gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0eed5aff32476e72
Response Measures
None
Description
Embezzlement by treasurer triggered withdrawals; receiver appointed then bank later resumed at 85% plan and reopened paying 25%.
Events (5)
1.September 19, 1891Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlement by Treasurer James E. Ostrander (misappropriation estimated initially $60k-$80k, later reported much larger).
Measures
Paid depositors on demand; local national banks offered assistance; paid out about $200,000 during peak.
Newspaper Excerpt
the continuous run on the bank by the anxious depositors. The bank was prepared for the emergency, and all deposits were paid on demand.
Source
newspapers
2.October 5, 1891Receivership
Newspaper Excerpt
Nicholas E. Brodhead...was today appointed temporary receiver of the Ulster County Savings Bank, at Kingston. The receiver's bonds are $250,000. An injunction restraining the creditors and depositors from bringing attachments against the bank assets was granted by the court.
Source
newspapers
3.October 5, 1891Suspension
Cause
Government Action
Cause Details
Court-appointed temporary receiver and injunction restraining attachments following discovery of massive embezzlement and insolvency.
Newspaper Excerpt
Nicholas E. Brodhead...was today appointed temporary receiver of the Ulster County Savings Bank
Source
newspapers
4.October 26, 1891Other
Newspaper Excerpt
Superintendent Preston's statement...the present assets of the bank are capable of paying at least eighty-five per cent. of deposits, providing the bank can have a reasonable time, and that ultimately the depositors will be paid in full, with due allowance for shrinkage.
Source
newspapers
5.February 9, 1892Reopening
Newspaper Excerpt
The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected.
Source
newspapers
Newspaper Articles (25)
1.September 19, 1891The Morning CallSan Francisco, CA
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CONDENSED TELEGRAMS. SAVANNAH (Ga.), Sept. 18.-Albert Morea, alias Grant Kitchen, a negro wife-murderer, was hanged in the County Jall this morning. BERLIN, Sept. 18.-At the experiment today at the Juterbogk, near this city, with a new style field piece, a shell exploded and seriously injured six persons. BERLIN, Sept. 18.-Dispatches from Zanzibar state that Lieutenant Lettenborn and sixty-five survivors of the Zalewski expedition have arrived at Bagamoyo. GAINSVILLE (Tex.), Sept. 18.-It is said there will probably be a general strike on the Santa Fe because of the laying off of conductors and brakemen without cause. GUTHRIE (O. T.), Sept. 18.-The Cherokees have given notice of an appeal from the decision of Judge Green, and will carry the case to the Supreme Court of the United States. DULUTH (Minn.), Sept. 18.-Mrs. Robert Kennedy. her son and her daughter, Mrs. R. W. Armstrong, are said to have fallen heir to a fortune in England valued at $9,000,000. BERLIN, Sept. 18.-The German press generally views the "Lohengrin" incident with indifference, some persons remarking the firmness of the French Government as reassuring. CINCINNATI, Sept. 18.-In consequence of revelations by Burglar Anderson. L. M. Hadden, an attorney, a d Cal Tucker, night watchman at the jail, have been arrested on the charge of aiding the prisoner to escape. CITY OF MEXICO, Sept. 18.-The Mexican Government has declared the concession granted Messrs. Ellis and Ferguson for the colonization of negroes in Mexico forfeited, on account of non-compliance with the contract. NEW YORK, Sept. 18.-The attachment granted by the Supreme Court in the suit of the Mexican National Railroad Company was dismissed to-day by Justice Pratt of Brooklyn upon filing an undertaking for $170,000 by the company. KANSAS CITY, April 18.-A Star special from Topeka, Kans., says the United States Savings Bank, which failed last March, was again placed in the hands of a receiver this morning. William Sims, ex-State Treasurer, is appointed receiver. PHILADELPHIA, Sept. 18.-Lincoln PerSOD, a noted desperado, one of a number of prisoners being taken to the Penitentiary, picked the lock on his handcuffs and then escaped by jumping from the train, which was going at the rate of forty miles an hour. ROME, Sept. 18.-The Pope's health is said to be better than for a long time. Nevertheless, his physicians insist more vigorously than ever that he observe their hygienic prescriptions in order that he may be strong enough to receive the various piigrimages now being organized. CHARDON (Ohio), Sept. 18.-The report has reached this city of the killing of three men at Montville, ten miles from here, by the explosion this morning of a boiler in a jelly factory. The entire building was demolished. It was reported later that two little girls were among the killel. EAGLE PASS (Tex.), Sept. 18.-R. H. Duncan was hanged here at 11:25 o'clock his morning. The crime for which He WAS xecuted was the murder, in February, 1889, of the Williamson family of four persons of Sansaba County, Tex. The motive for the murder will never perhaps be discovered. KINGSTON (N. Y.). Sept. 18.-The Trustees of the Ulster County Savings Institution have removed James E. Ostrander from the office of Treasurer. The amount misappropria ed is between $60,000 and $80,000. Ostrander is under arrest at his house, and will turn over real estate to cover his shortage.
