Schoharie County National Bank (Schoharie, NY)

View Charter #1510 on SPMC View balance sheet

Episode Information

Episode UID
151001023
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
15100 national
Charter Number
1510
Start Date
March 20, 1885
Location
Schoharie, New York (42.666, -74.310)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e175e9edda0b2a4d

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
42.4%
Date receivership started
1885-03-23
Date receivership terminated
1890-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
58.9%
Share of assets assessed as doubtful
24.1%
Share of assets assessed as worthless
17.0%

Description

OCR variants appear in some articles (e.g., 'Schahorie').

Events (5)
1. August 9, 1865 Chartered
Source
historical_nic
2. March 20, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals and alleged losses from president's speculative dealings (hop speculation, bad notes/indorsements).
Newspaper Excerpt
The Schoharie National Bank, at Schoharie village, has suspended.
Source
newspapers
3. March 21, 1885 Run
Cause
Bank Specific Adverse Info
Cause Details
Unexpected run triggered by losses/speculation by bank president (rumored hop speculation and real-estate/note losses).
Measures
Cashier Williams wrote the Comptroller and telegraphed for the examiner; examiner took possession.
Newspaper Excerpt
he had taken possession of the Schoharie County National Bank...ascribing its present trouble to an unexpected run made on the bank.
Source
newspapers
4. March 23, 1885 Receivership
Source
historical_nic
5. March 23, 1885 Receivership
Newspaper Excerpt
The Comptroller of the Currency to-day appointed Charles Holmes...to be receiver of the Schoharie County National Bank of Schoharie, N. Y.
Source
newspapers

Newspaper Articles (16)
1. March 21, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, March 21, 1885

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Article Text

COLLAPSE OF A BANK. WASHINGTON, March 20.-The Comptroller of the Currency has received information that the Schahorie Countv National Bank, of Schoharie, N. Y., closed its doors this morning, and that a bank examiner is investigating its affairs. No particulars have been received, but Comptroller Cannon expresses the opinion that there can be a serious loss to the depositors by the suspension of this bank at the present time. RUIN IN THE PALAIS ROYAL. PARIS, March 20.-M. Locry, a wellknown jeweler at the Palais Royal, has failed with liabilities of $150,000. Many of his creditors accuse him of buying on credit and selling under value.

2. March 21, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 21, 1885

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A BROKEN BANK. An Unlucky Hop Speculation Canses the Suspension of a Schoharie Institution. Albany, N. Y., March 20.-The Schoharie National Bank, at Schoharie village, has suspended. The bank officials claim that the assets will exceed the deposits, and the depositors will be paid in full. President Krum always enjoyed good credit, and bears the reputation of being a shrewd business man. Of late, however. it is said he has speculated considerably and lost heavily. It is rumored that an unlucky hop speculation was the cause of the failure. The last report of the bank to the comptroller showed a surplus of $15,000. President Krum has a son, Frank Krum, in the collar business in Troy. It is reported that the latter's business has been unprofitable from the first, and that assistance rendered him by his father, in indorsing notes, has involved the elder Krum to some extent.

3. March 22, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, March 22, 1885

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Schoharie's Broken Bank WAAHINGTON, March 21.-The Comptroller of the Currency to-day received a telegram from Bank Examiner Shelley, saying that he had taken possession of the Schoharie County National Bank, of Schoharie, N. Y., and ascribing its present trouble to an unexpected run made on the bank.

4. March 22, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, March 22, 1885

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CONDENSED TELEGRAMS. The excitement over the failure of the Scho. barie National Bank is still unabated. Jay Gould and party arrived yesterday afternoon at Fortress Monroe in the yacht Atalanta. Levi Kerr, a prominent citizen of Cleveland, O., en route to Cuba, was drowned in the St. Johns, Florida, yesterday. H. S. Ebbert, oil and stock broker of Pittsburg, who failed recently, was arrested yesterday on charges of false pretense and embezzlement preferred by his creditors. The aggregate amount of his indebtedness is $20,000. Ebbert entered bail in each of the cases for his appearance at court. An extension of the paper of Oliver Bros. & Phillips. iron manufacturers, of Pittsburg, Pa., who recently suspended, has been signed by all the creditors. The agreement required only 90 per cent., but It was thought best to have all sign if possible, and has been accomplished. The works closed dow 1 this afternoon for the purpose of taking stock. and it is expected operations will be resumed next Thursday under the administration of trustees.

