State Bank (Fort Edward, NY)

Episode Information

Episode UID
1823340191017
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
182334019 hash
Start Date
September 1, 1884*
Location
Fort Edward, New York (43.267, -73.585)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f116a309d92970a1

Response Measures

None

Description

Suspension was described as voluntary pending a state examiner's review but later the bank was placed in receivership.

Events (3)
1. September 1, 1884* Other
Newspaper Excerpt
The officers say that depositors will be paid in full as soon as the accounts are examined and adjusted. The State Bank at Fort Edward, N. Y., has closed its doors.
Source
newspapers
2. September 10, 1884 Suspension
Cause
Government Action
Cause Details
Directors closed the bank after a partial examination by the State Banking Department and pending arrival of the State Examiner; described as a voluntary closing prompted by the department's examination.
Newspaper Excerpt
In consequence of the examination of the bank department the doors will remain closed pending such examination.
Source
newspapers
3. January 7, 1885 Receivership
Newspaper Excerpt
the State Bank (Fort Edward)-were placed in the hands of receivers.
Source
newspapers

Newspaper Articles (11)
1. September 11, 1884 New-York Tribune New York, NY
Article from New-York Tribune, September 11, 1884

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Article Text

CLOSING A BANK'S DOORS. SUSPENSION OF THE STATE BANK AT FORT EDWARD OWING TO THE GENERAL DEPRESSION. |BY TELEGRAPH TO THE TRIBUNE.I TROY, Sept. 10.-Great excitement was occasione at Fort Edward yesterday af ernoon by the appearance of tue following notice on the door of the State Bank: In consequence of the examination of the bank department the doors will remain closed pending such examination. All FORTH of rumors are afloat regarding the suspension, but the State Examiner is expected soon, when the facts will be made known. On September 1 Deputy Superintendent Van Vranken. of the Banking Department, went to Fort Edward and made a partial examination of the affair of the bank. He did not complete the examination and left the same day. The bank opened as usual in the morning, and the sudden closing after a hasty meeting of the directors is one cause for so much comment. Several lady school teachers have all their savMigs deposited in the bank. the four per cent interest attracting de, ositors. Cashier Clements says : "The closing was voluntary and without notice from the Bank Depart ment. The books are not posted up to date owing to 10 : he enforced absence of N. E. Coo the tell A member of bis fam ly is ill. The capital stock 18 $50,000. We anticipate that all the depositors W 11 be paid in full. There is nothing to indicate that the dep sitors will lose a dollar, or that the stockholders will lose more than a trifle, If anything. We expect the bank may r sume. The deposits aggregate $60,000. President Un ierwood and Cashier Clements own $34.000 01 the $50,000 capital stock. Both ar men of means and responsibility. The general de, pression in banking business has had something to do with the closing of the bank. It 14 a precautionary measure for the protection of the depositors and stock olders." I he bank was incoporated in 1871. The president is David Underwood, of the firm of Bailey & Underwood, lumber dealers, Fort Edward. The cashier. Geo ge Clements, owns real estate and his sons, A. M. and C. M. Clements, carry on stores at Fort Edward and at Sandy Hill.

2. September 12, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 12, 1884

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Article Text

Another Fallen Bank. TROY, N. Y., Sept. 12. - The state bank at Fort Edward, Washington county, closed down Wednesday afternoon. On Sept 1 Deputy-Superintendent Van Vranken, of the banking department went to Fort Edward and made a partial examination of the affairs of the bank. He did not complete the examination and left the same day. The bank officers declare that Van Vranken made no suggestion about closing the bank. It is reported, however, that the directors, knowing that the examination when completed would result in the bank department ordering the institution closed, decided to suspend voluntarily. "There is nothing to indicate that the depositors will lose a dollar," says the cashier. "We expect the bank will resume." President Underwood and the cashier own $34,000 of the $50,000 capital stock, but are men of means and responsibility. It is thought the deposits will aggregate $100,000. The bank has been giving 4 per cent. interest, and has therefrom obtained quite a large amount in special deposits.