2.September 20, 1891The Salt Lake HeraldSalt Lake City, UT
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Excitement Over Ostrander's Defalcations. KINGSTON, N. Y., Sept. 19.-The excitement occasined by the defalcation of Treasurer Ostrander, of the Ulster County Savings institution, is intensified somewhat by the continuous run on the bank by the anxious depositors. The bank was prepared for athe emergency, and all deposits were paid on demand. All "the local national banks offered assistance in case of necessity. The defaulting treasurer is a prisoner at his home in the custody of the chief of police. Ostrander to-day made a general assignment of his property, giving preferences to his bondsmen.
3.September 21, 1891The Morning CallSan Francisco, CA
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A DEFAULTING TREASURER Causes a Run on the Ulster County Savings Bank in New York. KINGSTON (N. Y.), Sept. 20.-The excitement occasioned by the defalcation of Treasurer Ostrader of the Ulster County Savings Institution has been intensified somewhat by a run for several days on the bank by anxious depositors. The bank was prepared for an emergency, and all the depositors were paid on demand. All the local national banks have offered to lend assistance in case of necessity. The defaulting Treasurer is a prisoner at his home, in custody of the Chief of Police. Ostrander has made a general assignment of his property, giving preferences to his bondsmen.
4.September 22, 1891Evening JournalWilmington, DE
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Ostrander Goes to Jail. KINGSTON, N. Y., Sept. 22.-James E. Ostrander, the defaulting treasurer of the Ulster County Savings institution, charged with embezzlement, waived examination. He declined to make any statement and was committed to jail to await the action of the grand jury. The run on the bank is practically over. About $200,000 was paid out to excited depositors on Friday and Saturday.
Held For the Grand Jury. KINGSTON, N. Y., Sep. 22.-James E. Ostrander, the defaulting treasurer of the Ulster County Savings Institution, was arraigned in the Recorder's Court yesterday afternoon charged with embezzlement. He waived examination. He declined to make any statement and was committed to jail to await the action of the Grand Jury. The run on the bank is practically discontinued. About $200,000 were paid out to excited depositors since Friday.
6.September 22, 1891The Evening HeraldShenandoah, PA
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Article Text
Held For the Grand Jury. KINGSTON, N. Y., Sep. 22.-James E. Ostrander, the defaulting treasurer of the Ulster County Savings Institution, was arraigned in the Recorder's Court yesterday afternoon charged with embezzlement. He waived examination. He declined to make any statement and was committed to jail to await the action of the Grand Jury. The run on the bank is practically discontinued. About $200,000 were paid out to excited depositors since Friday.
