The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-25
ANOTHER OA,HIER GOES WRONG.
T. II. Morgan. of IA Bingh ampton Savings
Bank Defaulter

BTNGHAMPTON, n Y, Jan. 2i-De-
tectIve Stevenson, of the local police
force, was ordered by Bank Examiner
Clark yesterday afternoon TO watch the
Chenango Valley Savings Bank, which
has its offices In the Phelps Bank Build
ing. In company with Officer Heath.
the detective remained In the vicinity all
night. About O'Clock this morning
Tracey X. Morgan, the treasurer of the
bank, was seen to enter the bank
He came out again in a few minutes
and went TO the grocery store or ~. 1.
Brownson, who is the president of the
bank A few minutes later he came
out with a basket, followed by MIR.
Brownson, and both of them returned to
the bank
Half an hour later the two men came
out with the basket full Of books and
papers. They went up ChenangO street,
followed by Detective Stevenson ana Or
hcer Heath. Stevenson requested Nor
gan and Brownson to return the books
and papers TO the bank. Morgan re-
fused claiming that they were his pri-
Yate property. The detective Insisted,
and the bank officials returned to the
bank with the books and papers.
This morning the bank was closed by
Bank Examiner Clark on an order from
State superintendent Of Banking Preston.
Citizens had recovered from the shock
following the suspension or the Mer,
chants and the Ross private bank, and
affairs were assuming their norman as
pect when the ruuor was circulated that
the che mango Valley Bank had drawn It's
curtains. On the heels OF this starting
report came the announcement that the
National Broome County Bank had also
closed Citizens were fairly paralyzed
with establishment, and the apprehension
OF small depositors was magnlhed by eX,
aggerated stories which were circulated
10 the injury Of other local banking IN
SttutiOnS.
The news regarding the failure spreai
rapidly. and as each messenger enlarged
upon the conditions. panic seized the
Dopulace, and It became apparent thar
a run upon the bank would be inevitable
IL became evident that nothing could
prevent the abnormal pressure. Just
such a movement had been anticipated
however ana the solid institutions were
prepared for the rush. The run on the
Bingh1mpton Savings Bank was heavy,
and the crowd Of anxious depositorS IN
creased win the hours. bit the BANK
was prepared for the emergency. Ihe
officers pale, but cool ana composed.
stood behind the heavy plate-glass WIN
dows surrounded by piles Of shining gold
and silver They had protected them-
selves with a large amount OF cash, ana
during the day kilograms were received
from metropolitan banking institutions
to the effect that they would support
the Binghampton banks for unlimited
amounts.
Runs were also made upon the other
banks Of the city. but all depositors were
promptly pdlo. anu WheH tue uooio WIZ
closed at o'clock II was evident that
the rush and fright was over.
ALBANY. n. Y, Jan. H.-The following
dispatch from State Bank Examiner Phiio
II. Backus. at Binghampton, was re-
ceiyed at the State Banking Department
this afternoon
Have closed Chenango Valley Savings
Bank: defalcation by Treasurer Morgan
the cause and full extent not known;
books in bad condition-nOt written or
posted: defalcation confessed: Broome
County National Bank, in same room.
has suspended: Morgan is cashier Have
wired superintendent Preston IN full to
New York and notified Comptroller Of the
CURRENCY. Received replies from both.
burglary of vault attempted about A.
NJ. by Cashier Morgan and President
Brownson, OF National Bank; prevented
nv detective whom | had engaged.