3. September 18, 1884 The Sun Morris, MN
Article from The Sun, September 18, 1884

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Article Text

Failures of a Week. There were 180 failures in the United States reported to Bradstreet during the week, ending 13th against 178 in the preceding week and 136, 137 and 88 in the corresponding weeks of 1883, 1882 and 1881, respectively. About 83 per cent. were those of small dealers, whose capital was less than $5,000. Among the suspensions reported were: Burger, Hulburt & Livingston, molasses and syrups, New York city; National bank of New Jersey, at New Brunswick; State bank of Fort Edward, N. Y. ; Lincoln Savings bank of Fayetteville, Tenn. ; Ray County Savings bank of Richmond, Mo.; Green Manufacturing company, print cloths, Providence: Payne, Villey & Co., cotton factors, Louisville, Ky.; Rust, Harris & Co., wholesale hardware, and F. J. Burton & Co., wholesale cigars and notions, of Denver; Stafford & Co., manufacturers of cotton yarns, at Brownsville, Mass.

4. September 18, 1884 The Iowa Plain Dealer Cresco, New Oregon, IA
Article from The Iowa Plain Dealer, September 18, 1884

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Article Text

NEWS CONDENSED. Concise Record of the Week. EASTERN. Miss Smulzey, of Fort Plain, N. Y., has fasted 180 days, and still refuses to partake of food. A physician avers that she has practiced no deception. Forty thousand people attended the funeral of the Into Secretary Folger, at Geneva, N. Y. President Arthur, Gov. Cleveland, Secretaries Teller, Frelinghuysen, and Chandler, and Postmaster General Gresham were present. The ceremonies were very impressive. The authorities of Philadelphia have notified the telegraph and telephone companies that all wires must be placed underground by the end of the year. Miss Victoria Morosini, daughter of Jay Gould's financial adviser and broker, fled from Yonkers with Ernest Schelling, a young coachman, whom her father had discharged. A kettle of varnish exploded in Cragin's japan-works, in Brooklyn, by which one man was burned to a crisp and four others received fatal injuries. Ernest Schilling, the coachman, who eloped with the daughter of Jay Gould's private secretary, is now found to be an impecunious German nobleman. The State Bank at Fort Edward, N. Y., has closed its doors. The officers say that depositors will be paid in full as soon as the accounts are examined and adjusted. There were between twenty-five and thirty deaths from sunstroke in New York City on the 11th inst. A Philadelphia Judge has ruled that the occupant of a house may cut telegraph or telephone wires if stretched over his roof without his permission. Persons interested in building a railway between New York and Boston, and making the traveling time between both cities three hours, held a meeting at Boston. It was stated that a double-track road could be built for $23,000,000. Stafford & Co., of Providence, yarn manufacturers, running mills in Rhode Island and Massachusetts, have made an assignment, with liabilities of $400,000.

5. September 18, 1884 The True Northerner Paw Paw, MI
Article from The True Northerner, September 18, 1884

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Article Text

NEWS CONDENSED. Concise Record of the Week. EASTERN. Miss Smulzey, of Fort Plain, N. Y., has fasted 180 days, and still refuses to partake of food. A physician avers that she has practiced no deception. Forty thousand people attended the funeral of the late Secretary Folger, at Geneva, N. Y. President Arthur, Gov. Cleveland, Secretaries Teller, Frelinghuysen, and Chandler, and Postmaster General Gresham were present. The ceremonies were very impressive. The authorities of Philadelphia have notified the telegraph and telephone companies that all wires must be placed underground by the end of the year. Miss Victoria Morosini, daughter of Jay Gould's financial adviser and broker, fled from Yonkers with Ernest Schelling, a young coachman, whom her father had discharged. A kettle of varnish exploded in Cragin's japan-works, in Brooklyn, by which one man was burned to a crisp and four others received fatal injuries. Ernest Schilling, the coachman, who eloped with the daughter of Jay Gould's private secretary, is now found to be an impecunious German nobleman. The State Bank at Fort Edward, N. Y., has closed its doors. The officers say that depositors will be paid in full as soon as the accounts are examined and adjusted. There were between twenty-five and thirty deaths from sunstroke in New York City on the 11th inst. A Philadelphia Judge has ruled that the occupant of a house may cut telegraph or telephone wires if stretched over his roof without his permission. Persons interested in building a railway between New York and Boston, and making the traveling time between both cities three hours, held a meeting at Boston. It was stated that a double-track road could be built for $25,000,000. Stafford & Co., of Providence, yarn manufacturers, running mills in Rhode Island and Massachusetts, have made an assignment, with liabilities of $400,000.