7.September 24, 1891The Redwood GazetteRedwood Falls, MN
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Epitome of the Week. INTERESTING NEWS COMPILATION. FROM WAS 'GTON. THE president and family have reurned to Washington. IN August the United States exported $28,853,510 worth of breadstuffs and E7,602,050 worth of beef and hog prodnets. A BULLETIN from the census office says the increase in the consumption of malt liquors which require hops in their manufacture in the United States was from 344,605,485 gallons in 1879 to 779,897,426 gallons in 1889. IN the first sixteen days of September the United States paid $5,555,000 to old soldiers for pensions. at the ance in IT was headquarters claimed Washington Farmers' Alli- that members of of fifty-five the next congress would the lower vote for house all the measures of the alliance, and at least four in the senate. THE president has appointed Senator Francis Hendricks collector of the port of New York, to succeed J. Sloat Fassett, resigned. THE president has signed the proclamation to homestead the opening entry settlement newly ceded and Indian lands in the eastern part of Oklahoma. THE business failures in the United States during the seven days ended on the 18th numbered 239, against 214 the preceding week and 190 for the corresponding week last year. THE EAST. IN Philadelphia the president and of the wrecked cashier Spring years' Garden imbank were sentenced to ten prisonment. FLAMES at the corner of Fulton and Nassau street in New York caused a loss of $500,000. THE republicans of Massachusetts in Boston convention Allen, at Lowell, for nominated `harles H. of governor. The platform eulogizes President Harrison's administration; calls for he enforcement of civil and political ights in every quarter and purity of elections; opposes unlimited coinage of silver; declares that the McKinley bill and reciprocity have done enormous to the the evits of good country; favors the liquor legislation traffic; restricting also all proper legislation in the interests of the laboring classes. people's party was at Greensburg, organized THE Pennsylvania the and abolition the platform adopted demands of national banks; condemns alien of land; demands free silver governownership and unlimited coinage; and direct ment control of railroads, a vote of the people for president, vice president and United States senators. said W. the treasurer IT was of that Montgomery F. Slingluff, Trust Company of Norristown, Pa., had einbezzled $180,000. democrats of New York in conat P. Flower for governor. vention Roswell THE Saratoga Springs nominated The reaffirms the trines set forth in the of platform as democratic the platforms free coinage doc1884 and 1888; opposes of silver dollars not of the intrinsic value of any other dollar of the United States: denounces the Sherman silver bill. the McKinley tariff and the Blaine reciprocity treaties, and indorses the administration of Gov. Hill. THOMAS L. SHIELDS, secretary and treasurer of the Allegheny Heating Company at Pittsburgh, Pa., was said to be short over $100,000 in his accounts. FLAMES destroyed the buildings and stocks in C. Baker & Co.'s lumber yard in Worcester. Mass. Loss, $100,000. ON the 17th Boston celebrated its as a 69th as a city. popu261st anniversary anniversary The town city's and lation is about 450,000, the legal voters number 90,000 and the valuation is over $800,000,000. THE James Vick Company, dealers in seeds at Rochester, N. Y., made application for a receiver. The liabilities were said to be between $175,000 and $200,000. IT was said that James E. Ostrander, treasurer of the Ulster county savings institution at Kingston, N. Y., was a defaulter to the amount of $60,000.
8.October 5, 1891The Dalles Daily ChronicleDalles, OR
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Receiver Appointed. TROY, N. Y., Oct. 5.-Nicholas E. Brodhead, of Kingston, was today appointed temporary receiver of the Ulster County Savings Bank, at Kingston. The receiver's bonds are $250,000. An injunction restraining the creditors and depositors from bringing attachments against the bank assets was granted by the court.
9.October 6, 1891Evening JournalWilmington, DE
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Brodley Made Receiver. KINGSTON, N. Y., Oct. 6.-Judge Fursman, of Troy, has appointed Nicholas E. Brodley temporary receiver of the Ulster County Savings bank. He was for many years cashier of the Kingston National bank and was vice president of the defunct institution. The appointment gives great satisfaction.
10.October 6, 1891The Roanoke TimesRoanoke, VA
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Kingston Banks Preparing For Runs. KINGSTON, N. Y. Oct., 5.-[Special]As was expected the city is rapidly filling up with people from all over the county who are depositors in three city savings banks. Business is at a stand still and the crowds are discussing the wrecking of the Ulster County Savings Institution. Kingston Savings Bank and Roundout Savings have fixed notices on their banks house doors notifying depositors that sixty days' notice, as required by law, must be given. Large crowds of depositors with bank books in hand stand in front of hese institutions. It is said Saugerties and New Paltz Savings Banks will demand sixty days' notice should there be any indication of a run.