5. March 22, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, March 22, 1885

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Bank Suspended. ALBANY, N. Y., March 21.-The Schoharie Na. tional Bank, at Schoharie village, has suspended. President Krum always enjoyed good credit, and bears the reputation of being a shrewd business man. Otlate, however, it is said he has speculated considerably and lost heavily. It is rumored that an unlucky hop speculation was the Cause of the failure.

6. March 22, 1885 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, March 22, 1885

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General Washington Notes. [By telegraph to the Dispatch.] ASHINGTON, D. C., March 21.The Committee on Rules, to which was referred the question of order raised by Senator Frye as to the operation of Clause 3, Rule 36, reported in executive session to-day that it extends the injunction of secrecy to each step in the consideration of treaties, including the fact of notification; that no modification of this clause of the rules ought to be made that secrecy as to the fact of ratification of a treaty may be of the utmost importance, and ought not to be removed except by order of the Senate, or until it has been made public by proclamation of the Executive. The report was adopted, and the injunction of secrecy was removed therefrom. The Comptroller of the Currency today received a telegram from BankExaminer Shelley saying that he had taken possession of the Schoharie County National Bank, of Schoharie, N. Y.. and ascribing the present trouble to an unexpected run made on the bank. The new Assistant Secretary of State, ex-Governor James D. Porter. of Tennessee, assumed the duties of his office to-day. Attorney-General Garland to-day issued an order reducing the force of examiners in the Department of Justice from seven to four. In his letter to the three examiners who are notified that their services will be dispensed with after the 31st, the Attorney-General says that his action is based on the belief that the interests of the Government do not now require as many examiners as are at present in the employ of the Department, and in reducing the number he has concluded to retain those who are of the longest service in the Department. In accordance with his expressed intention of reducing the force of postoffice inspectors, Postmaster-General Vilas to-day called for a number of resignations among that class of employés. The newly-elected representative from Tennessee, J. B. Richardson, has the honor of securing the first appointment made by Postmaster-General Vilas. Upon his solicitation J. N. Taylor was to-day appointed postmaster at Lynchburg, Tenn., to fill the vacancy caused by the resignation of the late postmaster. The postmaster at St, Paul, Neb., has been arrested by post-office inspectors, a shortage of $800 having been discovered in his accounts.

7. March 23, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 23, 1885

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do not manufacture, THE SCHOHARIE BANK FAILURE. The Money of the Bauk Said to Have Been Lost in a Legitimate Way. ALBANY, N. Y., March 22.-The excitement in Schoharie village over the failure of the Schohario National Bank is unabated. The streets are the scenes of animated discussions. The failure was immediately occasioned by a quiet run on Thursday, which was probably the result of a runor that the Middleburg Paper Mill Company, of Middleburg, and composed of Franklin Drum and J. O. Williams, had made an assignment to the bank. There was no excitement, and the fact of the run being made would have been unobserved by outsiders under other circumstances. By night $20,000 had been withdrawn, with indications of a continuation of the run on the following day. Consequently, Cashier Williams wrote the Comptroller, at 5 P. M., and telegraphed again yesterday for the examiner. The principal depositors are farmers in the viciuity, who are unable to reach the village. the road ways in every direction being obstructed by immense snowdrifts. Every business man in the villiage had money in the bank. President Krum states that the cause of the suspension was depression in real estate. He denied the reports about his son's business. He said he believed depositors would be paid every cent, if they were lenient and would wait for the collection of investments, $80,000 of which are individual notes. One who knows the president of the bank says President Krum has been losing money some time, without the knowledge of his friends, in perfectly legitimate banking business, on notes and indorsements made by him with Geo. Kennedy and others, so he could not go over the 1st of April, which is called "exchange day" in the country. Krum has turned over all hisreal estate to the bank. It is said- we real estate owned by the family has been turned over to the bank, except house have he lived which is worth $5.000 and one occupied by a daughter, worth $3,000. Indignation is expressed at the action of the bank officers in allowing deposits to be made up to the closing hour of the day of the failure. It is said that one man deposited money after the bank closed.