6. September 19, 1884 Little Falls Transcript Little Falls, MN
Article from Little Falls Transcript, September 19, 1884

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Article Text

Failures of a Week. There were 180 failures in the United States reported to Bradstreet during the week, ending 13th against 178 in the preceding week aird 136, 137 and 88 in the corresponding weeks of 1883, 1882 and 1881, respectively. About 83 per cent. were those of small dealers, whose capital was less than $5,000. Among the suspensions reported were: Burger, Hulburt & Livingston, molasses and syrups, New York city; National bank of New Jersey, at New Brunswick; State bank of Fort Edward, N. Y. Lincoln Savings bank of Fayetteville, Tenn. Ray County Savings bank of Richmond, Mo. Green Manufacturing company. print cloths, Providence: Payne, Villey & Co., cotton factors Louisville, Ky. Rust, Harris & Co., wholesale hardware, and F.J. Burton & Co., wholesale cigars and notions, of Denver; Stafford & Co., manufacturers of cotton yarns, at Brownsville Mass.

7. September 19, 1884 The Middlebury Register and Addison County Journal Middlebury, VT
Article from The Middlebury Register and Addison County Journal, September 19, 1884

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Article Text

NEWS SUMMARY. Eastern and Middle States. MAHLON RUNYON, the self-slain president of the New Brunswick National bank, left a note declaring that he had not robbed the institution. FURTHER figures put the Republican plu rality in Maine at about 17,000. The State senate will stand thirty-one Republicans and no Democrats. The house will have 117 Republicans and thirty-four Democrats, a Republican gain of seven. THERE was an immense attendance at the late Secretary Folger's funeral in Geneva, N Y. President Arthur, Governor Cleveland and staff, members of the cabinet and other prominent government officials and distinguished friends of the deceased were present. MUCH suffering has been caused in New York by the torrid heat, and numerous cases of sunstroke and prostration occurred, many of them resulting in death. Two more tragedies nearly resulted from the double suicide of President Runyon and Cashier Hill, of the New Brunswick (N. J.) National bank. A daughter of the former attempted to throw herself down a well, and the wife of the latter tried to shoot herself with a pistol; but both were frustrated by relatives in their attempt to kill themselves. ANOTHER banking institution has gone to the wall, the State bank at Fort Edward, N. Y., closing its doors. The cashier stated depositors would be paid in full. THE New Hampshire Prohibitionists have nominated Larkin D. Mason for governor, together with an electoral ticket. THE Massachusetts Prohibition State convention at Boston put a full ticket in the field, headed by President Julius H. Seelye, of Amherst college, for governor. NEW HAMPSHIRE Democrats, at their State convention in Concord, placed John M. Hill for governor at the head of their ticket, nominated presidential electors and endorsed Cleveland and Hendricks. AT the Connecticut Greenback State convention in Meriden, James L. Curtis was nominated for governor, together with a full ticket and presidential electors who are pledged for Butler. SITTING BULL, the renowned Indian chief, accompanied by his niece and eight of the principal chiefs of the Sioux Indians located at the Standing Rock agency in Dakota, arrived in New York a few days since. They have been brought East for purposes of education and exhibition, and after a tour through the Atlantic States will go to Europe. A DISPATCH from Augusta, Me., says that the total vote of the State reaches 142,410, and that the majority of Robie for governor over Redman is 20,615. J. H. BARRY, a promising young Philadelphian, accidentally hung himself while trying to illustrate the method by which "Bill Sykes," the villain of Dickens' "Oliver Twist" became his own executioner in attempting to escape from the police. DISSATISFIED with the action of the National Democratic convention, the Tammany Hall wing of the New York Democrats has hitherto remained passive in the political conflict; but at a meeting of the Tammany general committee in New York, a few evenings ago, it was resolved, by 810 yeas to 87 nays, to support Cleveland and Hendricks. WILLIAM W. MESSER, 74 years old, a wealthy resident of Boonton, N. J., while at breakfast table. suddenly seized a revolver and shot his daughter Mary, 20 years old: then he shot his wife, and wound up the dreadful series of tragedies by killing himself. The two women were fatally wounded.

