. The directors are wealthy. and it is believed that abundant additional capital can be secured for the reorganized bank. Cashier Murray has already resigned, and it is intimated that President William 1. Russell will also retire from the management of the institution. Cashier Murray isstill missing. Rumorsays that he is in hiding in New York city or New Jersey. It is alleged by his friends that while he owes the bank borrowed money. the books show no criminal abuse of his powers as cashier. There are many rumors and speculations aflont concerning his affairs as County Treasurer. and the real truth will probably be not disclosed until the County Board of Supervisors meets on Friday to elect his successor. He has thirteen bondsmen to the county. all rich, and bound for an aggregate of $250,000. The county will in the end sustain no loss. Some of the county funds are said to be on deposit in the Importors' and Traders' National Bank and Shoe and Leather National Bank in Now York.

3. June 30, 1892 The Sun New York, NY
Article from The Sun, June 30, 1892

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Article Text

GOSHEN'S RIFLED BANK. Depositors Now Hopeful of Belng Paid In Full-The Cashier Still Missing. GOSHEN. June 20.-National Bank Examiner E. M. Getman and a force of assistants are busy to-day investigating the affairs of the suspended Goshen National Bank. The examiner now promises a full report not later than Saturday. The bank's losses are still estimated at from $60,000 to $75,000, of which Cashier W. M. Murray is responsible for over $30,000. President W. T. Russell and Assistant Cashier George Geyer are reported to have given ample security to the bank against loss on the paper discounted for or endorsed by them. The balance of the loss will occur on injudicious loans to other individuals and to corporations who have had dealings with the bank. It is understood that the work of reorganizing the bank on a sound financial basis and with new executive officers will be proceeded with as soon as Examiner Getman's report is received by the Board of Directors, and that the bank will reopen for business. The excitement is quieting down. and the depositors now feel confident that they will be paid in full. The County Board of Supervisors will meet here in special session tomorrow. The first business will be the acceptance of the proffered resignation of County Treasurer Murray and the appointment of a successor to fill the post until the general election in November. The county funds and securities are believed to be intact. The Importers' and Traders' Bank of New York holds a considerable sum to the credit of County Treasurer Murray. The Treasurer's safe in the Goshen Bank. of which only one person besides Murray knows the combination. has not been opened since Murray's flight. Immediately after the appointment of a new Treasurer to-morrow. the Board of Supervisors will order the opening of the safe. Cashier Murray's whereabouts remain a mystery.

4. July 19, 1892 The Sun New York, NY
Article from The Sun, July 19, 1892

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Article Text

The Gosben Bank Resumes Eusiness. GOSHEN, N. Y., July 18.-The Goshen National Bank. which suspended business on June 29 by order of the Comptroller of the Currency, pending an official examination of its financial condition. reopened its doors today. At a meeting of the Board of Directors on Saturday last new officers were elected in place of the resigned officials, whose alleged mismanagement of the affairs of the institution caused the temporary suspension. The new officers are: Congressman Henry Bacon, President: Benjamin F. Edsall. Vice-President: ex-County Clerk Charles G. Elliott, Cashier. These officers opened the bank this morning. and they appear to have restored public confidence in the soundness of the institution. The new deposits to-day considerably exceeded the amount withdrawn. and there was no run on the institution. Bank Examiner Getman is not yet prepared to make a final report. but the worst is known. and it is not doubted that the institution will safely tide over its difficulties.

5. July 21, 1892 Grant County Herald Lancaster, WI
Article from Grant County Herald, July 21, 1892

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Article Text

Goshen National Bank Reopened. GOSHEN, N. Y., July 11.-The Goshen national bank. which suspended business June 29 by order of the comptroller of the currency pending an official examination of its financial condition, reopened its doors Monday.