8. March 23, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, March 23, 1885

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Article Text

Bank Suspended. ALBANY, N. Y., March 21.-The Schoharie National Bank, at Schoharie village, has suspended. President Krum always enjoyed good credit, and bears the reputation of being a shrewd business man. Of late. however, it is said he has speculated considerably and lost heavily. It is rumored that an unlucky hop speculation was the cause of the failure.

9. March 24, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, March 24, 1885

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Schoharie's Bank Receiver. W ASHINGTON, March 23.-The Comptroller of the Currency to-day appointed Charles Holmes, of Cobleskill, N. Y., to be receiver of the Schoharie County National Bank of Schoharie, N. Y. This action is based on the recommendation of the national bank examiner who investigated the affairs of the bank.

10. March 24, 1885 New-York Tribune New York, NY
Article from New-York Tribune, March 24, 1885

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APPOINTING A RECEIVER FOR A BANK. SCHOHARIE, March 23.-The Controller of the Currency has appointed Charles Holmes, of Cobleskill, N. Y., to be receiver of the Schoharie County National Bank, of Schoharie, N. Y. This action is based on the recommendation of the National bank examiner who investigated the affairs of the bank.

11. March 26, 1885 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, March 26, 1885

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LATE NEWS ITEMS. THE Schoharie (N. Y.) National Bank suspended on the 20th. SAM GLASS was killed by a boiler explosion at Newton, Miss., on the 20th. GENERAL GRANT'S daughter, Mrs. Satoris, arrived on the steamship Baltic on the 20th. POLICE-INSPECTOR THOS. W. THORNE of New York died suddenly on the 20th. IT is reported that the Mahdi's followers are deserting him in large numbers, and that he is now encamped at Omdurman with about 2,000 men. STEPHEN JONES, a negro murderer, was hanged at San Francisco, Cal., on the 20th. PROMOTERS of the scheme to present Bismarck with a birthday present propose to buy him a fine estate. Others think he has productive property enough. ST. JOSEPH'S Academy at Emmettsburg, Md., burned on the 20th. Loss, $5,000. THE Illinois Legislature took eight ineffectual ballots for United States Senator on the 20th. BISHOP DONNELLY of Dublin has been summoned to Rome. He is a Loyalist, and the Nationalists fear he will be Cardinal McCabe's successor. Two people were burned to death in a boarding-house fire at Bridgeport, Conn., on the 20th. GENERAL GRANT did considerable work on his book on the 20th, and did not complain of pain. MR. BRIDGES, a Democratic member of the Illinois Senate, died at his home near Carrollton, on the 20th. This leaves the Legislature again a tie. Ex-GOVERNOR BERRY was elected United States Senator from Arkansas to succeed Mr. Garland. Ir is the belief of the St. James Gazette that peace between France and China can be brought about by a complete cession of Tonquin to the French. THE Nebraska Democratic State Committee met at Omaha on the 20th to consider Federal appointments. THERE is said to be no foundation for the story that Mr. Cleveland requested Minister Morton to remain at Paris. IN a five-hours' fight on the 20th between the British and Osman Digna's forces in the Soudan the latter's position was captured, and the Arabs sustained great loss. ON account of a shortage in his accounts, United States Marshal R. P. Hughes, of Richmond, Va., has disappeared. A SILVAS and M. Martinez were exe. cuted at Los Angeles, Cal., on the 20th. The former murdered a man for brushing up against him. THE Blue book has just been issued at London, containing correspondence between the French and English governments in reference to rice being declared a contraband of war by the French.

12. March 26, 1885 The Democratic Press Ravenna, OH
Article from The Democratic Press, March 26, 1885

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THE Schobarie (N. Y.) National Bank has suspended. Speculation in stocks by its Pre-ident is said to be the cause.