8. September 24, 1884 The Home Journal Winchester, TN
Article from The Home Journal, September 24, 1884

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Article Text

NEWS SUMALL. Eastern and Middle States. MAHLON RUNYON, the self-slain president of the New Brunswick National bank, left a note declaring that he had not robbed the institution. FURTHER figures put the Republican plu rality in Maine at about 17,000. The State senate will stand thirty-one Republicans and no Democrats, The house will have 117 Republicans and thirty-four Democrats, a Republican gain of seven. THERE was an immense attendance at the late Secretary Folger's funeral in Geneva, N. Y. President Arthur, Governor Cleveland and staff, members of the cabinet and other prominent government officials and distinguished friends of the deceased were present. MUCH suffering has been caused in New York by the torrid heat, and numerous cases of sunstroke and prostration occurred, many of them resulting in death. Two more tragedies nearly resulted from the double suicide of President Runyon and Cashier Hill, of the New Brunswick (N. J.) National bank. A daughter of the former attempted to throw herself down a well, and the wife of the latter tried to shoot herself with a pistol; but both were frustrated by relatives in their attempt to kill themselves. ANOTHER banking institution has gone to the wall, the State bank at Fort Edward, N. Y., closing its doors. The cashier stated depositors would be paid in full. THE New Hampshire Prohibitionists have nominated Larkin D. Mason for governor, to. gether with an electoral ticket. THE Massachusetts Prohibition State convention at Boston put a full ticket in the field, headed by President Julius H. Seelye, of Amherst college, for governor. NEW HAMPSHIRE Democrats, at their State convention in Concord, placed John M. Hill for governor at the head of their ticket, nominated presidential electors and endorsed Cleveland and Hendricks AT the Connecticut Greenback State con vention in Meriden, James L. Curtis was nominated for governor. together-with a full ticket and presidential electors who are pledged for Butler. SITTING BULL, the renowned Indian chief, accompanied by his niece and eight of the principal chiefs of the Sioux Indians located at the Standing Rock agency in Dakota, arrived in New York a few days since. They have been brought East for purposes of education and exhibition. and after a tour through the Atlantic States will go to Europe. A DISPATCH from Augusta, Me., says that the total vote of the State reaches 142,410, and that the majority of Robie for governor over Redman is 20,615. J. H. BARRY, a promising young Phila delphian, accidentally hung himself while trying to illustrate the method by which "Bill Sykes," the villain of Dickens' "Oliver Twist" became his own executioner in attempting to escape from the police. DISSATISFIED with the action of the National Democratic convention. the Tammany Hall wing of the New York Democrats has hitherto remained passive in the political conflict; but at a meeting of the Tammany general committee in New York, a few evenings ago, it was resolved, by 810 yeas to 87 mays, to support Cleveland and Hendricks. WILLIAM W. MESSER, 74 years old, a wealthy resident of Boonton, N. J., while at breakfast table. sudileuly seized a revolver and shot his daughter Mary, 20 years old; then he shot his wife, and wound up the dreadful series of tragedies by killing himself. The two women were fatally wounded. The old man was eccentric to the verge of insanity.

9. January 7, 1885 New-York Tribune New York, NY
Article from New-York Tribune, January 7, 1885

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capital from $19,353,200 to $22,150,700, the deposits from $52,259,589 to $109,560,534, the loans and dis counts from $51,174,579 to $88,515,326, the profits and surplus from $7,236,465 to $11,792,902 and the total resources from $86,693,182 to $157,446,275. During the year ten banks, with an aggregate capital of $1,235,000, were granted certificates; of these, two-the Mechanics and Traders' and the Wall Street banks of New-York City-changed from the National to the State system. One bank, the Bank of Clayton, went into voluntary liquidation, paying its depositors in full. and four banks --the Manufacturers' (Amsterdam), Atlantic (Brooklyn), Wall Street (New-York) and the State Bank (Fort Edward)-were placed in the hands of receivers. With one exception it is thought that these banks will pay their depositors in full, and return a large percentage to the stockholders. CONDITION OF TRUST, LOAN AND MORTGAGE COMPANIES. The following summary of the condition of the twenty trust, loan and mortgage companies is given in the report: 1983 July 1. 1884.

10. May 15, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 15, 1885

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Wrongful Use of a Bank's Funds, FORT EDWARD. N. Y., May 14.-A. M. Clements, Director of the Fort Edward State Bank, and a son of the cashier of that institution. was indicted to-day by the grand jury of Washington county for using the funds of the bank in violation of the law. The bank suspended last September,

11. May 15, 1885 New-York Tribune New York, NY
Article from New-York Tribune, May 15, 1885

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THROUGH NEW-YORK STATE. INDICTMENT AGAINST A BANK DIRECTOR. FORT EDWARD, May 14.-A. M. Clements, a director of the Fort Edward State Bank and a son of the cashier of that institution, was indicted to-day for using the funds of the bank in violation of the law. The bank suspended last September.