11.October 6, 1891The Salt Lake HeraldSalt Lake City, UT
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Ulster County Bank Receiver. TROY, N. Y., Oct. 5.-Nicholas E. Brodhead, of Kingston, was to-day appointed temporary receiver of the Ulster County Savings institution at Kingston. The receiver's bonds are $250,000. An injunction restraining creditors and depositors from bringing attachments against the bank's aseets was graated to-day by the court.
12.October 8, 1891Connecticut Western NewsNorth Canaan, Salisbury, Canaan, CT
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Brodley Made Receiver. KINGSTON, N. Y., Oct. 6.-Judge Fursman, of Troy, has appointed Nicholas E. Brodley temporary receiver of the Ulster County Savings bank. He was for many years cashier of the Kingston National bank and was vice president of the defunct institution. The appointment gives great satisfaction.
13.October 9, 1891Iowa County DemocratMineral Point, WI
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LATEST TELEGRAMS. NEWS IN BRIE THE Itata sailed for Valparaiso from San Diego Sunday. THREE and a half million dollars in gold arrived in New York Monday. A DAUGHTER was born to Mrs. Grover Cleveland Saturday morning. THE Minnesota Supreme Court has decided that dealing in grain futures is illegal. GENERAL ALPHEUS BAKER, a General of Confederate armies, died in Louisville Friday. GENERAL PATRICK KIRBY died suddenly at his residence in New York Monday morning. MRS. FRANK LESLIE was married to W. K. C. Wilde, brother of the famous Oscar, in New York city Sunday night. THE wrecking of the Ulster county Savings' Institution at Kingston, N. Y., has caused a run on all the saving banks in that and surrounding villages. THE four hundred striking miners of the Home and Riverside mines near Leavenworth, Kan, have gone back to work. STOCKS of wheat stored in private elevators of Minneapolis are computed to reach 500,000 bushels. DULUTH physicians are puzzled over the case of a man who has been asleep for a week. Ex SENATOR NORWOOD, of Georgia, makes public a plan which he thinks will cure all financial ills. THE steamship Ems, which arrived at New York Tuesday, has on board $1,259,000 in gold coin. THE French government is reported to hav' purchased large quantities of grain and meats in this country. THE resignation of W. W. Cook as surgeon of the Third Infantry, I. N. G., has been accepted by Adjutant General Reece. GOVERNMENT officials estimate the sugar crop of Kansas, Nebraska, Utah and California this year at 37,000,000 pounds. THE Teutonic has broken the record for the fastest east bound trip across the At lantic. Her time was 5 days, 21 hours and 22 minutes. An endowment association known as the Golden Grail has been placed in the hands of a receiver by the superior court of Boston. SETTLERS in the Calispel Valley, Idaho, are alarmed at the menacing attitude of the Indians and have asked for troops to protect them. COL. W. C. P. BRECKINRIDGE, Senator Blackburn and Hon John. W. Yoakes have accepted invitations to address the National Association of Editors and Publishers at Cincinnati, Oct. 22. THE La Bourgoine, which arrived at New York Tuesday, brought with her $1,770,000 in gold from Paris, making $4,020,000 gold received and $7,255,000 known to be on the way to this country. On Fulto due
14.October 10, 1891The Cape Girardeau DemocratCape Girardeau, MO
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THE EAST. THE National Civil Service Reform League at the convention at Buffalo, N. Y., reelected George William Curtis as president. Two MASKED men robbed an American express car between Little Falls and Utica, N. Y., of $25,000. A package containing $5,000 was overlooked. THE Houtzdale (Pa.) First national bank suspended payment on account of the embezzlement of $45,000 by the teller. THE death of Maj. William McKee Dunn. who was Gen. Grant's personal aid de camp during the war, occurred at Cushings Island, Me. IN the Pittsburgh district 10,000 railroad coal miners struck for increased wages. NEAR Avon, N.J., Andrew Quinlin, aged 80, and the oldest railway conductor in the United States, was killed by a train. THE woolen mills of the Harper Manufacturing Company at Oxford, Me., were burned, causing a loss of $100,000. PRICES in the Connecticut tobacco market have advanced from three to eight cents per pound. THE firm of Turner & Bro., Boston bankers, failed for $300,000. IT was discovered that the Ulster county savings institution at Kingston. N. Y., had been robbed by its treasurer and assistant treasurer of $463,000. IN New York a daughter was born to Mrs. Grover Cleveland. THE marriage of Mrs. Frank Leslie, the well-known publisher of New York, and Mr. William C. K. Wilde of London, Eng., took place in the former city. THE death of Jacob Turney, ex-congressman from the Twenty-first Pennsylvania district. occurred at his home in Greensburg. aged 66 years. IN the Richardson colliery at Glen Carbon, Pa., an explosion of gas killed twelve men.