6. July 23, 1892 The Negro World Saint Paul, Minneapolis, MN
Article from The Negro World, July 23, 1892

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Article Text

THE EAST. As A result of the riots at Homestead, Pa., eleven persons have died. THE percentages of the baseball clubs in the second series of the National league for the week ended on the 16th were: Brooklyn, 1.000; New York, 1.000; Philadelphia, .500; St. Louis, .500; Baltimore, .500; Washington, 500; Louisville, .500; Cincinnati, .500; Cleveland, 500; Boston, .500; Pittsburgh, .000: Chicago, 000. The percentages in the new series in clubs of the Western league were: Columbus, 750: Minneapolis, 600: Kansas City. .545; Indianapolis, 444; Omaha, 417; Toledo, 417. THE steamer Aurania of the Cunard line beat the Alaska of the Gulon line, in a race from Queenstown to New York, 2 hours and 15 minutes. THE national bank at Goshen, N. Y., which suspended business June 29 pending an official examination of its financial condition, has reopened its doors. Ar Pittsburgh informations were filed by Secretary F. T. F. Lovejoy. of the Carnegie company, against Hugh O'Donnell, the leader of the strikers; John McLuckie, burgess of Homestead; Sylvester Critchlow, Anthony Flaherty, Samuel Buckett, James Flannagan and Hugh Ross, who are charged with the murder of T. J. Connors and Silas Wayne during the riet, and warrants for their arrests were issued. HEREAPTER the steamers City of New York and City of Paris will fly the American flag and be officered and manned by Americans. MARY E. GALLAGHER and Mrs. Matthew Murray were drowned in the Delaware river near Gloucester, N. J., by the capsizing of a skiff. AT Wilmington, Del. James McCloskey. who was treated coolly by his sweetheart, Mabel Cloringbould, shot and fatally wounded her and then shot himself fatally. Rose TERRY COOK & the authoress, died at Pittsfield, Mass. of heart fallure, aged 66 years. CONNECTICUT prohibitionists will hold their state convention in Hartford September 5 and 6. IN New York the supervisors of Monroe county have refused to obey the law adopted by the last legislatare directing a reapportionment of assembly districts. FIRE destroyed the Hennessey & Cooney warehouse at Providence, R.I., the loss being $195,000. WHILE driving teross the track James Burns and his two young sons, of New ark, N. J., were killed by the cars. Ar Madison Square garden, New York city, Grover Cleveland and Adiai E Stevenson were notified of their nomination for president and vice president by the democrats.

7. July 28, 1892 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, July 28, 1892

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Article Text

THE EAST. THE national bank at Goshen, N. Y which suspended business June 29 pending an official examination of its financial condition, has reopened its doors. AT Pittsburgh informations were filed by Secretary F. T. F. Lovejoy. of the Carnegie company, against Hugh O'Donnell, the leader of the strikers; John McLuckie, burgess of Homestead; Sylvester Critchlow, Anthony Flaherty, Samuel Burkett, James Flannagan and Hugh Ross, who are charged with the murder of T. J. Connors and Silas Wayne during the riot, and warrants for their arrests were issued. HEREAFTER the steamers City of New York and City of Paris will fly the American flag and be officered and manned by Americans. MARY E. GALLAGHER and Mrs. Matthew Murray were drowned in the Delaware river near Gloucester, N. J., by the capsizing of a skiff. AT Wilmington, Del., James McCloskey, who was treated coolly by his sweetheart, Mabel Cloringbould, shot and fataily wounded her and then shot himself fatally. ROSE TERRY COOKE, the authoress, died at Pittsfield, Mass., of heart failure, aged 66 years. CONNECTICUT prohibitionists will hold their state convention in Hartford September 5 and 6. IN New York the supervisors of Monroe county have refused to obey the law adopted by the last legislature directing a reapportionment of assembly districts. FIRE destroyed the Hennessey & Cooney warehouse at Providence, R. I., the loss being $125,000. WHILE driving across the track James Burns and his two young sons, of Newark, N. J., were killed by the cars. AT Madison Square garden, New York city, Grover Cleveland and Adlai E. Stevenson were notified of their nomination for president and vice president by the democrats. MILLERS in New York city have effected a combine, the capitalization of the new organization being fixed at $7,500,000. THE democratic national committee has chosen William F. Harrity, of Pennsylvania, as chairman, and S. P. Sheerin. of Indiana, as secretary. FIRE swept away the business portion of Moosup, Conn., the total loss being $100,000.