13. March 27, 1885 The Iola Register Iola, KS
Article from The Iola Register, March 27, 1885

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Penitentiary near Pittsburgh, Pa., was frustrated by the discovery of fifty feet of tunnel, which reached almost outside of the walls. About fifty prisoners were believed to have been concerned in the plot. THE PHILADELPHIA MEDICAL NEWS, OF THE 20th, had little or no hope of General Grant getting well, its opinion being that the advanced stage of the disease necessitated a double operation if recourse were had to surgery, which double operation was unknown to medical science, the single operation proving fatal in 24 per cent. of the cases. A TANK in the oil works of Zone & Fleming, Newton Creek, N. Y., exploded the other day and 15,000 barrels of oil were destroyed. The loss is estimated at $20,000. FIRE in the glass works of Francis Storm, East Brooklyn, caused a loss of $75,000, principally insured. Two hundred and fifty men were temporarily thrown out of employment. EXTREME COLD WEATHER IN THE HUDSON River Valley during the few days ended on the 19th. The thermometer ranged from two to eight below zero. THE CONNECTICUT SENATE, twelve to five, rejected the House bill giving women suffrage in school districts. INSPECTOR THORNE, OF NEW YORK, died of apoplexy the other day. MRS. JOHN MALLEN'S BOARDING HOUSE, East Bridgeport, Conn., burned the other morning. Mrs. Mallen, who slept on the second floor, was burned to death. A boarder was also reported missing and a fireman was seriously burned. THE SCHOHARIE NATIONAL BANK, in Schoharie Village, near Albany, N. Y., suspended recently. The bank officials claimed that the assets exceeded the deposits, and that the depositors would be paid in full. FIRE in a five story building, No. 17 Water street, Boston, destroyed the stocks of Richard Davis, stationer, and Martin Oberhauser. Loss over $100,000.

14. March 28, 1885 The Panola Weekly Star Sardis, MS
Article from The Panola Weekly Star, March 28, 1885

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MISCELLANEOUS. THE New York Board of Trade passed commendatory resolutions concerning the Administration's civil service policy. THE wheat growing sections of California are said to be suffering for the want of rain. IT is stated by a slave girl, in Khartoum when the city fell, that a severe battle took place between Gordon's troops and the Arabs a fortnight before the capture of the city. A GENERAL forward movement of Russian troops is reported behind the line of outposts. General Kamaroff is said to be encamped opposite the Afghan outposts of Aktepeh. A FORWARD movement from Suakim was commenced by the British troops on the 19th, and fighting was expected any moment. RUSSIAN officers, at a recent council of war, urged an immediate advance upon Herat. A YOUNG eloping couple from Buffalo, N. Y., en route to St. Louis, were arrested at Cleveland on the 19th and placed in the lock-up. THE night force of the Bankers' & Merchants' Telegraph Company at Boston, Mass., are on a strike for back pay. THE adherents of El Mahdl declare that before the summer is far advanced General Wolseley's army will be cut off from Cairo. ADVICES from the Soudan of the 19th report a short engagement between the British and the rebels, with small losses on each side. SEMI-OFFICIAL reports from Paris state that Bismarck offered to arbitrate for the settlement of the dispute between Russia and England. THE event of the day at the New Or. t leans Exposition on the 19th was a balloon ascension by Prof. Van Tassel, of Califor. nia. ONE of the young men who competed in I the recent six day roller skating contest in New York has died from the inflammation N of the brain, cold and exhaustion, supposed to have been the results of his exertion in the contest. DISPATCHES to the War Department # from General Hatch, at Arkansas City, say: "The Couch Colony, about 500 in number, continue in camp, and say they do not intend to disband. I do not be. lieve they will attempt to enter the TerriI tory." IN the British House of Commons on the 19th it was stated that the regular army numbers 184,250 men and the volunteer force 208,600. The newspapers are pleased a with the statement. THE Schoharie (N. Y.) National Bank $ suspended on the 10th. THE Secretary of the Navy has declined to take action upon the report recommend. ing the acceptance of the new dispatch. boat Dolphia until he has had as opporI tuality to examine the contract and all the e details of the vessel's construction. A SCHEMS is being agitated by the Casf adian Pacific Railway Company to secure the land grant of the Winnipog & Houth. western, to helld . breach to the Tertis Moratola country is Debota