PLEASED DEPOSITORS. Superintendent Preston's Report on the Ulster County Savings Bank. KINGSTON, N. Y., Oct. 26.-Bank Superintendent Preston's statement to the trustees and depositors of the Ulster County Savings Institution, which closed its doors a few weeks ago, has caused great rejoicing among all the parties concerned. The superintendent announces that the examination is nearly completed, that the liabilities of the bank have been ascertained from the ledger and there yet remains to be done the comparison of individual pass books with the depositors' ledger balances before the actual liabilities can be announced. The examiners are also engaged in examining the assets and this work will be finished in a few days. While the deficiency is larger than was at first reported, Superintendent Preston is confident with the co-operation of depositors and citizens the bank can soon resume business. In his opinion the present assets of the bank are capable of paying at least eighty-five per cent. of deposits, providing the bank can have a reasonable time, and that ultimately the depositors will be paid in full, with due allowance for shrinkage. When the report of the bank's condition is made he will submit a plan of resumption which, if approved by the court, will avoid the necessity of a long, tedious and expensive receivership. It is rumored that the grand jury, which is now in session, has indicted Ostrander and Trumpbour, the defaulters. It is said that both are indicted for embezzlement, and Trumpbour also for perjury. The State Banking Department is censured, it is also said, for not having made the discovery of the bank's trouble years ago.
16.November 3, 1891Evening JournalWilmington, DE
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Is Mr. Brodhead's Mind Affected ? KINGSTON, N. Y., Nov. 3.-It is rumored here that the mind of Receiver Brodhead, of the Ulster County Savings institution, has been affected by worry growing out of the failure of the bank.
Kingston's Savings Bank to Resume. TROY, N. Y., Jan. 11.-Referee - Shaw's report on the accounts of Receiver Brodhead of the Ulster County Savings Institutions of Kingston has been confirmed by Justice Fursman. The receiver holds $2,050,787 and the deficit is $365,918. An order was signed directing the receiver to pay the receipts to a new board of directors and permitting the bank to resume on a basis of 85 per cent.
18.January 11, 1892The Evening HeraldShenandoah, PA
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Kingston's Savings Bank to Resume. TROY, N. Y., Jan. 11.-Referee Shaw's report on the accounts of Receiver Brodhead of the Ulster County Savings Institutions of Kingston has been confirmed by Justice Fursman. The receiver holds $2,050,787 and the deficit is $365,918. An order was signed directing the receiver to pay the receipts to a new board of directors and permitting the bank to resume on a basis of 85 per cent.
19.February 9, 1892Evening JournalWilmington, DE
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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.
20.February 11, 1892Connecticut Western NewsNorth Canaan, Salisbury, Canaan, CT
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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.
21.February 13, 1892The Carbon AdvocateLehighton, PA
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The Ulster County Bank Resumes. KINGSTON, N. Y., Feb. 9.-The Ulster County Savings institution has resumed business. It is paying out 25 per cent. of deposits on demand. There has been no run and none is expected. The citizens generally are elated over the fact that the old bank has resumed.
22.May 7, 1904The Daily Morning Journal and CourierNew Haven, CT
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THE FIRST SHOT, Judge Alton B. Parker hasn't said much about himself yet. His good old mother has testified that he was soundly and properly whipped by her when he was young, and that it did him much good. But of course he isn't going to be let off as easily as that. For instance, it appears that about thirteen years ago the judge was one of the trustees of the Uister County Savings bank, at Kingston, New York. Nearly $500,000 of the funds and securities of the bank were stolen by two officers of the institution. The peculations of these men extended over a period of twenty years before their crimes were detected. There was a run on the bank when the facts became public. Then the trustees, among whom was Judge Parker, signed a statement that the bank was solvent. . The fears of depositors were allayed and many who had taken their money out of the institution returned and placed it on deposit. A few days later the State Bank Superintendent closed the doors of the institution. All of this happened in 1891, and at that time the press of Ulster county and some of the newspapers of New York city made vigorous attacks on the trustees of the bank, including Judge Parker, for their alleged "criminal negligence." And so forth and so on. When a man begins to be seriously "mentioned" he begins to be seriously attacked. It is a great and cheering game.
23.May 18, 1904Clarke CourierBerryville, VA
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SOMETHING ABOUT PARKER. The daily press of Virginia seems united in saying that Judge Parker is "a safe and reliable man" for the Presidency. Look at this statement and see whether you think so: In 1891 Judge Parker was one of the trustees of an institution in Kingston, N. Y., known as the Ulster County Savings Bank. Two of the officials of the Bank were discovered to have used practically all of the Bank's funds for their private purposes. When this became known and there was a "run" on the Bank, Judge Parker and the other trustees signed a statement saying, "If there is any safer place in the county to deposit money at a moderate but sure rate of interest and with undoubted security we do not know it." The "run" was stopped. Two weeks later the Bank Examiner found that the Bank was rotten to the core. and that over $500,000 of poor people's savings had been stolen. The Bank closed its doors and has never reopened them. The above facts can be proven by reference to any newspaper in New York City or any paper pub-
24.July 22, 1904The Newark JournalNewark, AR
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A Stirring Incident. That Judge Parker is a man of action and a doer as well as a student and man of meditation was well evidenced in a matter which is a part of the history of the city of Kingston. One September day, in 1891, the Ulster County Savings bank. of which he was a trustee, closed its doors suddenly because of embezzlements on the part of the treasurer and assistant treasurer, which could no longer be concealed. It was a bank which had deposits of $2,500,000 and the embezzlement amounted to $400,000, wiping out the supposed surplus and making a deficiency. The bank had invested ability $1,500,000. in real estate mortgaggi one-half of which were on the farms in Ulster county. To wind up the business of the bank, by appointing a temporary receiver. and distribute the assets pro rata-the ordinary waywould be to foreclose these mortgages, throw many dn the market, reduce their values and ruin the farmers-and inflict further loss, on the depositors. At the time Judge Parker was at his farm at Aecord, but hearing of the disaster he hurried to an investigation. There were other trustees, among them Gen. George H: Sharpe, but Judge Parker, in his masterfulness, became the onlymone. His first act was to lodge the assistant treasurer in jail that night. His next a prompt.effortto induce strong fiduciary institution to take an assignment of
A Stirring Incident. That Judge Parker is a man of action and a doer as well as a student and man of meditation was well evidenced in a matter which is a part of the history of the city of Kingston. One September day, in 1891, the Ulster County Savings bank, of which he was a trustee, closed its doors suddenly because of embezzlements on the part of the treasurer and assistant treasurer, which could no longer be concealed. It was a bank which had deposits of $2,500,000 and the embezzlement amounted to $400,000, wiping out the supposed surplus and making a deficiency. The bank had invested about $1,500,000 in real estate mortgages, one-half of which were on the farms in Ulster county. To wind up the business of the bank, by appointing a temporary receiver, and distribute the assets pro rata-the ordinary way-
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Ulster County Savings Institution · UID 50019271101