15. March 28, 1885 The Osceola Times Osceola, AR
Article from The Osceola Times, March 28, 1885

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MISCELLANEOUS. . THE New York Board of Trade passed commendatory resolutions concerning the ) Administration's civil service policy. THE wheat growing sections of California are said to be suffering for the want of rain. IT is stated by a slave girl, in Khartoum when the city fell, that a severe battle took place between Gordon's troops and the f Arabs a fortnight before the capture of ) the city. ) LA LIBERTE states that France is will) ing to abandon her claims to indemnity if China will execute the Tien Tsin treaty. A GENERAL forward movement of Russian troops is reported behind the line of outports. General Kamaroff is said to be encamped opposite the Afghan outposts of Aktepeh. A FORWARD movement from Suakim was commenced by the British troops on the 19th, and fighting was expected any moment. RUSSIAN officers, at a recent council of war, urged an immediate advance upon I Herat. I A YOUNG eloping couple from Buffalo, N. Y., en route to St. Louis, were arrested at Cleveland on the 19th and placed in the lock-up. THE night force of the Bankers' & Merchants' Telegraph Company at Boston, Mass., are on a strike for back pay. THE adherents of El Mahdi declare that before the summer is far advanced Gent eral Wolseley's army will be cut off from Cairo. ADVICES from the Soudan of the 19th report a short engagement between the $ British and the rebels, with small losses on each side. SEMI-OFFICIAL reports from Paris state , that Bismarck offered to arbitrate for the settlement of the dispute between Russia b and England. THE event of the day at the New Or loans Exposition on the 19th was a balloon ascension by Prof. Van Tassal, of California. 1 3 ONE of the young men who competed in the recent six day roller skating contest in : New York has died from the inflammation of the brain, cold and exhaustion, supposed to have been the results of his exert. on in the contest. . DISPATCHES to the War Department from General Hatch, at Arkansas City, say: "The Couch Colony, about 500 in number, continue in camp, and say they do not intend to disband. I do not be1 : lieve they will attempt to enter the Territory." In the British House of Commons on the ) 19th is was stated that the regular army numbers 184,250 men and the volunteer force 208,600. The newspapers are pleased with the statement. i THE Schoharie (N. Y.) National Bank suspended on the 20th. THE Secretary of the Navy has declined to take action upon the report recommending the acceptance of the new dispatchboat Dolphin until he has had an opportunity to examine the contrac: and all the details of the vessel's construction. ON the 19th the Connecticut Senate, by a vote of 12 to 5, rejected the House bill giving women suffrage in school districts.

16. April 17, 1889 New-York Tribune New York, NY
Article from New-York Tribune, April 17, 1889

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applis.; George C. Genet. applt,. agt. City of Brooklyn, respdt.; Joseph Disher. respdt., agt, New.York Central and Hudson River Rallroad Company, applt.; Helen E. Edwards, respdt., agt. William C. Lamont, receiver of the Schoharle County National Bank, applt.; William Watson, admr., applt.; agt. city of Kingston, respdt.; William H. Connolly, an infant, respdt., age. Knickerbocker Ice Company, applt.; Willtam J. Cornley et al, respdts., agt. Henry Dazian, applt..; John F. Klumph et al, applts., agt. G. H. Gardner et al, respdts.; Edward R. Morse, respdt., agt. George H. Morrison, applt.; Town of Solon, applt., agt. Williamsburg Saving Bank. Judgment affirmed, with costs. New-York, Providence and Boston Railroad Company, respdt., agt. William P. Nixon, assignee, applt. Judgment reversed, and judgment absolute ordered in favor of defendants with costs. George F. Newhall, respdt., agt. William H. Apple. ton et al, applts.; John Powers, respdt., agt. city of Yonkers, applt. Judgment reversed, and new trial granted, costs to abide event. In the matter of the application of Charles Dennison et al., stock-holders of the Grocers' Bank of New-York, for the appointment of a receiver. Order affirmed, with costs. Following Is the day calendar of the Second Division for Wednesday: Nos. 412, 415, 416, 419, 424, 427, 428 and 429.